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How is this any different than meme stocks on WallStreetBets?
He makes the case that this is no different from anything anyone does at all. The SEC is essentially a spam filter.
He can afford college? In seriousness though: are analysts allowed to have an interest in stocks they're publishing analysis for? It seems like a fine line between creating an obvious conflict of interest (see: TFA perhaps on a more subtle level) and wanting them to have skin in the game so they're incentivized to provide useful analysis (rather than YOLO: stock goes up/down and I don't care because it's other people…
TL;DR: he argues that he did the same as everyone else on Wall street, so the SEC fines him $285,000, letting him keep more than half a mil of net profits. The system works as intended
The SEC only found wrongdoing in eleven trades, whose profit netted approx $272K. They did not penalize him for trades not found in violation of the law. Clearly, too long, didn’t read.
[PDF] https://assets.bwbx.io/documents/users/iqjWHBFdfxIU/rmMOgPQg...
or coverage from Matt Levine: https://www.bloomberg.com/opinion/articles/2024-03-21/pump-a...
Why is this page double line spaced? It's outrageous on mobile.
Earlier quoted context omitted.
The entire trading industry is a zero-sum game bro. For someone to win someone else has to lose. As is the advertising industry and surveillance capitalism industry that powers the “free web”. (Only at the edges is new value created. Most of it exists to have large institutionals take money from the small newbs, you’re the fish at the poker table.) And more broadly, capitalism exploits people. This is like blaming An…
>The entire trading industry is a zero-sum game bro. For someone to win someone else has to lose. Traders add liquidity. That liquidity allows me to easily buy and sell stocks without waiting long periods or worrying about getting ripped off by the spread. And since the economy isn't zero-sum, it's possible for everyone to end up better than before.
Why is this page double line spaced? It's outrageous on mobile.
The page is from 2002, when "mobile" was pronounced "mob-eel" and the closest thing to a smartphone was an early version of the PalmPilot.
Earlier quoted context omitted.
The entire trading industry is a zero-sum game bro. For someone to win someone else has to lose. As is the advertising industry and surveillance capitalism industry that powers the “free web”. (Only at the edges is new value created. Most of it exists to have large institutionals take money from the small newbs, you’re the fish at the poker table.) And more broadly, capitalism exploits people. This is like blaming An…
> The entire trading industry is a zero-sum game bro. It isn’t in utility terms, which are the only terms that matter for whether something is actually zero sum. Under certain assumptions, it is in (e.g.) dollar (or other specific commodity) terms, but the whole reason markets work at all is that the no specific commodity ( including any fiat currency at any point in time) has a consistent relationship to utility acr…
Interesting. A little googling turns up that 25 years later, he's still in the pump-and-dump business! Do what you love, I guess.
I found this Twitter account last posted to in 2014. https://twitter.com/lebedbiz I checked a good few of the stocks he listed. I figured he would have struck a lucky score at one point but he seemed to have an uncanny ability to always pick losing stocks. I was hoping for a happy ending like how many of the people I played Runescape with who hosted dicing games, speculated and flipped in-game assets became successfu…
Earlier quoted context omitted.
This was a long time ago in a galaxy far far away. Also the article mentions these were thinly-traded stocks. I assume the argument would be that today this sort of thing is happening because it's Tuesday. i.e. it's normalized and if you get burned, it's almost someone's civic responsibility to part you from your money.
Scammers who think it's their "civic responsibility" to dupe their fellow man with intentional fraud should think two or three times before committing to that logic. If they want to value someone's worth to the human team based on their gullibility to professional liars, it's not reaching very far for other like-minded logicians to value the scammers' worth based on their ability to navigate any other man-made stress…