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Wall Street was the real winner of the GameStop saga

economist.com

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Re: Wall Street was the real winner of the GameStop saga

#11

Post by galcerte »

ggambetta wrote: post #4

It was a weird, fun ride. My writing partner Lutz and I work in tech, but have a real passion for filmmaking. We lost some money on $GME, so we had to tell the story from our point of view. The result is STONKS, a comedy/drama feature screenplay [0], fictional but inspired by the GME events, and a love letter of sorts to WSB. We queried Hollywood producers but were ignored; we shared on WSB itself but we were insta-b…

Most discussion around $GME takes place on r/Superstonk these days anyways. Can't remember why it was banned from WSB. Something to do with the new mods I believe.

Re: Wall Street was the real winner of the GameStop saga

#12

Post by serallak »

rossmohax wrote: post #10
andrewclunn wrote: post #5

So because people traded (sometimes) using services that had associated fees... Wall Street won? There's nothing in this article that supports the click bait title.

Because what linked is just a promo for the book by Spencer Jakab "The Revolution That Wasn't"

Actually it is the economist review of the book, it is in the Culture section.

Re: Wall Street was the real winner of the GameStop saga

#14

Post by ChrisSD »

andrewclunn wrote: post #5

So because people traded (sometimes) using services that had associated fees... Wall Street won? There's nothing in this article that supports the click bait title.

It's essentially the old adage about selling shovels during a gold rush.

Re: Wall Street was the real winner of the GameStop saga

#15

Post by d--b »

Well in these zero-sum games there is always someone who wins. And clearly many small investors got out with insane returns for a day of trading.

But more importantly I think that for many small investors the point was not making money. The point was the story. It was worth losing some cash so that they can be a part of these things. Luckily winning is not always defined by money…

Re: Wall Street was the real winner of the GameStop saga

#16

Post by kklisura »

Tangentially: I learned a lot while watching Keiths (Roaring Kitty, DFV) streams, even before GameStop took off. It gave me insight in what kind of research and analysis is done for investment and it served almost as a demo for me. It's really a shame that he's not streaming anymore, but I kind of get it.

Re: Wall Street was the real winner of the GameStop saga

#17

Post by netcan »

$GME was always going to be a "Revolution That Wasn’t." Almost everyone playing knew it.

IMO, it was kind of an exemplifier of postmodernism, used colloquially. All the "beat down hedgies" stuff was just part of the game, just like "fuck the fundamentals" was part of the game.

IMO it has had an influence. A neurotic, dramatic lens through which we can look at financial institutions, more abstract economics. What is capital? What is money? Etc. Obviously, it all happens within a context with crypto, a long term bull market, and such. I think one of the features of being a basket case, meme-ish phenomenon is a sort of openness to ideas. Mentality-wise it allows exploring concepts with the vigour of a believer, but without really being bought into the position long term. Meme trading, and maybe trading generally, kind of lends to this. You can believe a "case" a hold the position with caveat.

As is typical of "movements" today, there is no expectation of winning... just as there is no expectation that market rationality "wins." Everything, in our times, is a "just so story," in economic rhetoric terms.

Re: Wall Street was the real winner of the GameStop saga

#20

Post by mcv »

rvanmil wrote: post #6

There are still many retail investors who think the saga is far from over, and are now betting on direct registration (DRS) of their GME shares with the goal of triggering another, much bigger short squeeze than last year.

I made a little money of it last year when the squeeze squoze, and I don't see it happening again.

I was late to get in, but not too late; the next morning, the price had doubled, so I sold half. I held on to the rest just to be along for the ride, but I think that morning was the real squeeze. I think I bought some extra on a dip, sold half of that for double again, and sold the rest on a minor bump a few months later.

Hectic stock like this can be an easy way to make a quick profit as long as you remember to buy the dips and sell at any bump that comes along. I bet that's what the big guys on Wallstreet did to make way bigger profits than I'll ever be able to.

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