The Irony in the GameStop Story • Hacker News Board

Re: The Irony in the GameStop Story

#101

Post by holtalanm » Fri, Jan 29, 2021, 7:02 PM UTC

cvak wrote: post #82

holtalanm wrote: post #58

Earlier quoted context omitted.

> The WSB folks who started this have probably already sold out so they're fine the biggest player in /r/wallstreetbets is /u/DFV, and last I checked he had cashed out a small portion of his position. Still has like 30mill tied up in GME stock though. Crazy story looking at his posts from 2019-now, though. At one point his GME portfolio was only worth 42k, and now it is over 40mill.

He has not "cashed out", some of his options expired ITM.

he literally sold 300 of his options the other day...

Re: The Irony in the GameStop Story

#102

Post by selimthegrim » Sat, Jan 30, 2021, 2:54 AM UTC

jakelazaroff wrote: post #100

drewcon wrote: post #99

Earlier quoted context omitted.

I don't think it's credentialist. It's not short for no reason. Even a layman can piece together GS business model doesn't have much life left and so the stock ought to have downward pressure. Hedge funds are pursing that strategy. You may disagree but it's a rational argument with a rational arbitrage. They may be wrong, but such as life. On the other hand, WSB is basically saying, "So what? We don't care about the…

You don't take a position based on a company's business model, you do it based on whether you think a stock will go up or down. That's it. Business model is one signal, as is the current stock price. Hedge funds took short positions because in their model, given GameStop's business and whatever other factors, the stock was due to drop. That's valid, but it's no more valid than the WSB model that the price would skyro…

I mean binary options are called a scam for a reason...

Re: The Irony in the GameStop Story

#103

Post by selimthegrim » Sat, Jan 30, 2021, 2:55 AM UTC

zinekeller wrote: post #48

user_error wrote: post #7

> Left claims that the “mob” has overstepped the mark and harassed him and even his family in a way that is actually illegal. If that is true, shame on them, and those involved should be prosecuted. This must be condemned without hesitation; nothing excuses that type of behavior. Online harassment of those with different opinions, particularly in pursuit of profit, is disgusting and becoming all too common, and stand…

> Seems to me this article is swaying to some type of narrative someone wants to propagate rather than aiming to be somewhat objective regarding current events. Note the "If". Left had indeed claimed that there were attacks on his personal peers, and I agree that if it were true it is overstepping their right to privacy and probably life if the claimed attacks were death threats. HOWEVER, if it turns out that Left is…

I was shocked when Leon Black was quoted as using 'confirmed bachelor' to describe Epstein in the Financial Times. He clearly doesn't know what that means in the UK either.

Re: The Irony in the GameStop Story

#104

Post by PragmaticPulp » Sun, Jan 31, 2021, 3:18 AM UTC

moolcool wrote: post #85

PragmaticPulp wrote: post #19

Earlier quoted context omitted.

I think the sentiment will shift when people realize that some of these hedge funds invested people's pension money, or university endowments, or any other number of people's funds. WSB has promoted a cartoonish version of Wall Street where hedge funds only hold rich, evil people's money. That's not really how this works. A lot of people are also going to be disappointed to learn that some Wall Street firms profited…

I hate this sentiment so much. As if it's a bad thing that Wall Street gangster hedge funds are finally feeling the squeeze that they put on everyday working people, just because some of the money they control is pension money or university endowments. It's literally the same rationale people use to justify staying in abusive relationships. Controlling some crumbs of the great unwashed's money gives these billionaire…

> As if it's a bad thing that Wall Street gangster hedge funds are finally feeling the squeeze

It's categorically false to suggest that Wall Street hedge funds are all suffering from this.

Some of them are making massive amounts of money on this situation. Some of that money comes at the expense of casual investors.

This idea that Redditors are siphoning money out of hedge funds is just not true for the last round of GME investors. In fact, those latest investors will probably end up funneling their losses right into hedge funds who short this on the way back down.