121–130 of 583 posts
> The same emotion that caused us to root for the thieves in Ocean’s 11 is what makes Wall Street Bets so enticing. Put frankly, Millennials are tired of getting fucked by the man. When you’re underemployed with $100,000 in student loan debt, your financial situation feels overwhelming. You really don’t want to take the advice of your parents or CNBC talking heads [5] to invest 10% of your salary for a 4% annual retu…
Earlier quoted context omitted.
A whole generation is not YOLOing. We’re just trying to keep a roof over our heads.
The argument is that we’re working to keep a roof over our heads now because we YOLOed through college. And while that doesn’t describe me, I had a lot of peers who partied through college, skipped classes, hardly worked, majored in women’s studies / art history / literature / etc and still managed to live in the dorms, buy daily lattes, have the latest iPhones, etc.
The people who aren't doing well aren't the ones who didn't drink, lived at home and did math degrees as far as I can tell
They're not winning. They're just minting a different set of losers and pushing the drawing out by a couple weeks. And Reddit being Reddit you can never really be sure whether organic interest is pumping the stock or if they are being manipulated by an astroturfing campaign. If day trading weren't a conflict of interest for me I'd be looking into doing something like that (and consequently not blabbing about it on HN…
They essentially drove one of wall streets very successful hedge funds of recent years to near failure they had to make a deal for an emergency investment today to stay afloat. I’d call that winning.
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I wouldn’t compare what happened with GME to the lottery at least not for the people who understood why they were doing what they were doing.
It's still a lottery. They didn't know if there would be enough real following or if most people were just trolling. Even if they estimated that well, they still had no idea where the peak was.
> The same emotion that caused us to root for the thieves in Ocean’s 11 is what makes Wall Street Bets so enticing. Put frankly, Millennials are tired of getting fucked by the man. When you’re underemployed with $100,000 in student loan debt, your financial situation feels overwhelming. You really don’t want to take the advice of your parents or CNBC talking heads [5] to invest 10% of your salary for a 4% annual retu…
Getting rich through a greater fool theory and creating a bubble in a small stock is not something I’d be proud of. You’re sticking it to the least knowledge Johnny-come-latelies who will be left holding the bag. Thinking that you’re screwing Goldman Sachs is delusional.
Earlier quoted context omitted.
I was explaining to a friend of mine a few weeks ago why cynicism is so prevalent in our generation Where have I heard this before? ” As adolescents and young adults in the 1980s and 1990s, Xers were dubbed the "MTV Generation" (a reference to the music video channel), sometimes being characterized as slackers, cynical, and disaffected.” https://en.m.wikipedia.org/wiki/Generation_X
Listen to 80’s music for a bit if you think the current decade has a lock on existential dread. Or just the theme song of “Good Times”, a sitcom from the 70’s.
> The same emotion that caused us to root for the thieves in Ocean’s 11 is what makes Wall Street Bets so enticing. Put frankly, Millennials are tired of getting fucked by the man. When you’re underemployed with $100,000 in student loan debt, your financial situation feels overwhelming. You really don’t want to take the advice of your parents or CNBC talking heads [5] to invest 10% of your salary for a 4% annual retu…
> It's a never-ending shit-show. At least some of us are getting rich in /r/wallstreetbets. I wonder who will be the actual winners when these shorts end. In the meantime, let's enjoy the show.
Earlier quoted context omitted.
> Hedge funds are supposed to be allowed to naked short the stocks they don't like into oblivion Naked shorting has been illegal for a decade: https://money.cnn.com/2008/09/17/news/companies/sec_short_se...
Right, but it must have been happening anyway, because there’s more shorts than shares available to buy. (I think?)
> This does not necessarily mean a lot of people are doing evil illegal nefarious naked shorting! Really, I promise! There is no special limit on shorting at 100% of shares outstanding! Here is an explanation of how options market makers (discussed below) are allowed to short without a locate, but I want to offer an even simpler explanation. There are 100 shares. A owns 90 of them, B owns 10. A lends her 90 shares to C, who shorts them all to D. Now A owns 90 shares, B owns 10 and D owns 90—there are 100 shares outstanding, but190 shares show up on ownership lists. (The accounts balance because C owes 90 shares to A, giving C, in a sense, negative 90 shares.) Short interest is 90 shares out of 100 outstanding. Now D lends her 90 shares to E, who shorts them all to F. Now A owns 90, B 10, D 90 and F 90, for a total of 280 shares. Short interest is 180 shares out of 100 outstanding. No problem! No big deal! You can just keep re-borrowing the shares. F can lend them to G! It's fine.
> The same emotion that caused us to root for the thieves in Ocean’s 11 is what makes Wall Street Bets so enticing. Put frankly, Millennials are tired of getting fucked by the man. When you’re underemployed with $100,000 in student loan debt, your financial situation feels overwhelming. You really don’t want to take the advice of your parents or CNBC talking heads [5] to invest 10% of your salary for a 4% annual retu…
I was explaining to a friend of mine a few weeks ago why cynicism is so prevalent in our generation Where have I heard this before? ” As adolescents and young adults in the 1980s and 1990s, Xers were dubbed the "MTV Generation" (a reference to the music video channel), sometimes being characterized as slackers, cynical, and disaffected.” https://en.m.wikipedia.org/wiki/Generation_X
Retail investors are supposed to buy and hold all of the stocks, because they couldn't possibly be smart enough to pick the good ones. Hedge funds are supposed to be allowed to naked short the stocks they don't like into oblivion, transferring wealth from retail investors to hedge funds. The hysteria and pearl clutching at this wealth transfer being reversed is hilarious.
> Hedge funds are supposed to be allowed to naked short the stocks they don't like into oblivion Naked shorting has been illegal for a decade: https://money.cnn.com/2008/09/17/news/companies/sec_short_se...