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The Battle of GameStop

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Re: The Battle of GameStop

#261

Post by PartiallyTyped »

thaumasiotes wrote: post #240
PartiallyTyped wrote: post #211

Earlier quoted context omitted.

Then you are not paying attention. The floating shares are fewer than the shorted shares. Even if all the floating shares were bought, there are not enough shares to cover the short's position.

So what? The same share can be bought more than once in just the same way it can be sold more than once; in fact, the one necessarily entails the other.

What happens if nobody sells? Say 40% of total shares are floating. You the hedge fund owe 60% of the shares because you shorted them. Even if your position is closed immediately (hint, it won't), you would still need to find the remaining 20% of the shares that you owe. Who will give you that 20%? Well I of course, but the difference is, I get to dictate what the market price is.

We saw this happen in 2008 with Volkswagen. 1% of the total shares were floating because Porché had purchased the remaining, the rest of the shares were owned by institutions and they were not selling them.

Re: The Battle of GameStop

#262

Post by [deleted] »

pmorici wrote: post #22
gruez wrote: post #14

Earlier quoted context omitted.

>It's a never-ending shit-show. At least some of us are getting rich in /r/wallstreetbets. This is sad because most of what you've said can be applied to lotteries as well, which historically has been criticized as being a "tax" on the poor. The end result is the same: people putting themselves in a worse place financially (on average), just so they can cope with their bleak existence.

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.

[deleted]

Re: The Battle of GameStop

#264

Post by ausbah »

glohbalrob wrote: post #146
jameshart wrote: post #137

Earlier quoted context omitted.

You played a game, you played it well, and you won. Well done. But don't pretend that that means everyone can do it, because patently they can't: you won your bets, a bunch of other people lost theirs. No value that wouldn't otherwise have been created got made, you just shifted the balance of how the rewards are distributed in your favor, and away from someone else. As a system for distributing the benefits of econo…

same can be said about just about anything, no? running marathons, startups, cooking a great dish... No one on WSB is saying its for everyone, thats why they talk trash about themselves.

you can learn to run a marathon, cook, etc. with a much higher chance of success then something like trading stocks or to a less degree starting a business. the latter pursuits have a much more volatile environment that rewards luck > skill

Re: The Battle of GameStop

#265

Post by popeathlete »

shouldiquitamzn wrote: post #108
katbyte wrote: post #102

Earlier quoted context omitted.

No you gambled and got lucky. Good for you that’s great, but please recognize it for what it is. You played the market and won, just like people play the lotto, and some of them win too.

False. You have no idea about the trades I made. People are brainwashed, you can make money in the market. I made over 100 trades

I wanted to write something of substance, but... Lol. Just, lol.

Re: The Battle of GameStop

#266

Post by tasuki »

phil_e_delphian wrote: post #53
fennecfoxen wrote: post #9

Earlier quoted context omitted.

People exist who in the past two days paid $150 for a share that most analysts think is worth about $14 — at a company with negative earnings for six of the last seven quarters, and minimal earnings growth over the past few years. I'm sure there was some bull case for the company, and it might have had a snowball's chance in hell around $14 or even $20/share. But at $60+ ? What on God's good earth is supposed to make…

DoorDash has had negative earnings for all but 2 (1?) quarters it has existed, and trades at about $190 a share, despite direct competition from multiple functionally identical competitors. The market is broken, at least retail investors are benefiting for once.

How much a single share costs really isn't interesting or important.

Re: The Battle of GameStop

#267

Post by xibalba »

dionidium wrote: post #184
dvt wrote: post #6

> 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 think this is a just-so-story meant to explain something that doesn’t require an explanation. It’s just gambling. Gambling is fun and human beings have always done it. You don’t need to posit anything special about Millennials. New forms of gambling come around every once in a while and this is one such event.

Exactly this. It is people rationalizing their gambling, sprinkling in an anecdote here and there about someone paying off their student loans thanks to /r/wsb.

Re: The Battle of GameStop

#268

Post by asiando »

PartiallyTyped wrote: post #255
thepasswordis wrote: post #35

>We can remain retarded longer than they can remain solvent. There is a tremendous amount of spite involved here. They hate the boomers, and they hate the institutional wallstreet investors and hedgies. And why shouldn't they? These people play with our lives and get fantastically wealthy by gambling with our retirement accounts. I saw that some hedge fund got wiped out today by this. Sorry I won't be shedding any te…

Yes it is out of spite. I am up >200% in January, with all of my life savings, and I am willing to lose everything so that they bleed and they lose everything. I have nothing to lose because I am used to living with nothing. I have but my chains to lose. The '08 crisis was in part for a similar reason. Some hedge funds shorted housing stocks and crashed everything. We were at the risk of losing our home, my mother wo…

What a joke. You’re willing to go broke so they lose 2% of their capital? Good job.

Re: The Battle of GameStop

#269

Post by m3kw9 »

drewmate wrote: post #115
bitcoinmoney wrote: post #84

Earlier quoted context omitted.

How do we replicate your success?

Step 1 - Buy leveraged options at the right time Step 2 - Do not buy leveraged options at the wrong time [0] [0] https://knowyourmeme.com/memes/be-attractive-dont-be-unattra...

And sell them at the right time, before they expire usually, usually people don’t have enough to actually go through with the contract if it’s in the money

Re: The Battle of GameStop

#270

Post by m3kw9 »

taway0125210 wrote: post #161
shouldiquitamzn wrote: post #17

I’ve made millions on WSB options plays. I can finally quit my job and stop being a cubicle slave. The visceral reaction from the media on this is disgusting. Major hedge funds got caught on the wrong side of this, and have been making a huge stink about it. CNBC to the rescue, demonizing young middle class Reddit investors. This whole thing has opened my eyes to how even my FAANG compensation is peasant money, it’s…

Here's my account, that might be survivorship bias. I also traded tech stocks and cryptos and was able to significantly beat the market on the former and quit (also from Amazon) a few years ago. I invested in NVidia after recognizing GPU shortages due to ML continuing hype. I switched to AMD after recognizing their Zen CPUs are slowly beating Intel. I switched to TSMC after realizing their accomplishments are signifi…

So what’s next?
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