I'm English, and I don't know what point he's trying to make about being English
The Irony in the GameStop Story
51–60 of 104 posts
Re: The Irony in the GameStop Story
#52Ahh I love financial reporters. Just because Left has never lost a court case doesn’t mean he isn’t doing anything illegal. There are two tiers of justice in this country, and the rich can by their way out of crime.
Re: The Irony in the GameStop Story
#53I still feel like these stories are missing a core distinction. If these WSB folks rallied around GME because they were true believers of a beloved brand with faith in a turn around plan, god love em. I think that’s an interesting phenomenon that upgrades retail collective trading in much the same ways mutual funds behave on behalf of loads of retail investors. But that’s not what happened. The brand is irrelevant. I…
> The brand is irrelevant. It’s just math and vengeance and in the end...a lot of retail folks are going to be left holding the bag as prices drop down to earth. The hedge funds have retreated, yet WSB is doubling down on the frenzy. The posts over there are just insane. QAnon levels of delusion against an enemy that has already retreated. Wall Street is just a straw man now, and WSB is using it to cannibalize WSB.
Have the hedge funds retreated? Last I heard there were still >100% short positions in GME.
Re: The Irony in the GameStop Story
#54I swear, GME is the feel-good story of the year.
Unfortunately, the hedge funds will be 100% fine and probably capitalize on this event and somehow still come out ahead. The WSB folks who started this have probably already sold out so they're fine. It's average everyday folks who bought into this robin hood (not the app) story and purchased stock at recent prices who will lose a lot of money
Yeah. Most of the firms involved will be fine. A number of retail investors who got in early on have probably made serious dough. People who bought a share or two for the lulz whatever. Others who saw this as a big opportunity to make money they otherwise had no hope of making? At least some will be bankrupt, lost the money they were saving up for a house downpayment, lost retirement savings, etc.
Re: The Irony in the GameStop Story
#55I still feel like these stories are missing a core distinction. If these WSB folks rallied around GME because they were true believers of a beloved brand with faith in a turn around plan, god love em. I think that’s an interesting phenomenon that upgrades retail collective trading in much the same ways mutual funds behave on behalf of loads of retail investors. But that’s not what happened. The brand is irrelevant. I…
It is fine to say "this is a bad situation and we need new regulations to prevent it".
What is not OK is bending and breaking the existing regulations to stop a group of individual investors who are individually doing nothing wrong in order to protect a hedge fund that was exploiting the existing (bad) regulations.
Also, it seems insulting to suggest that the only "good" reason for someone to buy a stock is faith in the fundamentals of the company when finance media has been yapping up the joys of derivative trading for decades.
Re: The Irony in the GameStop Story
#56Earlier quoted context omitted.
Until it cascades like Lehman and AIG with USA citizens holding the bag. In two days we are 33,333 days since the crash of 1929.
https://twitter.com/PigeonsK/status/1354824493982773249 Argument for cascading.
The assumptions in that 4chan screenshot are putting in a lot of work.
Re: The Irony in the GameStop Story
#57How are people missing that the original bet on this was founded around the newest generation of consoles shipping with Optical Drives? That was the entire basis on which Gamestop reapproaching retail with a new mindset and new investment led to wsb getting behind it in the first place.
Source, u/DeepFuckingValues earliest comments on reddit on GME around Mark Cubans involvement
Re: The Irony in the GameStop Story
#58I swear, GME is the feel-good story of the year.
Unfortunately, the hedge funds will be 100% fine and probably capitalize on this event and somehow still come out ahead. The WSB folks who started this have probably already sold out so they're fine. It's average everyday folks who bought into this robin hood (not the app) story and purchased stock at recent prices who will lose a lot of money
> 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.
Re: The Irony in the GameStop Story
#59Earlier quoted context omitted.
Gotta say I agree, after hearing non crap news for a year. It's nice to see a hedge fund eat their hat.
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…
"Pensions and university endowments" are the "women and children" of the financial world. Everyone constantly harps on these classes of people in order to play to your emotions instead of thinking logically. The great thing about America is we allow you to make "stupid" choices. No one should care if you lose all your money by acting stupidly, doesn't matter if you're Harvard or a heroin addict. If you rely on a pension or university endowment for funding you should take up a greater interest in where that money is being invested.
Re: The Irony in the GameStop Story
#60I keep seeing folks saying that retail will be left holding the bag. Retail folks are buying GME and holding. Worst case they're out their initial investment. GME shorts like Melvin Capital are out many multiples of their initial investment, their losses are unbounded. Retail (r/wsb) understands this, and is willing to lose their $600 or whatever to screw over the institutions.