Deleted
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Jun 10, 2024 11:31:39 GMT
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Post by Deleted on Jan 28, 2021 16:57:16 GMT
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tracylynn
Pearl Clutcher
Posts: 4,878
Jun 26, 2014 22:49:09 GMT
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Post by tracylynn on Jan 28, 2021 17:58:26 GMT
I disagree this is a good thing. It’s not just GameStop. This Reddit group targeted multiple businesses. I remember AMC was one other. No matter what “side” one is on (here we go again with my side-your side) manipulating the stock market is wrong.Umm .. the stock market is a game of manipulation. All day, every day. The hedge fund managers and stock traders are just pissed that the 20 somethings aren't playing by their rules to manipulate it.
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Post by papersilly on Jan 28, 2021 18:14:17 GMT
leave it to those basement boys to upend the market.
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Post by papersilly on Jan 28, 2021 18:20:57 GMT
I disagree this is a good thing. It’s not just GameStop. This Reddit group targeted multiple businesses. I remember AMC was one other. No matter what “side” one is on (here we go again with my side-your side) manipulating the stock market is wrong.Umm .. the stock market is a game of manipulation. All day, every day. The hedge fund managers and stock traders are just pissed that the 20 somethings aren't playing by their rules to manipulate it. exactly. the market is manipulated everyday. many, if not most, companies do business with their stock value in mind. they are acutely aware that how they conduct business will appease or inflame shareholders and raise or lower the value of their company. the establishment just underestimated the power of crowd manipulation, social media, and no fee trading apps like Robinhood.
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Deleted
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Jun 10, 2024 11:31:39 GMT
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Post by Deleted on Jan 28, 2021 18:23:46 GMT
leave it to those basement boys to upend the market. When they're not fu#(#ing over the Capitol, they're fu#$*ing over the Capital.
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sassyangel
Drama Llama
Posts: 7,456
Jun 26, 2014 23:58:32 GMT
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Post by sassyangel on Jan 28, 2021 18:38:19 GMT
I disagree this is a good thing. It’s not just GameStop. This Reddit group targeted multiple businesses. I remember AMC was one other. No matter what “side” one is on (here we go again with my side-your side) manipulating the stock market is wrong. So they get to manipulate the stock market platforms to stop them trading, while institutional traders can trade at will? This isn’t just retail small investors. Wall Street is a dog eat dog world - the volume of trades conducted over this yesterday, there is *no way* it’s retail small investors driving this now.
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Post by papercrafteradvocate on Jan 28, 2021 18:43:53 GMT
I've been watching this on the news. There is a new generation of investors who get together en masse to affect the prices of stocks. I've been thinking about the positives and potential negatives. I guess time will tell! My hubby and his coworkers are doing this. They’ve been pretty successful so far in just the few months that they’ve been doing it.
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Deleted
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Jun 10, 2024 11:31:39 GMT
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Post by Deleted on Jan 28, 2021 18:44:30 GMT
I disagree this is a good thing. It’s not just GameStop. This Reddit group targeted multiple businesses. I remember AMC was one other. No matter what “side” one is on (here we go again with my side-your side) manipulating the stock market is wrong. So they get to manipulate the stock market platforms to stop them trading, while institutional traders can trade at will? This isn’t just retail small investors. Wall Street is a dog eat dog world - the volume of trades conducted over this yesterday, there is *no way* it’s retail small investors driving this now. Yep. check out the 'Goliath v Goliath' article above.
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Post by busy on Jan 28, 2021 18:46:22 GMT
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sassyangel
Drama Llama
Posts: 7,456
Jun 26, 2014 23:58:32 GMT
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Post by sassyangel on Jan 28, 2021 18:57:32 GMT
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Deleted
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Jun 10, 2024 11:31:39 GMT
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Post by Deleted on Jan 28, 2021 19:02:07 GMT
"There has been a lot of hand-wringing about the day-trading trend and this new crop of investors playing the markets, many of whom are treating stocks more like a spin at the roulette wheel than a long-term strategy to build wealth. It’s not clear how many of them are looking at the underlying fundamentals of companies, or whether they’re just “YOLO-ing” themselves across the market. On GameStop, the answer is probably a mix. There’s a reasonable business case to make for (some of) the game retailer’s valuation; there’s also a case that this whole thing has just been quite fun for everyone — the possible trolls of Reddit, market watchers, commentators, and certainly GameStop — except for the short sellers, who have been in for a pretty miserable ride. “It’s dramatic, and you don’t see this magnitude very often,” said Nick Colas, the co-founder of DataTrek Research. “But when it happens, it’s spectacular.” More traditional investors (and those with a lot of money) have wagged fingers. But giant banks and hedge funds aren’t exactly a bastion of responsibility — take a look at the role they played in the 2008 financial crisis. The animosity flows both ways. In a January 25 post titled “An open letter to CNBC,” one WallStreetBets Redditor pointed out that much of the network’s audience is composed of the retail traders who are now being criticized. “Your contempt for the retail investor (your audience) is palpable and if you don’t get it together, you’ll lose an entire new generation of investors,” the Reddit user, RADIO02118, wrote. The user pointed out that the hedge funds that take on big risks can get a bailout — as one of the ones shorting GameStop did — whereas everyday investors generally can’t: “We don’t have billionaires to bail us out when we mess up our portfolio risk and a position goes against us. We can’t go on TV and make attempts to manipulate millions to take our side of the trade. If we mess up as bad as they did, we’re wiped out.”" www.vox.com/the-goods/22249458/gamestop-stock-wallstreetbets-reddit-citron
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scorpeao
Pearl Clutcher
Posts: 4,521
Location: NorCal USA
Jun 25, 2014 21:04:54 GMT
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Post by scorpeao on Jan 28, 2021 19:14:59 GMT
I agree. Don't get me wrong, I like this story. But I also worked in finance for a long time and perhaps it made me too cynical. I just can't look at this as having any kind of long-term impact except all of finance ratcheting up their lobbying efforts and calling in whatever company to company favors that are needed to prevent something like this from happening again. And they'll do it under the guise of consumer protections and the administration will probably go for it, as we regulate a lot of things based on the assumption that normal people are idiots who have to be protected from themselves. Agreed. It's just so interesting that when the big money boys place their ginormous bets via buys, sells, shorts, puts, calls, etc is a-OK. But when the little guys do it - it's BAD AND WRONG. Yes, and another example of how the rich don't really want less government control...they want less for them, and more for the little guy.
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Deleted
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Jun 10, 2024 11:31:39 GMT
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Post by Deleted on Jan 28, 2021 19:16:14 GMT
From Vox:
"Some observers have raised questions about whether what’s happened with WallStreetBets and GameStop might draw regulatory scrutiny around possible market manipulation. Colas said he’s doubtful there’s much of a case for that. “Everything is known. There’s no insider information here,” he said. If a hedge fund shorting a stock can put out a presentation and video about why a company is bad, why can’t random people talking to each other on the internet talk about why a company is good? But of course, on the legal front, reasonable minds might disagree.
One of WallStreetBets’ moderators addressed the impression that the community is “disorderly and reckless” in a post on January 24, while pushing back against any suggestions there is an organized effort among moderators to promote or recommend any stock. “What I think is happening is that you guys are making such an impact that these fat cats are worried that they have to get up and put in work to earn a living,” the moderator wrote. “Some of these guys [who] traditionally used the media as a tool for them to manipulate the market have failed to further line their pockets and now want to accuse you guys as being manipulators.”
GameStop has been the perfect storm for the current retail trend. It’s a recognizable name, there’s some business case for it, and it’s turned into a meme. And it’s heavily shorted, which is bound to irk the recent crop of retail traders who subscribe to the mantra that “stocks only go up.”
On January 26, I reached out to the moderators of WallStreetBets to see what they make of what’s happening. One moderator, Stylux, suggested there wasn’t much mystery. “We aren’t looking at anything other than what is right in front of us, which is the same thing you are seeing. It’s up to the user base to pick stocks — we only moderate a forum for them to do that,” they wrote, adding that they have made efforts over the years to enforce rules aimed at preventing schemes and barring certain investment vehicles. “Everyone plays by the same rules,” Stylux wrote. Their takeaway:"
To answer the question above: Cuz there's one set of rules for the wealthy and one set for everyone else. Shorters can have webinars talking about why they're shorting. But long positions or call holders can't talk on Reddit about why they're long. Sounds about rich.
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Post by Darcy Collins on Jan 28, 2021 19:17:27 GMT
And who was the big winner yesterday: MUST Asset Management that liquidated it's 3.3 million shares for a $1.1 billion gain - thanks Reddit - you showed Wall Street.
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Post by Darcy Collins on Jan 28, 2021 19:22:48 GMT
I'll also say, I actually think it was wrong of the trading platforms to suspend buying. It's the SEC's job to suspend trading in cases of manipulation that meet that standard. I don't think individual platforms should get involved in specific stock suspension - other than typical restrictions on penny stocks etc.
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sassyangel
Drama Llama
Posts: 7,456
Jun 26, 2014 23:58:32 GMT
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Post by sassyangel on Jan 28, 2021 19:29:28 GMT
And who was the big winner yesterday: MUST Asset Management that liquidated it's 3.3 million shares for a $1.1 billion gain - thanks Reddit - you showed Wall Street. I don’t think it was about showing Wall Street per se for a lot of people, it seemed targeted to “showing” the predatory shorts of GameStop specifically. “Wall Street” collectively is the house, effectively. It always wins. I share their revulsion for hedge funds that profit off deliberately orchestrated economic destruction, though.
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Deleted
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Jun 10, 2024 11:31:39 GMT
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Post by Deleted on Jan 28, 2021 19:57:52 GMT
I don’t think it was about showing Wall Street per se for a lot of people, it seemed targeted to “showing” the predatory shorts of GameStop specifically. “Wall Street” collectively is the house, effectively. It always wins. I share their revulsion for hedge funds that profit off deliberately orchestrated economic destruction, though. Yep. The Vox article is really a nice summary of what's allowable and helped (e.g., bailouts) when it comes to big money vs. what's allowable and kicked to the curb for little investors.
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Deleted
Posts: 0
Jun 10, 2024 11:31:39 GMT
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Post by Deleted on Jan 28, 2021 20:09:33 GMT
So they get to manipulate the stock market platforms to stop them trading, while institutional traders can trade at will? This isn’t just retail small investors. Wall Street is a dog eat dog world - the volume of trades conducted over this yesterday, there is *no way* it’s retail small investors driving this now. Yep. check out the 'Goliath v Goliath' article above. I hear you all. Good discussion.
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Post by hop2 on Jan 28, 2021 20:59:00 GMT
I agree. Don't get me wrong, I like this story. But I also worked in finance for a long time and perhaps it made me too cynical. I just can't look at this as having any kind of long-term impact except all of finance ratcheting up their lobbying efforts and calling in whatever company to company favors that are needed to prevent something like this from happening again. And they'll do it under the guise of consumer protections and the administration will probably go for it, as we regulate a lot of things based on the assumption that normal people are idiots who have to be protected from themselves. Agreed. It's just so interesting that when the big money boys place their ginormous bets via buys, sells, shorts, puts, calls, etc is a-OK. But when the little guys do it - it's BAD AND WRONG. plus the little guys did it the exact opposite of the insider crap that happens all the time because it’s all out publicly
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Deleted
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Jun 10, 2024 11:31:39 GMT
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Post by Deleted on Jan 29, 2021 1:43:29 GMT
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Deleted
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Jun 10, 2024 11:31:39 GMT
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Post by Deleted on Jan 29, 2021 15:32:57 GMT
And just like that, sh#(8 changes.
Doesn't mean they'll stop shorting. But publishing shorting has a way of becoming a self-fulfilling prophecy when the big money boys do it.
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Post by Skellinton on Jan 29, 2021 16:20:29 GMT
So, I guess you guys don’t think it is a good idea for all the peas to start buying Merkin stock and trying to manipulate the market ourselves?
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Deleted
Posts: 0
Jun 10, 2024 11:31:39 GMT
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Post by Deleted on Jan 29, 2021 16:43:54 GMT
Really interesting thread from a guy who's been following $GME for over a year:
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Deleted
Posts: 0
Jun 10, 2024 11:31:39 GMT
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Post by Deleted on Jan 29, 2021 16:47:04 GMT
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Deleted
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Jun 10, 2024 11:31:39 GMT
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Post by Deleted on Jan 29, 2021 16:54:27 GMT
And it's not like the reddit was unknown:
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Post by Darcy Collins on Jan 29, 2021 17:07:51 GMT
So I have no idea who that guy is, but he is not a financial expert and frankly can't even read a financial statement. He has no business "explaining" anything as there are multiple factual errors in those tweets. Do not take financial advice from some random twitter dude just because he follows a reddit thread.
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Deleted
Posts: 0
Jun 10, 2024 11:31:39 GMT
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Post by Deleted on Jan 29, 2021 17:10:25 GMT
I share their revulsion for hedge funds that profit off deliberately orchestrated economic destruction, though. Agreed. However, there were at least some fundamentals that were in $GME's favor. Probably for a stock around $10-$15 (vs. $300 like now or vs. $0-$4 like the shorters were betting on) But it started as a long position based on #s. See tweet stream above.
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Post by scrapcat on Jan 29, 2021 17:45:13 GMT
This story has me so geeked out this week, I've read everything. Thanks for the convo here @zingermack.
I still haven't totally formed an opinion. While I like the rise of the redditers (sp?), being fairly familiar with hedge funds, I knew they would find a way to come out on the winning end. Regardless, it's been an interesting debate and how the internet has connected people into these type of powerful communities. As we've seen recently in more ways than one. Lots of good and not-so-good commentary, but all gives something to think about...
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Deleted
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Jun 10, 2024 11:31:39 GMT
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Post by Deleted on Jan 29, 2021 19:00:32 GMT
This story has me so geeked out this week, I've read everything. Thanks for the convo here zingermack. My pleasure. Me too. It's great that there's been so much print on this. It really is pivotal and will likely lead to some SEC changes and even updated legislation.
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Post by Zee on Jan 29, 2021 22:12:22 GMT
I admit that I will die poor because I am woefully ignorant about these things. I'd like to learn. I grew up without much and never had anything to worry about investing.
A young coworker was just telling me last night about how she made about $200 in 20 minutes on this Game Stop thing. I was like, wut. Lol i understand that's not a typical thing, obvs, but I'd like to learn more.
Anyone have any good resources for me besides going back to school? Nursing school certainly didn't prepare me to learn to provide my own financial security.
One of the nurses I work with, who is near retirement age, mentioned that his wife SAVED THEM $250,000 don't something with their stocks at the beginning of Covid. I was like, that's what she saved them? How much is there total? They're both nurses. I obviously need to get my shit together beyond a 401k and an investment condo currently housing my MIL.
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