stonks

[sabotabby]

Where were you when Reddit broke hedge funds?

I have been fascinated by the GameStop story, and my only regret is that I'm not teaching Business right now b/c this would be the best way to teach about the stock market ever. If you're confused as to what's going on, VICE Magazine's article explains it in laymen's terms (I am a layman).

What it boils down to is a bunch of people on Reddit called capitalism's bluff and more or less won, exposing how the market isn't actually free and the measures of economic health on Wall St. are thoroughly untethered from Main St.'s economy. It's also possibly the biggest transfer of wealth from the financial sector to the middle class seen in a good long time, meaning that a bunch of trolls on a shitty website accomplished more in a few months than the North American left has done since the 70s.

Also it's very funny because you can go on Twitter and watch hedge fund dudes lose their shit in real time, and serious business journalists have to report what's going on and it involves people named DeepFuckingValue and POTATO_IN_MY_ASS and Thicc Dads Club.

It's a delight and a joy and I hope it's an indication that 2021 will be less shit now that people know they can do this.

Of course the Invisible Hand intervened to put an end to this specific fun but it can happen again, and just might, and in the meantime two hedge funds are probably bankrupt with their money redistributed to people who aren't as terrible.

Comments

[sacramentalist]

I bought a few shares of GME for fun, and I've watched it go up and down and up and down.

Interestingly, my RBC Direct Investing site was pooched all morning. Probably overloaded with morning activity? Or maybe not...

[sabotabby]

Holy shit! I hope you get loaded off this.

[sacramentalist]

I got in yesterday so there's not much benefit unless it doubles or something crazy. Currently down because all the trading apps were preventing buys and auto-selling shares bought on margin.

I've been saying "I'm rich! I'm poor! I'm rich! I'm poor!" for two days in the office. LOL

Honestly, I don't have the personality for it. I'll regret missing the peak and I'll regret getting out too early.

[frandroid]

Something was fishy for sure...

[dewline]

I'm not taking that risk.

As fun as it is to watch. I haven't enough to even consider risking on something like this.

[sabotabby]

Oh, I'm watching and eating popcorn. I wouldn't participate.

[altamira16]

There has been so much hilariousness out of this. This was one of my favorite tweets on the matter. We are living in the upside down when AOC and Donald Trump, Jr are on the same side of an issue. Also, Ted Cruz tried to join AOC's side in this, and she was not having it. I liked a tweet by Tyler Winklevoss today.

I'm assuming that the next time a hedge fund starts to make too much money shorting and destroying a business, that they will be de-platformed from their Blomberg terminal and throttled by their prime broker in the name of orderly markets and consumer protection.

— Tyler Winklevoss (@tyler) January 28, 2021

[sabotabby]

AHAHAH amazing.

The AOC/Ted Cruz thing was *chef's kiss*

[lizbee]

My worry is that r/wallstreetbets is taking advantage of naive Redditors and people who just hate Wall Street that much. (I know a lot of people see this as paying a fee to make a hedge fund suffer, but many more are new investors thinking they'll get rich.) r/WSB once had Martin Shkreli as a moderator; I saw it described on another subreddit yesterday as "a cloud of vape smoke attempting to gain sentience". I fear that, in the end, it'll just be a different team of awful capitalists taking advantage of people.

[sabotabby]

I may need to steal that line. It's a good line.

I dunno, anyone with enough money to buy stonks is generally above my sympathy if they get suckered. A friend of mine opined today that this wasn't an anticapitalist act, and I agree, but you can have a little Schadenfreude Pie for dessert, as a treat.

[flamingsword]

My husband has a bit of money to play with and went for some of that Schadenfreude Pie. We now own aa couple shares each of AMC and Gamestop, just because billionaire hedge fundies suck.

[bcholmes]

It has been a wild ride!

[sabotabby]

I am enjoying it an awful lot.

[mistersmearcase]

Funny how regulation is suddenly really helpful, right?

[sabotabby]

You mean the Invisible Hand of the Free Market isn't infallible???

I signed up for Robinhood and I'm a little embarrassed

[marlowe1]

Something that I love about the people that heavily invested in GME is the fact that many of them aren't even in it for the money. They bought one share. They know it's going to go down eventually but they don't care. They just want to do it to fuck with the hedge funds. If I could afford $300 to fuck with the hedge funds, I would happily do it.

Instead I'm buying AMC to fuck with the hedge funds. That's only $13/share. But Robinhood is weird as it's pretty much "Want to invest $1? Cool. Here's .00349 share of Pepsi!"

They decided not to do that with the target stocks like AMC or GME. I wonder why. So you got to buy a whole stock.

Right now, those fucking Dogecoins are way too tempting. Robinhood has limited that one as well. like you have to make sure that there is money actually in your account instead of money that you put in your account that won't really show up until Wednesday.

But 2 cents a coin and if those crazy fucks tkae it up to a $1. I already resisted bitcoin.

Ok that's the addict talking.

Anyhow join.robinhood.com/timl-0f759706a if you want to get sucked into the madness (and then give me a free shit stock that Robinhood gives away because they are shit stocks).

Re: I signed up for Robinhood and I'm a little embarrassed

[sabotabby]

Right now when I have extra money to blow (which is a fair bit since I don't go anywhere) I give it to Indigenous, Black, and anti-fascist causes. I appreciate that people are fucking up the hedge funds though!