Gamestop frenzy

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arturo7

·Jan 28, 2021

Tony C.

An interesting deconstruction from Glenn Greenwald, not so much technical, but more about the cultural significance:

https://www.zerohedge.com/political...reddit-revolution-gamestop-and-melvin-capital

Thanks for posting

 

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Donn Chambers

·Jan 28, 2021

Perre

Did anyone participate in the gamestop frenzy on the stock exchange?
Any thoughts?

Not me. I’m a “buy mutual funds every month and let it ride” kinda guy. So far (fingers crossed) I’m doing okay. I was talked into buying into one “managed” portfolio to “diversify” by my manager. It has always performed worse than any of the “let it ride” accounts - by a considerable amount (5-6% average annual reruns over 10 years compared to 9-12%).

 

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vintage hab

·Jan 28, 2021

I found the Signal fiasco of last week more interesting. After Elon Musk said everyone should use private messaging service Signal (which is privately owned), speculators pumped a completely unrelated medical device stock Signal Advance Inc. The stock surge 5100%!! Completely ridiculous.
https://economictimes.indiatimes.co...musks-tweet/articleshow/80234425.cms?from=mdr

I'm an avid investor, but all that crap is for speculators, and I stay away.

 

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ExpiredWatchdog

·Jan 28, 2021

No.

 

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Walrus

·Jan 28, 2021

I’m just a small fry put I love playing the market and I liked seeing the retail investors putting the squeeze on hedge funds. They been running the show for years. I try not to chase fomo put put a little in just to participate. I liked seeing my director who never entered the market before go from ten to 400-500 but then he got caught when Robin Hood and the other brokerages played their game freezing people out. Shows you what happens when you mess with the big boys. Limit access to the stock, bring it down and the big guys are happy. I went through it during the .com boom when I was a kid. It was a good lesson in the difference between speculating and investing. So I just played around with it but it was pretty clear how it was going to end. I just feel bad for younger people who bought on margin at the tippity top and got creamed.

Shoot but I’m no expert I refrain from giving advice just a few people at work asked me opinion I just presented what I thought MIGHT happen. But things can remain irrational I just feel better creating my own mutual funds and holding, it’s worked out pretty good I beat most of my managed funds % wise but it’s more of a hobby for me. I exited game stop too many laser beams on it and the SEC was getting upset.

 

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Redwes25

·Jan 28, 2021

I am not in the trade but thought this was interesting summary of what has been going on - https://mobile.twitter.com/endtwist/status/1354547622133051393?s=21

The guy who came up with it (awesome screen name by the way) is very smart. I hate these CNBC types spewing out anger at manipulation when it is the big boys getting hurt but don’t give a shit otherwise.

 

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arturo7

·Jan 28, 2021

Pretty amazing when AOC and Ted Cruz speak out on the same side of an issue.

 

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Walrus

·Jan 28, 2021

arturo7

Pretty amazing when AOC and Ted Cruz speak out on the same side of an issue.

Perhaps WSB and it’s squeeze on GameStop will unite the country and we can all live peacefully. Glad I played a small part, I did my part to unite us, your welcome

 

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Dsloan

·Jan 28, 2021

I bought a small position a few weeks ago before it really started to take off. Was gonna hodl, but got seriously spooked when the rules of the game changed today. Sold half of my position this morning for about 10X my initial bet. Hodling the rest just out of curiosity and spite now. I also made out good on a couple of AMC calls this week. End of the day, I made some money, but not enough to really shave much off my retirement timeline.

The more interesting thing is the way in which this has revealed the nature of financial power.

 

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pdxleaf

·Jan 28, 2021

Walrus

Perhaps WSB and it’s squeeze on GameStop will unite the country and we can all live peacefully. Glad I played a small part, I did my part to unite us, your welcome

Well, you do have some nice cats. If you really want world peace you'd get a dog too.

 

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Walrus

·Jan 28, 2021

pdxleaf

Well, you do have some nice cats. If you really want world peace you'd get a dog too.

I would be willing to do that for my country but the vet suggested I put hairy the cat on Prozac as she is high strung and may be insane. I fear if I got a dog she would end up in a padded room. I did have a German Shepard and two cats at one point in life, all three, well four including me got along fine. A dog will probably be in my future again but I’m going to have to sit hairy down for a long talk.

 

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vintage hab

·Jan 28, 2021

Dsloan

I made some money, but not enough to really shave much off my retirement timeline.

... but maybe enough to buy a watch or two? 😁

 

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Dsloan

·Jan 28, 2021

vintage hab

... but maybe enough to buy a watch or two? 😁

If it moons: moonwatch. That said, I've been reading up more all evening, and I'm genuinely unnerved.

It looks like the brokers who stopped allowing you to buy GME were forced to pause by their clearing houses. It may be that they actually didn't think there was enough liquidity available to cover the exponential increase in the price, and they wouldn't be able to actually settle the exchange of shares. I'm curious - if left to run its course, would this have caused serious harm to the financial system, beyond just bankrupteling a couple hedge firms? I came for tendies, not to completely collapse modern society.

 

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Hands90

·Jan 28, 2021

Sorry a lot of wealthy people are loosing money.
I'll sleep fine tonight.
Wish I was one of the many that bought into it.

 

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cvalue13

·Jan 28, 2021

Hands90

Sorry a lot of wealthy people are loosing money.
I'll sleep fine tonight.

 

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ValueYourWatch

·Jan 28, 2021

I was just reading it.. rather stick to watches

 

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Rumar89

·Jan 28, 2021

Not a part of this crazy ride.

All I’m going to say is, when this thing turns it will be sharp and fast. Look out below, because there will be a stampede for the exit. And those hedge funds getting screwed now will put the hammer to these stocks and ride the wave down. Don’t get caught holding the bag.

 

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Foo2rama

·Jan 28, 2021·Nowhere near as grumpy as he used to be...

Problem is that it’s past a short squeeze and it keeps going up in the theory they are sticking it to the man... wall streets has had no short position on GME for 3 days.

now it’s just retail investors taking money from retail investors.

My guess is people are going to go to jail for manipulation. I think they will find that the guys that fed this had an existing position then moved their position to AMC and tried again.

 

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Perre

·Jan 29, 2021

Very curious to see what will happen today. As a lot of those people are in it for the easy money, panick selling is just waiting around the corner...

 

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Lucasssssss

·Jan 29, 2021

Curious what will happen today, I am only in for 3 shares at $120. Interesting to see where it will end up.