-
@voodoo said in r/wallstreetbets, GameStop, and institutional investors:
Its not even just that, though I agree that's a thing. But this stock is now down to $90 from $400. How many retail investors got burned on the way down after buying late on reddit advice?
Sorry, but everybody who bought on reddit, deserves to lose their investment & any broker who pushed on it, deserves to lose their license.
I'm not passing judgement on the overall process, but I definitely take offence at them aiming the narrative to be some democratic stand for the little guys. Seems massively hypocritical to me
Absolutely. Grandstanding about the brilliance of this on social media by many a born-again lefty is sickening. The little guys (reddit) fucked over their parents basically. The mega rich HF manager is one link in an extensively long chain. It's the same thought process that see's the same idiotic fuckwits calling for years long lockdown in London as the only people that get burnt are pret & landlords. Short sighted stupidity at it's very best.
-
@MajorRage just on the 1st point, I think its a little harsh. Lots of little folk would have got swept up in that movement, thinking they were sticking it to the man. And they would have been burned. Should they know better? Yeah, probably. But some of these guys bought in $200 on the promise that it "would go to $1000!" and take out the bad guys along the way.
Naive? For sure
Bad people? I dont think so.
I hope there aren't too many sad stories of small value retail investors losing their shirts on this
-
-
@voodoo said in r/wallstreetbets, GameStop, and institutional investors:
Its not even just that, though I agree that's a thing. But this stock is now down to $90 from $400. How many retail investors got burned on the way down after buying late on reddit advice?
A fool and their money are easily parted.
-
That particular subreddit is mainly for the laughs of loss porn. It also has professional-quality analysis, but those posts are much rarer than someone sinking $100 of entertainment money on what amounts to a lottery of a terrible stock/share and then everyone having a laugh at it when it almost inevitably loses money. If people are putting in more than they can afford to lose expecting a return, that's a financial literacy problem that is much wider than a particular share or subreddit, and Gamestop was just today's tulip for those people.
I'm not sure that the positives outweigh the negatives of speculative trading, especially over short intervals (like a day or two, or minutes or seconds), but it's a thing that exists currently, and is tough to regulate without causing other issues.
The Gamestop short squeeze was mostly a battle between hedge funds - the retail investors on Reddit had an impact, but I don't think it was as large as they think it was.
-
3.5 to 4 million users on that sub reddit according to many sources. If you're going play with those self described "retards", then you better know what you're doing.
A welcome exposure on the practices of hedge funds and short selling/gambling, all within the rules of the game. May the internet nerds lift the veil on many more of our societal dysfunctions. That might just lead to some real equality rather than the lip service variety commonly spouted.
r/wallstreetbets, GameStop, and institutional investors