|
Lol there is a bubble/short squeeze currently underway driven by some folks on Reddit. Some people are losing and are going to lose a lot of money and it'll still be an insanely unprofitable business that's going down in flames. Edit: To give some perspective it was ~$40 per share last week and they've made zero changes to their business model.
|
# ? Jan 28, 2021 03:34 |
|
|
# ? Mar 28, 2024 17:38 |
|
Wasnt it like 8 bucks a share a couple weeks ago?
|
# ? Jan 28, 2021 03:41 |
|
Apparently their goal is to "gently caress over the big guys" and I don't get how it's supposed to work because I'm a dumb dumb. If the folks at Reddit drive up the price of the stocks, what's stopping "the big guys" from selling their own shares and making bank?
|
# ? Jan 28, 2021 03:45 |
|
Kaiser Mazoku posted:Apparently their goal is to "gently caress over the big guys" and I don't get how it's supposed to work because I'm a dumb dumb. If the folks at Reddit drive up the price of the stocks, what's stopping "the big guys" from selling their own shares and making bank? Something about Martin Short
|
# ? Jan 28, 2021 03:46 |
|
Kaiser Mazoku posted:Apparently their goal is to "gently caress over the big guys" and I don't get how it's supposed to work because I'm a dumb dumb. If the folks at Reddit drive up the price of the stocks, what's stopping "the big guys" from selling their own shares and making bank? The big guys shorted the stock and it out-performed, rather than under-performed and now they owe a lot of money
|
# ? Jan 28, 2021 03:48 |
|
My Spirit Otter posted:The big guys shorted the stock and it out-performed, rather than under-performed and now they owe a lot of money After researching how short-selling works I am laughing my rear end off.
|
# ? Jan 28, 2021 03:51 |
|
Kaiser Mazoku posted:Apparently their goal is to "gently caress over the big guys" and I don't get how it's supposed to work because I'm a dumb dumb. If the folks at Reddit drive up the price of the stocks, what's stopping "the big guys" from selling their own shares and making bank? "the big guys" made a bet that the price would go down but instead ... it's going up
|
# ? Jan 28, 2021 03:51 |
|
Kaiser Mazoku posted:Apparently their goal is to "gently caress over the big guys" and I don't get how it's supposed to work because I'm a dumb dumb. If the folks at Reddit drive up the price of the stocks, what's stopping "the big guys" from selling their own shares and making bank? The big guys had it heavily shorted. Gamestop's demise is inevitable so the big hedge funds bet the farm on it never going up. Its a pretty sweet burn by reddit I have to admit.
|
# ? Jan 28, 2021 03:52 |
|
It's been a while since I short sold anything, but if I remember right you only have a couple of days to "re-buy" the stocks you pre-sold. So it's not like you can just sit back and let things cool down again.
|
# ? Jan 28, 2021 03:54 |
|
I lost thousands because of this, I bought 2000 copies of Madden 08
|
# ? Jan 28, 2021 03:56 |
|
do hedge funds have stocks? can I short those?
|
# ? Jan 28, 2021 03:57 |
|
Reddit is now good. Not because stocks are good, but because they are savagely destroying several hedge funds.
|
# ? Jan 28, 2021 03:57 |
|
My Spirit Otter posted:The big guys shorted the stock and it out-performed, rather than under-performed and now they owe a lot of money It’s a step beyond this. The hedge funders have shorted 140% of available shares. Essentially they’re hosed as there aren’t be enough shares to buy when they have to buy. They’re hosed.
|
# ? Jan 28, 2021 03:59 |
|
It's absolutely hilarious and there's going to be suddenly incredibly rich people and very poor people left and right
|
# ? Jan 28, 2021 04:00 |
|
I understand very little of this but basically as soon as anyone who actually owns stocks in anything loses money I'm happy so voted 5.
|
# ? Jan 28, 2021 04:00 |
Going to short the counter-short now. Also the tin-foil stuff that is taking over reddit now is hilarious, "big wall street is coming to shutdown out wsb!!!".
|
|
# ? Jan 28, 2021 04:03 |
|
A couple of hedge funds have already had to be bailed out. They have also had to liquidate other positions to cover the shorts on gamestop as well as other stocks like amc that are being ramped by redditors. This has attracted the attention of the White House, the Fed, the SEC and many of the World’s billionaires. It’s pretty insane. That said, the price on these stocks will eventually crash like 90% in a day and people buying them looking to get rich are going to lose everything.
|
# ? Jan 28, 2021 04:09 |
|
Flannelette posted:Going to short the counter-short now. I mean hedge fund managers are legit calling for regulatory action because the free market shouldn't be free when it doesn't suit them
|
# ? Jan 28, 2021 04:10 |
|
Flannelette posted:Also the tin-foil stuff that is taking over reddit now is hilarious, "big wall street is coming to shutdown out wsb!!!". I think that specific outcome is not likely, but no joke expect some rules might change because. "Rich people collude to get richer" is just an average day in the world of finance. But "average folk got a hold of some rich people's money" is world-ending pikachu face for them.
|
# ? Jan 28, 2021 04:11 |
|
this could end up coming out of a lot of pension plans for union workers etc
|
# ? Jan 28, 2021 04:13 |
|
Proficient Scoundrel posted:this could end up coming out of a lot of pension plans for union workers etc whatever only boomers have pensions
|
# ? Jan 28, 2021 04:15 |
|
Proficient Scoundrel posted:this could end up coming out of a lot of pension plans for union workers etc How so? You mean like, some CEO who had his money in that hedge fund will give himself a bigger bonus because he lost some money? E:oh you mean the retirement account itself is in that fund partially feelix fucked around with this message at 04:21 on Jan 28, 2021 |
# ? Jan 28, 2021 04:17 |
|
it can only go UP
|
# ? Jan 28, 2021 04:18 |
|
Lil Swamp Booger Baby posted:I lost thousands because of this, I bought 2000 copies of Madden 08 now u shares and stock congratulations
|
# ? Jan 28, 2021 04:19 |
|
I'm generally of the opinion that short term pain is ok if it's part of ending terrible/stupid things. If some pensions suffer to help end the inane practice of retirements being dependent on the loving stock market... well it sucks, but oh well. It's like when people go THE JOBS about closing a coal plant or something. Yeah I know it sucks, but that's not a reason not to do it.
|
# ? Jan 28, 2021 04:20 |
|
feelix posted:How so? You mean like, some CEO who had his money in that hedge fund will give himself a bigger bonus because he lost some money? i mean a lot of the money those hedge funds trade with come from teachers unions and fire departments
|
# ? Jan 28, 2021 04:20 |
Meme Poker Party posted:I think that specific outcome is not likely, but no joke expect some rules might change because. Seeing the meltdown on there would be worth all of this.
|
|
# ? Jan 28, 2021 04:24 |
|
This dude I know went from "i don't understand stocks" to ~TRADING GURU~ in the span of a week after a strict diet of that subreddit
|
# ? Jan 28, 2021 04:27 |
|
Here's, as far as I can tell, a fairly decent article explaining in basic terms what's happening: https://www.vox.com/the-goods/22249458/gamestop-stock-wallstreetbets-reddit-citron
|
# ? Jan 28, 2021 04:28 |
|
The Postman posted:This dude I know went from "i don't understand stocks" to ~TRADING GURU~ in the span of a week after a strict diet of that subreddit That dude, in the near future:
|
# ? Jan 28, 2021 04:29 |
|
Proficient Scoundrel posted:this could end up coming out of a lot of pension plans for union workers etc iirc stuff like union retirement plans don't exactly engage with risky hedge fund BS. They usually deal with "blue chip" stocks like Microsoft, Apple, IBM, AT&T, etc. Not Bed Bath & Beyond or Blockbuster Video. Also stock market usually impacts 401ks. My union's pension doesn't care how the stock market is doing; I am going to get X amount per month when I retire and how the stock market is doing doesn't matter. Chumbawumba4ever97 fucked around with this message at 04:31 on Jan 28, 2021 |
# ? Jan 28, 2021 04:29 |
|
If it's so easy to wreck some big hedgefunds by propping up stock that should be any reasonable metric be failing how come that doesn't happen more often in a rich vs rich person scenario. I have a hard time believing there's so much collusion there's absolutely no one up top willing to take down other rich people in the name of their own profit. Is it just sort of a mutually assured destruction thing where it's taboo because they'd all ruin each other?
|
# ? Jan 28, 2021 04:31 |
|
Proficient Scoundrel posted:this could end up coming out of a lot of pension plans for union workers etc poo poo just checked my 401k and apparently my plan is split 50/50 between Gamestop stock and Dave & Busters tokens
|
# ? Jan 28, 2021 04:32 |
|
Yeah I am pretty confused how no one thought to do this sooner.
|
# ? Jan 28, 2021 04:32 |
|
all the bitchmade financial professionals screaming THIS ISNT A GAME ITS NOT A CASINO is the funniest part because its in reality exactly those things
|
# ? Jan 28, 2021 04:37 |
|
Chumbawumba4ever97 posted:Yeah I am pretty confused how no one thought to do this sooner. I think it also has to do with transparency or available info. I think many keep it to themselves what they’re shorting except a couple funds were too transparent in their activities so they got targeted. Assuming the intention was to specifically hurt hedge funds
|
# ? Jan 28, 2021 04:38 |
|
Gatts posted:I think it also has to do with transparency or available info. I think many keep it to themselves what they’re shorting except a couple funds were too transparent in their activities so they got targeted. Ah so there was no specific reason they picked Gamestop?
|
# ? Jan 28, 2021 04:40 |
|
ArbitraryC posted:If it's so easy to wreck some big hedgefunds by propping up stock that should be any reasonable metric be failing how come that doesn't happen more often in a rich vs rich person scenario. I have a hard time believing there's so much collusion there's absolutely no one up top willing to take down other rich people in the name of their own profit. Is it just sort of a mutually assured destruction thing where it's taboo because they'd all ruin each other? A small incestuous circle jerk
|
# ? Jan 28, 2021 04:42 |
|
This is hilarious, I'd hop in but I get the feeling it would be way too late and it takes a couple days to transfer money into my trading account, and I'd have to go through all the hoopla of signing up to trade US stock. I guess I'll just continue my sensible but aggressively growth-focused ETF portfolio that Does Okay Pretty Much All The Time
|
# ? Jan 28, 2021 04:42 |
|
|
# ? Mar 28, 2024 17:38 |
|
Yeah, it's in the post-hype phase, dicey to get in right now
|
# ? Jan 28, 2021 04:44 |