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Chumbawumba4ever97 posted:Ah so there was no specific reason they picked Gamestop? There are 70 million shorts and only 49 million stocks available to trade. Most of these shorts come due Friday and if they aren't paid they're charged interest to the tune of 60% Even though game stops model was dying before covid they have a lot of cash on hand and could put themselves into a competitive position again without taking on massive debt. That is, if their leadership gives a poo poo beyond looting the company and letting it die, but some pretty big high roller internet business people have been put on the board of directors A lot of things all happening at the same time combined with the internet meme machine is making some bigly lols
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# ? Jan 28, 2021 04:46 |
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# ? Apr 28, 2024 03:47 |
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Chinatown posted:all the bitchmade financial professionals screaming THIS ISNT A GAME ITS NOT A CASINO is the funniest part
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# ? Jan 28, 2021 04:47 |
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https://twitter.com/scottshawverr/status/1354611305429094401
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# ? Jan 28, 2021 04:55 |
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that dude on reddit turned 50k into 50m. he sold 25% already and has millions. lmao gamestop
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# ? Jan 28, 2021 04:56 |
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This poo poo is the first significant shake the market has had since last March and the big institutions are going to start profit-taking on a lot of their massive gains over the last 9 months to protect themselves from short-term volatility. We're already seeing everything contract. It's not guaranteed to result in another giant crash and it's really impossible to time the bottom on these things, but the "miracle of 2020" for the stock market may be over.
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# ? Jan 28, 2021 04:58 |
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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? Partly I think its that they assumed other investors will behave in ways to make themselves a profit, not just to mess with hedge funds. I'm not an expert in this stuff but I don't think pumping up Gamestop would make a competing hedge fund money long term. Hedge funds are notoriously delicate, a bunch spectacularly imploded in the 80's-90's all on their own. (and got government bailouts of course)
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# ? Jan 28, 2021 04:59 |
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If you can afford it, 1-2 shares of GME isn't a bad idea. Just be aware that you might also lose $700. I think they're probably going to pump it until they ruin people's lives, which given that I've been predicting stock poo poo for a while now (it's all just bullshit, all those articles are bullshit), I hope they're all billionaires before they're done.
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# ? Jan 28, 2021 05:00 |
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Amarcarts posted:This poo poo is the first significant shake the market has had since last March and the big institutions are going to start profit-taking on a lot of their massive gains over the last 9 months to protect themselves from short-term volatility. We're already seeing everything contract. It's not guaranteed to result in another giant crash and it's really impossible to time the bottom on these things, but the "miracle of 2020" for the stock market may be over. Redditors pumping up Gamestop that ruins a few hedge funds and crashes the stock market is extremely the roaring '20s
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# ? Jan 28, 2021 05:06 |
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A lot of this also has to do with the fact that a significant amount of the new money in the market over the last year is from non-Wall Street people stuck at home bored with extra cash from not going on vacations or dining out. Trading is free everywhere these days so in the short term it costs nothing to mess around and gamble.
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# ? Jan 28, 2021 05:07 |
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crash everything to the point where a house will be more attainable than a RTX 3000 series GPU. imho
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# ? Jan 28, 2021 05:08 |
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kazr posted:Redditors pumping up Gamestop that ruins a few hedge funds and crashes the stock market is extremely the roaring '20s The roaring 20's. *100 years pass* The lol'ing 20's.
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# ? Jan 28, 2021 05:09 |
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Chumbawumba4ever97 posted:Ah so there was no specific reason they picked Gamestop? It was (and is?) the most heavily shorted stock. They picked it specifically to try to create a short squeeze and make a ton of money, which some redditors who got in early did.
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# ? Jan 28, 2021 05:10 |
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deadeyez posted:very poor people left It legit only is Hedge Fund Managers. This is a victimless crime, which is why they are going to be bailed out
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# ? Jan 28, 2021 05:22 |
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Pekinduck posted:Partly I think its that they assumed other investors will behave in ways to make themselves a profit, not just to mess with hedge funds. I'm not an expert in this stuff but I don't think pumping up Gamestop would make a competing hedge fund money long term. You operate at a loss to make the competition lose more money then take on all their clients when they go out of business before you do or w/e, it's a p typical strategy when one fish gets bigger enough to fast for a bit while chasing down another fish. Obviously I'm being incredibly simplistic here but I find it hard to believe that something so easy to do you could get a bunch of tangentially related internet small time investors together to make a big enough impact isn't a wildly used strategy among bigger people just to crush competition. Just legit curious on why this isn't used more often, if it just happened to be an incredibly lucky blow or if a bunch of redditors are also about to lose as much if not more money than they cost the funds they were fighting.
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# ? Jan 28, 2021 05:26 |
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ArbitraryC posted:You operate at a loss to make the competition lose more money then take on all their clients when they go out of business before you do or w/e, it's a p typical strategy when one fish gets bigger enough to fast for a bit while chasing down another fish. Obviously I'm being incredibly simplistic here but I find it hard to believe that something so easy to do you could get a bunch of tangentially related internet small time investors together to make a big enough impact isn't a wildly used strategy among bigger people just to crush competition. Because the bigger groups are terrified of getting shut down/fines/etc. Redditors have nothing to lose. This is definitely treading some fine lines but it isn't over any of them.
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# ? Jan 28, 2021 05:29 |
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https://mobile.twitter.com/EricBalchunas/status/1354187341582233611 Pretty krad
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# ? Jan 28, 2021 05:30 |
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GameStop the Steal (of hedge fund money).
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# ? Jan 28, 2021 05:32 |
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Super interested to see what happens between now and Friday with the weekly calls, but yeah god drat that one dude on Reddit is up 25 million today. Just insane. Whole lot of dumb people dumping their live savings into this at like $300/share tho which is pretty fuckin' questionable. Time will tell. Mazz fucked around with this message at 05:41 on Jan 28, 2021 |
# ? Jan 28, 2021 05:38 |
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ArbitraryC posted:You operate at a loss to make the competition lose more money then take on all their clients when they go out of business before you do or w/e, it's a p typical strategy when one fish gets bigger enough to fast for a bit while chasing down another fish. Obviously I'm being incredibly simplistic here but I find it hard to believe that something so easy to do you could get a bunch of tangentially related internet small time investors together to make a big enough impact isn't a wildly used strategy among bigger people just to crush competition. I think the how and why of this is gonna be debated for a long time. It's just so enjoyable watching retail investors gently caress over the hedge funds for once.
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# ? Jan 28, 2021 05:38 |
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Mazz posted:Super interested to see what happens between now and Friday with the weekly calls, but yeah god drat that one dude on Reddit is up 25 million today. Just insane. With it going viral like this, I assume it's going to pop very, very hard after opening tip, drop a little as short-term people fall to the side, then redditors will fuel it to 400-500 if they're being serious. They sure seem to be.
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# ? Jan 28, 2021 05:44 |
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Anyone else expect Biden to come out tomorrow morning and denounce this horrific attack on our capital?
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# ? Jan 28, 2021 05:51 |
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I have an extremely dumb question. Does Gamestop themselves actually benefit from this at all? Like, can they renovate more stores or something because their stock went up? Or is that not work stocks work?
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# ? Jan 28, 2021 05:52 |
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Fluffy Bunnies posted:With it going viral like this, I assume it's going to pop very, very hard after opening tip, drop a little as short-term people fall to the side, then redditors will fuel it to 400-500 if they're being serious. They sure seem to be. Going to be interesting. I was watching it after hours and GME dropped like 35% in a few minutes just because WSB closed down temporarily (stock back up but still down 15%). So pretty much anything could be the catalyst to a massive crash where all the retail investors lose everything.
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# ? Jan 28, 2021 05:55 |
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https://mobile.twitter.com/screaminbutcalm/status/1105577845642878976
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# ? Jan 28, 2021 05:59 |
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Chumbawumba4ever97 posted:I have an extremely dumb question. Does Gamestop themselves actually benefit from this at all? Like, can they renovate more stores or something because their stock went up? Or is that not work stocks work? I'd imagine quite a few form 4's will be coming out from the insiders in the next week or so, but to answer your question, yes, this influx will allow them the runway to re-pivot to the online marketplace they've been wanting to capture just like steam and epic have been successful on and, eventually, additionally turn their retail spots into e-sports arenas.
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# ? Jan 28, 2021 05:59 |
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Chumbawumba4ever97 posted:I have an extremely dumb question. Does Gamestop themselves actually benefit from this at all? Like, can they renovate more stores or something because their stock went up? Or is that not work stocks work? store renovations are often paid for, at least partially, by the landlord actually
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# ? Jan 28, 2021 06:00 |
Convince me I'm wrong - everyone buying shares NOW is screwed unless they get lucky and sell at peak, which might be between this and next Friday. Or does everyone think it just goes up forever?
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# ? Jan 28, 2021 06:00 |
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Chumbawumba4ever97 posted:I have an extremely dumb question. Does Gamestop themselves actually benefit from this at all? Like, can they renovate more stores or something because their stock went up? Or is that not work stocks work? I would like to know this as well. I think there may be some negative consequences if the stock craters? I remember people started buying Nintendo stock like crazy because of Pokemon GO and they actually had to make a public announcement telling people "chill out, we don't actually have anything to do with that game"
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# ? Jan 28, 2021 06:01 |
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If this fucks over some hedge people I am all for it. And if it continues to get the ball rolling on other hedge people that can only mean comedy
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# ? Jan 28, 2021 06:02 |
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money making game posted:I'd imagine quite a few form 4's will be coming out from the insiders in the next week or so, but to answer your question, yes, this influx will allow them the runway to re-pivot to the online marketplace they've been wanting to capture just like steam and epic have been successful on and, eventually, additionally turn their retail spots into e-sports arenas. How does the money actually reach the company though? Aren't the shares just exchanging hands between parties that are completely separate from the company?
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# ? Jan 28, 2021 06:03 |
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Chinatown posted:all the bitchmade financial professionals screaming THIS ISNT A GAME ITS NOT A CASINO is the funniest part https://twitter.com/MarketWatch/status/1354468038452637699
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# ? Jan 28, 2021 06:07 |
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Some larger percentage holders attend shareholder meetings and have a number of votes tied in to what the company does because they, uh, own a portion of the company.
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# ? Jan 28, 2021 06:07 |
"The peasants have finally figured out captilism is a giant joke game and are doing the stockmaket equivalent of flying your base around the map for 30 minutes in starcraft until the opponent quits" is a good addition to 2021. Having people wake up to the choices being more than "do nothing and carry on with how it is" and "communist revolution" might kick some things in motion.
Flannelette fucked around with this message at 06:11 on Jan 28, 2021 |
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# ? Jan 28, 2021 06:07 |
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Katamari Democracy posted:If this fucks over some hedge people I am all for it.
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# ? Jan 28, 2021 06:10 |
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yeah this rocks, i hope everyone jumps into the stock market and it gets cancelled or dies, or whatever is bad for the fat cats who run the place.
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# ? Jan 28, 2021 06:11 |
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I bought 1500 bucks worth at $152 two days ago after missing out on every other major WSB play the last 2 years and before I got home from work I had already lost $700 bucks. I considered it spent money when I bought the shares so I left it in and I'm riding until jupiter or bust! I'd love to 10 or 20 bag but seriously at this point it's not about the money for me it's a carry over of what we couldn't finish with occupy wall street, just see them bleed and suffer consequences just loving one time pleeeeeease god. maniacripper fucked around with this message at 06:14 on Jan 28, 2021 |
# ? Jan 28, 2021 06:11 |
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Opinion: suck my stonk, you hedgeman.
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# ? Jan 28, 2021 06:15 |
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money making game posted:Some larger percentage holders attend shareholder meetings and have a number of votes tied in to what the company does because they, uh, own a portion of the company. I looked up shareholder meetings and it doesn't seem like there's any actual voting, just non-binding complaining. Even if there was voting, how would the logistics of it work regarding a large number of redditors holding a small stake each?
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# ? Jan 28, 2021 06:15 |
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feelix posted:I looked up shareholder meetings and it doesn't seem like there's any actual voting, just non-binding complaining. Even if there was voting, how would the logistics of it work regarding a large number of redditors holding a small stake each? Theyll just upvote the policies they like
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# ? Jan 28, 2021 06:16 |
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# ? Apr 28, 2024 03:47 |
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How long until musk takes credit for this? Edit: apparently this tactic is a thing. Wiki: "In November 2015, Martin Shkreli orchestrated a violent short squeeze on failed biotech KaloBios that caused its share price to rise by a staggering 10,000% in just five trading days. KBIO had been perceived by short sellers as a “no brainer near term zero"
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# ? Jan 28, 2021 06:17 |