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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? Look up dilution next. It may blow your mind!
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Jan 28, 2021 06:19
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Yeah, but can I still get store credit for Madden 2005?
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Jan 28, 2021 06:21
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marketwatch is such garbage lmao ironically their site UI is excellent
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Jan 28, 2021 06:22
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Universe Master posted:Yeah, but can I still get store credit for Madden 2005? That's the funny part because some other hedge fund guy realized Gamestop's skeleton was still going to limp into 2021 coming off the tail end of a console release year and still generated 2 billion in revenue. So he initiated a corporate takeover to try and revive the company after monopolizing online pet food sales. That was the spark, and its funny because the USA's lovely internet infrastructure driving demand for used games part of the thinking.
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Jan 28, 2021 06:26
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This is hilarious as gently caress but all the really rich motherfuckers are gonna get bailed out just so none of the upper class has to admit the poor got one over on them.
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Jan 28, 2021 06:26
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money making game posted:Look up dilution next. It may blow your mind! I understand that if the company issues new shares, they get an influx of cash, but they didn't do that, did they?
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Jan 28, 2021 06:27
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the best thing gamestop could do with the influx of money is to use it to buy up other companies that dont have a dead end business model and lots and lots and lots of coke
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Jan 28, 2021 06:28
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My brother got 60 shares of this last week and he is up like $14k if my math is right. I've tried to convince him to cash out now before the SEC gets involved enough to pop the bubble but I don't think he's gonna listen to me and says he's gonna ride it until it hits a thousand a share. I think that's nuts and he should take the free money and run since even though stocks and money are generally fake, this is even MORE fake than normal stock poo poo. Then again, if he'd listened to me, he wouldn't have bought in at all so what the gently caress do I know
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Jan 28, 2021 06:31
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*in extremely Monopoly Guy voice* "sir please, surely you will not be laughing the *next* time a man shocks himself in the balls with a taser until he dies"
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Jan 28, 2021 06:32
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Also the guy who founded Chewy bought a huge stake in GameStop last year to try to turn the company around (at least that's his story). He paid 76 million so he basically owns 10-12% of the company (worth 1-2 billion at the current stock price). While the rapid deflation of the "short bubble" is being driven by Reddit, this guy's ballsy acquisition was the seed of the whole thing and one of the reasons it happened with GameSpot. The whole thing is just funny because regardless of what's going on with the stock price, GameStop is as sad a store as ever to witness in person. Retail shopping in general is pretty depressing these days and nothing makes it worse than video games and all the useless geek culture crap they sell. They've only been able to cling to life because of how big they used to be and the fact that they are the last.
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Jan 28, 2021 06:34
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I believe this bubble is gonna Funko-pop.
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Jan 28, 2021 06:39
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feelix posted:I understand that if the company issues new shares, they get an influx of cash, but they didn't do that, did they? They have not, which is why the hedge funds involved are in such trouble. Look, it's really complicated and only trusted experts should be allowed to trade these commodities, okay?
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Jan 28, 2021 06:42
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money making game posted:They have not, which is why the hedge funds involved are in such trouble. Look, it's really complicated and only trusted experts should be allowed to trade It really doesn't seem that complicated and it seems I'm correct in understanding that the only thing that changes for the actual operation of company Gamestop is that some new people have bought the right to bring non-binding complaints to the board of directors
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Jan 28, 2021 06:49
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Are you like a finance forum superstar seizing your chance for GBS glory or something?
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Jan 28, 2021 06:50
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Games top can now afford to diversify. Gentlemen, I present to you: Tanestop
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Jan 28, 2021 06:50
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vandalism posted:Games top can now afford to diversify. What do they sell?
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Jan 28, 2021 06:52
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bought 3 shares at around 140 and more than doubled my money lmao
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Jan 28, 2021 06:54
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UP go only can it
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Jan 28, 2021 06:59
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This should be being held as Ryan Cohen and RC Ventures use a small media team working over months at Reddit as anonymous figureheads to make a couple of billion profit from the same people who were threatening their restructure plans. Now the same trick is being played with AMC Cinemas, Bed Bath and Beyond, Blackberry and Nokia. Whoever hired the Nokia team didn't pay for a good bunch of people, that was quickly exposed as astroturfing. But the real winner of this is Wall Street. This is part of a long decades-long goal of the great Vampire Squids of Wall Street to get their hands on that 100 billion / year that the general public spend on gambling. Every news article is being spun as "the little guys take on Wall Street and earn 100x returns" with the underlying message of "Why are you not getting this free money". The difference between this and your local mega-millions scratchy billboard is just a fake level of respectability. "I'm not gambling, I've got my money on the market". But where you might only lose $50 at the racetrack, the online stock market websites give you fake money accounts to play the Margin game with (Hey, the first hit is free!), and you end up with all the new suckers suddenly discovering they can invest $1,000 and lose $10,000. It is much harder to control your gambling when you are not handing over physical dollar bills, and the simulation accounts only exist for the same reason : to help weaken the link between the money you worked your arse off to earn, and the 1's and 0's on the screen. A few hundred people will make money, a few hedge funds will need to go running to their parent companies to restock their vaults, other hedge funds will make huge profits, and this time next year 20 million people will have be thrown into Capitalism mincing machine and Wall Street will, of course, always win.
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Jan 28, 2021 07:06
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ded posted:UP https://www.youtube.com/watch?v=QnimAyfW-f4
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Jan 28, 2021 07:07
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Abolish electronic trading altogether and require all stocks to be traded by their owners in-person with physical shares. Instead of crummy certificates being passed around, however, we should use valuable metals to adequately-represent a corporation's worth. I suggest Curium: It looks just like silver, but it has more protons in it so you get more value per atom
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Jan 28, 2021 07:07
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evilbastard posted:This should be being held as Ryan Cohen and RC Ventures use a small media team working over months at Reddit as anonymous figureheads to make a couple of billion profit from the same people who were threatening their restructure plans. Pookum posted:bought 3 shares at around 140 and more than doubled my money lmao i want to hear both of these people tell me about the next equifax the day before so i can decide who to follow
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Jan 28, 2021 07:17
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feelix posted:Are you like a finance forum superstar seizing your chance for GBS glory or something? I'm well aware there is absolutely no value in that.
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Jan 28, 2021 07:17
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Proficient Scoundrel posted:i mean a lot of the money those hedge funds trade with come from teachers unions and fire departments
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Jan 28, 2021 07:35
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It's important to realize that this is not really a single bubble but two bubbles. One that has been inflating for a long time: Overly shorting GameStop - This is bursting right now. The second bubble is buying in long to Gamestop, this is inflating right now relatively quickly and will burst sometime soon. Nobody can say exactly when.
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Jan 28, 2021 07:42
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Forget GameStop, Blockbuster stock went up 10x today, and the company doesn't even exist anymore lmao
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Jan 28, 2021 07:48
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If a million people gently caress over 1 guy they’re assholes but if 1 guy fucks over a million people he’s a genius and gets to be Senator Mitt Romney of Bain Capital and run for President. You guys know what corporate raiding is? Let’s say you got a corporation that has like 1000 retail stores or some factories or whatever and they pay their employees pretty good, cover their healthcare, don’t lay people off, maybe even have some pensions. You wait until that company has a bad year and it’s stock goes low enough you can put together like 100 million dollars and buy a controlling interest in it, out the management who were cool with having a down year if it meant they could keep their employees fed, and can everybody, take away all of the benefits from the people you keep, talk about “hard times” or whatever, then when you have a good quarter and the stock bounces back you sell it all and walk away with a big rear end profit. The business usually sinks into the gutter afterwards because the stuff you did has a good near term impact but guts everything that made the business work in the long run. And you gently caress over 10s of thousands of people out of their American dream but you get to be a little bit richer, and you get hailed as a business hero and end up on Forbes and do profiles for CNBC. gently caress these people. They’ve been doing the exact thing they’re complaining about for decades.
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Jan 28, 2021 07:56
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https://www.vice.com/en/article/pkdvgy/send-this-to-anyone-who-wants-to-know-wtf-is-up-with-gamestop-stock This is a long, but good explanation on this situation for anyone like me who knows very little about how the stock market works.
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Jan 28, 2021 09:13
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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? Basically they were shorting Gamestop to an absurdly excessive degree that they usually aren't doing THAT badly. Gamestop was shorted such that there were 40% more shorts than there were actually gamestop stocks, the next closest big name to this is shorted at a "mere" ~30% of the actual existing stocks. This is not a normal experience so it's literally not possible to do it more often most of the time.
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Jan 28, 2021 09:15
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Honestly this whole thing is incredible. I love how wall street types are completely abhorred that the poors are taking the very weapon they use to and turning it against them. And now that they're losing at the game with the rules they made they're furious. I honestly laughed for a good 10 minutes straight when hearing about this. edit: Here is the guy who did the research and figured out Gamestop was undervalued and being over shorted. "DeepFuckingValue"  Nelson Mandingo fucked around with this message at 10:38 on Jan 28, 2021 |
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Jan 28, 2021 10:20
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I don't understand how the stock market works. How do I make money? Anyone have any good resources on how to get started etc?
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Jan 28, 2021 10:40
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PoPcornTG posted:I don't understand how the stock market works. How do I make money? Anyone have any good resources on how to get started etc? It's literally gambling. So you could win big or you could lose big. Don't do it unless you're completely financially stable and can take a loss. But short version of whats going on is investment banks and billionaires decided to crush gamestop and they over-shorted the value of gamestop's stock. When you short a stock, you're betting it will go down basically. So they overshorted it, badly. 140% So what happened is keen eyed redditors did the research and figured this out, and meme'd hard and basically started a gold rush and the reddits are "Diamond Handing" it, they're holding on to the stocks, forcing it to soar higher and higher. So the hedge funds are losing billions having to pay against a bet and are now whining about it. Basically normal people are sending an enormous loving middle finger to Wall Street right now. Melvin Capital is a big name in the investment world, and they're one of the leaders of the short, and normal people are taking it for a massive ride. Nelson Mandingo fucked around with this message at 10:49 on Jan 28, 2021 |
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Jan 28, 2021 10:47
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Nelson Mandingo posted:But short version of whats going on is investment banks and billionaires decided to crush gamestop and they over-shorted the value of gamestop's stock. When you short a stock, you're betting it will go down basically. So they overshorted it, badly. 140% Is that...legal? "I will borrow more stock than is in existence and promise to pay you back"?
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Jan 28, 2021 11:03
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Comstar posted:Is that...legal? "I will borrow more stock than is in existence and promise to pay you back"? Laws are fake hth
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Jan 28, 2021 11:10
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Flannelette posted:Going to short the counter-short now. Funny how their subreddit and discord server got shut down for an unknown reason. Curious.
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Jan 28, 2021 11:17
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PoPcornTG posted:I don't understand how the stock market works. How do I make money? Anyone have any good resources on how to get started etc? Stocks are a piece of a company and their value is tied to the value of the company. You make money by guessing when a company will grow in value. Buy a stock, over time it grows in value , sell, pay capital gains tax, and profit. You can invest in companies you like, industries you feel strongly about, or even in "baskgthink Coca Cola). They present lower risk but no immediate return. Some pay "dividends" based on earnings that pay you a sum once or twice a year. These "Blue Chips" are not the most affordable stocks, but their low risk makes them a good way to dip your feet in and learn about buying and holding stocks, watching markets, etc. Read lots and understand that high reward is intrisically tied to high risk. Dont listen to fairy tales about getting rich as these are as good as winning a lottery. Never try to predict the market. There are also other investment opportunities outside of the stock market. Inb4 guillotine, etc. Poohs Packin fucked around with this message at 11:35 on Jan 28, 2021 |
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Jan 28, 2021 11:17
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Philthy posted:the best thing gamestop could do with the influx of money is to use it to buy up other companies that dont have a dead end business model and lots and lots and lots of coke A lot of people in this thread don't seem very clear on this, so to clarify: Gamestop is not seeing a cent of this money, and is still the dying the business it was. Once this is all over it'll go back down to ~$4 a share or whatever and anyone who bought at the high price will have lost a lot of money. Gamestop could benefit from this via a shares issue aimed at desperate shorters, but IDK how long that takes to arrange. I don't think you can announce the issue on Monday and issue the shares on Tuesday.
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Jan 28, 2021 11:24
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Comstar posted:Is that...legal? "I will borrow more stock than is in existence and promise to pay you back"? Nope. Hasn't been for awhile. Just to add, on top of the short squeeze, people have also been buying up GME calls (Which is the opposite of what hedges were doing. They're bets that the price will rise). Buying up the calls is causing the options sellers to buy up even more stock to cover those contracts. So essentially the price is getting double squeezed. If this keeps up for the rest of the week, these hedge fund manipulators are absolutely hosed.
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Jan 28, 2021 11:25
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Is 2021 the year gamers finally risen up?
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Jan 28, 2021 11:32
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Just posting because I saw it earlier, but responsible employee pension funds not run by Mickey Mouse should 1000% not be invested in this kind of hyper high risk bullshit. Most trading, including 99% of "banking", is about earning small sustainable returns over many years. Firms like Melvin are a cowboy option for the hyper rich, not normal investors. Most of their skill is wining and dining Mr Bigbucks to get entrusted with his money, ie SALES SALES SALES. I guess I think loads of people are walking away with the idea that  10000% return on buttcoin futures on my Leo DiCaprio fintech app is how people actually make money on stocks, which it isn't. It's the lottery.
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Jan 28, 2021 11:34
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