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Chumbawumba4ever97
Dec 31, 2000

by Fluffdaddy

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

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Chumbawumba4ever97
Dec 31, 2000

by Fluffdaddy
Yeah I am pretty confused how no one thought to do this sooner.

Chumbawumba4ever97
Dec 31, 2000

by Fluffdaddy

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.

Assuming the intention was to specifically hurt hedge funds

Ah so there was no specific reason they picked Gamestop?

Chumbawumba4ever97
Dec 31, 2000

by Fluffdaddy
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?

Chumbawumba4ever97
Dec 31, 2000

by Fluffdaddy

Amarcarts posted:

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.

Even though I pretty much despise Gamestop I am gonna be pretty bummed there will be no more video game stores if they go under. I felt the same way about Toys R Us. There's very few is any mom and pop toy stores, and the 2 aisles Target has of toys doesn't hold a candle to the massive selection Toys R Us had. And having my kid pick out toys in a web browser just isn't the same thing. :sigh:

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Chumbawumba4ever97
Dec 31, 2000

by Fluffdaddy

MarcusSA posted:

I can only buy 5 loving shares of some $0.80 stock.

Thanks for saving me from my self Robinhood!

Sorry if this is a stupid question as I'm not familiar with the Robin Hood app. Why can't you just buy it with a Scottrade app? How is RobinHood different?

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