|
Wamdoodle posted:If anyone doesn't know this yet, Ted Cruz is an opportunist and is trying to fish for votes. Don't believe anything out of his lying mouth. AOC already Ethered him. https://twitter.com/AOC/status/1354848253729234944?s=20
|
#
?
Jan 29, 2021 04:21
|
|
|
|
| # ? Apr 29, 2024 09:44 |
|
|
Mister Facetious posted:Funny you should mention that... You mean the tech industry is just one big incestuous circlejerk? Say it ain't so!
|
|
#
?
Jan 29, 2021 04:29
|
|
|
Mordja posted:You mean the tech industry is just one big incestuous circlejerk? Say it ain't so! "Pull the one star reviews on the app, or all Citadel subsidiaries stop advertising with you and go to Amazon," 
|
|
#
?
Jan 29, 2021 04:44
|
|
|
Unlucky7 posted:AOC already Ethered him. Lol I saw that
|
|
#
?
Jan 29, 2021 04:54
|
|
|
“If you killed Ted Cruz on the floor of the Senate, and the trial was in the Senate, nobody would convict you,” - Lindsay Graham
|
|
#
?
Jan 29, 2021 05:14
|
|
|
Wamdoodle posted:Lol I saw that Lol, just like voting again for Nancy Pelosi AOC will be a good little Dem and not do anything but talk.
|
|
#
?
Jan 29, 2021 14:33
|
|
|
Mister Facetious posted:“If you killed Ted Cruz on the floor of the Senate, and the trial was in the Senate, nobody would convict you,” BexGu posted:Lol, just like voting again for Nancy Pelosi AOC will be a good little Dem and not do anything but talk. lol right? they're friggin useless
|
|
#
?
Jan 29, 2021 15:40
|
|
|
Here's something I've been trying to understand, as a regular idiot. I get the principle behind "I think stock A is going to go in the toilet soon, I wish I had some to sell" so you borrow it from someone else, sell it today, and have an IOU to give it back to them theoretically by buying a share later at the toilet price, pocketing the difference. What I don't get is, if seemingly the entire financial industry was so absolutely certain that GameStop was in a death sprial and all these hedge funds are up to their eyeballs in bets that it will keep going down, who or what is the entity that is "lending" them the stock to short sell? Why wouldn't the people with the stock just sell it themselves to be rid of if it's so obvious that it's only going down?
|
|
#
?
Jan 29, 2021 15:59
|
|
|
The bit you're missing is that short sellers pay daily interest based on the price of the stock. In a case like Gamestop, the people lending to short sellers may agree that the stock will go down, but their assessment is that it won't happen as fast as the short seller hopes. Even if the stock goes down, if the short seller winds up paying them interest that is greater than the difference between what the stock was lent out and and what it was returned at, they win. Also, it's not that the entire industry was certain that Gamestop was in a death spiral. It's more that it was a fairly safe assumption that Gamestop would continue to decline, so one or more hedge funds made a sizable bet on it. Hedge fund managers are still human, they still engage in herd behavior, so lots of others did the same thing, and they collectively wound up shorting more stock than they could easily buy back, through a combination of laziness and greed. As they approached and passed the limit, the bet went from very safe to very greedy to an outright guaranteed loss if enough money noticed and was willing to take the opposing position.
|
|
#
?
Jan 29, 2021 16:09
|
|
|
I love the David and Goliath / Robin-Hood story here but I worry about how many dumb redditors are getting caught up in that story and buying into things they don't understand. As much as a few hedges are going to lose on this, a lot of redditors are going to lose money to other redditors too. This has become a meme stock and that's dangerous. Its obviously a bubble and this is real wild speculation going on. Its basically a Reddit ponzi scheme at this point. One thing that's quickly obvious from looking at Twitter or Reddit the last few days is how little most people know about the stock market. I'm no MBA type and am ignorant about a lot of complex finances but even I'm shaking my head at lots of the misinformation going around. E: Yep here's exactly what I'm talking about https://arstechnica.com/tech-policy/2021/01/the-gamestop-bubble-is-going-to-hurt-a-lot-of-ordinary-investors/ The "apes stick together" memes are covering up the fact that a bunch of redditors are robbing other redditors. quote:There's just one problem: the billions of dollars in new "wealth" people have supposedly gained is mostly in the form of inflated GameStop stock. Before they can actually use that wealth, they need to convert it to cash. And if a lot of people start selling their shares, the stock will crash. Most of that GameStop "wealth" will evaporate, with many shareholders getting a fraction of the value they expected. Zaphod42 fucked around with this message at 19:05 on Jan 29, 2021 |
|
#
?
Jan 29, 2021 18:59
|
|
|
Waltzing Along posted:One thing I am a bit confused about is why the stock got so high. I mean, doesn't someone have to buy it for the price to go up? Who is doing the buying when it is already super high? It got high because its a meme stonk and lots of people who have never invested before are buying in. They are going to lose their shirts.
|
|
#
?
Jan 29, 2021 19:10
|
|
|
Ariong posted:All of that hinges on the notion that investing in Gamestop shares is a foolish meme investment. It’s not. There are also serious investment people in suits and ties who are invested in Gamestop, and who recommended that the people who follow them make the same investment. Not buying in at $329 they're not. They may have been long on GME back at $30 sure.
|
|
#
?
Jan 29, 2021 19:13
|
|
|
Zaphod42 posted:I love the David and Goliath / Robin-Hood story here but I worry about how many dumb redditors are getting caught up in that story and buying into things they don't understand. Yeah like loving BlackStone had over 13% of the stock issued by GameStop as of 12/31. That's publicly available info. A lot of small retail traders are going to eat losses on this. https://twitter.com/aaronhuertas/status/1355153781063905281
|
|
#
?
Jan 29, 2021 19:52
|
|
|
K8.0 posted:They are financially tied to a company that has shorted GME to a dangerous extent. They're using the convenient excuse in the hopes that they avoid their just deserts. I don't doubt that, but for every person who says "I knew the risks!" there's 100 people who just heard "free money" and then blow money they can't afford to lose on this. Zaphod42 posted:The "apes stick together" memes are covering up the fact that a bunch of redditors are robbing other redditors. Exactly.
|
|
#
?
Jan 29, 2021 22:37
|
|
|
K8.0 posted:Also, it's not that the entire industry was certain that Gamestop was in a death spiral. It's more that it was a fairly safe assumption that Gamestop would continue to decline, so one or more hedge funds made a sizable bet on it. Hedge fund managers are still human, they still engage in herd behavior, so lots of others did the same thing, and they collectively wound up shorting more stock than they could easily buy back, through a combination of laziness and greed. As they approached and passed the limit, the bet went from very safe to very greedy to an outright guaranteed loss if enough money noticed and was willing to take the opposing position.
|
|
#
?
Jan 29, 2021 22:40
|
|
|
CottonWolf posted:You mean Wall Street? pst it's because only testosterone (also shitloads of stimulants) makes people insane enough to engage with what's basically fancy economic gambling as a career Marzzle fucked around with this message at 22:49 on Jan 29, 2021 |
|
#
?
Jan 29, 2021 22:47
|
|
|
and the benefits admin industry is majority ladies and a significantly less bullshit. testosterone makes people dumb as hell RE risk
|
|
#
?
Jan 29, 2021 22:48
|
|
|
What?
|
|
#
?
Jan 29, 2021 23:20
|
|
|
|
|
#
?
Jan 29, 2021 23:21
|
|
|
You get people high on testosterone and speed/coke they take bigger risks it's not some conspiracy we've exploited it for ages.
|
|
#
?
Jan 29, 2021 23:32
|
|
|
https://twitter.com/ogooogramses/status/1355230742981324801?s=19 The more I read the more convinced I am this is all a pump and dump scheme Apparently HALF of all robinhood accounts own some GME Meme stocks bad
|
|
#
?
Jan 29, 2021 23:33
|
|
|
How much of this bubble is redditors day-trading and how much is just other firms/hedge funds taking advantage?
|
|
#
?
Jan 30, 2021 02:36
|
|
|
Cobalt-60 posted:How much of this bubble is redditors day-trading and how much is just other firms/hedge funds taking advantage? According to Matt Levine's good but inarguably pro-Wall Street column it's mainly the latter: https://www.bloomberg.com/opinion/articles/2021-01-29/reddit-traders-on-robinhood-are-on-both-sides-of-gamestop
|
|
#
?
Jan 30, 2021 03:15
|
|
|
Today I was reminded of an all time classic, proving once again that dril is a sheer Nostradamus https://twitter.com/dril/status/381474795310702592?s=21
|
|
#
?
Jan 30, 2021 17:13
|
|
|
Bust Rodd posted:Today I was reminded of an all time classic, proving once again that dril is a sheer Nostradamus https://twitter.com/dril/status/626866098751860736?s=20
|
|
#
?
Jan 31, 2021 20:35
|
|
|
Welp, judgement day is here. The sky is falling. https://www.youtube.com/watch?v=B74cnt0-8xY https://www.pcgamer.com/after-gamestops-share-price-plummets-reddits-wallstreetbets-investors-are-hurting/ https://www.washingtonpost.com/technology/2021/02/02/gamestop-stock-plunge-losers/ quote:"I just want my money back but I know it is gone," wrote an investor from the Wallstreet Bets Discord named Slik, a 52-year-old Nevada resident. On Friday, Slik had invested $1.1 million in options on GameStop stock and lost $850,000. "I just didn't spend enough time to research what I was doing, or what the market could do to my account so quickly." Some of these are probably fake, but not all of them. quote:"I know you are going to hate to hear this, but the lower it goes, the more powerful WSB can be stepping up to buy the stock again," he said. heh Zaphod42 fucked around with this message at 23:37 on Feb 2, 2021 |
|
#
?
Feb 2, 2021 23:34
|
|
|
Still holding, it was never about the money. At this point I and I think most investors just wanna make it as painful as possible for the hedge funds to exit. Just knowing I was part of Elon Musk losing 8b is enough to make it all worth it.
|
|
#
?
Feb 2, 2021 23:41
|
|
|
S w a y z e posted:Still holding, it was never about the money. At this point I and I think most investors just wanna make it as painful as possible for the hedge funds to exit. Just knowing I was part of Elon Musk losing 8b is enough to make it all worth it.
|
|
#
?
Feb 2, 2021 23:46
|
|
|
S w a y z e posted:Still holding, it was never about the money. At this point I and I think most investors just wanna make it as painful as possible for the hedge funds to exit. Just knowing I was part of Elon Musk losing 8b is enough to make it all worth it. I assure you that for the hedge firms, it was always about the money. So if you don't hit them in the money, you aren't causing any pain. It is about the money, and its about rich people manipulating poor people. Exactly the opposite of the narrative being sold to poor people. Most of the rich guys are profiting off this. One small firm nobody has heard of wrote off a loss, but it didn't come anywhere near killing them. They moved on already. Everybody else is going to end up more rich, not less. How were you part of Musk losing money? Tesla stock is insanely over-valued, everybody knows this. GME has nothing to do with it.
|
|
#
?
Feb 2, 2021 23:47
|
|
|
So were these guys not in it to be the Joker burning the money to prove a point? I thought the whole affair was meant to be an economic suicide bombing
|
|
#
?
Feb 2, 2021 23:52
|
|
|
multijoe posted:So were these guys not in it to be the Joker burning the money to prove a point? I thought the whole affair was meant to be an economic suicide bombing A few people have said that, but there's obviously a whole lot of people on /r/WSB who got caught up in the hype. And if the stock price crashes then they get neither. The shorts will be able to cover themselves just fine now at this price, no big losses, AND anybody who bought in late loses whatever they put in. The idea that it's ever going back to $400 is pretty ridiculous, much less the "to the moon!" claims that people were posting while it was at $400.
|
|
#
?
Feb 2, 2021 23:56
|
|
|
multijoe posted:So were these guys not in it to be the Joker burning the money to prove a point? I thought the whole affair was meant to be an economic suicide bombing Some absolutely were, a lot of them even. But many were also hoping to make some cash and betting a lot on that idea. Like, this whole thing didn't really have a united front of ideology behind it or anything.
|
|
#
?
Feb 2, 2021 23:56
|
|
|
to quote isthesqueezesquoze.com (made by the WSB guys)quote:This is not an epic crusade to get retribution on the financial sector for its reckless greed and the damage it's done to people's lives. It's just a stock play, undertaken to make money off of some hedge funds who got caught in an overexposed position. The financial industry as a whole does not care. This is just a blip on its radar. The people who started this on /r/WSB did it to make money. They're wealthy wall-street investor types themselves, with access to market data and knowledge that laymen do not have. Then a bunch of redditors got caught up in a bunch of tinfoil hat stuff about righteously defeating the rich, which drove a pump-and-dump bubble. Note that before isthesqueezesquoze.com posted that backpedal message, this was their take quote:Over the past year, hedge fund supervillains have made money by selling shares of Gamestop they don't actually own - they've just borrowed them. Short selling. If they sell enough they can drive the price down so far that when they eventually need to return the shares they borrowed, they can get them cheap. It's free money. They throw a couple hundred mil at this, chill in their offices watching live video feeds of homeless people being exsanguinated on the hoods of their vintage sports cars, write up an investor report, and call it a fiscal year. Like holy poo poo there is so much loaded language there. Its obviously manipulation. They're trying to pitch a story here, one that doesn't really match reality, hence the need for all the big scary words like "supervillains". Short selling isn't bad, but people who don't understand stocks can be convinced it is nefarious. Having more shorts than stocks isn't bad and can be reasonable and natural; but people who don't understand stocks can be convinced it is nefarious. The people who drove /r/WSB were intentionally engineering this event by manipulating people who didn't know as much about what was going on. They're the real supervillains here. Zaphod42 fucked around with this message at 00:07 on Feb 3, 2021 |
|
#
?
Feb 3, 2021 00:01
|
|
|
At this stage if you're in it for the principle you're just the bagholder in a redditor ponzi scheme
|
|
#
?
Feb 3, 2021 00:06
|
|
|
I didn't know Musk had any stake in this - he tweeted about it like once - maybe he bought a little as a joke. Hardly matters, he became the world's "richest man" (when going by net worth) back in early January, and since then TSLA has gone up by $100. It's gonna continue ballooning before the bubble bursts and he'll get bailouts when it does.multijoe posted:So were these guys not in it to be the Joker burning the money to prove a point? I thought the whole affair was meant to be an economic suicide bombing The point was to drive the price up because it was known that hedge funds had shorted enormous amounts of GME stock. Some people that got in early enough (the ones that bought in at $4 or $16) rode it to the top and made big bucks, but anyone buying this last week or so was either doing it to make a point or didn't understand the price was quickly going to crater. Melvin Capital got a bailout anyway. Not enough to cover the losses I guess, but it don't matter, they have megarich clients and can only fail upwards. Zaphod42 posted:The people who drove /r/WSB were intentionally engineering this event by manipulating people who didn't know as much about what was going on. They're the real supervillains here. For examples of people that lost actual money in this: https://www.reddit.com/r/gme_meltdown/
|
|
#
?
Feb 3, 2021 00:27
|
|
|
Just lol if anyone thinks Elon manages his own money beyond handing it to a dozen banks/hedgefunds and saying, "Make me richer,"
|
|
#
?
Feb 3, 2021 00:49
|
|
|
multijoe posted:So were these guys not in it to be the Joker burning the money to prove a point? I thought the whole affair was meant to be an economic suicide bombing It 100% was from the very beginning, goons gonna  though. Also the stock is still like 120% shorted so, again, with a critical mass of people holding eventually they have to cover.
|
|
#
?
Feb 3, 2021 09:02
|
|
|
S w a y z e posted:It 100% was from the very beginning, goons gonna Dude, click that reddit link. It absolutely, verifiably isn't 100%. Using "goons gonna goon" as a defense here is rather questionable. Also, do you understand what 120% shorted means?
|
|
#
?
Feb 3, 2021 21:08
|
|
|
I think so, but idk if that's the burn you think it is. But honestly it's true that I don't have a lot to contribute here so I'm gonna duck out. My only real issue with the discussion going on here was that it was misrepresenting the average retail stock buyer's mindset as some sort of pump-and-dump chump instead of literally just someone who wanted to stick it to hedge funds. Which absolutely happened too and was all over the front page of the NYT like two days ago. But yeah, that's my only real point. I have no real idea whats gonna happen next. But I dont really think anyone does.
|
|
#
?
Feb 3, 2021 23:30
|
|
|
|
| # ? Apr 29, 2024 09:44 |
|
|
S w a y z e posted:I think so, but idk if that's the burn you think it is. But honestly it's true that I don't have a lot to contribute here so I'm gonna duck out. My only real issue with the discussion going on here was that it was misrepresenting the average retail stock buyer's mindset as some sort of pump-and-dump chump instead of literally just someone who wanted to stick it to hedge funds. Which absolutely happened too and was all over the front page of the NYT like two days ago. But yeah, that's my only real point. I have no real idea whats gonna happen next. But I dont really think anyone does. Nobody has the mindset of a chump. You never think you're a chump. Other people trick you into becoming a chump, by fooling you into believing something else. (Like "sticking it to the big guy") I'm sorry but this is a tale as old as time and pretty much everybody knows what happens next: 
|
|
#
?
Feb 3, 2021 23:53
|
|