Reddit/Gamestop vs.Wall Street

twinytwo

Thematics wrote: »

In my opinion a lot of people who write long rants about the likes banks and hedge funds are expressing underlying subconcious resentment that the world doesn't love them. Don't get me wrong, there is often valid reasons to complain abour such companies. But really it's just an outlet to express their fear and rage about the big bad world that doesn't love them.

When they were small children, the world was their parents, they were the centre of the world and got all the love and attention they needed. But at some point they have to leave the safety of their parents and realise that the world doesn't care about them, never mind love them. This is a deep insecurity that taints their whole being, and is often expressed in toxic ways by ranting and criticing others rather than focusing on the love of life and persuing enriching goals.

Wanderer78

Lone Stone wrote: »

what app are people using for this now ?

think this is it, could be wrong

https://play.google.com/store/apps/details?id=com.robinhood.android&hl=en&gl=US

timmyntc

Thematics wrote: »

In my opinion a lot of people who write long rants about the likes banks and hedge funds are expressing underlying subconcious resentment that the world doesn't love them. Don't get me wrong, there is often valid reasons to complain abour such companies. But really it's just an outlet to express their fear and rage about the big bad world that doesn't love them.

When they were small children, the world was their parents, they were the centre of the world and got all the love and attention they needed. But at some point they have to leave the safety of their parents and realise that the world doesn't care about them, never mind love them. This is a deep insecurity that taints their whole being, and is often expressed in toxic ways by ranting and criticing others rather than focusing on the love of life and persuing enriching goals.

Do you work at a cinema?
Because you're full of projections.


People have completely valid reasons to criticise stock market manipulators & investment banks.

Wanderer78

Thematics wrote: »

In my opinion a lot of people who write long rants about the likes banks and hedge funds are expressing underlying subconcious resentment that the world doesn't love them. Don't get me wrong, there is often valid reasons to complain abour such companies. But really it's just an outlet to express their fear and rage about the big bad world that doesn't love them.

When they were small children, the world was their parents, they were the centre of the world and got all the love and attention they needed. But at some point they have to leave the safety of their parents and realise that the world doesn't care about them, never mind love them. This is a deep insecurity that taints their whole being, and is often expressed in toxic ways by ranting and criticing others rather than focusing on the love of life and persuing enriching goals.

timmyntc wrote: »

Do you work at a cinema?
Because you're full of projections.


People have completely valid reasons to criticise stock market manipulators & investment banks.

therapy required, i suspect

KrustyUCC

I think Robinhood's client base will be taking a massive hit after their behaviour yesterday

They could be in big trouble with market manipulation

PopePalpatine

twinytwo wrote: »

Luxury shoe polish is a hell of a drug.

Wanderer78

PopePalpatine wrote: »

Luxury shoe polish is a hell of a drug.

can it be smoked?

Lone Stone

Wanderer78 wrote: »

think this is it, could be wrong

https://play.google.com/store/apps/details?id=com.robinhood.android&hl=en&gl=US

yea they started stopping people buying and facing a class action lawsuit now, so need a different one now :pac:

dartboardio

they're trying to do the exact same with Dogecoin, up almost 500% in a few days. still a fraction of a cent per coin, available to buy on etoro or robinhood

Wanderer78

Lone Stone wrote: »

yea they started stopping people buying and facing a class action lawsuit now, so need a different one now :pac:

oh im sure theres a million others at this stage

SoapMcTavish

Thematics wrote: »

In my opinion a lot of people who write long rants about the likes banks and hedge funds are expressing underlying subconcious resentment that the world doesn't love them. Don't get me wrong, there is often valid reasons to complain abour such companies. But really it's just an outlet to express their fear and rage about the big bad world that doesn't love them.

When they were small children, the world was their parents, they were the centre of the world and got all the love and attention they needed. But at some point they have to leave the safety of their parents and realise that the world doesn't care about them, never mind love them. This is a deep insecurity that taints their whole being, and is often expressed in toxic ways by ranting and criticing others rather than focusing on the love of life and persuing enriching goals.

Wow ! :D:D:D:D:D:D:D:D:D

Wanderer78

Thematics wrote: »

Yes I said there are valid resasons in the post you quoted. But the obsesssion and anger comes from somewhere else.

oh im not so sure about that, theres plenty of evidence to support this anger, even from some hedge fund managers themselves

An Ri rua

I think we should start a GoFundme for Melvin and the other hedge funds. Terrible, tragic news.

An Ri rua

Thematics wrote: »

Ireland's laws are too lenient to everyone. I don't know why Ireland is so lenient for all crimes, in other countries people go to jail for years where in Ireland nothing happens.

Ah here, leave it ou!!

You're not allowing for their childhoods. Ripped from the bosom of security.

KrustyUCC

KrustyUCC wrote: »

I think Robinhood's client base will be taking a massive hit after their behaviour yesterday

They could be in big trouble with market manipulation

Whole thing is farce,them fellows spotted a weakness and manipulated the price up well beyond what its worth......if this had been that musk/bezos they would be heralded as market geniuses




Now the robinhood app is going againest its users to help drive back down the price......thank fcuk ive no money thrown into any stock anywhere

Wanderer78

Deleted User wrote: »

Whole thing is farce,them fellows spotted a weakness and manipulated the price up well beyond what its worth......if this had been that musk/bezos they would be heralded as market geniuses




Now the robinhood app is going againest its users to help drive back down the price......thank fcuk ive no money thrown into any stock anywhere

like any gambling, you gotta be willing to lose it

the butcher

Fred Cryton wrote: »

Hedge funds also provide liquidity. Where would we in ireland be if funds hadn't come in and bought up property in 2011-2013 at a time when no-one else had any money. Probably would never have come out of recession.

Wow this is just pure bonkers.

MrMusician18

Wanderer78 wrote: »

like any gambling, you gotta be willing to lose it

Indeed, but the rules of the game have to be respected.

You wouldn't think it fair that a horse race was run and the donkey backed by the masses managed to win, because they spotted that the thoroughbred was lame. Then when the race is running, the bookies and the owners see that the likely outcome will be ruinous for them so they conspire to change the rules that say the horse that comes in second actually wins. By locking out only retail investors from buying yesterday, some of the US brokers stacked the deck against their own customers.

completedit

Thematics wrote: »

In my opinion a lot of people who write long rants about the likes banks and hedge funds are expressing underlying subconcious resentment that the world doesn't love them. Don't get me wrong, there is often valid reasons to complain abour such companies. But really it's just an outlet to express their fear and rage about the big bad world that doesn't love them.

When they were small children, the world was their parents, they were the centre of the world and got all the love and attention they needed. But at some point they have to leave the safety of their parents and realise that the world doesn't care about them, never mind love them. This is a deep insecurity that taints their whole being, and is often expressed in toxic ways by ranting and criticing others rather than focusing on the love of life and persuing enriching goals.

Is that you alain de botton?

What were those lads doing in France in the 1700s? Would they just stop criticising their betters and instead find the inner love they lack. I'm talking to you Robespierre.

Wanderer78

MrMusician18 wrote: »

Indeed, but the rules of the game have to be respected.

You wouldn't think it fair that a horse race was run and the donkey backed by the masses managed to win, because they spotted that the thoroughbred was lame. Then when the race is running, the bookies and the owners see that the likely outcome will be ruinous for them so they conspire to change the rules that say the horse that comes in second actually wins. By locking out only retail investors from buying yesterday, some of the US brokers stacked the deck against their own customers.

rules, in that game! where morals and ethics are optional!

zom

twinytwo wrote: »

Because bankers, big businessmen, judges and politicians all hang out together.
Not a single moral between the lot of them.

Nobody expect any morals from bankers - just clear fair play rules for everyone, because what we have instead is dictatorship and mafia state.

MisterAnarchy

Melanchthon wrote: »

https://mobile.twitter.com/CuomoPrimeTime/status/1354989746158784514

Can't believe I am saying this but this is a great CNN interview

Maybe now that Trump isn't CNN's daily meal ticket , CNN might actually do some proper journalism.

Overheal

[Deleted User] wrote: »

Chris Cuomo skewered the Robinhood CEO who tried to use the exact same script that he used on MSNBC.

Good. That MSNBC interviewer wasted 10 minutes of my life letting him waffle on about nothing

completedit

How are Irish channels covering this? I can't imagine an Irish commentator saying Reddit. What's so fascinating about this is how nihilistic in a way it is. Its not based off optimism, more so justified pent up anger. Am I getting the culture of wallstreetbets right? Or is just a load of lads trying to be the next Wolf of Wall Street? When I think of Reddit(or more so the niche subreddits) I think of introverted Americans males; when I think of Hedge Funds I imagine private school rugby players with superficial social skills. Thats how the dynamic is playing out in my head. The lone wolf rebels and outcasts coordinating using an online message board vs the established winners.

It's so interesting how a meme in many ways has seeped into mainstream discourse and created such a shock wave. I find the merging of the virtual and the real world so interesting.

Smee_Again

completedit wrote: »

How are Irish channels covering this? I can't imagine an Irish political commentator saying Reddit. What's so fascinating about this is how nihilistic in a way it is. Its not based off optimism, more so justified pent up anger. Am I getting the culture of wallstreetbets right? Or is just a load of lads trying to be the next Wolf of Wall Street? When I think of Reddit I think of introverted mgtow sorts, when I think of Hedge Funds I imagine private school rugby players. Thats how the dynamic is playing out in my head. The lone wolf rebels and outcasts coordinating using an online message board vs the established winners.

The initial positions were based on disagreeing with the logic of the short, one redditor felt that Gamestop was already undervalued and was likely to rise over time. He published his analysis and others agreed and started buying the stock. Gamestop also took on a significant investor in September who increased his stake from 10% to 13%.

What's happening now i.e. the short squeeze and potentially bankrupting the hedge funds wasn't the original plan but now some people seem willing to lose their money to make that happen.

Meanwhile the originator is sitting on shares currently valued at c. $50m.

Its fascinating stuff.

Donald Trump

Plenty of the little fellas will get burned in this bubble too.

Yes there is the point that there are (or were) plenty of fellas who were contractually obligated to cover short positions, but those positions can be closed out (albeit at a large loss assuming current state of the market).

And yes, on the last published figures, there was then about 140% open interest on short positions. That does not mean that the short sellers need to buy all the existing shares. In theory, one share can be sold over and over again (as in I mean it is sold and the new owner sells it again). I suspect that some people think that because of the 140% figure, that the share they bought must necessarily be bought before this plays out.

Donald Trump

Smee_Again wrote: »

The initial positions were based on disagreeing with the logic of the short, one redditor felt that Gamestop was already undervalued and was likely to rise over time. He published his analysis and others agreed and started buying the stock. Gamestop also took on a significant investor in September who increased his stake from 10% to 13%.

What's happening now i.e. the short squeeze and potentially bankrupting the hedge funds wasn't the original plan but now some people seem willing to lose their money to make that happen.

Meanwhile the originator is sitting on shares currently valued at c. $50m.

Its fascinating stuff.

The grey area would then be whether it could come under market manipulation and a pump-and-dump scheme

Muahahaha

hatrickpatrick wrote: »

Whatever the fallout on the specific issue of GameStop and Melvin Capital, the wider issue of how f*cked up the market economy is and how far from a 'free market' it actually operates as just moved from something which is discussed on online conspiracy forums to something which is being actively considered by two branches of the United States government. Anyone who still believes this won't have an impact beyond a few meme lords making or losing a large amount of money during a volatile couple of days' trading is kidding themselves at this point. The wider issues are taking over the story and this will have ongoing ramifications in one form or another for a long time.

I think whats interesting about this case is that this group on Reddit have proved up the concept that if they act collectively they can crucify hedge funds over their short selling positions. They can play them at their own game and win. So into the future now a hedge fund manager who is thinking of taking a huge short position in a company will have to also think about the possibility of a group of Redditors targeting that position. That in itself its huge, its like the whole game has changed just in the last couple of weeks alone.

I think we will see more of this kind of activist investing in the future off the back of what happened this week. They've had a lot of fun and made a lot of money. Now they know they can repeat the trick by targetting any stock they like that is subject to massive short selling. That in itself will send shivers down the back of Wall Street, this isnt supposed to be happening.

Tony EH

Muahahaha wrote: »

Interesting story here whereby an activist investor message board on Reddit called WallStBets with 2 million subscribers have managed to push the share price of Gamestop so high that Wall Street hedge funds who bet on the share price falling are running for the hills with multi-billion dollar losses.

Gamestops share price was worth $3.25 this in April last year and hedge funds have been betting that the company is a dead duck due to the pandemic and dominance of Amazon. Redditors in the group have a fondness for Gamestop and a collective of day traders decided have in the last few months driven up the price past $140 meaning billions worth of Wall Street bets have been lost. So far they have claimed the scalp of over $6bn of Wall Street cash with one hedge fund losing $2.3bn of that just last Monday alone.

Its stock price is so volatile that the NYSE suspended trading on it 9 times on Monday and the White House say they're monitoring the situation. Be interesting to see how this plays out. The Redditors are having their fun and cleaning out Wall Street hedge funds right now but once the music stops they're left with a vastly over valued stock thats in an inflated bubble.
https://www.theguardian.com/business/2021/jan/27/gamestop-stock-market-retail-wall-street

LOL

Couldn't have happened to a more deserving bunch of ****.

Smee_Again

Donald Trump wrote: »

The grey area would then be whether it could come under market manipulation and a pump-and-dump scheme

Doubt it, if this does then so does a lot of Wall St. gets up the rest of the time and no one is going to open that can of worms.