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Have You Seen This? A Reddit Group With 2.4 Million Subs Is Trolling Wall Street Fat Cats

“A large group of retail traders have realized if they work together, using market tools such as out-of-the-money call options or low-float stocks, they can overpower any institution or short seller in the world, outside of the Fed, of course.”

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by Anonymousreply 286Last Friday at 4:09 PM

They’re “squeezing” short-sellers, making them lose money as GameStop shares rise. And jeering at the “fat cats” all the way.

[quote] WSB’s cocky hordes have managed to turn the tables in a game short sellers invented, spinning gold from the complacency of others. Before this year, GameStop was a cash register for bearish traders, who borrowed and sold more shares than the company issued. Hedge funds had been winning so long that they overlooked the tinderbox they were creating should sentiment turn.

by Anonymousreply 101/26/2021

Link to the Reddit sub. r/wallstreetbets (WSB for short.) It’s the talk of finance media, what they’re doing.

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by Anonymousreply 201/26/2021

I saw that yesterday, OP and today there was a story on Reuters news about it.

I have no problem with it. People banding together with small amounts of $ to stick it to rethugs? Yep.

by Anonymousreply 301/26/2021

can someone explain in laymen's terms. Where's that Boglehead troll?

by Anonymousreply 401/26/2021

I love those WSB cunts. I lurk there for insider shit and they are savage.

by Anonymousreply 501/26/2021

Wish I understood more about this to play along.

by Anonymousreply 601/26/2021

That Reddit sub is hard to follow. Are you supposed to just scroll down or click on the links or what?

by Anonymousreply 701/26/2021

The Bloomberg article that explains it all:

Part 1: Short sellers have been called a lot of things. Bloodsuckers. Parasites. Other words not fit to print. Now in the vortex engulfing GameStop Corp., they have a new name: the establishment.

It’s a role cast for them with relish by their chat-room usurpers, the tens of thousands of average Joe day-traders whose fervor for a left-for-dead retailer has become a self-fulfilling prophecy in its 245% rally this year. GameStop has become a money geyser for the options-obsessed crowd that gathers in Reddit’s WallStreetBets forum. For those wagering on a decline, it’s been a catastrophe.

Give credit where it’s due. In their frenzy, WSB’s cocky hordes have managed to turn the tables in a game short sellers invented, spinning gold from the complacency of others. Before this year, GameStop was a cash register for bearish traders, who borrowed and sold more shares than the company issued. Hedge funds had been winning so long that they overlooked the tinderbox they were creating should sentiment turn.

Now it has, violently. GameStop, which isn’t expected to turn a profit before 2023, has seen its market value triple to $4.5 billion in three weeks, burning the skeptics whose any attempt to cover is likely to further propel its ascent.

A notable victim of the shift has been Citron Research’s Andrew Left, once Wall Street’s most celebrated iconoclast for his role hounding Bill Ackman out of another battleground stock, Valeant Pharmaceuticals, five years ago. Today, Left finds himself first among the hunted, his decision to stop publicly bashing GameStop helping drive it up as much as 78% on Friday.

“Price movement aside, I am most astounded by the thought process that goes in to making these decisions,” Left said in an email to Bloomberg News on Monday. “Any rational person knows this type of trading behavior is short lived.”

Last week, before his decision to go mute on GameStop, Left issued a plea to would-be buyers: “look at valuations,” which are by some measures stretched. Ironically, in tracing the history of WallStreetBets’ fascination with the stock, that’s exactly what the chat-room faithful said they were doing when they set out on their journey. Here’s the story of that uprising.

by Anonymousreply 801/26/2021

Part 2: Twenty-two months ago, inklings of a bull case started showing up on WallStreetBets, the Reddit forum that has become synonymous with retail zeal in the pandemic age. With GameStop’s shares and profits both falling for years, a thread by user “delaneydi” said detractors were undervaluing the retailer’s cash, with which the shares were deceptively cheap.

“My thesis is not contingent on a turnaround or business expansion, this is solely a deep value play,” wrote delaneydi. “Even if we assume double-digit top line sales declines and gross margin contraction, the companies valuation does not reflect the current earnings power, especially when considering the companies large cash horde.” (WSB posters are not distinguished by their spelling or punctuation.)

The view fell mostly on deaf ears as the shares continued to tank and enrich bears. GameStop fell 15% in April of that year, 12% in May, 28% in June and 27% in July. Yet two things happened around that time to lay the foundation for the events of this month.

One was Michael Burry –- of Big Short fame and the veritable spirit animal for internet stock gurus hoping to hit the big time –- saying he was long the shares through his fund Scion Asset Management.

Second was the surfacing of an idea, first in jest, that eventually evolved into the blueprint for the crowd-sourced short squeeze that has blown up in January. Could GameStop fall so far as to make a takeover possible -- by WallStreetBets itself?

It would only cost about $45 million to buy up the entire float if the stock dropped to 50 cents a share, said user MGE5 in a June 5, 2019, post.

The stock closed at $5.04 that day, but after a 36% plunge from the day prior anything seemed possible for one of Wall Street’s most hated stocks. The notion was met with derision and sarcastic suggestions typical of WSB’s usually juvenile ambiance, but the genie was out of the bottle. What if the renegades could gang up to flood a single security?

by Anonymousreply 901/26/2021

Part 3: Around this time, a Reddit handle surfaced that has become the de facto champion of the WSB bull case on GME, a user going by DeepF-----gValue -- name edited for content -- brandishing his “tendies.” (For the uninitiated, tendies are WallStreetBets slang for gains; the etymology of the word comes from chicken tenders, widely regarded as a dish suitable for kings and financial oligarchs.)Just three weeks after an Aug. 19, 2019, press release from Burry’s Scion urging GameStop to buy back $238 million in shares and a Seeking Alpha post warning about the dangers of shorting GameStop, the forum’s future hero showed the goods.

While the battle was far from won, DeepF-----gValue, who goes by Roaring Kitty on YouTube, became the first to show that there was money to be had in those empty aisles flanked by video game discs Wall Street analysts said no one needed to buy.

But the forum was still not adopting the position en masse.A value proposition was one thing, but there was no guarantee of success. The shares rallied from August 2019 through October, then went sideways until the end of the year before following the market down as the Covid-19 pandemic spread.

Another online watershed occurred when user “Senior_Hedgehog” alerted the YOLOing masses to the “biggest short squeeze of your entire life.” It was April 13, 2020, and, according to the elder Hedgehog, 84% of the retailer’s shares were held short. The final all-caps sentence imploring GameStop owners to call their brokers and tell them to not lend them short opened a new theater to wage war against short-sellers.

It’s a little known fact, and one that you wouldn’t expect to learn on a Reddit message board, that a stockholder can request that shares they own outright not be lent out to short-sellers.“To be clear, your brokerage firm cannot lend out your stocks without your permission,” according to a blog post from the Sonn Law Group on the topic. “However, you may have signed a customer agreement that explicitly allows your broker to lend out your securities. This clause is often tucked deep within the customer agreement, and few investors pay much attention to it.”

It was at that point that the value trade thesis and the idea of forming an unofficial cooperative to swarm the stock coalesced into what would eventually push the shares to the promised land: a chance to inflict pain against Wall Street. For a change.

by Anonymousreply 1001/26/2021

Part 4: Striking the first blow didn’t take long. Shares rallied 22% on the day of Senior_Hedgehog’s short squeeze post. The next day they soared by another 26%, the biggest gain in at least 18 years at that time, while volume was more than five times the 20-day average at one point during the day.

Doubters were still outspoken and the shares stabilized over the following months even as more posters made an appeal to the stock’s intrinsic value and GameStop’s importance to the gaming industry.

A New Hope

Then another break, maybe the biggest of them all. Ryan Cohen, co-founder of Chewy Inc., disclosed a 5.8 million-share stake in GameStop through his RC Ventures on Aug. 31 sending GameStop shares surging 24% on the day.

Cohen’s announcement was the tipping point. A visionary and a classic disruptor, Cohen’s Chewy was everything GameStop wasn’t: an internet juggernaut, nimble, and, perhaps most importantly, it had already served up plates full of tendies with a triple-digit year-to-date return at the time of Cohen’s holding going public.

GameStop and Ryan Cohen declined to comment.

The thought of going large on GameStop had made the shift from radical to sensible. There were still detractors, but with Cohen’s backing war was about to be waged against the establishment.

by Anonymousreply 1101/26/2021

Oh, financial gurus of DataLounge - what sayeth you? To put some hard-earned cash into GameStop, or to not put some hard-earned cash into GameStop -- that is my question.

by Anonymousreply 1201/26/2021

#5: If there’s one post to read from WallStreetBets to explain how GameStop shares went from single digit prices in September to $65.01 in January it’s “Bankrupting Institutional Investors for Dummies, ft GameStop.”

In the Sept. 19, 2020 post, Player896 painted a clear fundamental case for why GameStop shares were approaching lift-off. And here was the kicker:

As shares began their steady rise during the last four months of 2020, more and more users joined the bandwagon. And as part of their welcome party they were reminded of the code of conduct: never sell, never surrender. Or in WallStreetBets parlance, only buy if you have diamond hands.Along the way WallStreetBets began calling out those on the other side of the trade.Gabe Plotkin’s Melvin Capital was the first to come under the microscope.

Plotkin represented the perfect foil: a pedigreed portfolio manager who set out on his own after managing money for legendary hedge-fund manager Steve Cohen. The failed bet on GameStop has dragged down returns at Melvin Capital. Its portfolio was said to be down 15% in the first three weeks of 2021, according to the Wall Street Journal.

The greatest ire was reserved for Left and Citron. His call that GameStop would fall back to $20 quickly on Jan. 19 touched a nerve. Shares closed at $39.36 that day, continuing a surge set off when Cohen was named to the board a week earlier.

This wasn’t the first time Left had attacked a WallStreetBets darling. His short play against Palantir Technologies Inc. and bearish call for Chinese carmaker Nio Inc., among others, had already made him persona non grata in the land of tendies.

The attacks on Left and Citron were too much for the hardened short-seller. He suspended a scheduled live stream aimed at explaining its position on GameStop because of “too many people hacking Citron twitter,” Citron said in a Jan. 21 tweet.

by Anonymousreply 1301/26/2021

Soon to be the plot of a Netfilx movie.

by Anonymousreply 1401/26/2021

It’s like when the K-pop kids on Tik Tok swarmed to fake out Trump’s campaign rally last year, They thought thousands would show up but in the end only a few hundred did. The humiliation led to Brad Parscale’s ‘retirement’ from the campaign.

by Anonymousreply 1501/26/2021

Power to the People

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by Anonymousreply 1601/26/2021

SEC is looking into it. Likely, they will find that it's ok for a wealthy short-side investor to influence the price of a stock through public-facing statements. But it's not ok for others to counter that through public-facing statements.

by Anonymousreply 1701/26/2021

Lol, R17. Exactly.

by Anonymousreply 1801/26/2021

Reddit degenerates winning.

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by Anonymousreply 1901/26/2021

explanation for dummies (like me)

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by Anonymousreply 2001/26/2021

Elon Musk tweeted about it

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by Anonymousreply 2101/26/2021

Piling on on Twitter

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by Anonymousreply 2201/26/2021

Once upon a time, short-selling firms would unveil a new position to great anticipation and attention (if not acclaim). The current scrum over Gamestop — in which retail traders have gone head-to-head with short-selling firm Citron — suggests that might become a thing of the past. As Scott Nations at Nations Indexes points out: "The old game of shorting a stock then putting out a negative report is done. From now on that will just be the signal to start a massive short squeeze." A hedge fund or short-seller advertising a bet against a stock might now be the equivalent of waving a red flag to r/wallstreetbets' herd of bulls: a signal to charge in with call options and force a move higher. The predators have turned prey.

It would be tempting to dismiss all of the above as a market curio if it weren't for the fact that it was, you know, actually moving stocks and impacting real companies. Meme stocks gifted with retail attention and inflows do find themselves in a better position. Shares of Gamestop, the ultimate posterchild for "flows versus pros," have surged more than 400% so far this year. Message boards are alight with suggestions for what Gamestop could actually do with that very real money (think strategic acquisitions and expansions to grow its market share.)

Of course, this could all come crashing to the ground at any moment. But for now, it seems clear that Wall Street is only just beginning to come to grips with the phenomenon that is Wall Street Bets.

by Anonymousreply 2301/26/2021

from Slate.com

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by Anonymousreply 2401/26/2021

Murdering the hedge fund leeches

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by Anonymousreply 2501/26/2021

the guy in the pic at r22 is handsome

by Anonymousreply 2601/26/2021

[quote] Murdering the hedge fund leeches

How? Hedge Funds have invested in it, just as some have shorted it.

by Anonymousreply 2701/26/2021

I’ll wait until this gets filtered down to the mainstream press and they can explain it better. All the coverage so far assumed you have a finance background.

by Anonymousreply 2801/26/2021

[quote] I’ll wait until this gets filtered down to the mainstream press and they can explain it better

I hope that's a joke. Huffpost or Yahoo writers? Hilarious.

by Anonymousreply 2901/26/2021

And what happens to GameStop and the YOLO investors who bought in somewhere along the rocketing up and followed the advice to hold on when everyone starts dumping when the stock hits their target price?

by Anonymousreply 3001/26/2021

i think partly what they are thinking (incorrectly) is that when the short position ends, the shorts will have to buy them out at the inflated price.

not sure if that's possible, but i wonder if it might be if there are naked shorts.

by Anonymousreply 3101/26/2021

R31

Exactly. It’s called “Gamma”.

by Anonymousreply 3201/26/2021

I think the guy who turned pet supply company Chewy into a billion dollar company bought a bunch of GameStop stock and plans to turn the company around. I'm buying about 10 shares tomorrow morning

by Anonymousreply 3301/26/2021

Active participant of the subreddit. Never seen something so beautiful......AMA (Ask me anything)!!!

by Anonymousreply 3401/26/2021

who is your target? and what is the metric to determine when that target is neutralized?

by Anonymousreply 3501/26/2021

R28 and others looks LOOK HERE. It is by far the easiest to understand explanation.

But this is great. Happy to see a hedge fund get owned.

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by Anonymousreply 3601/26/2021

I have been cackling all day!! Sorry, not sorry!

by Anonymousreply 3701/26/2021

Shorting should be illegal.

I borrow your stock to drive its price down, then hand it back to you at a deflated price. The average Joe who never looks at their stocks eats the losses, while Wall St transfers wealth upwards.

by Anonymousreply 3801/26/2021

It'll be interesting to see if this plays out, but Melvin Capital is supposedly closing out its short position in Gamestop after the stock's price climbed to $365/share.

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by Anonymousreply 3901/27/2021

AMC look at it - next one?

by Anonymousreply 4001/27/2021

K-pop kids should get in on this: gives them more cash to buy albums to support their favorite groups.

from the Subreddit:

[quote] FOR ALL THE BIG FUCKING HEDGE FUNDS MONITORING US, THIS IS A MESSAGE FROM US TO YOU, WE FUCKING OWN YOU NOW, FUCK. YOU. GO BUY THE FUCKING NEWS. LIKE AND COMMENT SO THEY SEE THIS POST. FUCK YOU MELVIN CAPITAL. FUCK YOU CITRON RESARCH. YOU HAVENT CLOSED SHIT. THIS IS GONNA GO DOWN IN HISTORY.

by Anonymousreply 4101/27/2021

Love it. Hope this really is the populist uprising against some hedge funds.

by Anonymousreply 4201/27/2021

CNBC is spreading fake stories for the hedge funds about how the hedge funds have closed their shorts but the traders aren't buying it.

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by Anonymousreply 4301/27/2021

AMC up 200%+ today. I think it's b/c of these types of traders.

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by Anonymousreply 4401/27/2021

Yup R44, AMC is the current one they're targeting.

But the Nasdaq CEO is onto them

[quote]“When we evaluate how we would manage through a situation where you see a significant run-up with a stock that is not based on news or fundamentals, we have technology that evaluates social media chatter, and if we see a significant rise in the chatter on social media channels and we also match that up against unusual trading activity – we will potentially halt that stock.”

Because they can manipulate the market but let normal people do it and there's an issue.

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by Anonymousreply 4501/27/2021

Is this like what Eddie Murphy and Dan Ackroyd did to the Duke brothers in Trading Places?

by Anonymousreply 4601/27/2021

Nokia NOK is the new thing now apparently.

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by Anonymousreply 4701/27/2021

They keep halting NOK b/c it's a target of these guys; the hedge funds are calling in favors to fight back.

by Anonymousreply 4801/27/2021

Ameritrade just put some restrictions on GME and AMC transactions.

They're trying to slow things down anyway they can.

The banks and hedge funds are displeased.

by Anonymousreply 4901/27/2021

Shorting serves a purpose in that it creates maker liquidity and 99% of the time doesn’t crates situations like this. By making people to buy when a stick goes down and sell when it is going up, serves to make a broader more fluid market. It’s a stupid investing strategy for individual investors as the gain is limited to 100%, i.e. borrow the shares of Acme Ashtray Factory at $10 and sell them, pocketing the proceeds. The most you can make if the stick falls to 0 is $10 a share. Buy the shares at .01 when they go broke and return them to the brokerage. But let’s say Acme Ashtray finds out there factory sits on billions of barrels of oil. The shares now are worth 1000 dollars each. You have to buy them back at 1000 and lose 990 per share. Except there are no shares available to buy back because every person who has sold short now has to buy Acme shares at the same time. but nobody is selling. So the price is now 3000 a share If you buy any at all. So in hoping to make an easy 10 dollars you now have lost 2990 a share. And you sold short 1000 shares. So in opting to make 10000 you have lost nearly 3000000 dollars.

by Anonymousreply 5001/27/2021

Maker should read market

by Anonymousreply 5101/27/2021

Naked, r31? Shorts? Which is it?

by Anonymousreply 5201/27/2021

See, I really don't like these Reddit bros. They are big Elon Musk stans. The only reason this action took off is because Musk was trying to get back at Melvin Capital for shorting Tesla stock a number of years ago and he promoted it. He'll protect these Redditors if the SEC goes after them because he wanted them to do this for him.

If these dudes wanted to do something useful with their newfound wealth that would both tank a terrible company and help working people, they'd place a mass order of puts on Amazon stock, encourage the workers there to go on strike and then hold Jeff Bezos hostage until he either forced lawmakers in DC to pass stimulus for working people, medicare for all and student loan forgiveness or be prepared to lose billions in wealth.

They can't lose on such a bet. If Bezos caves, gets lawmakers to pass those programs and then workers return to their jobs, then everyone gets much needed stimulus money and we finally get universal health care for all. If Bezos doesn't cave, then the reddit bros steal billions of his wealth and they can use it to try something else to get us the cash. The workers at Amazon are eager to do this. If these dudes wanted to make a real difference, they'd collaborate with these workers to force Wall Street and the wealthy to tell their puppets on capitol hill to give us money. They won't cough up the cash unless and until they feel a sense of urgency. Holding the stock market hostage like this is a tool towards doing that.

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by Anonymousreply 5301/27/2021

R53, sounds nice, but impossible.

by Anonymousreply 5401/27/2021

R54 People say things are impossible until they aren't.

by Anonymousreply 5501/27/2021

I can’t imagine the life changing money people made on GME—good for them.

by Anonymousreply 5601/27/2021

Biden admin watching GME. - Bloomberg

Looks like they're listening to the complaints of the hedge funds. Listening; not taking action yet.

by Anonymousreply 5701/27/2021

R57 - that Bloomberg thing might not be true. Just FYI.

by Anonymousreply 5801/27/2021

This has been perfect because it proves how fake the stock market is. The stock market is not the economy, the stock market values can be arbitrary and are completely subject to manipulation.

by Anonymousreply 5901/27/2021

I'm sure both the Democrats' and Republicans' big finance-sector donors are furious about this. Their whole industry is about extracting from the masses. They'll probably lobby the SEC, saying "This is chaos, and might destroy the economy. You have to take action."

And they'll fucking win. Because that's what America is. The vampires rule.

by Anonymousreply 6001/27/2021

Warren Buffet says the GME trading underscores need for regulatory action.

Big guys want to keep small guys small.

by Anonymousreply 6101/27/2021

Explains it very simply here - BBC News front page.

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by Anonymousreply 6201/27/2021

I'm loving this. Financial regulation in the US is a fucking joke.

Remember when they found out that some trading firms had setup an automated service that would outbid investors? It was all legal somehow.

"And normally, up to this point in his life, if he hit his button and said "buy," he'd get the shares for $30 a share. But all of a sudden, when he hits the button on his computer terminal, the shares disappear. It's like someone knows he's trying to buy Microsoft and the price of Microsoft goes up before he can get it. "

We need massive reform of Wall Street - it has become ridiculous.

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by Anonymousreply 6301/27/2021

Axios has their patented 2 minute version: [bold]Wall Street's own populist revolt[/bold]

[quote]A popular rebellion, organized by the powerless against the powerful. It might have failed in Washington, but it certainly seems to be working on Wall Street.

[quote]Driving the news: The market value of GameStop closed at more than $10 billion on Tuesday, on record volume of more than $26 billion.

[quote][bold]The winners: A ragtag group of traders from Reddit and TikTok, led by a man calling himself “Roaring Kitty.”[/bold]

[quote][bold]The losers: Hedge-fund short-sellers wh0 are learning John Maynard Keynes's lesson the hard way — "The market can remain irrational longer than you can remain solvent."[/bold]

[quote]How it works: Thanks to Robinhood and other stock-trading apps, trading options in GameStop (or BlackBerry, Bed Bath & Beyond or any other smallish company Wall Street traders have bet against) is easy, fun, and carries an irresistible commission of exactly $0.

[quote]Giant hedge funds like Melvin Capital now find themselves at the mercy of thousands of small investors using the internet to coordinate their buying attacks. The bottom line: Short-selling — betting that a company's stock is going to fall — is a crucial element of efficient markets. But, thanks to Reddit, it has also never been more dangerous.

[quote]Wall Street veterans say the newbies' lack of experience and diversification mean they’ll eventually get crushed by their trades.. So far, however, the small guys are laughing all the way to the bank.

by Anonymousreply 6401/27/2021

R64 - Of course wall street veterans are going to say shit like that - as if Wall Street people are the only ones who should play these games. Fuck them.

I hope some of these guys lose their jobs and savings. There is now an expectation to make a lot of money on Wall Street - not a hope - and they are screwing with the systems against the common man.

They didn't earn their multi-million dollar bonuses or lifestyles.

by Anonymousreply 6501/27/2021

I bought 50 shares this morning at $149. It's at $347 right now

by Anonymousreply 6601/27/2021

[quote] I'm sure both the Democrats' and Republicans' big finance-sector donors are furious about this. Their whole industry is about extracting from the masses.

Tough fucking shit for them. They make billions manipulating the market

by Anonymousreply 6701/27/2021

r66 ru doing anything w/NOK,AMC or BB?

by Anonymousreply 6801/27/2021

I bought some AMC.

by Anonymousreply 6901/27/2021

I heard about this this afternoon when most major trading platforms and reddit went down at the same time. Wonder what caused that.

by Anonymousreply 7001/27/2021

Nokia is the next one, but it actually has value.

by Anonymousreply 7101/27/2021
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by Anonymousreply 7201/27/2021

Ride it while it lasts, this is probably the domino to officially start the collapse.

by Anonymousreply 7301/27/2021

The Hedge Funds are calling for regulation. Fucking hypocrites. Where was the regulation when they fucked us all out of trillions in Tax Cut, stimulus and Bailouts?

by Anonymousreply 7401/27/2021

i wish i got in...I always miss the boat on everything!

by Anonymousreply 7501/27/2021

eff the hedge funds. Power to the PEOPLE

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by Anonymousreply 7601/27/2021

Just read a New York Times article saying the SEC is reviewing this sub and what is going on....🎮🎮🎮🎮🎮 (SEC PLS READ)

To the SEC retards in this sub: go fuck yourself. Why don’t you start investigating why companies can shut down trading so their hedge fund buddies don’t lose money. But when people lose money it’s completely ok. Eat a dick.

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by Anonymousreply 7701/27/2021

Based Fox Business host goes OFF

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by Anonymousreply 7801/27/2021

Yes, I am up over 200% on this.

Folks please disregard the sailor talk you see when you visit Wall Street Bets on Reddit.

There are maybe like 3 or 4 whales lurking there, but most of these people are people playing with $5,000 accounts that they’d rather not collect 0.01% interest on.

People donate to St. Jude with their gains, people are paying off their student loans. One person said they can afford their sister’s Lyme Disease treatment. FOR YEARS, Wall Street told you 6-7% a year was good enough while they collect 1-2% of it.

We need to get the Democrats to ignore their donor class. How many of you still haven’t recovered from ‘08?

Fuck Wall Street!

by Anonymousreply 7901/27/2021

And this is why we needed Elizabeth Warren...

by Anonymousreply 8001/27/2021

Anyone public figure who tries to insult the redditors is out of touch. No one has sympathy for a HEDGE FUND.

It's literally the elite of the elite.

by Anonymousreply 8101/27/2021

Warren Buffet calls for regulation to destroy the Redditors.

by Anonymousreply 8201/27/2021

[quote] One person said they can afford their sister’s Lyme Disease treatment. FOR YEARS,

The treatment for Lyme disease is doxycycline, which you can buy at pet stores for like $40.

by Anonymousreply 8301/27/2021

AMC stock is declining in after hours trading. Does that mean anything whatsoever? I'm thinking of buying some. Tomorrow morning.

by Anonymousreply 8401/27/2021

R84 Nokia is the only one that’s left to play

by Anonymousreply 8501/27/2021
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by Anonymousreply 8601/27/2021

If you’re baffled by the lingo on reddit r/wsb, here’s a guide

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by Anonymousreply 8701/27/2021

Unfortunately this took the whole market down today.

by Anonymousreply 8801/27/2021

[quote] ru doing anything w/NOK,AMC or BB?

Yes, I bought AMC this morning for $11.60. It was up to $19.90 but it's down to $16.10

I work from home and can watch how each is performing. On something like this, you have to watch it constantly

AMC just got a big infusion of cash (almost $1 billion). So they are probably the best asset of all these stocks (except Nokia). If you buy stocks like this you need to have a plan on how to get out them. You have to know what price you will sell them at if they start to take a dive.

The best time to buy stocks is usually early in the morning (9:30 am). And day trader selling at the end of the day tends to push stocks down. A lot of people have used Robinhood.com to trade (no fee)

I also bought a couple hundred shares of AIkido Pharma Inc. (AIKI) stock. It was super cheap (less than $200). They are some pharm company that is doing research with psilocybin (mushrooms) for cancer treatment. Reddit said it was going to take off but if it doesn't I'll keep it. It closed at almost the same price I bought it for

by Anonymousreply 8901/27/2021

Have they thought about helping companies that do good and deserve support or is this just about Elon Musk and Memes.

by Anonymousreply 9001/27/2021

BAN R87 ! Dude is telling boomers about the club.

by Anonymousreply 9101/27/2021

It was Papa Elon R44.

by Anonymousreply 9201/27/2021

Well Reddit just nuked the forum.

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by Anonymousreply 9301/27/2021

We have DL R93.

by Anonymousreply 9401/27/2021

It just went private.

by Anonymousreply 9501/27/2021

R90 It's about punishing hedge funds. The solution to this is to more tightly regulate shorting stocks, which won't happen.

by Anonymousreply 9601/27/2021

lol

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by Anonymousreply 9701/27/2021

Discord banned WSB

Company spokes person said “WSB sever has been on our safety team’s radar for some time due to occasional content that violates guidelines this includes hate speech spreading disinformation and have issued multiple warnings” “Discord statement to be clear, we did not ban this serve due to financial fraud related to GameStop or other stocks. Discord welcomes a broad variety of personal finance discussions, from investment clubs and day traders to college student and professional advisors”

by Anonymousreply 9801/27/2021

It was inevitable, that subforum was nuts. It went from 2.4M members this time yesterday to 3.4M right before they closed it down. A topic would be posted and get 10K comments within an hour. I’ll miss it though.

by Anonymousreply 9901/27/2021

Mods current message to users

r/wallstreetbets

We are experiencing technical difficulties based on unprecedented scale as a result of the newfound interest in WSB. We are unable to ensure Reddit's content policy and the WSB rules are enforceable without a technology platform that can support automation of this enforcement. WSB will be back.

by Anonymousreply 10001/27/2021

The Discord statement is such BS lol.

by Anonymousreply 10101/27/2021

some outfit claims that shorts lost $14.3 billion on gamestop stock today.

if i live to be 100, i will still burn with anger about the bailouts in 2008. and so, right now ....

doo doo doo doo doo i'm loving it

by Anonymousreply 10201/27/2021

Elon should set up a site and servers just for them.

Take down the hedge funds.

by Anonymousreply 10301/27/2021

R102 today perhaps, but in total it's close to 2 billion.

by Anonymousreply 10401/27/2021

GME, NOK and AMC will likely all tank tomorrow.

by Anonymousreply 10501/27/2021

GME was down to about 249 at 7 pm but it's back up to 291 now.

by Anonymousreply 10601/27/2021

Long story short Melvin capital shorted GME. Once Ryan Cohen and his buddies from Chewey came on board investing in GME, Melvin rather than exiting their short positions on bullish news, they did an illegal move called naked short selling in attempt to bankrupt GME before GME could turn around. Well WSB got wind of this and rushed in to defend GME by buying stocks. Once it became a meme, other billionaires who are the true drivers of the long buying of GME (2 million wsb retards like me don't have enough money to buy 150m shares a day) jumped up to buy gme shares. What made gme unique was that Melvin and other shorters shorted more gme shares than there are outstanding. Like 138% as of 1/22.

Anyways, Melvin and shorters have been trying to bankrupt Elons companies and Chamath's investment for years and decades. I have no doubt they and their friends are the driving force behind this to get revenge on Melvin, Citron(Andrew Left), and other shorters for trying to bankrupt them

by Anonymousreply 10701/27/2021

r89 that's a good idea re: 'shroom stocks - will take a look. Clean energy/solar ones have understandably been doing well since Nov election. I'm happy w/WPRT & SPWR acq'd in '20

by Anonymousreply 10801/27/2021

Let's be honest these hedge fund bros and these billionaire Musk bros are the same person different jobs.

by Anonymousreply 10901/27/2021

Musk dreams and creates. And employs.

The funds suck creators dry and bilk small investors.

by Anonymousreply 11001/27/2021

Right r110.

I don't necessarily like Musk, but he actually does something.

Hedge funds don't add any real value to society, they are there to get the uber-rich even more rich.

by Anonymousreply 11101/27/2021

Of course these fucking scumbags are going to scream and cry that the SEC "do something!!1!!"

They think THEY are the only ones allowed to rape and pillage with impunity.

The nerve if the Great Unwashed to beat us at our own game! Waaaahhhh!

Time to get a day trading account behind by financial advisors back.

by Anonymousreply 11201/27/2021

[quote] Well Reddit just nuked the forum.

Of course. You can't go against the establishment. Except more of this over the next 4 years.

by Anonymousreply 11301/27/2021

This thread stated that the group had 2.4 million subs around 30 hours ago. Wall Street Bets has now over 4 million subscribers.

I subscribed but I'm not participating in the trading. It's just to show my support.

by Anonymousreply 11401/27/2021

They want the SEC to control and regulate this?

THIS comes from the same people who think any control or regulation from the SEC is unnecessary and over reach?

The same people who said they would monitor themselves, while they led us into the worse economic downturns every decade for the last 30 years due to their illegal and reckless activity?

Get me a violin.

by Anonymousreply 11501/27/2021

IT'S MA'AM!

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by Anonymousreply 11601/27/2021

Thanks for the tip on AIKi R89.

We should make a stock tips thread here at DL to serve as cliffnotes from Reddit. That place is hard enough to navigate, and especially now with all the looky loos.

by Anonymousreply 11701/27/2021

I seem to remember that the tax code was revised to make the money made by hedge fund managers taxed at only the 15% dividend rate rate,, like Mitt Romney's comepnsation from Bain Capital.

by Anonymousreply 11801/28/2021

R46 It's still on Reddit.

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by Anonymousreply 11901/28/2021

The OP's post in a thread on r/wallstreetbets and many of the other posts are incredibly moving. They describe how their families were destroyed by Wall Street's crash of the economy in 2008.

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by Anonymousreply 12001/28/2021

Sorry R46. I didn't realize that you were talking about Discord blocking r/wallstreetbets .

by Anonymousreply 12101/28/2021

I meant R93 not R46 on the above posts.

by Anonymousreply 12201/28/2021

It’s up crazy this am.

by Anonymousreply 12301/28/2021

Is anybody using Robinhood? They don't seem to have an option for limit orders

by Anonymousreply 12401/28/2021

American Airlines is now the latest surge this morning.

Apparently GE (General Electric) is next.

by Anonymousreply 12501/28/2021

I have GE!

by Anonymousreply 12601/28/2021

Just like r124, I am wondering if DLers would recommend the Robinhood app?

by Anonymousreply 12701/28/2021

Is AMC tanking?

by Anonymousreply 12801/28/2021

Yep, R128.

by Anonymousreply 12901/28/2021

The latest chatter is to buy Silver for a short squeeze. Like the metal commodity. Actually it’s way undervalued.

by Anonymousreply 13001/28/2021

In the end, the guys playing at this will be burned. Someone will hold on just a moment too long... and wham, it's all gone.

by Anonymousreply 13101/28/2021

I hope some of the porn whores are getting in on this. I

by Anonymousreply 13201/28/2021

From the Bloomberg article pasted in above:

[quote] Before this year, GameStop was a cash register for bearish traders, who borrowed and sold more shares than the company issued.

I kind of understand the concept of short selling, but I don't understand is where they borrow the shares from. Can someone explain? How do you borrow and then sell something you don't own? And who lends it to you?

by Anonymousreply 13301/28/2021

R133 you “borrow” a share that exists and is owned by someone else, when you short you “sell” at the current price and promise to buy it back later, if it goes up in price you have to buy back at a loss, it goes down you buy back with a profit.

by Anonymousreply 13401/28/2021

You borrow it from someone whose strategy is to stay in long-term and not play the quick ups and downs. People who want to make money fifty years down the road, not this year. And in a well-diversified portfolio you're going to have some of both. Leaving your money in diversified holdings for the long haul always means you'll eventually come out ahead.

So if you're holding onto GameStop regardless of what it does, because it's part of a wider portfolio that you don't touch, then it means nothing to you to let me have your GameStop shares for a little bit as long as they eventually go back to you like they never left at all. Problem is if the price goes up I'm on the hook for it, which suddenly the hedge funds think isn't fair and want regulations enacted to ensure that it doesn't happen. Only they may benefit from manipulating prices.

And then you have idiots screaming that "They earned that money, they shouldn't have to pay it in taxes! It's THEIRS! They worked for it! They EARRRRRNED it!". It's easy to keep all the money when you literally write the rules that say you get to keep all the money.

by Anonymousreply 13501/28/2021

The irony is that NOW it would be profitable to short GME.

by Anonymousreply 13601/28/2021

Now RH is locking out GME, NOK, etc. stock txns, exc for AAL

by Anonymousreply 13701/28/2021

People are freaking out about RH. But the overall message among them is "hold the line" and "buy the dip".

It's not over. The funds aren't anywhere near winning.

by Anonymousreply 13801/28/2021

Shame on RH.

by Anonymousreply 13901/28/2021

Robinhood funnels its trades through Citadel. Citadel is their master.

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by Anonymousreply 14001/28/2021

I was able to buy AAL on RH via limit buy @ open and turned around w/GTC limit sell. We'll see what happens

by Anonymousreply 14101/28/2021

Marge! The kids are playing Pump 'n Dump in the basement!

by Anonymousreply 14201/28/2021

R137, I wonder if it’s legal for them to do that?

by Anonymousreply 14301/28/2021

AOC gets it. I'm amazed.

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by Anonymousreply 14401/28/2021

[quote] Problem is if the price goes up I'm on the hook for it,

So the borrower of the stock has to pay the lender of the stock the new price? What's to stop the borrower to hold onto it longer until the price goes back down?

by Anonymousreply 14501/28/2021

Yes - the above post is true. These hedge fund assholes only pay 15% flat tax by manipulating the stock market. They don't pay taxes like the rest of us do - increasing with higher tax brackets.

They make millions and pay a tax rate of what most people pay at around $70-75k per year.

by Anonymousreply 14601/28/2021

SEC complaint form.

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by Anonymousreply 14701/28/2021

R145, the contracts expire at set times.

by Anonymousreply 14801/28/2021

[quote] the etymology of the word comes from chicken tenders, widely regarded as a dish suitable for kings and financial oligarchs

Eh?

by Anonymousreply 14901/28/2021

(quote)GME, NOK and AMC will likely all tank tomorrow.

R105 called it.

by Anonymousreply 15001/28/2021

I don't have anything, but this isn't over. If there are millions engaged with this, plenty of them are going to be pissed off at what happened today.

Check out panicked Leon Cooperman saying "bullshit" on CNBC.

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by Anonymousreply 15101/28/2021

Uh-oh, it gets worse. They just keep digging that hole.

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by Anonymousreply 15201/28/2021

Robinhood employee info supposedly.

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by Anonymousreply 15301/28/2021

"Just got a tip that Citadel reloaded their shorts before they told Robinhood to stop trading $GME.

"If this is true, Ken Griffin and the Robinhood founders should be in jail.

"This is class warfare."

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by Anonymousreply 15401/28/2021

The White House is allegedly involved.

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by Anonymousreply 15501/28/2021

Webull has no restrictions. I bet most people are going to move their accounts there.

by Anonymousreply 15601/28/2021

"I know this GameStop stuff is funny, but you have to remember this is hurting real people who own multiple boats"

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by Anonymousreply 15701/28/2021

Ben Shapiro:

Note: Robinhood absolutely should not be stopping trading of GameStop. Market mechanisms include the reality that some people will attempt to game the market mechanisms -- and some will pay the price. Restricting who can buy and sell is using a hammer on free markets.

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by Anonymousreply 15801/28/2021

Rashita Tlaib

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by Anonymousreply 15901/28/2021

For once I think I agree w/Ben Shapiro. This does not reflect well on RH

by Anonymousreply 16001/28/2021

Tlaib from R159:

This is beyond absurd. @FSCDems need to have a hearing on Robinhood's market manipulation. They're blocking the ability to trade to protect Wall St. hedge funds, stealing millions of dollars from their users to protect people who've used the stock market as a casino for decades.

by Anonymousreply 16101/28/2021

AOC:

I’ll be hopping on Twitch at 8:30pm tonight to discuss today’s developments with GameStop and retail trading. 👾Might have a guest or two join - we’ll see.

See you there!

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by Anonymousreply 16201/28/2021

[quote] Webull has no restrictions. I bet most people are going to move their accounts there.

They stopped allowing trades early this morning (around 10 am)

by Anonymousreply 16301/28/2021

I'm trying my best to understand this but am I right in thinking that the millions of people with no investing experience who joining the group overnight could lose everything? You have to know when to get out right? And the people who were early made the kind of money that sounds amazing and draws everybody in to do the same but if you go now and buy one of these stock for let's say $150 you could also wake up and find it's now worth $30 and you're screwed.

by Anonymousreply 16401/28/2021

The white house is helping the hedge funders

That's the wrong thing for them to do. Biden would be well advised not put the 1% above the other 99 %

by Anonymousreply 16501/28/2021

What do they mean when they say a hedge fund needs a bailout. Who bails them out? I thought the stock market was a casino and you have to expect to lose. So are hedge funds win/win. You either make a fortune or you bust out and get a bailout?

by Anonymousreply 16601/28/2021

r166 - "investors" in the fund have to pony up to cover loses.

by Anonymousreply 16701/28/2021

R166, the Federal Reserve.

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by Anonymousreply 16801/28/2021

In college I did a 6 month internship at the SEC inside the NYSE. Eye-opening. The market is rigged for the rich and they rarely if ever get punished.

by Anonymousreply 16901/28/2021

i hope they get all the scalps

by Anonymousreply 17001/28/2021

errybody’s tweeting about this

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by Anonymousreply 17101/28/2021

Robert Reich has been on a twitter tear all day.

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by Anonymousreply 17201/28/2021

[quote] That's the wrong thing for them to do. Biden would be well advised not put the 1% above the other 99 %

The financial foundation of the Democratic party is the 1% and Wall Street. Biden will never not put them first.

by Anonymousreply 17301/28/2021

is there any info on how much wall street gave to biden v trump?

by Anonymousreply 17401/28/2021

[quote] millions of people with no investing experience who joining the group overnight could lose everything?

Don’t gamble with money you can’t afford to lose, i.e. “everything.” A lot of people on r/WSB are buying fully expecting to lose. They’re not in it to make money, they’re in it to make a point and be part of a movement.

by Anonymousreply 17501/28/2021

right. you can blow your covid check on poppers or on bringing down ken griffin.

you're gonna get a headache either way.

but bringing down ken griffin lasts longer.

by Anonymousreply 17601/28/2021

It’s been an eye opening day today, watching the system react and rig itself against these retail investors. First off the handful of apps refuse to allow their customers to buy GME which would drive the price up. One of those platforms in particular, Robinhood has direct ties, and received a cash infusion from, another hedge fund with serious exposure to GME.

Another platform’s CEO (Interactive Brokers) went on both CNBC and FBC and flat out admitted they shut off buying these volatile stocks in order to save his own money. He also went on to say Biden’s plan for people to pay their fair share, “Bullshit!” Yes, that’s a quote.

The icing on the cake is that these Wall Street cats are doing all this under the guise of “protecting the retail investors” from themselves. Yet a year ago Robinhood’s faulty online app led some poor kid to think he was $700K in debt over even more complicated trades, so he committed suicide. Yet Robinhood hardly batted an eye and paid the barest of lipservice to the death.

I hope this is another cannonball in the artillery that needs to be launched at Wall Street. It started with Occupy Wall Street;I hope it ends with a guillotine in front of the Bull statue at the NYSE and a line of these financial douchebros waiting for the blade

by Anonymousreply 17701/28/2021

R177 - from your lips to God's ears. I would love Occupy Wall Street to start up again.

This is all documented and proof - just like BLM gained traction with actual videos showing the atrocities.

I really want this to be a show-down with Wall Street. Hell, I'm willing to lose $25k if we can manipulate the systems enough to make things more fair.

This has gone on TOO FUCKING LONG. Viva la revolution!

by Anonymousreply 17801/28/2021

Just saw the other thread about this. A lot of the same sentiment there, and I’m kind of amazed that this subject matter has breached DL’s sphere of awareness. Though they do embrace calling each other “retards” so maybe it’s the lack of PC?

Whatever it is, those “retards” have so many battle memes and imagery that I’m enjoying weaving DL into them.

Picture it: Thor, in front of Rohan’s armies, running towards Gandalf on the left of the field of battle. On the right flank, The Avengers and The 300 form the tip of a spear to split the enemy. Behind them a huge sea of caftans from which a steady sound of hissing rises above the battlecries...

by Anonymousreply 17901/28/2021

funny, r179/r177.

by Anonymousreply 18001/29/2021

[quote] is there any info on how much wall street gave to biden v trump?

Overwhelming backed Biden. Now we see why.

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by Anonymousreply 18101/29/2021

R149 It's common for autistic adults to latch onto certain foods as children and eat them almost exclusively as adults. Chicken tenders, especially the shaped ones, are joked about in online communities as the preferred food of autists. Since WSB's schtick is that they are autists using their condition to lucrative ends, chicken tendies become "the food of kings."

As an aside, I worked at a grocery store for years and based on my experience various flavors of Ramen and specific flavors and brands of yogurt cups are more common foods for autists to get stuck on. We had regulars.

by Anonymousreply 18201/29/2021

GME up 80% this morning.

by Anonymousreply 18301/29/2021

What did “occupy wallstreet” accomplish exactly?

by Anonymousreply 18401/29/2021

R184 It got derailed very quickly, and the rise of the social justice movement is directly connected to it.

Wealthy and high status people began promoting Gender Theory, Critical Race Theory, 3rd Wave Feminism, and Postmodernism in 2010 to distract young progressives from economic issues. You'll notice the one class SJWs don't care about is the middle class.

There is a study I will try to dig up, done last year, which tracks Google indexes for SJW terminology over time. There is a meteoric rise in late 2010/ early 2011.

by Anonymousreply 18501/29/2021

Is Europe copying this at all? Any European stocks skyrocketing?

by Anonymousreply 18601/29/2021

R185 That’s something I suspected all along. I also remember how snide and dismissive the media was towards the Occupy Wallstreet movement. I hope one day someone will write a exposé about this.

by Anonymousreply 18701/29/2021

^ “an exposé”

by Anonymousreply 18801/29/2021

[quote]still need to figure who brings the guillotine

I've got a couple flame throwers and about a dozen grenades left over from last year's war on xmas, will that help?

by Anonymousreply 18901/29/2021

Wasn't there a protest at the stock exchange last night?

by Anonymousreply 19001/29/2021

I think the core problem of Takeover Wall Street is that I don't remember any specific calls to change anything - just angry protests. The same thing with BLM - until they created some demands.

The problem with both is that you ended with with these radicals who just like to protest and destroy stuff (see Portland) without any points or demands to change the system. Just angry loud outbursts.

Previous protests (Vietnam War, Racial Equality) had clear goals - end the war and end legal racial discrimination. These new protests are for more convoluted and distinct issues that need to be publicized and articulated.

And the demands have to be realistic, not some "If I ruled the World" list of fantasy, delusional demands that turn people off.

by Anonymousreply 19101/29/2021

This is a good recap of how Hedge Fund managers have always manipulated the market for their own profit by going on CNBC and other media outlets and scaring investors which tank certain stocks for their benefit. But when small investors do something like that, we need to bring in the regulators.

It also explains how RobinHood appears to be doing the bidding of the Hedge Fund managers by stopping Robinhood users from buying GameStop (that was yesterday.)

Warning: this is FoxNews, so you are going to get attacks on Janet Yellen, who apparently made a lot of money from Hedge Funds, and some drifting into the role of identity politics is this. But if you can't ignore some of that, you'll see Tucker go off on the Wall Street Elites, and one of his guest calling for prison sentences for some of them. (Okay, that's never going to happen, but it's a nice dream.)

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by Anonymousreply 19201/29/2021

[quote]"If I ruled the World" list of fantasy, delusional demands...

Haha the CHAZ charter in Seattle was literally that. So beautifully put.

by Anonymousreply 19301/29/2021

[quote] you are going to get attacks on Janet Yellen, who apparently made a lot of money from Hedge Funds

And you think a person who received $800,000 in “speaking fees” from a hedge fund should not be attacked for it? It should be disquaifying.

by Anonymousreply 19401/29/2021

Warren wants share prices to reflect fundamentals, actual value.

I think that means "ordinary investors shouldn't be able to speculate anymore - for their own good."

Guess who'll be allowed to speculate, no matter the law.

by Anonymousreply 19501/29/2021

That Dave Portnoy person is a fucking right-wing asshole. Fuck off outta here with his shit.

Where did he come from anyways? Is he another “youtuber”?

by Anonymousreply 19601/29/2021

Interesting, R185, I would love to see that SJW Index.

by Anonymousreply 19701/29/2021

How about this? Hedge funds are no longer permitted to "borrow" stocks. Period.

I can't use credit cards to buy lottery tickets so these fuckers shouldn't be able to borrow MY stock to play their little games, either.

Stop using MY MONEY to play your casino game. That shit should be illegal.

by Anonymousreply 19801/29/2021

China gives death sentences to corrupt officials, and while most are reprieved to life in prison, they do execute a few every now and then.

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by Anonymousreply 19901/29/2021

The real-life Deepfuckingvalue is revealed: he’s a 34 year old Chartered Financial Analyst in Massachusetts, Keith Gill. He’s also a multi millionaire (on paper anyway.)

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by Anonymousreply 20001/29/2021

Mr. Gill, aka deepfuckingvalue. A legend.

WSJ has an interview with him but it’s paywalled.

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by Anonymousreply 20101/29/2021

The (paywalled) WSJ link

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by Anonymousreply 20201/29/2021

R192, don’t let FN or Tuck take credit as some kind of champion for the people. That is not going to fly here.

Find a better source for one thing.

And you need to atone by posting vids from the years of Carlson defending the Wall St and all of the right wing’s “free market” scams.

by Anonymousreply 20301/29/2021

R202 is also paywalled.

by Anonymousreply 20401/29/2021

so how much did you all make?

I didn't buy anything. I'm always late...I miss all the moves.

by Anonymousreply 20501/29/2021

[quote] so these fuckers shouldn't be able to borrow MY stock to play their little games

You can stop them now for your own stocks. Your brokerage has to ask your permission to let your stocks be borrowed. You can say no. Look through the papers you signed when you initially opened your account, it's in there.

by Anonymousreply 20601/29/2021

[quote] Stop using MY MONEY to play your casino game. That shit should be illegal.

According to r/wsb you can contact your broker/financial institution/whatever and request that your stock holdings NOT be lent out, r198

by Anonymousreply 20701/29/2021

The default should be "no", r206.

They are using MY money and YOUR money and trachers' money and police pensions to okay this fucking casino game. It should be illegal but since congress won't outlaw it, the default setting should be "no, you may NOT use my stock to buy short".

Then the onus would be on these vultures to scrape up enough money from their OWN PICKET or their cronies pockets.

by Anonymousreply 20801/29/2021

Another discussion from the Hill.com on how this GameStop issue shows that the system is rigged against the little guy. People always talk about the rigged system in general way, but here they get very specific.

I wish Rachel would do a show in depth on this. I think Chris Hayes is doing stuff on this, but I mean the big guns.

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by Anonymousreply 20901/29/2021

r196 lol - portnoy is right wing

let's face it; our party is basically sucking the dick of wall street. we pretend it's not the case, but all these asshole trump types on wall street are up biden's ass. and he's gotta keep the party jizz flowing to keep 'em happy.

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by Anonymousreply 21001/29/2021

R181 I think you’re going to have to draw a more direct line between Wall Street’s campaign contributions and any significant deviation in Biden’s behavior or from his policies.

As I stated earlier... the CEO of Interactive Brokers quiet loudly decried on CNBC that the plan for everyone to pay their fair share, which involves a new tax bracket on the uber wealthy, was, and I quote, “BULLSHIT!”

by Anonymousreply 21101/29/2021

r211 - always follow the money

don't let your bias get in your way of the troof

by Anonymousreply 21201/29/2021

I wish a mean Charley Horse on those hedgies!

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by Anonymousreply 21301/29/2021

So did this end yesterday? Do the hedge funds have to cover their shorts?

by Anonymousreply 21401/30/2021

Is there a public record somewhere of when shorts are taken? How did these Reddit people know to step in and try to stop the damage to these companies?

by Anonymousreply 21501/30/2021

[quote]when shorts are taken?

At every single one of my parties.

by Anonymousreply 21601/30/2021

THIS type of activism, based on liberal / left ideas of fairness and leveling the playing field, is what our society needs and can be embraced.

I've been saying this for a long time. If you want REAL change, focus on the American societal issues that are broken: health care, cost of education, student loan racket, and stock market.

These are all positions that 95% of the population would be behind. Instead we get this focus on pronouns, cultural appropriation, 46 types of gender, and other bullshit that only a small percentage get behind or understand.

If SJWs want to make a real impact, then these should be top priorities. Investigate and learn about the systematic problems and promote solutions for economic fairness. Nobody gives a shit about Xe/Xer when they can hardly make ends meet while working full time.

Compassion for others declines when people don't feel like anyone is looking out for them. You see it in countries with extreme wealth gaps and distribution.

Meanwhile, countries with more equitable wealth distribution tend to be more stable, have a higher happiness index, and are generally more tolerant.

I'm not saying BLM and MeToo aren't valid movements - they are. But they lacked focus and I would argue they still do.

You won't get anywhere anymore with "hey hey, ho ho, X has got to go" chants and shouting at people in the streets. Identify 3 things you want to change in a system and focus on that.

Perhaps this should be a topic for another thread.

by Anonymousreply 21701/30/2021

WW for r217

by Anonymousreply 21801/30/2021

ihor dusaniwsky has been providing regular updates on the volume of short gme bets.

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by Anonymousreply 21901/30/2021

R217, loved what you wrote and no, I don't believe it belongs in a different thread. Being part of this frenzied crowd, reading others' thoughts and experiences on r/wallstreetbets (some Twitter too), has opened my eyes even more to the troubles and tribulations of people who feel like they are finally part of something that will help change (or even destroy) a system that has kept a knee on their necks for so long. And I only invested on Wednesday!

A lot of the buzz and discussion about this whole affair mirrors a different discussion: the one about politics, "As Seen On TV!" Sometimes it's as simple as replacing "Robinhood" with "Joe Biden" and the level of vitriol is the same. I only sunk money in GME after I realized that the fervor I saw on WSB matched that of a MAGA Rally and I started to assume these people were not going to let up no matter what the Hedge Funds threw at them. After only three days though, I feel like I am part of the movement myself and it's not because we have the common interest of making money. Actually, the hesitancy and anxiety I usually feel when making even a slightly risky investment is missing, and I am comforted with the thought that if I lose on this trade, I will still be part of a community that will accept and support me because they've been there themselves (Loss Porn). I guess this is how radicalization works.

I've spent some time thinking about all this, how economics and politics seem to intersect; that's why I think R217's post is spot on. I read a post that said "one can have an Economics discussion without mentioning Politics, but it is impossible to have a Politics discussion without mentioning Economics." I've been enjoying the Economics discussions that touch on policies, but leave the personalities out of it.

by Anonymousreply 22001/30/2021

[quote] did this end yesterday? Do the hedge funds have to cover their shorts?

It will be a process over the next few days, starting next week. It won’t be a one-day thing.

by Anonymousreply 22101/30/2021

[quote] How did these Reddit people know to step in and try to stop the damage to these companies?

Read r8, r9, r10, r11 and r13. (It’s a long story.)

by Anonymousreply 22201/30/2021

GameStop winners and losers: How small 'Wolves of Reddit' investors are now MILLIONAIRES on paper and 'Roaring Kitty' is up $31M - while hedge funds face $19B in losses

The staggering rally of shares in beleaguered video game retailer GameStop is minting new millionaires, and costing hedge funds billions of dollars - at least on paper.

GameStop shares rose another 70 percent on Friday in a staggering rally driven by small investors on the online forum Reddit that has seen the stock surge 1,800 since the beginning of January.

The army of small traders buying up the stock are vowing to hold on to their shares to force hedge funds that have bet against it to pay through the nose to cover their losses -- meaning that many of the new fortunes will be wiped out if and when the bubble bursts.

Vanover, like many others, has yet to cash out, and his gains could still be erased. But if he ends up on the winning side of the trade, he says he hopes to help his parents with their mortgage, and continue investing.

Vanover was off from work this week, quarantining after a coworker contracted COVID-19, but now thinks he won't return to his old job.

'I know I'm going to do two-weeks' notice,' he told CNN, laughing. 'So, I'll be nice about it.'

Keith Gill, the YouTuber also known as 'Roaring Kitty' was one of the leaders in the GameStop insurgency, promoting the potential for a short squeeze on the Reddit forum WallStreetBets, where users trade stock tips and opinions.

On Friday, Gill shared a screenshot of his trading account showing that he is up $31.5 million on a $755,000 investment he made in GameStop in July.

'I thought this trade would be successful,' he told the Wall Street Journal, 'but I never expected what happened over the past week.'

He said he would like to continue his 'Roaring Kitty' YouTube channel and buy a house. He also dreams of building an indoor track facility or a field house in Brockton, Massachusetts, his home town.

The biggest winners in the price action have been GameStop's large and long term shareholders.

GameStop's largest individual shareholder, Ryan Cohen, has seen his 13 percent stake increase in value by more than $2 billion over the past two weeks. The co-founder of online pet supply retailer Chewy, who joined GameStop's board this month, originally paid about $76 million for the stake and has seen his net worth increase by about $6 million per hour over the past two weeks.

Meanwhile, investor Donald Foss, the former CEO of a subprime auto lender, has seen his 5 percent stake increase by about $800 million, and GameStop CEO George Sherman's 3.4 percent stake is up about $500 million.

In addition to the individual stakeholders, BlackRock, the world's largest asset manager, could have made gains of about $2.4 billion on its investment in GameStop.

The asset manager owned about 9.2 million shares, or a roughly 13 percent stake, in GameStop as of December 31, 2020, a regulatory filing showed on Tuesday.

Assuming no change in BlackRock's position, the value of its stake would be worth $2.6 billion now, compared with $173.6 million as of December.

Hedge funds face billions in potential losses over bets against GameStop

On the losing end of the recent price action have been a number of hedge funds, who had heavily shorted GameStop stock, betting that the share price would fall.

Short selling is a way of making money off a stock if the share price goes down, and GameStop had been one of the most shorted stocks on the market when the Reddit group targeted it.

As of Friday, investors who bet against GameStop are sitting on about $19 billion in losses, with the damage topping $10 billion alone on Wednesday, when GameStop shares surged 135 percent, according to data from Ortex provided to Business Insider.

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by Anonymousreply 22301/30/2021

Hedge funds Citron and Melvin Capital said on Wednesday that they had closed out their short positions after suffering undisclosed losses.

Citron Research founder Andrew Left - once called the 'Bounty Hunter of Wall Street' and one of the key investors who had bet against GameStop - said on Friday morning that he would no longer publish 'short reports' and instead focus on opportunities for 'long' investments, a term for betting that the stock of a company will rise.

The notorious activist short-seller has claimed that he pulled the plug on his bets against GameStop after suffering losses of 100 percent as the stock surged this week.

Melvin Capital, the $12.5 billion hedge fund founded by Gabriel Plotkin, was one of the main targets of the Reddit campaign, after an SEC filing revealed that the fund had a large short position in GameStop.

New York Mets owner Steve Cohen had exposure to the turbulent situation as well, after his Point72 Asset Management teamed up with Ken Griffin's firm Citadel to inject Melvin with a combined $2.75 billion bailout on Monday to help the struggling fund.

Responding to a worried Mets fan on Twitter who asked if the GameStop situation would impact the team's payroll, Cohen wrote: 'Why would one have anything to do with the other'.

Maplelane Capital LLC, a New York hedge fund that started the year with about $3.5 billion, was down roughly 30 percent for the year through Wednesday, with its bearish GameStop position a significant driver of losses, sources told the Wall Street Journal.

by Anonymousreply 22401/30/2021

Remarkable story - I hope these guys who cash out do something good w/their windfall

by Anonymousreply 22501/30/2021

One of them bought a billboard on Times Square. “GME go brrrr”

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by Anonymousreply 22601/30/2021

r226 It was a user that goes by u/PidgeonLover. He’s buying space on the NASDAQ billboard on Monday too.

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by Anonymousreply 22701/30/2021

This happened too.

SUCK MY NUTS ROBINHOOD

As of yesterday they were only allowing users to buy 2 shares max of GME. You can sell as much as you want though. How is this legal?

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by Anonymousreply 22801/30/2021

HOLD

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by Anonymousreply 22901/30/2021

Uh oh. Watch out, Robinhood and hedgies, Auntie Maxine is coming after your ass.

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by Anonymousreply 23001/30/2021

$GME GO BRRR

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by Anonymousreply 23101/30/2021

A similar stunt took place in San Francisco where a plane was seen flying a banner over the city saying 'SUCK MY NUTS ROBINHOOD'.

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by Anonymousreply 23201/30/2021

I read through a lot of the WallStreetBets subreddit earlier this week before Reddit shut it down, and again this afternoon after learning here that it was re-opened.

I will say this--they don't seem to be the "newsboy giving stock tips," bubble-hysteria investors. They seem really young, and EXTREMELY PISSED OFF over the market manipulation and advantages that hedge funds and institutional traders enjoy in our system. It's personal, and they don't seem inclined to sell.

Good for them.

It's going to be a bitch for Wall Street, which hasn't seen this before and doesn't know what to do.

by Anonymousreply 23301/30/2021

R233, the /wallstreetbets crowd refers to THEMSELVES as "retards".

I was talking to a friend about this whole frenzy today and he said he was tempted to jump in and buy a few shares but he's concerned the SEC is going to find a way to "fuck the little guy because that's what they do. They aren't going to let those hedge funds lose that kind of money."

He works for a government contractor and has a pretty high security clearance so he's kinda paranoid.

I told him that if the SEC tries to fuck these share holders the guillotines WILL roll. And I will be there with my pikes ready.

by Anonymousreply 23401/30/2021

[quote] Remarkable story - I hope these guys who cash out do something good w/their windfall

A few of them gave donations to children's hospitals and some bought gaming consoles from Gamestop and donated them to children's hospitals

by Anonymousreply 23501/30/2021

[quote]'SUCK MY NUTS ROBINHOOD'

Fuck. Once again Robin Hood gets all the fun.

by Anonymousreply 23601/31/2021

R220 It's something all political stripes can get behind. Trump supporters love this, but it's being driven by progressives. This is the most effective progressive political action I've ever seen. It feels great. The ground is shifting.

Also, something needs to be said for progressives gaining respect from Trumpers. This is tangible and irrefutable proof that not only do progressives actually care about their needs, progressives can take effective action to help them. Another major shift.

by Anonymousreply 23701/31/2021

R233 Such is the way of online communities. What's banned in daily life gets exaggerated in spaces with free expression. 4chan called each others f*gs so much it's now used as a suffix to mean "guy who is seriously involved in something." I.e. trainf*gs, debatef*gs, bandf*gs.

by Anonymousreply 23801/31/2021

Robinhood will be bankrupt Monday morning.

by Anonymousreply 23901/31/2021

If this wasn't mentioned before - important to know:

Apparently Robinhood puts everybody in a margin account by default. Unless you read the disclosures and agreements carefully to know to opt out, surprise! You may not realize you're in a margin account until you get hit by interest payments on borrowed cash. The shortsell connection is that RH can lend stocks in margin accounts to short-sellers without seeking owners' permission because the stocks are bought with their, RH's money lended to Joe Schmo. And if Joe Schmo doesn't have a good grasp on brokerage accounts and trading, they may rack up huge debts on their margin accounts.

This default margin account is the same risk-creating tactic as the subprime mortgage lending before the 2008 crash which was designed to create more and more mortgage-backed securities and CDOs - because these securities offered better return than government securities.

Commission free and no-money down ain't free if you don't know what the game is and what you're doing.

by Anonymousreply 24001/31/2021

Hedge funds deserve this but why shouldn't i believe that these reddit bros purposely put all their money into gamestop stock and got their reddit minions to pump the stock up making them instant millionaires? Nice get quick rich scheme.

by Anonymousreply 24101/31/2021

R241, until they sell they are only paper millionaires, and nobody can predict how this is going to end. For now they say they're holding and buying.

They also seem to be operating with their own money, not other people's money like the hedgies.

by Anonymousreply 24201/31/2021

Despite the appeals to social justice, 99.9% of the people on r/wallstreetbets are purely motivated by greed! I was one of them, but checked out when I lost money on mostly everything being recommended (PLTR, Virgin SPCE, ARKG, ICLN). I got back on for the GME ride and made some money, but one thing I notice is that people with no experience investing are incurring serious debt to cash in on what they think is a sure bet. When I bout GME I knew I could afford to lose $1,000 if my timing was off. So many posts now are from people sacrificing their entire savings or buying on margin (totally unprepared for a call).

Also, I've noticed a lot of the people in my life who have struggled with drugs and gambling are now obsessed with GME, AMC, and Doggecoin. The people who made insane profits are those on the front end of the wave. I feel sorry for the millions of people delusional enough to think there's still time for them to make over 100% profits.

Best case scenario, this all leads to serious finance reforms that tighten the reign on hedge funds.

by Anonymousreply 24301/31/2021

Agree [R243] and I say this as a subscriber to WSB primarily for entertainment but also looking for stock tips. I made some money on Palantir. Most people are on that site to make money but the hedge funds made a mistake betting against this crowd as it attracted attention to their seedy practices. It remains to be seen what actions if any are taken as a lot of people will lose a lot of money on GME.

by Anonymousreply 24401/31/2021

As R130 said, the silver chatter is picking up speed.

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by Anonymousreply 24501/31/2021

Physical silver is currently unavailable from online sellers. I called a buddy who owns a “we buy gold” type store and he said he sold almost all of his silver at a steep premium over spot yesterday.

by Anonymousreply 24601/31/2021

Is it a pawn shop R246?

by Anonymousreply 24701/31/2021

I gotta bunch of dimes r246.

by Anonymousreply 24801/31/2021

WSB is a stock market forum, what else could they be about except making money?

They mainly do options plays. Made tons of money betting on Elon Musk and Tesla. But you shouldn't follow them blindly or do options unless you know what you're doing, and you know how to day trade on technicals.

I think what ticked them off about GameStop is that short interest was over 100%. And maybe some of them are fans of the company. They are massive Elon/Tesla fanboys too, and have made a good chunk of dough on TSLA options.

by Anonymousreply 24901/31/2021

R247

Essentially.

R248

Market watchers are expecting the overnight to open with a gap limit up. Tonight they will likely double in value.

by Anonymousreply 25001/31/2021

So, I'm gonna hang on to those dimes.

by Anonymousreply 25101/31/2021

All sold out.

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by Anonymousreply 25201/31/2021

Prices for junk silver

Morgan Silver Dollar- $79.95

Found one item as low as $62.95, but when you break it into grams per coin, $80/oz seems to be their estimate.

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by Anonymousreply 25301/31/2021

One of the BIG boys- nothing in stock.

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by Anonymousreply 25401/31/2021

R241 not all get rich quick, not exactly. DeepFuckingValue started building his position in Game Stop in mid-2019, and continuing to research it.

But yeah, lots of people are gambling with $$ they can’t afford to lose. We’re going to hear horror stories soon from WS media, as evidence that little boys need to stay in their sandboxes.

by Anonymousreply 25501/31/2021

[quote] It's something all political stripes can get behind. Trump supporters love this, but it's being driven by progressives.

It’s pretty remarkable when everyone from AOC and the Squad to Ted Cruz and Paul Gosar (AZ Rep. and major Trump supporter) publicly agree that the hedge funds and market manipulation must stop. How often do you see that?

by Anonymousreply 25601/31/2021

[quote] 99.9% of the people on r/wallstreetbets are purely motivated by greed!

Name someone in stocks who isn’t, r243. Wall Street has 2 motivations, greed and fear. No one is in it out of altruism.

by Anonymousreply 25701/31/2021

R255 Two things they stress over and over on WSB: 1) DD (due diligence, i.e. do your homework and know what you’re getting into) and 2) DON’T gamble with money you can’t afford to lose.

by Anonymousreply 25801/31/2021

r256 Republicans don't give a shit what wall street does, they could fuck over your average joe and they couldn't care less. These repugs want to win over the MAGAt white males who think they deserve to get rich quick. Cruz is running for president and he doesn't want the reddit and 4chan crowd to be his enemy like they were in 2016

by Anonymousreply 25901/31/2021

259

Democrats don’t seem to be willing to take them on either.

This transcends partisan politics.

by Anonymousreply 26001/31/2021

WSB also focuses on how much they lose e.g. ‘Loss porn’, which is a big source of amusement/comfort to them. The fact they admit to incurring serious losses and laugh about themselves seems to be lost in media reporting.

by Anonymousreply 26101/31/2021

The Republicans embracing deregulation has done so much to exacerbate wealth inequality in the US, and embolden risky investment practices. However, does anyone seriously think the wife of the owner of an investment firm, and a guy who represents the financial capital of the world, are going to do anything meaningful to help retail investors?

by Anonymousreply 26201/31/2021

wall street money went for biden in 2020; not trump.

this seems to be burning out now, so biden is spared the uncomfortable position of placating his paymasters on wall street and the anti-capitalist hard left part of the party.

yellen keeps her $800g+ speech money with no issues.

by Anonymousreply 26302/01/2021

What ever happened to the guy that was shorting Herbalife?

by Anonymousreply 26402/01/2021

bill ackman dumped the short

by Anonymousreply 26502/01/2021

[quote] The Republicans embracing deregulation has done so much to exacerbate wealth inequality in the US, and embolden risky investment practices.

Your partisanship has warped your sense of reality. It was Clinton who signed the repeal of Glass-Steagall.

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by Anonymousreply 26602/01/2021

[quote]What ever happened to the guy that was shorting Herbalife?

Too bad he failed, Herbalife was an MLM - a scam. Is it still in business?

There's a documentary about it, Betting on Zero.

by Anonymousreply 26702/01/2021

And... Crash.

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by Anonymousreply 26802/02/2021

Now at $90 in after hours trading, but the day's high was still $158.

by Anonymousreply 26902/02/2021

DFV’s latest YOLO update. He’s cashed out $14M, still has $8.4M worth of GME stocks and options (as of closing today.) Says he won’t be posting any more daily updates for awhile.

Oh and the SEC is “investigating.”

Wonder what his plans are for his newfound wealth?

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by Anonymousreply 27002/03/2021

P.S. he’s “lost” tens of $millions, on paper. Like upwards of $50M, I think.

by Anonymousreply 27102/03/2021

WSB has a dedicated thread for an “SEC intern meet and greet.”

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by Anonymousreply 27202/03/2021

But he's still UP $14 million.

Not abad place to be considering he only put in around $27K or so, from what I understand.

by Anonymousreply 27302/03/2021

R273 According to the statements he posts he bought 50K shares at $14.89 which would be $744,000 (unless I’m misunderstanding.) Seems like he went all in.

by Anonymousreply 27402/03/2021

This should be interesting

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by Anonymousreply 27502/03/2021

R274 he didn't really go all in. He's been in that since 2019 and he only recently added to it back in September or October of last year. He also didn't suffer any technical losses since GME would needed to have traded beneath $20 on 15 Jan 2021 in order for him to even suffer a true loss. His stock positions also can go literally to 0 and he still turned a profit. He also cashed out of some positions last week too. You have to realize he bought far OTM options back when GME was sub $8. his cost basis was literally 0.10 - 0.14 for 100 or 1000 contracts. Restated, on 15 January all his January 15th options were were at least 5,000 but he only paid max $14 to hold them. 14 x 100 = 14,000 price to hold vs. 100 x 5000 = 500,000 in profit. He had 1000 of the 10 dollar calls which were well over 2,000 each the previous week. He was profitable in December as well. So I say that to say his January $10 calls paid for his entire bet. Anything he makes or loses now literally doesn't hurt him. However if he sold when it touched 70+ that day he cashed out at least 5 million on a position he spent no more than 120k ( the totality of all options and stocks ) on. He's profitable from January 15th alone.

by Anonymousreply 27602/03/2021

R276 Yikes I can’t make head or tail of all that.

Anyway, GME is now $50 in after-hours trading. I feel bad for all the reddit “autists” who piled on and bought GME at $150-$350 last week and lost it all.

by Anonymousreply 27702/04/2021

They were warned, r277.

They knew they could lose their asses.

by Anonymousreply 27802/04/2021

Fintwit I follow was saying that retail investors (aka reddit /Robinhooders) could not drive so much short options / stock trading. Turns out they were right. As always, look to institutional money to see what's really happening.

[quote]Data shows institutional investors as drivers of large portion of the wild price action in GameStop last week. GameStop was not in the 10 most-bought names by retail investors last month, according to JPMorgan. “What was going on in the stocks forced the hedge funds to trade to cover, or they might have been playing, too, to win,” Piper Sandler analyst Richard Repetto told CNBC.Repetto told CNBC.... Retail investors were actually net sellers of GameStop from Tuesday through Thursday last week, according to data from Citadel Securities.

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by Anonymousreply 27902/05/2021

It's happening again!

And Reddit is down as a response.

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by Anonymousreply 28002/24/2021

Let’s pass the hat and buy a DL share!

by Anonymousreply 28102/24/2021

Alright, listen up you smooth-brained retard @R277 my boi Keith had far Out of The Money (OTM) calls from a long time ago. When the squeeze got squoze on January 15, DFV went to tendie town with diamond hands. My boi made a bunch of milli's off a less than 1 milli investment. When the squoze keep pamping my boi made more millies. All you need to know is a far OTM like GME 70 calls for February 26 before that Wednesday cost ~0.34 a contract ( meaning only $30 to bet yes, GME will pamp above 70 by this date). If you got out at the top that week for ever $30 bet you made you could have sold for $10,000 when GME touched 170+ that Thursday. For every $1 a contract goes ITM ( in the money) you gain $100 so a stonk (the underlying) going up $100 means a person's contract (option) goes up 10,000 . Does your smooth-brain get it now?

As for me spamming this thread with advice I cannot b/c we can't delete our posts. Yes, I knew GME was about to be squoze again on that Monday due to a call sweep timed perfect for EOM FINRA rules, no I did not bet on it . I had AMZN 3100 puts because GME is basically the new UVXY.

R279 I already knew it was Hedge Fund vs Hedge Fund from the Bid-Ask spreads and the logical fact the vast majority of retail cannot trade pre-market.

by Anonymousreply 28203/10/2021

when is Bitcoin crashing?

by Anonymousreply 28303/10/2021

No time in the next 3 years R283. BTC to the moon !!!

No but seriously no time soon. The S&P as well as SQ and a few more companies are all finding ways to legitimize its use. It's actually slated to used as a hedge against inflation in the next 10 years by the Treasury Dept.

by Anonymousreply 28403/10/2021

It’s a shame this thread fizzled out. I liked reading smart sounding, well-informed financial opinions from people who, I assume, can be equally cunty about pop culture or current events.

Quite the dichotomy, even for DL

by Anonymousreply 285Last Thursday at 6:28 AM

And there's Uncle Joe, he's actin' quite the 'ho' at the junction

by Anonymousreply 286Last Friday at 4:09 PM
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