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40 minutes ago, Negatory said:

Robinhood is allowing people to close positions, just not create new ones.

Which only benefits the short sellers who want to continue to create fake sell ladders to manipulate the price lower.

Check out the order book that has entirely exhausted the sell pressure from private investment firms lol:

j6g1paf4h3e61.jpg
 

Hard to feel bad that investment bankers, which do nothing for the world, may have less boats. When short selling and greed goes too far.

 

While Robinhood is saying they are allowing people to close positions, the reality is they locked many people out today.  I have friends that were locked out of their accounts for hours and the stock price tumbled thus saving the hedge funds millions. 

I saw a report a little while ago saying a South Korean firm had been watching Gamestop and did not agree with the hedge fund short recommendation so they purchased a lot over the past two weeks.  Their trading was not inhibited and they sold near the peak making approximately $1Billion in profit.

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This is a first, but I 100% agree with Rashida Tlaib. 
 

Edit: FWIW, I also disagree that Reddit users should be labeled as “manipulators”. Correct me if I’m wrong but didn’t they notice that there were more shares being borrowed than what actually existed? So in my opinion the hedge fund managers were already manipulating the market with the shorting. 

27AE57F7-402A-487D-8349-8F8BADB45ADF.jpeg

Edited by kaputt
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2 hours ago, FLEA said:

Companies can always change strategies though; but that takes investment. Remember, Amazon was a book store once. 

Yes, although it would be a bit like a horse carriage company transitioning to automobiles.....in 1965. 

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1 hour ago, slackline said:

My buddy (big whig in the finance world) was telling me there's quite a few people in this little game that are going to have charges laid against them.  Lots of 401Ks tanked for this, i.e., a lot of little people are going to hurt a lot more than the caught with their pants down hedge fund managers.  I don't agree with some things happening on Wall Street, but usually what they do is backed by sound reasoning, not "Hey, let's screw Wall Street and pump fake value into this failing business model!"

Supposedly the SEC is already investigating and they are looking at the Reddit folks as possible manipulators...I don't know the answer here but I do know the hedge funds have been acting as market movers for years, driving prices up or down based on their deep pockets...when they finally get a taste of their own medicine that has made them billions and billions of dollars, they scream bloody murder.

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1 hour ago, slackline said:

My buddy (big whig in the finance world) was telling me there's quite a few people in this little game that are going to have charges laid against them.  Lots of 401Ks tanked for this, i.e., a lot of little people are going to hurt a lot more than the caught with their pants down hedge fund managers.  I don't agree with some things happening on Wall Street, but usually what they do is backed by sound reasoning, not "Hey, let's screw Wall Street and pump fake value into this failing business model!"

Perhaps, but not so sure about the last part.  The 2004 to 2008 CDO / subprime debacle pumped a lot of fake value into the previously solid and stable MBS market. 

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I don't agree with some things happening on Wall Street, but usually what they do is backed by sound reasoning


I guess the factors that led to the financial collapse of 2008 was all based on sound reasoning....It’s one thing, greed.

The events of today were 100% market manipulation by Wall Street. Melvin, the hedge fund shorted 140% of GameStop stock, yes more than was available. Citadel, funded Melvin when it became apparent they didn’t have the financial backing to cover their anticipated loses. Citadel also own Robinhood, which then conveniently stopped individuals from buying shares today. Oh yeah, the former FED Chairman during Biden’s VP term, Ben Bernanke, is a senior advisor to Citadel.

Wall Street makes and changes the rules in order to make money for themselves, they could give two shits about whom the destroy in the process.

The WallStreetBets crowd was literally acting in accordance with the rules of buying and selling stock. There should be people in jail for this...But we know that won’t happen, 1 person was given jail time following the 2008 meltdown.
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Don't disagree with the evils of Wall Street.  

I went back to look at his text.  He said some of these people probably committed felony market manipulation.  I understand the big picture in those words, but I won't pretend to understand the nuances found therein

 

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8 hours ago, SurelySerious said:

The only thing Ja Rule is outraged about is he didn’t buy low. 

Makes me think of Chapelle’s bit about why the hell people care what celebrities think. “Somebody get Ja Rule on the phone so he can make sense of all this!”

But, in reality, seeing the sheer number of people talking about this makes me think more of one of my favorite books: Extraordinary Popular Delusions and the Madness of Crowds, by Charles Mackay. It’s a nearly 200 year old book that talks about Tulip Mania, the South Seas Company, and the Mississippi Company and how average folks get swept up in get rich quick/can’t lose investments, as well as the aftermaths. Because the book was written in the 1840s, it doesn’t include the 1920s, the dot com, the housing bubble, and whatever we’re gonna call this next one, but it sure as hell seems to rhyme. It’s a good and quick read, for those that are interested. 

There’s a famous (if possibly made up) story of Joe Kennedy getting stock tips from the shoe shine boy on his way to work in 1929 and knowing the markets were toast. But, it does kinda hold true. When people you’d never consider talking about investments with are proffering investment advice, shit might be getting outta hand.

Gamestop/AMC/Blackberry business models, financial pictures, and/or operating environments didn’t drastically change in the last month, so the absolutely astounding increases aren’t based on anything fundamental. Doesn’t mean you can’t enjoy the ride or make money, but it’s not much more than going to Vegas and gambling. There will be losers.

Just be careful out there. Caveat emptor. 

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38 minutes ago, FDNYOldGuy said:

Makes me think of Chapelle’s bit about why the hell people care what celebrities think. “Somebody get Ja Rule on the phone so he can make sense of all this!”

But, in reality, seeing the sheer number of people talking about this makes me think more of one of my favorite books: Extraordinary Popular Delusions and the Madness of Crowds, by Charles Mackay. It’s a nearly 200 year old book that talks about Tulip Mania, the South Seas Company, and the Mississippi Company and how average folks get swept up in get rich quick/can’t lose investments, as well as the aftermaths. Because the book was written in the 1840s, it doesn’t include the 1920s, the dot com, the housing bubble, and whatever we’re gonna call this next one, but it sure as hell seems to rhyme. It’s a good and quick read, for those that are interested. 

There’s a famous (if possibly made up) story of Joe Kennedy getting stock tips from the shoe shine boy on his way to work in 1929 and knowing the markets were toast. But, it does kinda hold true. When people you’d never consider talking about investments with are proffering investment advice, shit might be getting outta hand.

Gamestop/AMC/Blackberry business models, financial pictures, and/or operating environments didn’t drastically change in the last month, so the absolutely astounding increases aren’t based on anything fundamental. Doesn’t mean you can’t enjoy the ride or make money, but it’s not much more than going to Vegas and gambling. There will be losers.

Just be careful out there. Caveat emptor. 

That's the thing, the people doing this know there will be losers. One Reddit or said it best. "I didn't risk $38 to possible make $500. I risked $38 to possibly cost a billionaire hedge fund $500,000." 

There are people trying to get a nice chunk of change off of this but there are far far many more that just want to stick it to the man, and causing a hedge fund to collapse is the most rewarding way of doing that. 

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I can't help but think this whole thing will end badly somehow, because the little man very very rarely wins.

That said, I bought $AMC on the dip. Partially because they just used the short sell spike to pay off their debt (very wise business decision) and also because I do think we'll see a rebound of people going out and doing shit after the 'rona subsides.

Relatively short term play, but a chance for decent gain. Couple that with this short squeeze and a chance to say f-you to the financial hedge fund bros? I had to. If I lose some/all? I sent a message, so it was worth it.

Also, this political bi-partisanship might be show, but I've seen from a number of outlets/articles that both sides are actually shocked by Robinhood's suspension of trading. So, for a brief moment, I felt relieved that something might get done. But, then I saw AOC tweeted this to Ted Cruz's agreement with her:

They can't get out of their own way, even when that "unity" happens by pure dumb luck. So much for that feeling; it was nice while it lasted.

Edited by Kiloalpha
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But, then I saw AOC tweeted this to Ted Cruz's agreement with her:
They can't get out of their own way, even when that "unity" happens by pure dumb luck. So much for that feeling; it was nice while it lasted.


I don't have a problem with AOC's reaction. Seems like she's willing to work with the GOP in this issue, just not with the handful of Republicans that supported the rioters/insurrectionists and undermining our democracy.

The fact that the GOP hasn't taken any action against those handful of Republicans points to a lack of principle on the GOP's part.
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3 hours ago, FDNYOldGuy said:

 

Gamestop/AMC/Blackberry business models, financial pictures, and/or operating environments didn’t drastically change in the last month, so the absolutely astounding increases aren’t based on anything fundamental. Doesn’t mean you can’t enjoy the ride or make money, but it’s not much more than going to Vegas and gambling. There will be losers.

 

But that's just it.  GameStop is poised to dramatically change their business model.  The inciting incident was Ryan Cohen buying a ~12% share and taking over the board.  This is a guy who has extensive experience in building an online store.  And he's appointed Nintendo's Reggie Fils-Aime to the board of directors.

Do I think that makes GameStop worth $300+ a share?  Probably not.  But it was likely worth a lot more than Melvin Capital was driving towards.

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51 minutes ago, Kiloalpha said:

I can't help but think this whole thing will end badly somehow, because the little man very very rarely wins.

That said, I bought $AMC on the dip. Partially because they just used the short sell spike to pay off their debt (very wise business decision) and also because I do think we'll see a rebound of people going out and doing shit after the 'rona subsides.

Relatively short term play, but a chance for decent gain. Couple that with this short squeeze and a chance to say f-you to the financial hedge fund bros? I had to. If I lose some/all? I sent a message, so it was worth it.

Also, this political bi-partisanship might be show, but I've seen from a number of outlets/articles that both sides are actually shocked by Robinhood's suspension of trading. So, for a brief moment, I felt relieved that something might get done. But, then I saw AOC tweeted this to Ted Cruz's agreement with her:

They can't get out of their own way, even when that "unity" happens by pure dumb luck. So much for that feeling; it was nice while it lasted.

How many of you would go to the office every day if you thought someone in the building had attempted to murder you?

She's trading talking points for progress.  Can't let the leftist base know that you're willing to work with Ted Cruz.

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58 minutes ago, Kiloalpha said:

I can't help but think this whole thing will end badly somehow, because the little man very very rarely wins.

That said, I bought $AMC on the dip. Partially because they just used the short sell spike to pay off their debt (very wise business decision) and also because I do think we'll see a rebound of people going out and doing shit after the 'rona subsides.

Relatively short term play, but a chance for decent gain. Couple that with this short squeeze and a chance to say f-you to the financial hedge fund bros? I had to. If I lose some/all? I sent a message, so it was worth it.

Also, this political bi-partisanship might be show, but I've seen from a number of outlets/articles that both sides are actually shocked by Robinhood's suspension of trading. So, for a brief moment, I felt relieved that something might get done. But, then I saw AOC tweeted this to Ted Cruz's agreement with her:

They can't get out of their own way, even when that "unity" happens by pure dumb luck. So much for that feeling; it was nice while it lasted.

AOC is simply a horrible human being...

On the comedic relief front I found this too funny not to post.

Billy Ray.jpg

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47 minutes ago, jazzdude said:


 

 


I don't have a problem with AOC's reaction. Seems like she's willing to work with the GOP in this issue, just not with the handful of Republicans that supported the rioters/insurrectionists and undermining our democracy.

The fact that the GOP hasn't taken any action against those handful of Republicans points to a lack of principle on the GOP's part.

 

Well, I guess you have a problem with AOC supporting riots to murder cops this summer right? Remember when she said riots should make people feel uncomfortable? Or are we being disingenuous? I actually have a lot of respect for AOC but this was a missed oppurtunity for her. Nothing about her comment is bipartisan, it's actually quite polarizing. She should have taken the higher road on this one. 

 

Basically, she just jeapordized the chances of this movement to have meaningful change for the average person by risking politicizing the issue; because she can't get over her own political ego. Unsat.

Edited by FLEA
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1 hour ago, pawnman said:

But that's just it.  GameStop is poised to dramatically change their business model.  The inciting incident was Ryan Cohen buying a ~12% share and taking over the board.  This is a guy who has extensive experience in building an online store.  And he's appointed Nintendo's Reggie Fils-Aime to the board of directors.

Do I think that makes GameStop worth $300+ a share?  Probably not.  But it was likely worth a lot more than Melvin Capital was driving towards.

I’ve been in the tech and retail electronics world for quite some time post USAF/ANG. GameStop will die.  Beyond their phony baloney four pillar recovery plan, the basic dynamic is this:  Gaming is a business with the least to gain from a retail presence.  Over 50% and growing game purchases are digital.  This will continue beyond the pandemic. When even consumer electronics companies that make products with a significant tactile aspect (e. g. Bose) are closing stores, the writing is on the wall.  Without retail, GameStop really has nothing unique to offer customers as an independent enterprise. Their online capability is lacking innovation and substance. My read is that Microsoft really partnered with them to harvest their marketing capability, use them as a separate entity to grow dedicated online infrastructure, and eventually mitigate their taxes via assuming debt via absorption. I have to say, I chuckled at the press release info about providing retail personnel with customized Surfaces to enhance the purchase experience. Basically trying to do what Apple did 10 yrs ago. 

That said, I love the fact that the average investor beat the big wigs at their own game.  Pure capitalism, not crony capitalism  .  

 

Edited by Swamp Yankee
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The average investor is at such a disadvantage...especially when the ruling class is all in on it.

Don't want to read the article...summary - The Pelosis bought Tesla call options right before Biden announced the entire government fleet was going to switch to EV.

https://www.refinery29.com/en-us/2021/01/10280347/nancy-pelosi-tesla-stock-investment-politicians-ethics

 

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1 hour ago, FLEA said:

Well, I guess you have a problem with AOC supporting riots to murder cops this summer right? Remember when she said riots should make people feel uncomfortable? Or are we being disingenuous? I actually have a lot of respect for AOC but this was a missed oppurtunity for her. Nothing about her comment is bipartisan, it's actually quite polarizing. She should have taken the higher road on this one. 

 

Basically, she just jeapordized the chances of this movement to have meaningful change for the average person by risking politicizing the issue; because she can't get over her own political ego. Unsat.

It was nice to see AOC and Cruz with some backbone during the GameStop events, even if opportunistic.  AOC is like a whiny, if bright, teenager who reads Mother Jones but has no idea how the world works.  I don’t agree with 75% of what she says but I do think she means well, sort of like a young Bernie.  

Edited by Swamp Yankee
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12 minutes ago, ClearedHot said:

The average investor is at such a disadvantage...especially when the ruling class is all in on it.

Don't want to read the article...summary - The Pelosis bought Tesla call options right before Biden announced the entire government fleet was going to switch to EV.

https://www.refinery29.com/en-us/2021/01/10280347/nancy-pelosi-tesla-stock-investment-politicians-ethics

 

Yes.  Congress is the only place you can make $174k yet become a multimillionaire.  

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Bought some GME @ $17, sold for a tiddy $1K gain at around $40.

Bought some more @ $128 avg...still holding.  This could tank, and I'm still up retardedly for the year.  I am hoping I can get it up (STS) enough to cover a good chunk of a new deck I need.  For real...we can't walk on it, it's a hazard.

I watched some of AOC's stream last night, didn't seem like a horrible human being. Seemed like an American I don't always agree with.  Get that "horrible human" shit out of here and into the Pres thread.  She had interesting guests on I also didn't agree with but provided very interesting perspective.

10 minutes ago, Swamp Yankee said:

Yes.  Congress is the only place you can make $174k yet become a multimillionaire.  

Funnily enough she spoke about this for a good clip.

That said it's been a wild ride seeing the clear manipulation in the market: timed equal volume sells to drive down price, the short-ladders, and finally locking out buyers on cash accounts (me).  How we don't have regulations against market makers also being/directly backing hedge funds is insane to me.  Same as we used to have on banks...until we got rid of them then...boom...2008.

 

Edit - here's the video of the dude that started it all:

 

Edited by 17D_guy
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