How's anyone supposed to feel bad for these people that were trying to drive a business bankrupt that employees a bunch of minimum wage workers? Not to start political conversation but this is like people apologizing for bad cops or racists. Edit- after seeing who wrote the tweet I see now this is probably sarcasm... my bad
I don't totally disagree with your point, however what the members of WSB have done a few times now is be able to organize enough to impact the market. There is a plan. The problem with any group in early stages of organizing is keeping everyone on target. In a pretty short period of time they moved a significant amount of wealth from the elite to the working class, which is what makes up the majority of the board. I cringe at so many comments I see of "just put in my last $100" but people are desperate and they're organizing to survive. Overlooking the organizing going on within the working class is a mistake the elite class is making right now. Not trying to get political but what is happening in the market is directly related to the class war going on in America today. And honestly, fuck the elites anyway. All the best!
90% of the users are going to get burned badly, but the sentiment behind all of this puts a smile on my face. I hope this is a sign that those with the wherewithal to invest at a young age are catching on to this and will work together to get a piece of the pie that has been manipulated against them for so long. That trick to trigger people's stops really pisses me off, so to hell with all of those manipulating bastards. Take that pie and beat them at their own game... ...until the powers that be change the rules to suit them again. You know it's in the planning stages now.
Amen, brother. A lot of people seem to think it's OK for WSB to do it, based on Hedge funds doing it for decades. What seems to be frequently overlooked is the people with money make the rules and they will make sure the rules favour them. The last thing hedge funds want is fairness. Something I find inspiring about the retail revolution is the revelation of how "not extraordinary" hedge fund operators, analysts, and the industry is. Wall Street is full of self aggrandizing charlatans who cannot compete when stripped of their systemic advantages. How many Wall Street analysts were able to analyze Tesla? Zero? Last year, a couple of people seemed to figure it out but they were literally shooting from the hip without a shred of data. Sandy Monroe said analysts are coming to him now because they don't want to look so ridiculous. It's about time. I've been watching Tesla tear downs, details, and business moves for several years. Wouldn't you think someone who claims to be an authority on Tesla ought to do the same? I would. The Wall Street mantra seems to be, "I have an MBA. I don't need to research." It's about time they had their asses handed to them.
You will not find any sympathy here for Melvin or any of those guys who we battled with over the years. Im all for the little guy getting a win here, but you know there will be ton of novices buying the top and left holding the bag, its just the nature of the beast.
With due respect, and i have a lot for you, who gives a shit? There is a loser in every short term trade. They volunteer for the possibility. Nobody promised them limitless prosperity with zero chance for downside. When you step up to the game of chance, you should be prepared to lose. I call it: Adult 101.
I just re-read my last post and it comes off hostile toward you. It was not intended to be. I consider you an online friend and i know you to be an excellent person. I apologize. But, here's the thing.... When people want to argue something they dislike for a reason they dont want to reveal, they start making crap up. Thats what the CNBC host was doing in T's video. Heaven forbid, someone should lose money in the stock market. Oh the humanity. I cant help but notice it wasnt a problem when hedge funds were stripping our parents of their retirement. But it became a problem when retail investors shifted to offense. Nobody is going to lose money in this thing. The retail investors will get rich. The hedge funds will get rich. Everyone will do far better than i could ever dream. Thats how it works. Its like vegas where everyone wins big money.
The thing about GIL even 15 years ago that impresses me and earned my utmost respect is the fact that he doesn't get red-faced and whine when we disagree or call him out. When others would use their jedi powers and ban the particular user just to show who the boss is, he just takes it in stride and listens. I'm very outspoken and have often walked the line, I think in a way he expects it and doesn't want you to keep quiet or become Mr. Apologetic. Just my 2 cents.
Ultimately at some point the little retail guy will get wiped out, sad but true. Its the nature of the beast. Been that way for decades, remember 2008? This time it is LOT different, we have a army of little guys putting in their last nickel and trying to stand up against the giant. So far they have done a incredible job that has forced a few very powerful players to drop on their knees and beg for mercy. The ultimate margin call. The world is watching and taking notes, the war may not be over but the battle has been won by the same folks that have opened up a lot of eyes. Gives a new meaning to the term of money talks and bullchit walks. This time the money has been taken from some very big players that hate to lose and literally have been beat in their own game by the very people they despise. What they fail to realize is the best is yet to come, the hornets nest has been kicked and the second and future generations have a taste of victory and are looking forward to the next play. Social media traders are different, they put the playbook out in the open for everybody to see, funny part is the opponent has a copy of it and still got beat in their own game. That takes courage.
Found it: Watched it. Lots of dancing on both sides. I call bull on Chamath going in for "research". It was a quick buck to be made. He could have easily watched from the sidelines and learned just as much. He also failed to mention (although it is painfully obvious) that lots will get greedy or distracted and get buried when the rug gets quickly pulled out from under them. He kept harping about how smart they were, and I am sure lots are, but it is plain to see that most were in for a momentum play. He should have just agreed with Scott and said as much, because it was true. Something like, "Of course it's not based on the fundamentals! The funds left themselves wide open for a short squeeze and they were squeezed. It was a positive feedback loop and made for one hell of a momentum play!" That would have shut Scott up. Props for bringing up the 2008-9 bailouts while the average Joe was hung out to dry. The cynical side of me thinks that Chamath is playing an angle to appeal to the young investors to gain a bit of a following from them so they can benefit mutually from this newfound power. He is a venture capitalist after all. I do not know him, but this is what my gut is telling me. I still like what he is saying overall though. And of course, Scott plays the "lets save the idiot investors from themselves" role nicely. Sorry, this is the free market working as it should. When you gamble in day trading, caveat emptor. Plain and simple. No sympathy for those who get greedy or those who chase the top, and CERTAINLY no sympathy for the funds caught with their pants down!
When the big shorts get shorted, history unfolds in front of your eyes. Funny part is they have been brought to their knees by their own greed and stupidity. The WORLD is watching.
Momo players don't need CHARTS/TA/FA, blah blah blah. Thank you for the compliment. LOL. On a more serious note, he meant it as a joke and it was taken as one. I have learned more from this MAN than money could spend going through trading courses and anything else you can buy. Safe to say he is on the side of the tiny retail folks like me and his training is free and always at your fingertips. I was one of the idiots that bought in the top of the 2006 market, when a Mc Donald's drive through worker could qualify for a 550k jumbo loan to buy their dream house. We all know how that worked out and ultimately who was responsible as we are now watching them crumble and fall to their knees begging for crumbs and another bailout. I found a forum on the net called, HOTSTOCKMARKETS and quickly joined "free" as I watched my hard earned money that I had invested into the market get stomped into obliviation. It was a bailout to me and many others that didn't have a clue. I learned how to trade my way back up the ladder and how to invest in a more responsible way.
Robinhoodapp has made buying GME, NOK and AMC impossible, you can only sell. The free market at work.
