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WallStreetBets reddit (GME GameStop)


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WallStreetBets reddit (GME GameStop)

  #21 (permalink)
 
elynt's Avatar
 elynt 
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I really enjoyed Matt Levine’s thoughts on the legality of the GME pump and the overall situation. Pretty good and informative read.

I used to read WallStreetBets on Reddit a few years ago before it took off. It used to be a great resource where people did decent stock research with the occasional meme play. Unfortunately it exploded in popularity about a year or so ago and then turned into a classic large subreddit - lots of edgy early 20 year old know-it-all’s. Can’t say I follow it much anymore. I do miss the old WSB though.

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  #22 (permalink)
 
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 AlexSobol 
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lightsun47 View Post
On a similar note Mike, forgot the name of that person, he's also a legendary short seller. He is short for Tesla since a while now. I bet he will have to exit sooner or later because it doesn't look like Tesla is going short anytime, especially with Musk being world's richest person.

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I believe you are talking about Michael Burry.

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  #23 (permalink)
 
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 SMCJB 
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Big Mike View Post
Melvin says they've exited their position.

What do you think retail does next? These guys on wallstreetbets?

I'd be wary about being heavily short anything!

Big Mike View Post
Who else is surprised by Melvin's quick defeat?

Quick maybe in time but not in losses. Losing 30% of a multi Billion hedge fund in 2 days is significant.


elynt View Post
I really enjoyed Matt Levine’s thoughts on the legality of the GME pump and the overall situation. Pretty good and informative read.

The Falcone/MAAX Holdings Inc story was new to me and a new classic. Will dig into that some more.

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  #24 (permalink)
 
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 Big Mike 
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AMC is the new GME. Interesting times.

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  #25 (permalink)
DmanX
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When the earlier buyers, the one's who've done the research and noticed that the %short relative to float was over 100%... start selling to take massive profits, there will be a bloodbath amongst the latter buyers.

What comes next is more regulation to protect the "stupids" from themselves.

Think of PDT rules and why it came about.

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  #26 (permalink)
 
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 forrestang 
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I am just hearing about this now, as it seems to be getting some play in the news...

But so I can get up to speed, is the jist...

That some reddit decided to send a stock to the moon....

Hedgefunds decided to short it, but eventually ran out of money, had to exit at a loss while GME continued to moon...

Is that about right?

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  #27 (permalink)
 
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 forrestang 
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LOL...

" Nasdaq CEO Friedman says the exchange will halt trading in a stock if they link unusual activity to social media chatter"

Although different exchange... looks like they are getting prepared.

It would be crazy if we have a new paradigm developing? Wonder how they'll respond to stop average joes from banding together to accomplish this against the money'ed funds?

I wonder how much of this you could tie into stimulus money? You could imagine someone getting a stimulus check for $600-1400, and having the attitude of... "Well, I'll throw $500 at something on wsb." They could do this for instruments that should have no reason to be mooning, like AMC or GME.

Worst case, they loose $500, of money they didn't really need. Best case... a whole lot of other people with the same mentality about that $500 force big money to exit at a loss?

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  #28 (permalink)
wewillfindhim
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elynt View Post
I used to read WallStreetBets on Reddit a few years ago before it took off. It used to be a great resource where people did decent stock research with the occasional meme play. Unfortunately it exploded in popularity about a year or so ago and then turned into a classic large subreddit - lots of edgy early 20 year old know-it-all’s. Can’t say I follow it much anymore. I do miss the old WSB though.

Unfortunately this event has only worsened that effect. Lots of astroturfing, spam posts, people that should obviously not be throwing their money into the market asking what a short is.... WSB needs to host another paper trading competition, that weeds out a TON of weenies who aren't really there to learn or do anything.

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  #29 (permalink)
 
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 SMCJB 
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forrestang View Post
I am just hearing about this now, as it seems to be getting some play in the news...

But so I can get up to speed, is the jist...

That some reddit decided to send a stock to the moon....

Hedgefunds decided to short it, but eventually ran out of money, had to exit at a loss while GME continued to moon...

Is that about right?

Sort of but in reverse. Bunch of people on reddit found some stocks that everybody was short and is squeezing them/sending them to the moon. And yes certain hedge funds are literally losing Billions! It's big news.

Gamestop is up 800% in a week, and 1700% this year.
AMC (movie chains) is up 570% in a week.
Blackberry is up 100% in a week.
Nokia was up 133% in a week at its high today but has retraced a lot.

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  #30 (permalink)
 
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 Schnook 
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The amount of short interest in GME was astonishingly high. With short interest already exceeding 100% of the float, you'd have to be an absolute moron to be short this thing.

Where the heck was Melvin's risk management on this one? Seriously those clowns deserve to be out of a job.

And whether it was Redditors, momentum players, or other hedge funds that put this squeeze on (probably, a combination of all three) doesn't really matter. Wall Street has played this game over and over again since long before any of us were even born.

People did their research, ID'd a huge positioning imbalance in GME, recognized a hugely asymmetrical r/r setup, and positioned accordingly. Good for them. Well played.

As for Melvin and his point 72 buddies, let's hope they learned a lesson in risk management (knowing these guys, I wouldn't hold my breath)

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