Investment advice

[Gunpowder]

Call me paranoid, but I don't think letting memelords run the economy is going to go any better than Bush-era deregulation did.

It actually would, if it prevents hedge funds from manipulating markets with general impunity. It's not like reddit can just decide to buy any stock and do this to it. This is a unique set of circumstances.

[Gunpowder]

I don't know if people realize exactly how little effective regulation there currently is for large moneymovers, but it's minimal.

[The Sybian]

I don't know if people realize exactly how little effective regulation there currently is for large moneymovers, but it's minimal.

This. My guess is that if these guys continue to manipulate the market, regulators come down on them disproportionately to how they would go after investment banks. I'd guess the regulators protect the system from outsiders as much as they protect against fraud of major institutions, but I don't know much about this.

[tennbengal]

Well done SL.

This article helped me a bit...

https://slate.com/technology/2021/01/ga ... ssion=true

“I’m an old millennial. I’m tired of getting screwed by the globalist elites,” said another. “This isn’t left or right republican or Democrat. It’s the 1% versus everyone else.”

Basically that. They sent one fuckin' guy to prison in 2008! One!

They just let Trump move stocks with tweets. Fuck em

Yup. That's where I come down. The hedge bros that have fed on the unregulated Wall Street world in the last four decades having a sadz because of that same lack of regulation causes me exactly zero concerns. Fuck them all.

[Rex]

All I'm saying is GameStop better pay top dollar for my old PS3 games next time I'm there

[mister d]

I've tried to figure out something like this scenario with someone who works "in stocks" in the past and the general response was "it just doesn't/won't happen" and a basic belief the stock market balances and regulates itself.

[Gunpowder]

I had $3000 in AMC options that I couldn't sell today because TD didn't update the pricing until the price went down. I shed no tears for these fuckers.

[BSF21]

I had $3000 in AMC options that I couldn't sell today because TD didn't update the pricing until the price went down. I shed no tears for these fuckers.

Shit like this is why I think I'm mad about this stuff even more and why I don't daytrade. It just seems so fucking rigged.

[tennbengal]

Call me paranoid, but I don't think letting memelords run the economy is going to go any better than Bush-era deregulation did.

I mean, how are they any less qualified to speculate than the hedge fund bros? It's all...channeling financial alchemy.

[govmentchedda]

I had $3000 in AMC options that I couldn't sell today because TD didn't update the pricing until the price went down. I shed no tears for these fuckers.

Shit like this is why I think I'm mad about this stuff even more and why I don't daytrade. It just seems so fucking rigged.

Haven't tried to get access to do it in years, but the hoops that I had to jump through to be "allowed" to purchase put and call options on both John Hancock and Etrade were ridiculous.

[mister d]

Haven't tried to get access to do it in years, but the hoops that I had to jump through to be "allowed" to purchase ... and ...h J...cock ... were ridiculous.

[govmentchedda]

Robinhood down today?

[tennbengal]

[Brontoburglar]

I'm on the AMC bandwagon (25 shares worth)

[tennbengal]

I'm on the AMC bandwagon (25 shares worth)

Too bad the powers that be have turned off the spigot for the great unwashed.

[Gunpowder]

I had $3000 in AMC options that I couldn't sell today because TD didn't update the pricing until the price went down. I shed no tears for these fuckers.

Shit like this is why I think I'm mad about this stuff even more and why I don't daytrade. It just seems so fucking rigged.

Just gotta pick up the crumbs. I'm the crumb rat of wall st.

[Gunpowder]

I had $3000 in AMC options that I couldn't sell today because TD didn't update the pricing until the price went down. I shed no tears for these fuckers.

Shit like this is why I think I'm mad about this stuff even more and why I don't daytrade. It just seems so fucking rigged.

Haven't tried to get access to do it in years, but the hoops that I had to jump through to be "allowed" to purchase put and call options on both John Hancock and Etrade were ridiculous.

TD wasn't too bad. I just had to apply and say "yeah I know what I'm doing". Next thing I know some guy's calling me at 3:37pm on a Friday like "hey dude this is Sargeant George Steve Cum from TD, uhhh yeah you can't afford to be assigned on this Tesla option so figure that out in the next 8 mins k thx".

[tennbengal]

[Gunpowder]

Stock manipulation built the Kennedy family. Everyone is poor and the country is running giant deficits but there appears to be a ton of wealth around, where's it all at? I think people are starting to see where it's all at. Don't dare raise taxes on these people who have more money than they literally even know what to do with!

[Sabo]

Stock manipulation built the Kennedy family. Everyone is poor and the country is running giant deficits but there appears to be a ton of wealth around, where's it all at? I think people are starting to see where it's all at. Don't dare raise taxes on these people who have more money than they literally even know what to do with!

At this point, the US should just change the national anthem to Pigs by Pink Floyd.

[Gunpowder]

I'm up $5000 so far today in an account with like $17K in it and I can't focus enough to actually do any work. It will probably all be gone tomorrow too. This is insanity.

[mister d]

Don't dare raise taxes on these people who have more money than they literally even know what to do with!

Its not even dollars are a certain point, just prestige, but it still removes those dollars from the people who need it.

[sancarlos]

FWIW, I think the stock market is more egalitarian and fair to little retail investors than ever in the past. (This is relative - grading on a curve, mind you).

The manipulation that occurred in the Gilded Age, or in the 1920s was crazy. Now we have the internet information flow, Reg. FD, online trading, etc. all of which levels the playing field to some degree.

A market correction will occur sometime, but having more retail investors in the game nowadays can offset some of the abuses of hedge funds and I think that’s a good thing.

[wlu_lax6]

I had $3000 in AMC options that I couldn't sell today because TD didn't update the pricing until the price went down. I shed no tears for these fuckers.

Submit a complaint to TD and to the regulator. You would be surprised how effective that is.

[Gunpowder]

I had $3000 in AMC options that I couldn't sell today because TD didn't update the pricing until the price went down. I shed no tears for these fuckers.

Submit a complaint to TD and to the regulator. You would be surprised how effective that is.

I've decided to hold them for now.

I may complain though about the 2022 option I bought which was shortly thereafter un-bought in shady fashion.

[wlu_lax6]

Will be interesting to see how halts work against this type of event
https://markets.businessinsider.com/new ... 1030011156

Also liked the response from one of the hedge fund guys was "hope those folks who drove the price up don't forget to pay their taxes" in reference to the short-term gains.

[Rex]

I get the feeling that a lot of the folks who are in on this make enough losing trades to offset the gains for tax purposes.

[Gunpowder]

I've seen that so many times today. Like, motherfucker I'll pay my taxes with all of the fuckin' money I just made. I don't understand what the hell they are even talking about.

[The Sybian]

I've seen that so many times today. Like, motherfucker I'll pay my taxes with all of the fuckin' money I just made. I don't understand what the hell they are even talking about.

Meanwhile, hedge fund guys pay the lowest percentage of taxes on their income of anyone.

[Rex]

Ain't nobody getting 37 percent of this yacht

[Rush2112]

[tennbengal]

[tennbengal]

This was even more helpful to me than the slate article:

[tennbengal]

What is going on is that GameStop, a company that sells physical copies of video games next to Auntie Anne’s pretzel shops in dying malls, is the most highly traded asset in the United States, a “meme stock,” and currently the primary front in a micro class war. GameStop’s stock price jumped from $4 last summer to $20 at the end of 2020, to $40 two weeks ago. It was worth $100-ish at times on Monday and Tuesday, and as I write this it is worth close to $300. Essentially, many normal-ish people have made a huge bet against gigantic financial institutions and are currently winning. In practice this means we are seeing one of the largest wealth transfers from the financial ruling class to the middle and middle-upper classes in recent memory, so it is, understandably, the only thing anyone is talking about.

[tennbengal]

[sancarlos]

As you may know, Steven A. Cohen, founder of uber-hedge fund SAC Capital, is the new owner of the New York Mets.

[Johnnie]

This dude is really good. Breaks it down perfectly.

[Gunpowder]

[Gunpowder]

Many people still don't understand that there is an underlaying mechanism beneath this that is driving what's happening.

And while yes the stock will eventually crater, if you're up huge by this point you can hedge against losses. I've already hedged my AMC position - if it goes to 4 tomorrow I'll make nearly as much as I will if it stays at 20. "How will you pay the taxes" motherfuckers do you (not yinz frogs) think I don't realize that you have to pay taxes on gainz what is wrong wif you sons

[Johnnie]

Here's the full 33 minute interview. CNBC is trying to DCMA the fuck out of this apparently and it has to keep being re-uploaded.

Dude goes IN the whole time. Holy shit. The host is a fucking scab.