The Swamp

Its a great response, but I wish the Dems would ignore this whole issue and frame it as "we're dropping everything to focus on 0.0007% of the stock market versus the 30% of the public that needs stimulus" or something. Embrace populism.

mister d wrote: ↑Thu Jan 28, 2021 1:17 pm Its a great response, but I wish the Dems would ignore this whole issue and frame it as "we're dropping everything to focus on 0.0007% of the stock market versus the 30% of the public that needs stimulus" or something. Embrace populism.

I guess. Frankly, it is worth immediate congressional pressure to get robinhood and other apps to allow the little people the same access the hedge funds get.

tennbengal wrote: ↑Thu Jan 28, 2021 1:14 pm

P.D.X. wrote: ↑Thu Jan 28, 2021 1:11 pm That's the stuff right there.

Pure. Uncut.

I'm Tyrone Biggums for this

tennbengal wrote: ↑Thu Jan 28, 2021 1:23 pm

mister d wrote: ↑Thu Jan 28, 2021 1:17 pm Its a great response, but I wish the Dems would ignore this whole issue and frame it as "we're dropping everything to focus on 0.0007% of the stock market versus the 30% of the public that needs stimulus" or something. Embrace populism.

I guess. Frankly, it is worth immediate congressional pressure to get robinhood and other apps to allow the little people the same access the hedge funds get.

I think that's exactly my point? "Same access as hedge funds" just sounds awful in comparison to everything else going on and you can leverage that.

mister d wrote: ↑Thu Jan 28, 2021 1:36 pm

tennbengal wrote: ↑Thu Jan 28, 2021 1:23 pm

mister d wrote: ↑Thu Jan 28, 2021 1:17 pm Its a great response, but I wish the Dems would ignore this whole issue and frame it as "we're dropping everything to focus on 0.0007% of the stock market versus the 30% of the public that needs stimulus" or something. Embrace populism.

I guess. Frankly, it is worth immediate congressional pressure to get robinhood and other apps to allow the little people the same access the hedge funds get.

I think that's exactly my point? "Same access as hedge funds" just sounds awful in comparison to everything else going on and you can leverage that.

Ah, ok. Thought you were saying why bother with this with bigger things going on.

tennbengal wrote: ↑Thu Jan 28, 2021 1:58 pm

Depending on how you read "reloaded their shorts" that tweet goes different ways.

A_B wrote: ↑Thu Jan 28, 2021 2:39 pm

tennbengal wrote: ↑Thu Jan 28, 2021 1:58 pm

Depending on how you read "reloaded their shorts" that tweet goes different ways.

Coulda been my nickname in the summer of '89.

Citadel on that cabbage soup only cleanse...

sancarlos wrote: ↑Thu Jan 28, 2021 12:03 pm

DSafetyGuy wrote: ↑Thu Jan 28, 2021 11:54 am I'm just enjoying the concept of the wheels of capitalism being greased by the blood of the wealthy for once.

Yeah, but plenty of wealthy people are loving the pain felt by short sellers. Like, every CEO of a publicly traded company.

Well, until we build conveyor belts to the guillotines, we're not going to have it all.

Coincidentally, I bought Blackberry (BB; just 100 shares to play around with) in the spring/summer of 2019 because I thought it was a good value...their security software/patents are still worth something and I have his naive hope that the phones will make a comeback (even though they don't own the brand anymore I figure there will be a bump). I got around $8/share and watched it drop down to under $3...now it's caught up in this GME train ride. Shot up to $28 yesterday. I thought I was sitting pretty and was going to enjoy a bit more of ride until today when it dropped back down to $15ish. Come to find out it's on the banned-trade list along with GME, AMC, Nokia, etc.

What these platforms are doing is criminal.

Side note - at the same time I was looking at a Chinese electric car company called NIO...it was trading around $6-$8 when I first started looking then as I was considering it dropped down to $3-$4...I said "no way...to volatile and they'll probably tank or get taken over by the government or something". It's up to $58 as write this. This is why I don't do much with stocks.

GoodKarma wrote: ↑Thu Jan 28, 2021 3:44 pm Coincidentally, I bought Blackberry (BB; just 100 shares to play around with) in the spring/summer of 2019 because I thought it was a good value...their security software/patents are still worth something and I have his naive hope that the phones will make a comeback (even though they don't own the brand anymore I figure there will be a bump). I got around $8/share and watched it drop down to under $3...now it's caught up in this GME train ride. Shot up to $28 yesterday. I thought I was sitting pretty and was going to enjoy a bit more of ride until today when it dropped back down to $15ish. Come to find out it's on the banned-trade list along with GME, AMC, Nokia, etc.

What these platforms are doing is criminal.

Side note - at the same time I was looking at a Chinese electric car company called NIO...it was trading around $6-$8 when I first started looking then as I was considering it dropped down to $3-$4...I said "no way...to volatile and they'll probably tank or get taken over by the government or something". It's up to $58 as write this. This is why I don't do much with stocks.

This type of volatility does NOT happen anywhere near this often.

Gunpowder wrote: ↑Thu Jan 28, 2021 11:18 am 140% of the available shares were shorted

How is that even possible?

Back in the day, I helped build funds for the down payment on my first house using Motley Fool logic, but that's the last time I was into individual stocks. My 401k money is heavily focused on indexes, with the theory that over time, they'll see steady returns. Probably need to start locking that shit in at some point.

Just saying that the individual stock game has always seemed both arbitrary and very much fixed. I remember buddies basically getting inside information on stocks (at least they thought so) and that didn't really seem fair, but just cemented the notion that it wasn't so much about picking the right one, but picking the right friends.

/vaguely off topic post

wlu_lax6 wrote: ↑Thu Jan 28, 2021 12:36 pm If you enjoy reading this type of thing. Look at Herbalife versus Bill Ackerman. That was a 5 year battle of a guy going short because he thought it was a pyramid scheme. I lost track of the story, but he was super vocal and aggressive. I think it was close to a $1B loss for Ackerman (who went opposite Carl Ichan on this company).

https://seekingalpha.com/article/439407 ... balife-bet

Ackman is an activist investor, a class of investor which imho is just as nasty as the guys who focus on short-selling.

I handled Investor Relations at publicly traded companies for 25 years and dealt with those types of investors a few different times. They are slick and smooth but not nice people. It was kind of exciting, kind of nerve-wracking, and kind of a pain. But not boring. I’ve got some long stories about that stuff, too long to share here.

Baloney wrote: ↑Thu Jan 28, 2021 4:14 pm

Gunpowder wrote: ↑Thu Jan 28, 2021 11:18 am 140% of the available shares were shorted

How is that even possible?

https://www.investopedia.com/articles/o ... elling.asp

Freezing trades is just a bullshit insider way of letting the banks strategize how to combat this and future events, right? There's no legit reason?

mister d wrote: ↑Thu Jan 28, 2021 4:29 pm Freezing trades is just a bullshit insider way of letting the banks strategize how to combat this and future events, right? There's no legit reason?

I can't seem to parse one.

mister d wrote: ↑Thu Jan 28, 2021 4:29 pm Freezing trades is just a bullshit insider way of letting the banks strategize how to combat this and future events, right? There's no legit reason?

Completely. Robinhood is fucked though. EVERYONE should take their money/stocks elsewhere at this point.

Citadel is one of the very biggest hedge funds out there. Not too hard to imagine them shorting every share they could borrow this morning, then lobbying brokerage firms afterwards to pause trading.

sancarlos wrote: ↑Thu Jan 28, 2021 4:42 pm Citadel is one of the very biggest hedge funds out there. Not too hard to imagine them shorting every share they could borrow this morning, then lobbying brokerage firms afterwards to pause trading.

My last boss works for them now. He and I didn't get along.

govmentchedda wrote: ↑Thu Jan 28, 2021 4:35 pm

mister d wrote: ↑Thu Jan 28, 2021 4:29 pm Freezing trades is just a bullshit insider way of letting the banks strategize how to combat this and future events, right? There's no legit reason?

Completely. Robinhood is fucked though. EVERYONE should take their money/stocks elsewhere at this point.

Am thinking about doing this but don't know how or where to move it. Guess I could just sell everything I own and take the profit and pay the tax.

Can't roll it over to another account to avoid tax?

Yeah, I don't know specifics, but I'd assume rolling it over would avoid the tax.

He's still holding:



(This is the guy that made the big plays early on and gave everyone on Reddit the heads up. He's 'Roaring Kitty' on YouTube.)

Do we know how many shares are in the reddit people's hands?

P.D.X. wrote: ↑Thu Jan 28, 2021 5:03 pm Can't roll it over to another account to avoid tax?

You can do that. Years ago, I rolled from E-Trade to TD Ameritrade. On the way out, E-Trade charged me some high fees related to the transfer, though.

I don't even remember why I did it, except that I was pissed at E-Trade for some reason.

Bunch of stories out now about wallstreetbets being alt-right to scare people away. Also have seen some stories talking about how shit a company game stop is. But those stories are missing the point. It doesn't matter if a company is a shitty company. Just more propaganda by the ultra wealthy.

Sherrod Brown has chimed in:

https://www.brown.senate.gov/newsroom/p ... edge-funds

Am I reading this right? They would've taken down all of Wall Street because they would've triggered the theoretical infinite loss possibility?

(Wall Street Bets Reddit post in spoiler)

[+] spoiler

I kind of understand that. But, also, I don't remotely understand that.

(the johnnie reddit thing)

tennbengal wrote: ↑Thu Jan 28, 2021 8:43 pm I kind of understand that. But, also, I don't remotely understand that.

(the johnnie reddit thing)

I understand it spoiled Snowpiercer for me!

Also, I suspect that when these calls come due, the market/your broker/whomever comes after ANYTHING you have to cover your potential losses, which would have meant the intermeshed hedge fund network that likely everyone who owns a fund, or has pensions that own a fund, etc. would have been liquidated and the entire house of cards would have gone poof.

Ah. Ok. I think. Maybe time to regulate wall street again, huh.

govmentchedda wrote: ↑Thu Jan 28, 2021 8:51 pm

tennbengal wrote: ↑Thu Jan 28, 2021 8:43 pm I kind of understand that. But, also, I don't remotely understand that.

(the johnnie reddit thing)

I understand it spoiled Snowpiercer for me!

Also, I suspect that when these calls come due, the market/your broker/whomever comes after ANYTHING you have to cover your potential losses, which would have meant the intermeshed hedge fund network that likely everyone who owns a fund, or has pensions that own a fund, etc. would have been liquidated and the entire house of cards would have gone poof.

This is the point I haven't heard anyone say. If the the Redditor guys "hurt the Hedge Fund Bros," doesn't that wipe out people's retirement funds, university endowments and a lot of other really good and necessary things and ultimately destroy our entire system?

The Sybian wrote: ↑Fri Jan 29, 2021 9:11 am

govmentchedda wrote: ↑Thu Jan 28, 2021 8:51 pm

tennbengal wrote: ↑Thu Jan 28, 2021 8:43 pm I kind of understand that. But, also, I don't remotely understand that.

(the johnnie reddit thing)

I understand it spoiled Snowpiercer for me!

Also, I suspect that when these calls come due, the market/your broker/whomever comes after ANYTHING you have to cover your potential losses, which would have meant the intermeshed hedge fund network that likely everyone who owns a fund, or has pensions that own a fund, etc. would have been liquidated and the entire house of cards would have gone poof.

This is the point I haven't heard anyone say. If the the Redditor guys "hurt the Hedge Fund Bros," doesn't that wipe out people's retirement funds, university endowments and a lot of other really good and necessary things and ultimately destroy our entire system?

That is a problem, but the systematic problem is that these hedge funds were going too deep into the shorts. If people were not so tied into the stock market for retirement, endowments and such, this most likely never would have happened. But the hedge funds were to not only trying to make a shit ton of money for themselves, but they are pushed by those that invest in them also. The need to get the quickest and biggest return is the root of the issue.

I was always told that the market should be a slow play. But too many people just want that instant gratification.