The Stock Market

The positive thing about that is, if it’s meant to be a medium/long-term investment, there’s an opportunity to buy more at a lower price, if pre-earnings doesn’t end up being an unrepeatable high.

listening to a podcast with the ARK head of research, pretty damn interesting tbh. Def taking with a grain of salt as to whether I'm listening to someone who generally has discovered some kind of unconventional thinking secret sauce or just a gladwell-esque storyteller

my account's broken even thanks to GME and AMC. insert rocket emojis here, degenerates!

GME is having an interesting one:

Day's Range 172.00 - 348.50

lol - of course, i don't check for an hour and my gains were undone

can't be holding on to these ultra volatile stocks

this is how people give themselves strokes...

good lord, it's climbing again.
gotta remind myself i held from $300 to $40. anyone else on this rollercoaster ride?

i have been doing paper-trading and i am staying the hell away from GME because it makes no sense to me. i want a volatile stock but not that volatile

i just put down 15 large on mcdonalds

If you bought the dip an hour ago, you'd already be back up 95 points per share. Insanity.

gonna dump some money into this next time it hits $40 and then it'll immediately sink to $2 and never recover

omg nhex, you've been holding since round 1???

did you average down at all when it was 40-50?

i don't understand the appeal of GME unless you are making all-or-nothing small bets with huge returns if you catch a spike

i am not sure the answer you are looking for; people trade all sorts of things for all sorts of reasons.

i posted this in the slack but this was good and it did a pretty accurate job of describing what happened minus how wsb was making fun of Jim Cr4mer and he started talking about gme all the time so the attention to it started to blow up (she is kind of known at this point re: her NOPE indicator)
https://nope-its-lily.medium.com/trading-salience-in-a-hyperconnected-marketplace-part-1-efbd93712dac

WSB's $GME play for seems like a kind of mass performance art or situationist happening, like levitating the pentagon only it actually gets off the ground for a bit here and there. I find the energy and nihilistic enthusiasm around it really fun and amusing tbh.

do not find amusing stories of people who "YOLO their mortgage" and lose though

they were doing that for other tickers before GME. people seem to forget the "bets" part of the name.

Weed stocks and experimental pharmaceuticals still seem to dominate the bets of WSB. YOLOing on the cure for brain tumors.

they were doing that for other tickers before GME. people seem to forget the "bets" part of the name.

― Yerac, Wednesday, March 10, 2021 6:58 PM (one hour ago) bookmarkflaglink

does that apply to the 7.5 million+ people who joined the sub strictly because of GME?

I am so glad that I invest in relatively boring things and these bros aren't fucking up my spot

meanwhile I watched about 45 minutes of a documentary about Warren Buffett the other night ... See's Candies are really fucking good btw

xxpost
does what apply? are the millions of new people forgetting about the bets part of the name? I know a lot of people drifted away from there because the amount of new people and bots made it unreadable, I am not sure what they are doing day to day.

i'm saying that this happened on the backs of a lot of first time investors who got caught up in WSB memes promising them riches, who didn't know the first thing about stocks other than "oh you can trade stocks on an app now, how easy"

there were obviously tons of bagholders whose lives became worse when the stock dropped and i can't really blame for getting caught in the ultimate FOMO get rich quick scheme. the millions of people who got caught up in it weren't getting a message of "this is risky and stupid, be careful," they were getting TO THE MOON DIAMOND HANDS nonstop for a week. you can say "they knew what they were doing" but this all blew up way too fast for that to be the case

like literally the entire message of the sub that week was "IF WE STICK TOGETHER WE CAN NOT FAIL", do you really think the sub having "bets" in the name is more powerful than that?

um, i don't work for wsb. but the entire deal with the robinhood congressional hearings and people being upset about the "gamification" of broker apps goes beyond what happened last week and GME.

you could very well replace gme with btc or pltr or cciv or any amount of other things there.

i mean yeah, when this was happening i was comparing it to the 2017 crypto boom, which also saw a few smart early adopters make a lot of money on the backs of an enormous drove of late adopters catching FOMO, having no idea what they're doing, and holding the bags when it crashed. it sucked then and it sucks now

the entire market has been a huge garbage dump for years. people are in lockdown with no money or assistance from the gov't, of course stuff was going to get more bonkers.

How do you get rich multiplying your investment by 10 buying a stock if you aren't already rich? I'd argue most of these lives would change more multiplying their investment by 0.1, which is the downside. Only people seeing anything special are buying options and then hyping shares. Why make them rich for a possible 10× upside at most?

And then post memes about how amazing they are bc you had 2 grand of unrealized gains

what? are you talking about those pump and dumpers with a lot of followers? like on twitter?

anyone like that including the kitty, yes

i don't follow people on twitter although i know a lot of people do. i don't consider the gme guy in that category.

but for your first line about "getting rich" multiplying your investment by 10 if you aren't already rich, technically due to convexity of certain option plays, your initial investment can go up in the 1000s percent somewhat quickly. I am a fairly (by wsb) conservative trader and it is not unusual to see 100-500% gains on options, thus why retail jumped on them so hard last year.

that is why I am saying you are probably taking on too much risk for the reward if you aren't making those option plays

what is the upside for the people who bought shares at 350? and then it is sad when they dominate a large chunk of current reddit posts. "Damn, bought at the peak. But i am holding, fellow apes."

sure? i mean i am not trying to convince anyone that "this is the way."i had a friend that was texting me about starting trading yesterday but he doesn't want to actually do any of the work around learning. it's a lot of work sometimes and people are generally terrible with money and don't want the responsibility.

that was an xpost

lol and every post made by these people contains that same amount of compassion. I'm not accusing you of anything btw. Just trying to express what turns me off about the whole phenomenon.

wsb is basically 90% unusable due to GME, are you actually asking a real question? because there are trades to be made out of almost anything but i don't think that is what you want to hear. and that entire ape group thing I really don't know how that started. it's weird.

i am not asking a question. i am also stating that the ape thing is sad and weird. it is the very thing that makes this trade difderent from the other trades to be made out of almost anything.

i agree that the same scam could be applied to other trades. I do think gamestop was chosen due to reddit nostalgia potential, though.

i had assumed it came from that bartstool guy or something sports related. I wish it hadn't gotten that much attention because too many outside variables got involved in what should have been a pretty straightforward thing.

Apes strong together is a meme from the Planet of the Apes remake isn't it?

xp yes, i agree it was already a more straightforward good call. And i believe you are right that kg was in it long before the madness. Also a bit hilarious that Burry exited before the party began.

did you read that salience article though? it touches on that. like why RKT pumped last week, stuff aligned with earnings, dividend, float, timetable and the name of the company is Rocket, of course it was likely to get a push. xpost

Oh yeah, it's super dangerous and stupid for anyone to be involved in this. Definitely gotta stay aware of that through this thing. As said many times in /wsb, don't bet anything you can't lose, though God knows what percentage of subredditors are all-in or not-in at all.

(p.s. there are many other reddit communities that aren't /wsb, boring ones like /dividends, /investing,/bogleheads, /stockmarket etc that aren't as wild. they can still be suspicious pump-and-dump grounds, though.)

I'm only in for a handful of shares, i didn't risk my retirement - though clearly some people have, which is nuts. I've freaked out just over the small holdings I have. I did cash out a teeny bit of profit on AMC, wot wot :) various weed stocks, not so much, but to me still worth as a lottery ticket. Last week was RKT and UWMC, which of course crashed immediately after I bought. At least they look like decent long-term plays.

And Yerac, I bought GME near the top - right before RH and the other brokers caused the crashdown - and said to myself, fuck it, it's pretty much all gone, so i might as well hold. When it jacked up from $40 -> $100 and seemed to be swinging back, more slowly this time, I bought a few more shares to average down, which was the right move, which is why I'm now in the green.

Haven't yet gone full idiot - I'm afraid if I start trading options that's where the real reckless/profitable all-or-nothing bets happen. The lure of the evil, insane market is very tempting. When the markets paid no price for COVID and raced to all-time highs it was a real awakening, or just massive confirmation bias for me about it all being a casino.

How do you get rich multiplying your investment by 10 buying a stock if you aren't already rich? I'd argue most of these lives would change more multiplying their investment by 0.1, which is the downside. Only people seeing anything special are buying options and then hyping shares. Why make them rich for a possible 10× upside at most?