Gamestop

[disneysteve]

These kids actually did ample research and did this collectively. They knew exactly what to do for a short squeeze and made millions on the back of hedge funds. Now the people who piled on after the surge are people who doesn't understand anything....like always.

For sure. I wasn't referring to the folks who actually started it. They obviously knew what they were doing and probably made a fortune. I was talking about people like your friend who bought in in the 300s or 400s. They're the ones who were clueless and surely got screwed.

[Singuy]

Is he normally a reasonable person and sane investor? If so, what possessed him to pay $400 for a $20 stock?

No he is terrible. I call him a gain chaser. He buy pretty much only meme stocks like Nano Dimensions, Virgin Galactic, and now a boat load of gamestop. He doubled down during the dip and bought 13k worth of game stop with a cost basis of over 300.

His gaines were 150% year to date and was really proud of himself. I told him sooner or later being a gain chaser will blow up in his face. Right now he went from 150% gains to 85% gains for his entire portfolio.

I told this guy to buy Tesla at 45 post split price. Told him to buy fiverr at 33. He would be quarter of a mil richer today if he did. But instead he bought and sold his way to a 20k gain with all these pre revenue nonsensical stocks and is left with 12k gain and dropping thanks to GME.

[bjl584]

I wonder what that actually means, like LAL said. Did he start with $2 million and now has $1 million or did he start with $10,000, see it go up to $1 million, and now back to $10,000, in which case he hasn't actually lost a penny.

I'm not sure.

There are a lot of bandwagon people on there who are in the red.
But there are a few very smart traders on there who knew what they were doing, bought low, and exited near the peak.
There is one particular member on there who recently cashed out with a $4.4MM profit.

Reddit isn't for the faint of heart. Especially the r/wallstreetbets subreddit.
It is crude, unfiltered, and vulgar.
But it is entertaining to read and follow if you have the stomach for it.

[parafly]

GME back over 300. Rose from 45 to 300 in 10 days.

[rennigade]

GME back over 300. Rose from 45 to 300 in 10 days.

Still not touching it with a 10' pole.

[parafly]

Still not touching it with a 10' pole.

Certainly reasonable. I have little doubt that it will be back under 100 at some point.

I have been unloading my position on the way up. Playing with house money now. Still holding some shares.

The slower, more controlled short squeeze of the past 10 days has been much more enjoyable than the last one in January. As I suspected, the drop in price in February was largely due to manipulation and the big dogs attempting to scare people into selling. They never really covered their short positions. I hope the small time retail investors out there held their ground and didn't sell. It's easy to panic and sell, tough to take profits and not be greedy.

[LivingAlmostLarge]

Um holy cow! 10 days and $250 so explain what's happening now?

[disneysteve]

Um holy cow! 10 days and $250 so explain what's happening now?

I was actually surprised to hear this since when it happened in January, it was all over the news. Now, this is the first I've heard about it.

[parafly]

The swings on this thing are crazy. Went from 350 to 170 in about 30 minutes with numerous trading halts in between. Now it's back up to 280. It's definitely not for the faint of heart.

[kork13]

I was actually surprised to hear this since when it happened in January, it was all over the news. Now, this is the first I've heard about it.

Bah, that was totally last month's news cycle. Congress had moved on, and so has the major news outlets.

If you look for it, the articles are out there. But none of them are getting much priority. Honestly, the reindeer games continue ... I'm happy to just stand back & watch it burn.

[late.start]

Someone in the blogs said that they bought GME purely as part of a protest against the system. They know it's a gamble. They only put in a small amount that they're okay losing. But they participated in Occupy Wall Street and some other protest and this is just another protest to them. They don't believe it will accomplish anything or that the system will actually change but they wanted to be able to say they were involved.

That was me. I've been on WSB for a long while now. I had been watching the GME saga play out and wasn't planning on getting in. But, when Robinhood halted GME purchases while selling remained enabled, and I read of the connections between RH and Citadel, I was livid. That was when I got in. The stock was dropping and we didn't know if it would go back up again. But, every stock I bought and held would be one more against the shorts. I only bought four then. As the HFs got more desperate and their short positions were not covered, their bots started pumping all kinds of other tickers - first silver, then CCIV and other stocks, and so on. The story was that WSB was moving on to other meme stocks, even though I was not really seeing any of the WSB regulars/comments talking about buying any of these. The bots started pumping stocks that were talked about a lot. At one point, the WSB crowd started making up tickers for a laugh and the bots started pumping stock tickers $A%S, $C*M and $T*TS. It was pretty hilarious. The congressional hearing happened and RH thanked congress for all the questions while not really answering any to satisfaction. I have no idea how high it will go and whether or not it will make money. I am at about break even price now. I'm going to keep holding for a while yet. If the short squeeze happens, I will make some money. If it doesn't, the HFs will have to cover their short positions at a higher rate if I and the millions of others keep holding on to our stocks for a bit longer. It may sound stupid to some. But, to me this seems like a perfectly reasonable gamble to throw a thousand dollars at. It's a tiny fraction of what I have in the market right now.

[Singuy]

Um holy cow! 10 days and $250 so explain what's happening now?

A lot of this was attributed to deepfvalue signaling to wsb that he will be all in gme during the hearing. Now he is posting updates again and I guess the wsb community just want to donate more money to him as he is looking to have a nice pay day on the backs of them. I mean those kids call themselves an autist for a reason.