What? Sure there is a lot of chaos in WSB but they really were onto something with GME and literally squeezed some institutional investors into bankruptcy.
Sure, they are mostly smoke but their mere interest in something doesn’t disqualify it.
Sure, they are mostly smoke but their mere interest in something doesn’t disqualify it.
I was there watching him get shat upon, and thought "Man, maybe this guy's on to something.. ah, screw it, it's not worth the risk"
He was consistently posting about GME for a long time, slowly losing his life's savings to its mediocre performance in the process and getting laughed at by everyone. Before GME took off, he'd actually stopped posting to WSB for the most part since he'd get jeered about it so much, haha.
The point I disagree with (and I think the original post is making) is just because an unpopular group (WSB) is interested in something, doesn’t discredit it.
If that groups has consistently been wrong about everything for two years, then it absolutely does. It's like Jim Cramer: If he states something, there is at least a 90% chance that the opposite will happen.
That'd be cool. You could make a lot of money. Unfortunately he's probably closer to 50%.
Prior to the GME squeeze, the talk on WallStreeBets was basically "GME is sound fundamentally, its got +revenue AND its shorted to hell, conditions are right for upward movement".
It wasn't about sticking it to anyone, screwing hedge funds, etc, it was like "we think short sellers are perhaps screwing up here, we suggest you buy some GME".
Fact of the matter is WSB was right about GameStop when other investors were not. It may seem obvious now but was certainly not at the time.
It's still going
I'll bet you've never even had one look at their balance sheet or income statement, are just winging it from Reddit comments when it comes to financial evaluation, and that should tell anyone rational, including yourself hopefully, whether you're with the smart money on this position... If not, enjoy the new QAnon.
r/wsb completed it's transformation into r/the_donald of dumb finance echo chamber by the advent of GME. Truly, they will both be case studies of the anti-wisdom of crowds when it comes to current digital interfaces with a sprinkle of bot propaganda.
There's a reason the "buy" (not sell) button was turned off for a day on $GME alone. That's market manipulation. There's a reason it no charges were filed. The SEC openly admits it's corrupt. There are talking heads on the finance channels who openly admit the markets are rigged.
You're right, FTX was a scam. And SBF openly admitted fraudulent actions. So he's in jail, right? Oh, sorry, no -- he's a "distinguished" guest speaking on a New York Times panel.
It's all a scam. All of it. The difference with $GME is that, in this case, they got caught. Hedge funds naked shorted the stock and got caught. At some point they will need to cover and won't be able to. Here's some reading:
https://archive.org/details/superstonk-dd-mega-back-up/mode/...
You are mad because you think this stock is overvalued?? Well, guess what: The entire market is overvalued! It's all bullshit. P/E ratios are off the charts when we're facing a deep economic downturn. No one should be in the market -- at all. If there's one stock to hold, it's this and for three reasons: they naked shorted; they got caught; and they're fucked.
So many people desperate to help me sell my position! Wow. Thanks.