I actually enjoyed the movie Dumb Money but thought Blackberry was a much better film that year. Regardless the GameStock stock is up 50% and is doing crazy things for reasons having nothing to do with business. What a cult - although they did expose the market manipulation big investors do all the time. I am thinking of starting my own cult - stay tuned! GameStop shares jump more than 40% as ‘Roaring Kitty’ schedules YouTube livestream for Friday Shares of GameStop shot to session highs Thursday after meme stock leader “Roaring Kitty” scheduled a livestream on YouTube, which would be his first one in almost four years. Roaring Kitty, whose real name is Keith Gill, set the time for his live chat at noon Friday, which traders speculated would be a bullish discussion about his massive GameStop stake. The investor hosted three-hour livestreams in August 2020 explaining his investing thesis behind his favorite brick-and-mortar video game retailer. GameStop popped more than 47% higher to close at $46.55 per share. The stock hit a high of $47.50 during the session, in which trading was briefly halted for volatility. The stock has more than doubled so far this week.
Not a lot new about this pump and dump game, just now people are doing it out in the open and have enough followers (er ... suckers) to really drive up heavily shorted stocks. Last time when this was going hard, I would read from some of the "followers" that they were holding for ever! In like a tick! They were either lying (if they were smart) or ended up holding the bag when the pump was over.
Really no different than what large institutional investors can do. Good for them if they can beat the man. I think I still own like 5 shares in case of goes to infinity
Only the posters here I like will receive infinity dollars from me. Everyone kiss my ass going forward
I don't actively participate in the market (I have the standard funds stuff like 401, 403, 457) but I don't understand the end game here. Perhaps someone can enlighten me. So what is the end game, for the actual memers? I realize they are trying to harm the usual manipulators. And I understand that by overbuying and holding that advances that idea. But it also seems that the usual suspects have outs and in the end won't suffer any sort of mortal blow, more like a momentary nuisance. But the memers seem to be in an essentially winless scenario. I read that a few have cashed out and made some modest money. But it only works if by and large everyone holds, and in fact just keeps pumping money in. But you can never get out, or at least only a select few would (positively) if the avalanche starts. If I put my life savings into this, and for the whole WWG1WGA of it, I hold on like Hiroo Anoda, what will be my end result?
I think my 3 step plan was pretty clear, and if it isn't, well that's why you aren't a big time investor
Well I guess the joke is on you. I am now the sole owner of all Circuit City stock, perhaps you've heard of it? I'll send you a postcard from Rich People Place when that bad boy bounces back, SOON!
Certainly a great choice. But...Not diverse enough to really make money man. You need multiple avenues. Kmart, Blockbuster, and a diverse group of VHS manufacturers are gonna make retirement a breeze for me.
Look. Just watch the movie. It clears nothing up on how it makes any sense and it is entertaining. Hope that helps.
I mean, I did watch the movie, and this was really the plot. Explaining the hold idea took about three minutes of screen time. Everyone in perpetual fear of the dam breaking and 99% of them suffering catastrophic losses was the actual tension. And if I recall, that was how it ended, including some examples of a handful cashing out early to mostly modest gains. Really just waiting to see when Gill is going to end the LARP and catastrophically ruin all these people putting their leftover pennies into one guy's vanity project.
Didn't see the movie, but I saw the lead guy who went by "roaring kitty" went from $50,000 to $300 million, so I'd classify this as a pump and dump unless there is something I'm missing. The Stock Market is a zero sum game, so that $300 million came from other people...
It came from the people shorting Gamestop for more shares than existed. Play silly games, win silly prizes.
