Watch the interview with Chamath on CNBC. The idea that this is some sort of illicit market behaviour doesn’t hold water. Everything is public, people post their positions.
Basically, the market manipulation argument is down to Wall Street getting annoyed that someone is beating them at their own game. “Rules for thee, not for me” kinda sh-t.
__________________
-James
GO FLAMES GO.
Quote:
Originally Posted by Azure
Typical dumb take.
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I thought this video did a really good job explaining the current situation. Crazy times and who knows what's going to happen...but it's fun being a part of it!
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Watch the interview with Chamath on CNBC. The idea that this is some sort of illicit market behaviour doesn’t hold water. Everything is public, people post their positions.
Basically, the market manipulation argument is down to Wall Street getting annoyed that someone is beating them at their own game. “Rules for thee, not for me” kinda sh-t.
Well I don’t know. It’s legal, and legitimate as long as no one is saying anything that’s completely untrue to manipulate the stock. The SEC has gone after people before for this, and it wouldn’t be altogether surprising to see that people would post one thing and do the complete opposite.
I felt like that interview was basically Chamath and Wapner talking past each other. Chamath basically says “this is legal and there’s nothing wrong with people doing this”. He’s right. Wapner says “someone is going to get hurt”. He’s also right.
I see the shares are over $460 in the pre-market today, so what do I know. This is insane!
I can appreciate that. I'm probably not going to buy in on anything related to this stuff, but if I were wanting to become more interested in investing, does anyone know a resource that's a good place to start?
I created a simulator account on Investopedia, you can make a bunch of fake money, which makes you think maybe I should try this with real money, then I remember that would give me an ulcer and I would do nothing but obsess over it so then I stick with the fake money.
I started getting interested about 6 months ago but I'm not at a point where I have the disposable income to do anything risky so we stick with our traditional advisor for what we can invest and learn with fake money. Someday maybe get into self directed investing but I'm not sure I've got the stomach for it.
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I felt like that interview was basically Chamath and Wapner talking past each other. Chamath basically says “this is legal and there’s nothing wrong with people doing this”. He’s right. Wapner says “someone is going to get hurt”. He’s also right.
Wapner is being disingenuous. People lose money in the stock market on a constant basis, he knows this. The reason it matters this time is because it isn’t the people that are supposed to be losing it, it’s the hedge funds that have been using the stock market as their personal ATMs. The financial crash of 2008 showed that there are no consequences to Wall Street and they will simply get bailed out by the taxpayers. The regulation put in later about the ‘pattern day trader’ rule to “protect” retail traders only made it harder for smaller retail traders to participate in an open market.
__________________
-James
GO FLAMES GO.
Quote:
Originally Posted by Azure
Typical dumb take.
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Wapner is being disingenuous. People lose money in the stock market on a constant basis, he knows this. The reason it matters this time is because it isn’t the people that are supposed to be losing it, it’s the hedge funds that have been using the stock market as their personal ATMs. The financial crash of 2008 showed that there are no consequences to Wall Street and they will simply get bailed out by the taxpayers. The regulation put in later about the ‘pattern day trader’ rule to “protect” retail traders only made it harder for smaller retail traders to participate in an open market.
Yeah and I guess I partially agree. But the other part of me sees that some people are (at least allegedly) piling their life savings into these things. That’s at least questionable if not entirely ill-advised. I have zero issue with the hedge funds getting wrecked here because they do that to people all the time, and frankly they know better. They could have covered much earlier and moved on. The thing is, I’m not entirely convinced that everyone else piling in at the encouragement of anonymous online posters really realizes the risks and knows what they’re getting into. What can I say...I’m soft and don’t like seeing those people get smoked, and that’s what I fear is coming here.
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A bunch of trading platforms have disabled purchasing new shares and options on GME, NOK, AMC, etc., only allowing for people to sell to close their positions. Now that... that’s market manipulation.
__________________
-James
GO FLAMES GO.
Quote:
Originally Posted by Azure
Typical dumb take.
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Yeah and I guess I partially agree. But the other part of me sees that some people are (at least allegedly) piling their life savings into these things. That’s at least questionable if not entirely ill-advised. I have zero issue with the hedge funds getting wrecked here because they do that to people all the time, and frankly they know better. They could have covered much earlier and moved on. The thing is, I’m not entirely convinced that everyone else piling in at the encouragement of anonymous online posters really realizes the risks and knows what they’re getting into. What can I say...I’m soft and don’t like seeing those people get smoked, and that’s what I fear is coming here.
I had some friends who don’t trade message me asking how they could get in on this.... I told them you don’t. If you don’t know what you’re doing you don’t get in on this. I still feel like a lot of people are going to lose a lot of money.
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I'm tempted to liquidate everything I own. This is not sane, and it won't end well.
There's definitely something bad brewing, so I'm trimming where I can myself.
I've tried to pay attention to the stuff that's held or even gone up over the last few days...and on my watchlist that's been coal and tankers! Yep, the stuff that everyone hates and is beaten down so much there's no where to go but up or bankruptcy (which some already have restructured from).
Silver sure is up quite a bit today. AG has been shorted quite a bit lately.
