MrSmirch Posted January 27, 2021 Share Posted January 27, 2021 GameStop up 269% in a week. One fella on reddit has gone from $50k to $22,000,000 since September 2019 1 Link to comment Share on other sites More sharing options...
Rds1983 Posted January 27, 2021 VT Supporter Share Posted January 27, 2021 6 hours ago, MrSmirch said: GameStop up 269% in a week. One fella on reddit has gone from $50k to $22,000,000 since September 2019 Elon Musk has been tweeting about them. He's now apparently being investigated by the Sec (again) over it. Link to comment Share on other sites More sharing options...
Tegis Posted January 27, 2021 VT Supporter Share Posted January 27, 2021 (edited) Hedgefund shorts taking a 10 billion loss Wall-street punked by reddit. Edited January 27, 2021 by Tegis 1 Link to comment Share on other sites More sharing options...
Popular Post Tegis Posted January 27, 2021 VT Supporter Popular Post Share Posted January 27, 2021 8 Link to comment Share on other sites More sharing options...
a m ole Posted January 27, 2021 Share Posted January 27, 2021 I’ve been watching it unfold for a few weeks after happening on that sub, it’s absolutely amazing. i just wish i could have joined in. Wall St is seething and the sub is noticing smear campaigns in the media and suspicious reddit accounts trying to convince them to sell. Amazing drama. Link to comment Share on other sites More sharing options...
villakram Posted January 27, 2021 Share Posted January 27, 2021 1 Link to comment Share on other sites More sharing options...
villa89 Posted January 27, 2021 Share Posted January 27, 2021 (edited) 15 hours ago, MrSmirch said: GameStop up 269% in a week. One fella on reddit has gone from $50k to $22,000,000 since September 2019 To be fair GameStop is a business that's about to die on it's arse so you can see why wall St was piling in on the short. The pandemic is the only reason they are currently seeing a surge in sales, give it 5 years and they'll have gone bust. Replaced by direct digital downloads. If I had the cash I'd be shorting the shit out of the current stock price of 335. Edited January 27, 2021 by villa89 Link to comment Share on other sites More sharing options...
a m ole Posted January 27, 2021 Share Posted January 27, 2021 14 minutes ago, villa89 said: To be fair GameStop is a business that's about to die on it's arse so you can see why wall St was piling in on the short. The pandemic is the only reason they are currently seeing a surge in sales, give it 5 years and they'll have gone bust. Replaced by direct digital downloads. If I had the cash I'd be shorting the shit out of the current stock price of 335. this guy is up £14m on GME, here he explains 5 months ago why he bet on it. Looks like he had good reason because someone called Ryan Cohen, billionaire founder of e-commerce business Chewy, bought 13% of GME in September. Both betting on turning it from a brick and mortar into digital gaming hub. Link to comment Share on other sites More sharing options...
villa89 Posted January 27, 2021 Share Posted January 27, 2021 (edited) 28 minutes ago, a m ole said: Both betting on turning it from a brick and mortar into digital gaming hub. I wouldn't take that bet. If you look a clothes as an example, the big companies Nike, Addidas are actively trying to increase the sales they get directly from their own online presence, squeezing out JDsports, SportsDirect etc. Xbox and PS5 and Steam already have a much better window to directly sell straight to the consumer and to cut out the middle man. The only reason gamestop survived this long is because of second hand sales which is not possible digitally. There's no way MicroSoft or Sony will ever let GameStop turn into a Steam for their consoles. Fair play to that lad if he's made money but I don't agree GameStop can transform itself, I don't see the opportunity or what it could actually become when the companies you depend on are actively trying to kill you. But I could be wrong, wouldn't be the first time. Edited January 27, 2021 by villa89 Link to comment Share on other sites More sharing options...
a m ole Posted January 27, 2021 Share Posted January 27, 2021 7 minutes ago, villa89 said: I wouldn't take that bet. If you look a clothes as an example, the big companies Nike, Addidas are actively trying to increase the sales they get directly from their own online presence, squeezing out JDsports, SportsDirect etc. Xbox and PS5 and Steam already have a much better window to directly sell straight to the consumer and to cut out the middle man. The only reason gamestop survived this long is because of second hand sales which is not possible digitally. There's no way MicroSoft or Sony will ever let GameStop turn into a Steam for their consoles. Fair play to that lad if he's made money but I don't agree GameStop can transform itself, I don't see the opportunity or what it could actually become when the companies you depend on are actively trying to kill you. But I could be wrong, wouldn't be the first time. I barely even know what’s happening, but at this point it’s essentially a meme that they’ve happened upon a way to **** over investment bankers. Whether the future of the business is good or not these guys have put giant eggs on some formerly rich faces. Link to comment Share on other sites More sharing options...
villakram Posted January 27, 2021 Share Posted January 27, 2021 ...and here come the peon facing exchanges in the US banning trading in gamestop, AMC and other things that peons are profiting off. Only the big boys are allowed to play in the casino. 2 Link to comment Share on other sites More sharing options...
villakram Posted January 27, 2021 Share Posted January 27, 2021 1 hour ago, villa89 said: To be fair GameStop is a business that's about to die on it's arse so you can see why wall St was piling in on the short. The pandemic is the only reason they are currently seeing a surge in sales, give it 5 years and they'll have gone bust. Replaced by direct digital downloads. If I had the cash I'd be shorting the shit out of the current stock price of 335. You'll get fleeced shorting it right now. This is an orchestrated short squeeze, best wait until this all dies down in a few weeks. Link to comment Share on other sites More sharing options...
Davkaus Posted January 27, 2021 Share Posted January 27, 2021 I do wonder when the next correction is coming. Things aren't far off where they were this time last year, FTSE 250 is down about 6.5% YoY. Yet businesses have been shut for months, and pretty much every industry is on its arse. There's a good bit of optimism from vaccination progress, but we're still quite some way from things, and therefore profit, returning to normal, so valuations seem insane right now, the confidence in the market seems completely unjustified. Link to comment Share on other sites More sharing options...
MrSmirch Posted January 27, 2021 Share Posted January 27, 2021 3 hours ago, a m ole said: I’ve been watching it unfold for a few weeks after happening on that sub, it’s absolutely amazing. i just wish i could have joined in. Wall St is seething and the sub is noticing smear campaigns in the media and suspicious reddit accounts trying to convince them to sell. Amazing drama. got involved Monday, it's certainly livened things up 3 Link to comment Share on other sites More sharing options...
LondonLax Posted January 28, 2021 Share Posted January 28, 2021 14 hours ago, Davkaus said: I do wonder when the next correction is coming. Things aren't far off where they were this time last year, FTSE 250 is down about 6.5% YoY. Yet businesses have been shut for months, and pretty much every industry is on its arse. There's a good bit of optimism from vaccination progress, but we're still quite some way from things, and therefore profit, returning to normal, so valuations seem insane right now, the confidence in the market seems completely unjustified. It's entirely down to gambling, no investment links to fundamentals, the same with Bitcoin really. Quite a lot of people who have maintained their salaries have a bunch of extra cash after a year of doing nothing. Governments have dropped interest rates to 0 and pumped money into economies. There is nowhere for it to go so people are essentially using it for gambling. The thing is there was a lot of talk about bubbles pre pandemic but things were nowhere near as crazy as now. 2 Link to comment Share on other sites More sharing options...
ender4 Posted January 28, 2021 Share Posted January 28, 2021 I looked at gamestop yesterday on a couple of trading platforms and they are restricting buying those shares. Sounds like the hedge funds are worried and trying to kill the buying market. Link to comment Share on other sites More sharing options...
parisvilla Posted January 28, 2021 Share Posted January 28, 2021 Has this GameStop madness had a knock on effect for the market as a whole? Horrific day for all my investments (primarily Scottish Mortgage Investment Trust and JPMorgan China....) No idea what's going on! Link to comment Share on other sites More sharing options...
TrentVilla Posted January 28, 2021 Moderator Share Posted January 28, 2021 19 hours ago, villa89 said: I wouldn't take that bet. If you look a clothes as an example, the big companies Nike, Addidas are actively trying to increase the sales they get directly from their own online presence, squeezing out JDsports, SportsDirect etc. Xbox and PS5 and Steam already have a much better window to directly sell straight to the consumer and to cut out the middle man. The only reason gamestop survived this long is because of second hand sales which is not possible digitally. There's no way MicroSoft or Sony will ever let GameStop turn into a Steam for their consoles. Fair play to that lad if he's made money but I don't agree GameStop can transform itself, I don't see the opportunity or what it could actually become when the companies you depend on are actively trying to kill you. But I could be wrong, wouldn't be the first time. It is what happened to the general mobile phone shops killed by the companies they initially represented, agree same will happen to Game. Link to comment Share on other sites More sharing options...
osmark86 Posted January 28, 2021 Share Posted January 28, 2021 (edited) I hope this makes Wall Street more scared of shorting their bets. I think long positions are better in general. Money should be made by supporting growth, not banking on busts and dying industries. Too much money in speculative finances these days. Edited January 28, 2021 by osmark86 Link to comment Share on other sites More sharing options...
Popular Post Chindie Posted January 28, 2021 VT Supporter Popular Post Share Posted January 28, 2021 This has raised a number of questions about the system and those around it. The Reddit group behind this had their Discord server taken down, supposedly for hate speech, last night, when seemingly there was none. Retail trading apps prevented trading on GameStop, and now some of the other shorted stocks. The Reddit group has had thousands of bot accounts appear trying to encourage people to shift away from the GameStop position and into ones. The media has attacked the group as a cartel somehow not playing the game correctly. The NASDAQ CEO has called for regulation against this kind of movement. Basically the wrong people are playing the game the way they want to play it, and those normally calling the shots don't like it and are using every trick they can to save themselves. I hope they burn. 9 Link to comment Share on other sites More sharing options...
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