H has followed that subreddit for a while, and has made a decent amount (he lusts after a ludicrously expensive, wholly unnecessary item, and I said yes on the condition that it doesn't come from our savings for other things, and that he bumped up the end goal amount up to accommodate my also unnecessary kitchen remodel dream). He took an agreed upon amount we were willing to lose completely, and has been working with that for a few months, and has done pretty well (and is still nowhere near buying his thing, or my kitchen, lol).
HOWEVER.
It's money were were willing and able to lose. We didn't *need* it for something else, and weren't/aren't depending on it for anything. He got in pretty early on some things, but is generally risk averse (he kept texting me the increases, and was legit STRESSED before he sold, watching it go up), so also got out before things peaked, but still made a really good return. But it worries me that a LOT of people are going to get screwed, because it's basically gambling, and the house always wins.
But I do think there's also a fair amount of people who invested who are willing to lose just to give the giant middle finger to Wall Street. H explained it as Wall St. panicking because they're usually the ones doing the screwing, not the other way around. I just hope that people who are uninvolved don't also suffer from the eventual fallout.
AOC and TED CRUZ agree that it's fucked up for Robinhood to pull the stocks. Apparently it's okay for hedge fund managers to manipulate the market but not normal people.
obviously I've been obsessed, noted by my constant posting in here. its fascinating!! but soooo frustrating seeing so many get carried away with the whole FU Wall Street sentiment, not realizing shit will hit the fan one way or another. so who really wins here?
obviously I've been obsessed, noted by my constant posting in here. its fascinating!! but soooo frustrating seeing so many get carried away with the whole FU Wall Street sentiment, not realizing shit will hit the fan one way or another. so who really wins here?
obviously I've been obsessed, noted by my constant posting in here. its fascinating!! but soooo frustrating seeing so many get carried away with the whole FU Wall Street sentiment, not realizing shit will hit the fan one way or another. so who really wins here?
That co-worker above who gained $800k
well of course. there are going to be some who did well. notably, they bought in December right? what about the many many more who bought in now, at an inflated price? all those that are being told to hold.
AOC and TED CRUZ agree that it's fucked up for Robinhood to pull the stocks. Apparently it's okay for hedge fund managers to manipulate the market but not normal people.
Well that was unexpected.
5 GME shares says Cruz just lost access to his own GME holdings on Robinhood.
I read somewhere last night that a message board full of Mets fans are concerned about this. The new owner of the Mets just gave several billion dollars to one of the hedge funds that got killed by this so that the hedge fund can pay off what they owe and get out of their short. The Mets fans were concerned that this is going to affect player's salaries now.
Well boo fucking hoo.
I am 100% behind these "retail investors". The hedge funds and market makers have been manipulating the market for YEARS. These are the same people that caused 2008 to happen. I think it's a true David vs. Goliath story in the making and obviously the "haves" are PISSED that the "have nots" have caught them with their pants down.
And for certain brokerages to not let you buy a completely legit stock is absolutely bullshit.
And it is possible this will affect the market overall, but any damage done will be short-lived, and again, it's NOT the reddit guys' fault, it's the hedge funds that bet billions on a company to fail. Let's place the blame where it truly belongs.
I agree with you even though I still don't understand any of this stuff, but as a Mets fan, let us continue to be miserable about every single misfortune we've ever had happen to us lol.
Count me as obsessed too. One of my biggest let-downs in adulting is realizing that all that trig and calculus I learned in high school meant nothing because the real math my future retirement depended on was knowing how the stock market functions. It took me 20 years to learn to "buy the dips" as a "retail investor" and that was from my own reading and making mistakes. My brother hinted he got in and out with his initial GME investment and I was like "WHY DIDN'T YOU TEXT ME?" And he told me not to gamble.
@@@@@@ It is my goal to teach my children real financial literacy if the schools are going to fail them.
Post by thelurkylulu on Jan 28, 2021 14:03:04 GMT -5
I wish they would ban all of Congress from Twitter. 🙄 Ted Cruz is a POS and I completely understand AOC’s point, but dear Jesus. I’m sick of the back and forth banter between all of them. They would all be fired for violating social media policies if they worked in corporate America.
I read somewhere last night that a message board full of Mets fans are concerned about this. The new owner of the Mets just gave several billion dollars to one of the hedge funds that got killed by this so that the hedge fund can pay off what they owe and get out of their short. The Mets fans were concerned that this is going to affect player's salaries now.
Well boo fucking hoo.
I am 100% behind these "retail investors". The hedge funds and market makers have been manipulating the market for YEARS. These are the same people that caused 2008 to happen. I think it's a true David vs. Goliath story in the making and obviously the "haves" are PISSED that the "have nots" have caught them with their pants down.
And for certain brokerages to not let you buy a completely legit stock is absolutely bullshit.
And it is possible this will affect the market overall, but any damage done will be short-lived, and again, it's NOT the reddit guys' fault, it's the hedge funds that bet billions on a company to fail. Let's place the blame where it truly belongs.
I hear you, but a few more days (not weeks) of what happened on Monday and Tuesday could send the market back into 2008 conditions. A few hedge funds would go bankrupt, but many wouldn't. And that honestly might be a "good" thing for the hedge fund world - many agree it's over-saturated. It's not like the hedge funds pay back the money lost-- it's just the pensions and endowments that get crushed. And all the individual people, playing with their own money, who buy into the craze before the bubble bursts.
FWIW I agree that Robinhood halting these trades is bullshit and does not seem like it should be legal. But also it's questionable if the people on reddit are acting illegally, too. Collusion -- getting together to drive the price of a stock up or down-- is not legal, which is why the SEC is investigating.
The shampoo explanation is helpful, but also obnoxious to assume women can only understand things if they're about shampoo or makeup. I don't know how to feel about it.
I am feeling something about this, too.
But, this whole thing makes me feel so dumb. I get anxiety about investing and portfolios and medium growth funds or whatever because I have a hard time understanding. I know we can't all be experts at everything, but this is one of those areas in life I struggle with. I remember when we bought our first home, and it took me an embarrassingly long time to understand escrow.
But, this whole thing makes me feel so dumb. I get anxiety about investing and portfolios and medium growth funds or whatever because I have a hard time understanding. I know we can't all be experts at everything, but this is one of those areas in life I struggle with. I remember when we bought our first home, and it took me an embarrassingly long time to understand escrow.
H took 15k out of index funds to do short term trading with it this month. It was way to stressful and lasted like two weeks. Everything we have is in index funds or Vanguard mutal funds. We got something like 18% last year on our Vanguard fund and I don't lose a lick of sleep over it. We both opened IRAs in our early 20's, throw any extra savings into a mutal fund and we are well on our way to retiring early. No intricate finance knowledge needed and no fancy investment strategy. I can not possibly imagine being invested in Gamestop right now and still being able to sleep. It's down quite a bit today. I'll be curious to see when everyone bails.
But, this whole thing makes me feel so dumb. I get anxiety about investing and portfolios and medium growth funds or whatever because I have a hard time understanding. I know we can't all be experts at everything, but this is one of those areas in life I struggle with. I remember when we bought our first home, and it took me an embarrassingly long time to understand escrow.
I probably have a diverse portfolio...index funds are something we've discussed. We have a financial advisor, and I trust her. But reading this thread its clear that I could probably be making more money. H likes to gamble (sports betting, poker, etc) and is a math major, so I am shocked he's never gotten into this stuff. Happy, but shocked.
But, this whole thing makes me feel so dumb. I get anxiety about investing and portfolios and medium growth funds or whatever because I have a hard time understanding. I know we can't all be experts at everything, but this is one of those areas in life I struggle with. I remember when we bought our first home, and it took me an embarrassingly long time to understand escrow.
“With sorrow—for this Court, but more, for the many millions of American women who have today lost a fundamental constitutional protection—we dissent,”
“With sorrow—for this Court, but more, for the many millions of American women who have today lost a fundamental constitutional protection—we dissent,”
My husband works for a brokerage firm and this has ruined his week. The tension in our house right now... LOL
His firm actually halted trading on all of these stock. For everyone. Hedgefunds included. Not just individuals. These excessive trading has jammed up their system.
There’s also an NYC organization called RobinHood that fights poverty. They’ve tweeted this same message *dozens* of times in the last few days, correcting people who have mistaken them for the trading app.
My husband works for a brokerage firm and this has ruined his week. The tension in our house right now... LOL
His firm actually halted trading on all of these stock. For everyone. Hedgefunds included. Not just individuals. These excessive trading has jammed up their system.
I kinda want to free up $100 to play on the next big thing. However, I don't know what that is, and I think I'd get more entertainment if I just burned the money.