Tortoise wrote: ↑Sat Jan 16, 2021 4:37 pm
Have no idea what I just watched.
Is there an online primer somewhere that initiates the unwashed masses into the mysteries of r/WSB, r/wallstreetbets, u/DeepFuckingValue, $BB, and the various meme videos and gifs that have those terms sprinkled around in them?
If you frequent the Wall Street Bets subreddit long enough then the inanity will start to make sense.
WSB members refer to themselves as "degenerates", "retards", and "autists" as they YOLO their live savings into meme stocks like Blackberry ($BB) and Gamestop (GME). Yes, they call
themselves these names. Jim Cramer has started to refer to WSB as its own hedge fund, as its influence has started to grow enough to start pushing prices around.
u/DeepFuckingValue is the current king of that subreddit as he YOLO'd GME call options and made a bundle. Someone made a back of the envelope calculation recently and he supposedly owns something like 0.2% of the company at this point.
Really, WSB and the success of many of its "autists" is at least partially a testament to efficient markets. Dumbass YOLO plays made by a group of self-described morons are easily keeping up with, and in many cases outperforming, hedge funds headed by the proverbial Harvard MBAs.