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Reddit Best Sports Betting Site – For those who don’t have compelling reasons to follow financial news; The activities of day traders and hedge fund managers are the kind of subject matter that lulls even the restless mind into a sound sleep. Short Margin Call; Gamma exploitation, what. But at the beginning of 2021, it will be almost impossible for anyone to avoid the market.

At the time, a troubled video game retail chain based in Grapevine came out of nowhere and was at the center of the new phenomenon of meme-stock trading, in which dozens of online commentators gathered to bid on a stock’s price. That. Hoarding is holding on for dear life (or HODL in web parlance). In the case of GameStop, a brick-and-mortar store with striking similarities to the last blockbuster video; Stock prices had fallen for years before a mass rally by individual retail investors began in early 2021. The plans were made on the Reddit forum r/WallStreetBets, where they bought shares, bought stock, and bought and held.

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Like a lot of herd behavior online, it seems like an elaborate prank and mockery. People quickly believed that GameStop was so valuable that the company’s leaders thought they had a killer strategy to manage it. But many meme traders are deadly serious about what they do. Because many traditional Wall Street investors take short positions not only to speculate that stocks will rise, but also that stocks will fall. Memu traders effectively poke a stick in the guard’s eyes and argue that they didn’t get it. Profits from betting on GameStop’s death. (Some other companies, such as the movie-theater chain AMC, whose stocks have been similarly boosted by meme traders during this period, have been very short-lived due to the downturn in their industries.)

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4 January 2021 to 29 January 2021; Shares of GameStop rose from $17.25 to $325, an increase of nearly 1,800 percent. Indeed, some funds, such as New York-based Melvin Capital Management, which took a large short position in GameStop, were disappointed. Melvin lost more than 50 percent of its value, or about $7 billion, in the first month of 2021.

With breathless media coverage of new professional lobbyists like Texan Elon Musk, a narrative is emerging that a kind of popular uprising is toppling the oppressors who have allowed economic tyranny to thrive for so long. To pay off the rest and get rich. The rise of new, free online trading platforms aimed at young people—notably the Robinhood app—is disrupting the Internet and other industries. “Democracy money” financing is clearly visible, as it has done to other industries from media to real estate. A rogue army of anonymous day traders posting online with handles like Roaring Kitty and DeepF-ingValue could dramatically reshape Wall Street.

Spencer Jacobs, who regularly writes the paper’s influential Heard on the Street column, turns the takeaway from the GameStop story on its head. book,

The portfolio was published in February; In fact, GameStop’s lesson is that it makes a convincing case that the house will always win.

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Without going into the sometimes dizzying details of options trading; Suffice it to say that the book’s argument revolves around the “free” trades offered by Robinhood. Like many other online platforms that offer their services to regular people for free, Robinhood makes money by selling those regular people to other businesses (think Facebook and Google selling ads to your personal data). In the case of Robinhood; It’s called “order flow” to other financial services companies and doesn’t sell ads. This means that Robinhood takes orders from its users but does not actually execute the trades. That right is sold to companies known as market makers for a small fee per trade. This means more transactions, better Robinhood. The more volatile the market, the better Robinhood. The more volatile the market, the greater the risk for individual investors who do not hold complex and diversified portfolios.

On January 28, Robinhood had no choice but to buy GameStop shares or options. On January 28th he found himself (trading volume was very high and the company had no immediate cash on hand, requiring collateral. To cover all trades) and the stock’s rally finally took off. As GameStop’s prices approach reality, many latecomers are left holding the proverbial bag. Many early meme traders cashed in on the upside (of course, HODL was more convenient than reality for most). Some consider it rich. But revolution? Well Jacob’s title is apt.

He pointed out that individual investors were affected. For one thing, as the price of meme stocks soared, hedge funds began adding to their holdings of other companies. Saving some money had an unexpected effect. It devalues ​​the larger market and erodes the hard-earned savings of ordinary people. One of the biggest ironies is that Robinhood also makes money by letting customers lend their shares to facilitate trading. The shorts are far from ruined, in other words. Meme traders unknowingly helped in the bigger picture.

The bottom line is that, as Jacob wrote, “the event that put Wall StreetBets on the map made the rich richer.” He cites former broker Jordan Belfort and his criminal record.

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He detailed a pump and dumpster fraud scheme he ran in the 1990s. “What the average investor doesn’t understand is that Wall Street loves volatility—they love volatility; They make money above or below the scope,” Belfort said. In fact, market makers; Companies buying Robinhood’s order flow had their best times during meme-stock mania. Virtu Financial reported the biggest quarterly profit in its history, Jacob wrote. Citadel Securities owner Ken Griffin’s net worth increased significantly from $12 billion in September 2020 to $16 billion in September 2021.

This is one of the weakest parts of the book, not only disjointed and low. It is Jacob’s sincerity that allows access to the background of the play and the surrounding main characters, providing the necessary framework to understand the events. finance The story never finds its dramatic twist.

Don’t read the book of Jacob for the prose. Perhaps due to some lack of real momentary drama, he overuses stock phrases and bro-eye shop talk. It’s easy to imagine his intention was to create a kind of harsh staccato voice to tell a story of financial constraints in the soft style of a Jimmy Buffett novel. Characters like Roaring Kitty playing against the world’s biggest billionaires isn’t a bad idea. However, the effect in this case seems, unfortunately, to be a simple case of succumbing to clichés. Players punch above their weight; playing cards close to their shirts; Kicking the beehives; The smell of blood, splattering red ink, etc. – everywhere. Sometimes there is only one sentence. “But now he’s the main suspect accused of rigging the game for Wall Street’s fat cats, restricting trading as if he were on a rope,” reads the preceding sentence. Do you get the idea?

Jacob’s choice to write all that said in alternating chapters of narrative and expository prose creates a convincing drumbeat of eye-opening insight; Or at least the ones that make you “mom”. Explanatory Sections

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Jacobs has a generally optimistic Wall Street insider’s view of the market. He sees a big picture system that works despite the flaws. At times, he seems surprisingly confident, or at least sympathetic, to some of Wall Street’s dubious practices as the right course of action to prevent bubbles. (Of course, traders are also notorious for shady practices like dumping stocks and spreading misinformation on online trading forums to influence other traders.) But many other times, Jacob points to fascinating patterns. Big picture.

For example, he notes that the memo-stock trading method emerged during the COVID-19 pandemic, when sports betting faded because no one was playing sports. Recreational and professional gamblers needed something exciting, and coincidentally at the time, “some of the most exciting situations ever.

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