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Originally Posted by wustin
Quite possibly the biggest scam of all time. Retail sitting on shares not making money thinking they will get a big pay day while these institutions continue to make billions from the stock volatility going up and down.
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Quote:
Originally Posted by wustin
dola
my portfolio has taken a hit the last month (it's down over 25% right now) had I just took the risk and liquidated most of my positions at losses and took the GME bait when it was around $120-125 I would be up a lot of money. Hell when Ryan Cohen tweeted that stupid ice cream cone and the price jumped up to $145-150 I should've fomo'd in there.
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LoL this seems a little schizophrenic and angry...
It's a risky play (very much so at current prices vs the $40-50 range I initially got in at), but it's an asymmetrical investment where the upside is 10x or more in the next couple weeks & the downside is a stock that would still be a decent long term play at half it's value. I have a stop loss set on some shares at a point I make 2x my initial investment (in less than a month), and I'm not counting my unrealized gains as real money, but they're already more than the 401k from my current employer despite 2 years of full matching contributions.
The true scam is HF's trying to short viable companies into bankruptcy because when they short them into bankruptcy they not only don't need to cover their shorts
but they also don't even need to pay taxes on the profit because they technically cover the position. A true scam is someone betting against a company, then just creating fake shares to avoid any losses, until there's 3x the entire float of the company allegedly in people's hands. I'm not sorry they finally got caught with their hand in the cookie jar for something
they've been doing for decades now that also contributed to the 2008 crash, I'm not sure they'll actually be called to account for this one or they will be able to sweep it under the rug with help from a toothless SEC and a compliant media, but the idea that this is a scam or that people like me are being completely misled and will lose $$$ here is a joke. It's tough to get accurate data, but the latest shows that institutions own
167% of the shares that are supposed to be available - and that doesn't even count retail holders. Of course other parts of Wall Street are the ones who will make most of the $$$ here - and it should be telling that BlackRock, Vanguard, Fidelity, Morgan Stanley
aren't closing their positions and in some cases (MS) they've been buying millions more shares - but it sure seems to be making $$$ for me so far, and if it helps expose some of the more corrupt practices and possibly takes down one of the most corrupt entities in Citadel I'm all for that too! (Though yes I do worry a lot of the diamond hand cultists will be caught bag holding in the end, but frankly that's not my problem, and if anything that actually gives me some peace of mind that this stock won't bottom out down to the levels it probably should go until Ryan Cohen etc start making more concrete changes, but will instead stay comfortably in the 3 figures.)