A tulip by another name? 'Gamestonk' and the case for investor caution
Trading information for GameStop is displayed on the Robinhood App as another screen displays the Robinhood logo in this photo illustration
(Reuters)
. Updated: 30 Jan 2021, 08:40 PM IST Reuters
'The reality is that GameStop doesn't hurt Wall Street. It might hurt a couple of hedge fund managers out there, but no one is going to cry for them. The people who will be losing their life savings are small retail investors,' says a fund manager
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New York: It sounds like the start of a parable: Investors stuck inside during a pandemic begin to bid up an asset until its price becomes untethered to reality. The value soars until one day the market runs out of buyers and freezes, causing prices to plummet and some unlucky few to lose fortunes more than ten times their annual incomes in the span of a few hours.