South Korea’s army of retail investors is declaring war on the shortest sellers
Jung Eui-Jung, a former employee of the South Korean bank, recalls his grim experience as a stockbroker more than a decade ago when he lost a small metal band he invested when he lost Won25m ($ 22,000).
“It’s a past I want to forget. Back then, I didn’t have much of a chance to get information. I would get lost in an environment that is biased against amateur traders, ”said the 62-year-old head of the Korean Shareholders’ Alliance, a advocacy group representing about 44,000 retail investors.
Feb 23, 2021 09:59 AM EST
Sadly, Park Hye Soo s school bullying issue has caused the cancellation of various promotional activities for her upcoming drama Dear M.
(Photo : KBS official Instagram (kbsdrama))
Park Hye Soo s School Bullying Allegations
The internet was set abuzz with the bullying allegations thrown against Park Hye Soo. The actress had recently been accused of school violence by a group that calls themselves her victims. This issue started on Feb. 20 when an anonymous person shared her experience being bullied by the star.
The author s statement expressed that they experienced bullying from a now-famous actress who has been showing an innocent image. The so-called victim shared that the bully threw their lunch box from a 10-story building, mocked them, grabbed their hair, and dragged them all the way to the lecture desk. The bully chopped off their hair and even made everyone laugh at them at school.
By Lee Kyung-min
The U.S. GameStop saga is unlikely to materialize in Korea, due largely to a tighter financial market system where small retail investors have limited influence in spiking up share prices through short-selling, according to market watchers, Wednesday.
The much-politicized investment method is widely used by foreign and institutional investors seeking profit after selling borrowed shares at a lower price in a bear market at the expense of retail investors.
Melvin Capital Management, a New York-based hedge fund that bet against the American consumer electronics and gaming merchandise retailer, lost over half its assets after the shares skyrocketed 2,000 percent in January, driven by organized purchases from small retail investors seeking to dry up short-selling funds. The firm s assets dipped to $8 billion as of January, from $12.5 billion in early 2000.
In the U.S., small investors have defied short-sellers by banding together online, renting billboards in Times Square and even flying banners from planes; in Korea, they are driving a bus.