Barstool Sports founder and CEO David Portnoy, who became known for day trading after the coronavirus pandemic halted sporting events, accused the heads of trading app Robinhood of criminal behavor Thursday after it prevented users from buying GameStop stock in an apparent assist to troubled hedge funds.
Big Short investor Michael Burry warns Reddit traders about the dangers of blind faith
Theron MohamedJan 29, 2021, 18:57 IST
Photo by Kevin Mazur/WireImage
The investor
stocks.
Iomega, a disk-drive maker that saw a spectacular rise and fall.
Burry probably sees parallels between Iomega s 90s cult following and the hype around
GameStop.
The Big Short, issued a fresh warning Thursday to people feverishly speculating on stocks. How many current $stonck market fans lived #Iomega? the
Scion Asset Management boss asked in a now-deleted tweet. Some of us older folk have a few been there, done that badges that are fairly relevant about now.
Print this article Why GameStop? Well, the first rule of trading stocks is to buy low and sell high. One year ago, when GameStop shares hovered just below $4, few professional investors sensed a steal. (Gabriela Bhaskar/Bloomberg)
Populist resentment against speculators has always been a touchstone of politics in the United States. Especially in times of heightened inequality, regular folks tend to turn against those who get rich without seeming to produce much of anything.
In the Gilded Age the period that brought us palaces in Newport, Rhode Island, and monopolies such as Standard Oil but also two of the worst economic depressions in the nation’s history those without access to capital or financial markets watched as their country was transformed with expansive railroads, air pollution, and immigrants.
Then look at what’s happening on Wall Street.
Small investors banding together on social media are taking on big investment firms by running up the stock price of GameStop, a struggling video game retailer whose shares were trading at around $4 at the start of the coronavirus pandemic. By Thursday, the stock price had surged to more than $480 a share before leveling off and closing at $193.
“We are witnessing the French Revolution of Finance,” declared Anthony Scaramucci, a financier who famously served as President Donald Trump’s White House communications director for 11 days in 2017.
Analysts believe Scaramucci, aka “The Mooch,” is right about the revolution, even if he cites the wrong country.
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