3 June 2021 • 1:59pm
It is easy to dismiss the Reddit share-trading rabble, as, well precisely that: a disorderly mob. But when the share price of a near-bankrupt cinema operator doubles in a day because it’s been dishing out free popcorn to investors, surely it is proof that this corner of the stock market is completely out of control?
Almost certainly so, and yet that is precisely the reason why it is time to take these mischievous traders seriously. Nothing about AMC Entertainment makes any sense, at least on conventional investment measures. The company’s shares have surged almost 3,000pc since the start of the year as day traders have piled in.