Reddit versus Wall Street

[∞∞∞]

I hope so. If nothing changes because of this, so be it. If something changes, then it was worth the small price.

These hedge funds and capital ventures take struggling companies and make the situation worse with these shorts. Instead of the fundamental reason we invest in stocks - the belief in the product - they go in there and destroy jobs and livelihoods to siphon money upwards.

Let them hurt.

If some of the many videos and photos are true - GME was selling for $2k-$5k this morning before everything went to shit.

Tomorrow is going to be insane, I think. GME will be hella volatile.

These last few days have been the most fun I've ever had with the stock market. I look forward to more.

[BDKJMU]

They have a pretty aggressive turnaround plan to focus on digital sales, subscriptions, and renting more space to manufacturers and developers...basically the Best Buy turnaround model. Gamestop's digital sales are up something like 800% since last year, but they definitely need to close down some brick-and-mortar stores holding them down.

That's why it's doubly-annoying hedge funds are trying to bring Gamestop down. Yes it's struggling, but it shouldn't mean hedge funds should have the ability to enrich themselves by devaluing the investment people who believe in the product put in.

I hadn't heard that. Last time I was in a GS was probably a year ago and it had nothing of interest to me. Damn shame, when I was way more into gaming I loved that place. Got most of my games from the used bin for a handful of bucks a pop.

I haven't played video games much in 25 or 30 years. Why would the business be failing of people are playing video games more than ever (I assume)? I get that people aren't going into brick and mortar stores as much, esp during the China Virus, but people are ordering games as much as ever and having them shipped to them, no?

[SDHornet]

I hadn't heard that. Last time I was in a GS was probably a year ago and it had nothing of interest to me. Damn shame, when I was way more into gaming I loved that place. Got most of my games from the used bin for a handful of bucks a pop.

Why would the business be failing of people are playing video games more than ever (I assume)? I get that people aren't going into brick and mortar stores as much, esp during the China Virus, but people are ordering games as much as ever and having them shipped to them, no?

Most video games are bought and downloaded. In the old days it was a cassette, CD, etc. Last time I went it was mostly comic book/video game toys/collectables for sale and not actual games. GS just didn't change with the times.

[∞∞∞]

I hadn't heard that. Last time I was in a GS was probably a year ago and it had nothing of interest to me. Damn shame, when I was way more into gaming I loved that place. Got most of my games from the used bin for a handful of bucks a pop.

Why would the business be failing of people are playing video games more than ever (I assume)? I get that people aren't going into brick and mortar stores as much, esp during the China Virus, but people are ordering games as much as ever and having them shipped to them, no?

No. Most people download games directly from digital stores nowadays; physical games are increasingly rare.

The latest PS5 and xBox consoles also give you options to purchase versions without disc drives (only digital downloads).

When people do buy physical games, Gamestop has a lot of competition (Walmart, Target, Best Buy, Amazon, etc.).

It's not a company that is necessarily destined to die, but it needs to go in a different direction to survive.

[BDKJMU]

Why would the business be failing of people are playing video games more than ever (I assume)? I get that people aren't going into brick and mortar stores as much, esp during the China Virus, but people are ordering games as much as ever and having them shipped to them, no?

Most video games are bought and downloaded. In the old days it was a cassette, CD, etc. Last time I went it was mostly comic book/video game toys/collectables for sale and not actual games. GS just didn't change with the times.

I edited my post at the same minute you replied with I haven't played video games much in 25-30 years. Ok, I guess I'm about 10 years or whatever behind in thinking.

[BDKJMU]

Why wouldn't a hedge fund keep it a secret as to what stock(s) they were shorting? Is that not allowed, or was this a case of loose lips by the hedge fund?

[SDHornet]

Why would the business be failing of people are playing video games more than ever (I assume)? I get that people aren't going into brick and mortar stores as much, esp during the China Virus, but people are ordering games as much as ever and having them shipped to them, no?

No. Most people download games directly from digital stores nowadays; physical games are increasingly rare.

The latest PS5 and xBox consoles also give you options to purchase versions without disc drives (only digital downloads).

When people do buy physical games, Gamestop has a lot of competition (Walmart, Target, Best Buy, Amazon, etc.).

It's not a company that is necessarily destined to die, but it needs to go in a different direction to survive.

So those digital only games only work so long as a server is maintained, right?

[BDKJMU]

Why would the business be failing of people are playing video games more than ever (I assume)? I get that people aren't going into brick and mortar stores as much, esp during the China Virus, but people are ordering games as much as ever and having them shipped to them, no?

No. Most people download games directly from digital stores nowadays; physical games are increasingly rare.

The latest PS5 and xBox consoles also give you options to purchase versions without disc drives (only digital downloads).

When people do buy physical games, Gamestop has a lot of competition (Walmart, Target, Best Buy, Amazon, etc.).

It's not a company that is necessarily destined to die, but it needs to go in a different direction to survive.

Ok, so like downloading a movie as opposed to the CD, downloading MS office as opposed to the CD, downloading Turbo Tax or HR Block as opposed to the CD, etc, etc, etc.

[∞∞∞]

Why wouldn't a hedge fund keep it a secret as to what stock(s) they were shorting? Is that not allowed, or was this a case of loose lips by the hedge fund?

It's public info. It's just that trading has been increasingly democratized with the advent of the internet age, so now regular people have the ability to act as a pseudo-hedge fund among themselves. The more regular people involved, the more resources they have to dig out public info among the overwhelming volumes published daily and share it. Firms have super-computers and algorithms to analyze it all, regular folks don't. That's why many jumped at the opportunity and organized; successful or not, it's a rare moment to send a message.

BTW, hedge funds have actually been doing this to each other for decades, but it was a case of rich people moving money to other rich people. Now that regular people got involved, it's money moving downwards...and Wall Street doesn't like it.

[∞∞∞]

No. Most people download games directly from digital stores nowadays; physical games are increasingly rare.

The latest PS5 and xBox consoles also give you options to purchase versions without disc drives (only digital downloads).

When people do buy physical games, Gamestop has a lot of competition (Walmart, Target, Best Buy, Amazon, etc.).

It's not a company that is necessarily destined to die, but it needs to go in a different direction to survive.

So those digital only games only work so long as a server is maintained, right?

Depends on the game. Servers are definitely necessary for online gaming, but you can usually download games to the hardware...same as downloading a program to your computer from a CD or whatever.

[∞∞∞]

Ok, so like downloading a movie as opposed to the CD, downloading MS office as opposed to the CD, downloading Turbo Tax or HR Block as opposed to the CD, etc, etc, etc.

Yes.

[SDHornet]

[SDHornet]

[∞∞∞]

Oh look, another limit by my brokerage firm: I can't set my sell limit to more than 50% of current market value.

I should be able to demand 6.93K, but I guess that's the "free market" for you.

[SDHornet]

Forgot about the Elon Musk angle to the whole Melvin hedge fund saga. Fucking epic.

[SDHornet]

They're afraid...

[BDKJMU]

Forgot about the Elon Musk angle to the whole Melvin hedge fund saga. Fucking epic.

Melvin? I hope the owner isn’t black..

[∞∞∞]

GME pre-market at $380 (finished at $193 yesterday).

Today's gonna be volatile and stupid and fun and I love it.

[Ibanez]

If some of the many videos and photos are true - GME was selling for $2k-$5k this morning before everything went to shit.

Tomorrow is going to be insane, I think. GME will be hella volatile.

These last few days have been the most fun I've ever had with the stock market. I look forward to more.

I've been saying that as well. The entire saga has been fun to watch. I've read the posts on r/wsb for over a year now and those people are ready to lose it all.

[Ibanez]

Why would the business be failing of people are playing video games more than ever (I assume)? I get that people aren't going into brick and mortar stores as much, esp during the China Virus, but people are ordering games as much as ever and having them shipped to them, no?

Most video games are bought and downloaded. In the old days it was a cassette, CD, etc. Last time I went it was mostly comic book/video game toys/collectables for sale and not actual games. GS just didn't change with the times.

Those collectables are big business. But again, it's the potential turn around that has the interests of the Reddit crowd. With the addition of Michael Burry and some activist investors who want to change the company, the investors are betting on the company.

[Ibanez]

Why wouldn't a hedge fund keep it a secret as to what stock(s) they were shorting? Is that not allowed, or was this a case of loose lips by the hedge fund?

Financial disclosures on the part of the Hedge Funds and Game Stop. They were following the law.

[Ibanez]

Forgot about the Elon Musk angle to the whole Melvin hedge fund saga. Fucking epic.

Yup. See my Tesla reference a few posts back. Musk won't miss an opportunity to fuck them over.

[Ibanez]

I hope that's from Reddit b/c some smooth brained poster made the same analogy a while back.

[HI54UNI]

The narrative for the hedge funds is out. Heard on the news this morning and then on the radio on the way to work - people are investing and don't know what they are doing and many can't afford to lose the money they invested.

[Ibanez]

The narrative for the hedge funds is out. Heard on the news this morning and then on the radio on the way to work - people are investing and don't know what they are doing and many can't afford to lose the money they invested.

Oh no doubt. It's now something that everyone wants to be a part of and hope to make money. That's not even speculative trading. The people like me that who have watching this for months have been waiting for a day like today and are watching the fundamentals, watching the numbers and reviewing the volume as then come in. That was the odd thing about yesterday, for such a steep decline there wasn't much volume that would correlate to it. Expect GME to halt trading as soon at the opening bell - like it did yesterday and the day before. So many people are trying to get in.

Meanwhile - option calls are as high as $800, thought I think $420 was the highest I've seen any Bid/Ask against.

Yesterday was pure manipulation. Robinhood, for example, should've suspended trading if it had liquidity concerns.