185: Jaime Rogozinski The Reckless Abandon of WallStreetBetsWhere Brazen Risk-Taking Runs Rampant

Published: Dec. 18, 2019, 9:40 p.m.

b'Jaime Rogozinski, a serial entrepreneur who resides in Mexico, is the man responsible for bringing WallStreetBets to life\\u2014the infamous and wildly popular subreddit, which proudly boasts the tagline, \\u201cLike 4Chan found a Bloomberg terminal.\\u201d\\nIn other words, WSB is an online forum (on Reddit) where the majority of it\\u2019s 700k+ members aren\\u2019t looking to establish long-term, sustainable trading careers. Instead they\\u2019re buying lotto tickets on commission-free trading apps, taking almighty risks, and attempting to strike it rich fast.\\nThis is a community, of mainly unsophisticated investors, where losses of 10\\u2019s and 100\\u2019s of thousands of dollars are so common that it\\u2019s considered the norm. And although less common, there\\u2019s also the occasional member who\\u2019s handsomely rewarded for his or her audacious risk-taking. It\\u2019s kind of insane what goes on here, especially because it\\u2019s real-life (minus the odd trolling stunt).\\nBut make no mistake, I\\u2019m not throwing shade at WSB! The brazen culture is fascinating and you can\\u2019t help but appreciate the rawness of it all, not to mention the comments provide priceless entertainment value. And there just might be some insight to gleam, if you look hard enough (even if it\\u2019s do the opposite!) Sound and rationale financial advice has no place on WSB.\\nSpeaking with Jaime, he tells how the subreddit evolved and took on a life of its own, highlights from the timeline; featuring a member who exposed an \\u2018infinite money cheat code\\u2019 on Robinhood and the infamous \\u2018Pharma Bro\\u2019 Martin Shkrelli who was once a moderator, plus the largest gains and losses in WSB history.\\nLearn more about your ad choices. Visit megaphone.fm/adchoices'