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'Stop F***ing sell GME': that was the title of a thread on social media on Friday.
It’s a bunch of investors who thought by buying GameStop, a failing video company in the US, and pumping it up, they’d teach the heavy weights of Wall Street a lesson by squeezing their short.
I hope you’ve read up on this. This is a moment in time that yet again shows that too many who want to make a noise, make their noise with no for thought, far less expertise.
Having bought in, having made their point and presumably having cost a few hedge funds a fortune, people then bailed as people normally do when they see a stock rocket for no good solid economic reason.
They take their profits and run. Some ran to silver, some probably went back to the dark rooms from where they came.
But what they did by running was leave the bewildered and stupid holding stock that was bought at a price far higher than it was when the line 'Stop F***ing sell GME' started trending, a price that will never been seen again.
One analyst summed it up well. There were a variety of reasons why this happened, why it ended the way it did, and why it was always going to end the way it did.
The whole thing was leaderless. And that is social media to a T: it’s a pile on, it’s one idiot after another reading something, deciding it cool and before you know it, and it’s a ‘thing’.
And when there is no leader, there is no coordination, and when there is no coordination, it’s every person for themselves.
And given ultimately, whether they want to admit it, it was driven by greed. The moment the penny drops and you work out you’ve made some free coin, you’re gone, leaving the dopier ones holding the losses and wondering where their movement vanished to.
I note with interest the IRD here is looking for profits from the scheme so it was truly global.
But what is it they say about a fool and his money?
You’d like to think this would be the beginning middle and end of it, but that would be to deny human nature and the way it is.
So the only question is how long before you think we are back here saying the same thing again?