[GameStop GME trading mega-thread]

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Prettyfrtnt
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[GameStop GME trading mega-thread]

Post by Prettyfrtnt »

[Title was "GameStop GME: anyone joining?" --admin LadyGeek]

So an internet group identifies two companies sold >100% short. GameStop is one: GME. Ryan Cohen from Chewy comes in as an activist and changes the narrative. The internet group works as a hive mind to burn the shorts down to a parabolic stock rise using buy and hold until squeeze. Anyone joining in this unique opportunity?

https://www.vice.com/en/article/qjpx8w/ ... ellers-cry

The shorts lost $812M on one day this week. The squeeze has barely started. Thoughts?
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arcticpineapplecorp.
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Re: GameStop GME: anyone joining?

Post by arcticpineapplecorp. »

this sounds like gambling. oh right it is right there in the tagline:
A 'short squeeze' on GME stock has driven its price through the roof and lots of reddit gamblers seem to have gotten rich.
i don't remember reading anywhere "bogleheads.org--Gambling advice inspired by Jack Bogle"
Wallstreetbets is a subreddit filled with chaotic investment advice and surreal memes. In August, members of the subreddit began buying up shares in GameStop and several offbeat investors started to tout the stock's virtues. In general, GameStop hasn’t been doing well. It’s a brick-and-mortar store in a business that’s increasingly moving to digital sales. It closed hundreds of stores in 2020 and owes almost half a billion dollars in short- and long-term debt.
that doesn't sound like a good "bet" to me.
Last edited by arcticpineapplecorp. on Thu Jan 21, 2021 9:29 pm, edited 1 time in total.
It's hard to accept the truth when the lies were exactly what you wanted to hear. Investing is simple, but not easy. Buy, hold & rebalance low cost index funds & manage taxable events.
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Re: GameStop GME: anyone joining?

Post by Hyperchicken »

It's our chance to make a small fortune.
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arcticpineapplecorp.
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Re: GameStop GME: anyone joining?

Post by arcticpineapplecorp. »

One of GameStop’s big problems is that it has negative float, meaning it has issued more shares than are actually available. According to the posters on WallStreetBets, this has allowed its traders to take the stock hostage.

“There is likely not an original GameStop issued share left on the market,” Redditor gardeeon said on WallStreetBets. “We can see that of the 79,519,042 shorted shares, 68% or 54,168,330 of all shorted shares are shorted on margin.”

“None of this price move has anything to do with the fundamentals of the company,” Karla said. “It's all pure speculation. That means that after the squeeze is done all these guys will cash out, selling off the stock and causing it to fall back to earth. It’s just froth.”
Jack Bogle said it best, "The stock market is a giant distraction from the business of investing."
It's hard to accept the truth when the lies were exactly what you wanted to hear. Investing is simple, but not easy. Buy, hold & rebalance low cost index funds & manage taxable events.
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warowits
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Re: GameStop GME: anyone joining?

Post by warowits »

Shouldn’t GameStop be issuing new shares like crazy right now? Does this process take too long to catch this opportunity?
Cgduke
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Re: GameStop GME: anyone joining?

Post by Cgduke »

Should we not swing for the fences with 10%. Everyone’s situation is a bit different I suppose. Not saying this is the bet, but many opportunities do exist in this market.
Last edited by Cgduke on Thu Jan 21, 2021 9:46 pm, edited 1 time in total.
b.lock
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Re: GameStop GME: anyone joining?

Post by b.lock »

I browse Wall Street Bets everyday. It's basically the opposite of Bogleheads. It's hilarious to watch but I do not partake. Fortunes are made and fortunes are lost.
Stupendous
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Re: GameStop GME: anyone joining?

Post by Stupendous »

YOLO!
checkyourmath
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Re: GameStop GME: anyone joining?

Post by checkyourmath »

Be careful Dr. Burry is all over Gamestop and he is a leading indicator! He was in that Steve Carroll movie. On a side note why is options data so hard to find? I think 2020 was a record year for options but it is hard to find volume data.
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JonnyDVM
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Re: GameStop GME: anyone joining?

Post by JonnyDVM »

I bought at $20, doubled up in a week and a half and I’m done. Dumbest investment I’ve ever made money on. GameStop rents video games and sells used video games. Not a great business model going forward. No amount of internet hype is going to change that as far as I’m concerned. That probably means it’s going to double again, so feel free to fire away.

Edit to add- Sometimes Reddit nails one- this is one of those times. I keep some meme stocks in my pocket mostly for the emoji opportunity 🚀
I’d trade it all for a little more | -C Montgomery Burns
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ClevrChico
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Re: GameStop GME: anyone joining?

Post by ClevrChico »

I won't be joining, but that's pretty amazing. It reminds me of the late 90's when people on message forums would declare a war against shorts. Now, it's organized on social media, and apparently is working. :-)

Beyond the short term, I don't see how Gamestop is successful. My kids have recently abandoned console gaming for PC and Mobile gaming, with everything digitally delivered. (And it's pretty cheap or free, so I can't complain.)
Last edited by ClevrChico on Fri Jan 22, 2021 8:32 am, edited 1 time in total.
Chicken Little
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Re: GameStop GME: anyone joining?

Post by Chicken Little »

b.lock wrote: Thu Jan 21, 2021 9:43 pm I browse Wall Street Bets everyday. It's basically the opposite of Bogleheads. It's hilarious to watch but I do not partake. Fortunes are made and fortunes are lost.
I don't trade, but I check in once in a while to follow along over there. Pretty funny as well, if you're into humor. Very entertaining.

On a semi-serious note, I say good for them. Seems like markets have reached the masses. It's all better price discovery in the end.
grettman
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Re: GameStop GME: anyone joining?

Post by grettman »

Stupendous wrote: Thu Jan 21, 2021 9:56 pmYOLO!
BOOMERS!
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pahkcah
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Re: GameStop GME: anyone joining?

Post by pahkcah »

Not a single rocket emoji yet? /s
lostdog
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Re: GameStop GME: anyone joining?

Post by lostdog »

b.lock wrote: Thu Jan 21, 2021 9:43 pm I browse Wall Street Bets everyday. It's basically the opposite of Bogleheads. It's hilarious to watch but I do not partake. Fortunes are made and fortunes are lost.
+1

Same here. I just watch them and enjoy.

Although it can be sad seeing some of them lose their entire life savings and brag about it.
Last edited by lostdog on Fri Jan 22, 2021 8:52 am, edited 2 times in total.
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nisiprius
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Re: GameStop GME: anyone joining?

Post by nisiprius »

Cgduke wrote: Thu Jan 21, 2021 9:41 pm Should we not swing for the fences with 10%?
Explain your criteria for deciding when to use the word "should."

Can you think of any way to investigate this question:

"Will an ordinary retail investor get better long-term results, on the average, by putting 100% of their portfolio into a three-fund portfolio, or by putting 90% into a three-fund portfolio and swinging for the fences with the 10% to exploit amazing opportunities they learn about through the financial press and social media?"

Do you have any evidence, any evidence at all that the answer is "use 10% to swing for the fences?"

We know what John C. Bogle thought about this. Whether or not he was right, we do know what he thought about it. On occasion he has talked about "a funny money account." However, he never recommended that people have one. He recommended that you not have one if you can be satisfied without one. He said that if you want to do short-term speculation you should literally set up a separate account for it, and never speculate in your long-term investment account. He said you should keep the funny money account to no more than 5% (not 10%) of your portfolio. In his words:

Advice for investors who can’t be satisfied with shutting their eyes, doing nothing and letting indexing work in their favor:
Divide your money into your long-term investment account and your funny money account for short-term speculation. Guess on funds, guess on markets, guess on stocks if you want to, because that gives you an opportunity to act on your speculative impulses.

But they will hurt you a lot so I recommend you have a funny money account of no more than 5% of your portfolio. I also recommend that after five years, check it out. Has it done better than the long-term investment or worse? I’d be astonished if at least 95% of those funny money accounts don’t do worse.
Last edited by nisiprius on Fri Jan 22, 2021 8:53 am, edited 1 time in total.
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CardinalRule
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Re: GameStop GME: anyone joining?

Post by CardinalRule »

b.lock wrote: Thu Jan 21, 2021 9:43 pm I browse Wall Street Bets everyday. It's basically the opposite of Bogleheads. It's hilarious to watch but I do not partake. Fortunes are made and fortunes are lost.
I do this once or twice a week. WSB can be a funny and fascinating reddit and yes, the opposite of this site. :happy As for GME, I have not "invested" and don't plan to.

Jim Cramer has been spending some time on the GME phenomenon recently. A short squeeze, to be sure, but there is more going on:

https://www.youtube.com/watch?v=XlS21ZvcqVo
profet
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Re: GameStop GME: anyone joining?

Post by profet »

We might be in a bubble if...
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JoeRetire
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Re: GameStop GME: anyone joining?

Post by JoeRetire »

Cgduke wrote: Thu Jan 21, 2021 9:41 pm Should we not swing for the fences with 10%.
Maybe.

How often would you swing for the fences? Once? Annually? Monthly? Weekly?
How many 10%s would you have to lose before you stopped?

Back when I gambled (blackjack) I set aside an annual $ stake. If it got depleted, I was done for the year.
Just remember: it's not a lie if you believe it.
aristotelian
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Re: GameStop GME: anyone joining?

Post by aristotelian »

The institutional investors will find a way to make their money back. Congrats to anyone who got in early but at a certain point a bad stock is a bad stock and will come down to earth. There is a saying that the market can stay irrational longer than you can stay solvent, but that does not apply to institutional investors.
SaveStrong
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Re: GameStop GME: anyone joining?

Post by SaveStrong »

Definitely engaging to watch on WSB. There are some true degenerates but also interesting to see DeepF**Value and his thesis evolve. $40k into $7m++ !?!? (insert rocket emojis)

But if WSB “advice” has made it here... maybe there’s still more room to grow before it pops. That said I’ll continue to dutifully plow money into VTI
Chicken Little
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Re: GameStop GME: anyone joining?

Post by Chicken Little »

SaveStrong wrote: Fri Jan 22, 2021 9:30 amBut if WSB “advice” has made it here... maybe there’s still more room to grow before it pops.
Yeah.

The whipsaw is out there. I assume all the bond money converted to equity, which would have stood pat with better yields, will only further that. These Redditors/Robinhooders actually seem like pretty tech savvy traders, what with the access to options on the fone. How many retail investors were trading options in 2000? The hive mentality could prove useful as well, if they turn into "don't" bettors en masse. They have the tools right there on the fone?

Nobody is directly asking here, but threads go up all the time asking what 2000 and 2008 felt like. I can't comprehend how it's "negative" to say it feels like now. I mean...it feels like now?

I guess I'll have to do another hitch in the penalty box for this?

Not sure how talking about a crash after it happens is supposed to do anyone any good. I'll have to see where I'm at, but all index and maybe 55 stock / 45 bond (even -3.0% real on the bond side would look pretty sweet next to an equity crash). I'll be buying any major downturn with the goalpost for getting back to previous high a decade, more-or-less.

My favorite part will be the apologists trying to explain how they were correct that debt-didn't-matter, but black swans upset the thesis.

Alright, see everybody in a few weeks (if this isn't the big one). Just got out, too.
Last edited by Chicken Little on Fri Jan 22, 2021 10:01 am, edited 1 time in total.
Chicken Little
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Re: GameStop GME: anyone joining?

Post by Chicken Little »

How about some stories from those who got out at the top in 2000? I sure didn't.

Maybe that's what we need?
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JonnyDVM
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Re: GameStop GME: anyone joining?

Post by JonnyDVM »

Still going up on a down market day. Good for anyone who stayed in. I’m a coward :beer
I’d trade it all for a little more | -C Montgomery Burns
totality
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Re: GameStop GME: anyone joining?

Post by totality »

Prettyfrtnt wrote: Thu Jan 21, 2021 9:20 pm Anyone joining in this unique opportunity?
In the 2021 hedge fund contest, 3 Bogleheads have GME in their portfolio, all short. So I'd say the general sentiment is bearish. :)

viewtopic.php?f=10&t=335126

(I actually think this could still work out well for those posters because there's no margin calls in a play money contest, and they have until the end of the year, but we'll see.)
hnd
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Re: GameStop GME: anyone joining?

Post by hnd »

i bought novavax when it was in the single digits and it now sits at 120 or so. I sold it and took the Short Term Hit. its been sitting at 120 now fluctuating up and down a little. It basically felt odd.

I also bought and sold zm and made some money on that, but it has since skyrocketed and i'll be honest, i felt bad.

So for me, if i buy and individual stock its for the long run. I'm not interested in playing those games.
Escapevelocity
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Re: GameStop GME: anyone joining?

Post by Escapevelocity »

The amazing thing about GME is that they had over 100% short interest when the stock was at 5 bucks. It didn't matter how low the stock went, the shorts hung on instead of ringing the register. Now they've been burned badly and I'm not sorry for them since they were way too greedy. I guess they were expecting a bankruptcy.
elderwise
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Re: GameStop GME: anyone joining?

Post by elderwise »

Is an infinite squeeze or MOASS really possible? lol sorry maybe not a BH question but a er.. WSB type question..

seroiusly
bugleheadd
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Re: GameStop GME: anyone joining?

Post by bugleheadd »

some guy on reddit went from 50k to $8million or something from accumulating long GME calls starting fall 2019 (over a year out?)
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JonnyDVM
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Re: GameStop GME: anyone joining?

Post by JonnyDVM »

Still going up....
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elderwise
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Re: GameStop GME: anyone joining?

Post by elderwise »

Is this just a short squeeze or is this like the Tesla shorts lol wth is making it up go like this crazy

Game stop is mostly dead no?
Hyperchicken
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Re: GameStop GME: anyone joining?

Post by Hyperchicken »

+30% for the day so far.

Yesterday would have been a good day to buy. :twisted:
MarkBarb
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Re: GameStop GME: anyone joining?

Post by MarkBarb »

Hyperchicken wrote: Thu Jan 21, 2021 9:28 pm It's our chance to make a small fortune.
It is. Especially for those with medium to large fortunes.
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JonnyDVM
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Re: GameStop GME: anyone joining?

Post by JonnyDVM »

Whelp. I have egg all over my face for bailing way too early. This rise was incredible.
I’d trade it all for a little more | -C Montgomery Burns
Hyperchicken
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Re: GameStop GME: anyone joining?

Post by Hyperchicken »

It's actually fun to watch. The stock as well as the WSB story.

+50% for the day so far.

The squeeze is being squozen.
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Re: GameStop GME: anyone joining?

Post by pasadena »

Ah yes, the latest buzz on Reddit's WallStreetBets.

No thank you.
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Re: GameStop GME: anyone joining?

Post by JonnyDVM »

Guffaw all you you want. This was a get rich quick scheme that actually got people rich, and quick.
I’d trade it all for a little more | -C Montgomery Burns
elderwise
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Re: GameStop GME: anyone joining?

Post by elderwise »

Trading has been halted 3 times today on this by SEC?? is this normal?
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Prettyfrtnt
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Re: GameStop GME: anyone joining?

Post by Prettyfrtnt »

Can’t stop won’t stop Game Stop.
burritoLover
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Re: GameStop GME: anyone joining?

Post by burritoLover »

idiotic. This kind of stuff makes me think the impending crash (of the entire market) is ever so closer.
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Re: GameStop GME: anyone joining?

Post by Independent George »

Gamestop is basically the Blockbuster video of today. I do not see how they can stay in business for much longer.
rockstar
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Re: GameStop GME: anyone joining?

Post by rockstar »

The guy from the Big Short had a position in Game Stop.

https://www.sec.gov/Archives/edgar/data ... oTable.xml
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nisiprius
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Re: GameStop GME: anyone joining?

Post by nisiprius »

Where I have I heard that kind of language? It sounds straight out of some 1920s novel about...

...wait, wait, I even know the novel.
"That I'm going over. That's exactly what I do mean. I'm going to change over so quick to the other side that I'll be there before you can take off your hat. I'm done with a Bear game. It was good while it lasted, but we've worked it for all there was in it. I'm not only going to cover my May shorts and get out of that trade, but"—Jadwin leaned forward and struck his hand upon his knee—"but I'm going to buy. I'm going to buy September wheat, and I'm going to buy it to-morrow, five hundred thousand bushels of it, and if the market goes as I think it will later on, I'm going to buy more. I'm no Bear any longer. I'm going to boost this market right through till the last bell rings; and from now on Curtis Jadwin spells B-u-double l—Bull."

"They'll slaughter you," said Gretry, "slaughter you in cold blood. You're just one man against a gang—a gang of cutthroats. Those Bears have got millions and millions back of them. You don't suppose, do you, that old man Crookes, or Kenniston, or little Sweeny, or all that lot would give you one little bit of a chance for your life if they got a grip on you. Cover your shorts if you want to, but, for God's sake, don't begin to buy in the same breath. You wait a while. If this market has touched bottom, we'll be able to tell in a few days. I'll admit, for the sake of argument, that just now there's a pause. But nobody can tell whether it will turn up or down yet. Now's the time to be conservative, to play it cautious."

"If I was conservative and cautious," answered Jadwin, "I wouldn't be in this game at all. I'd be buying U.S. four percents. That's the big mistake so many of these fellows down here make. They go into a game where the only ones who can possibly win are the ones who take big chances, and then they try to play the thing cautiously. If I wait a while till the market turns up and everybody is buying, how am I any the better off? No, sir, you buy the September option for me to-morrow—five hundred thousand bushels. I deposited the margin to your credit in the Illinois Trust this afternoon."
In Wikipedia's summary of how it ends:
Only when the "Great Bull’s" corner is finally broken and he and his wife are reduced to poverty can Jadwin and Laura finally see past their individual problems and rediscover their love for each other.
Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness; Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.
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arcticpineapplecorp.
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Re: GameStop GME: anyone joining?

Post by arcticpineapplecorp. »

In all my life I have not wanted something to fail so spectacularly.

of course I also just said that about bitcoin last week too.

mostly for the same reasons.
It's hard to accept the truth when the lies were exactly what you wanted to hear. Investing is simple, but not easy. Buy, hold & rebalance low cost index funds & manage taxable events.
2903490324
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Re: GameStop GME: anyone joining?

Post by 2903490324 »

arcticpineapplecorp. wrote: Fri Jan 22, 2021 1:17 pm In all my life I have not wanted something to fail so spectacularly.

of course I also just said that about bitcoin last week too.

mostly for the same reasons.
Why not short GME?
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FIREchief
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Re: GameStop GME: anyone joining?

Post by FIREchief »

Hyperchicken wrote: Thu Jan 21, 2021 9:28 pm It's our chance to make a small fortune.
Yep, especially if we start with a large fortune. :P
I am not a lawyer, accountant or financial advisor. Any advice or suggestions that I may provide shall be considered for entertainment purposes only.
Marseille07
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Re: GameStop GME: anyone joining?

Post by Marseille07 »

I don't touch GME but they're a real business making 5B in rev. Long-term growth isn't there, but they being valued at 2.7B as of yesterday wasn't expensive in terms of P/E.
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Re: GameStop GME: anyone joining?

Post by qwertyjazz »

nisiprius wrote: Fri Jan 22, 2021 1:15 pm Where I have I heard that kind of language? It sounds straight out of some 1920s novel about...

...wait, wait, I even know the novel.
"That I'm going over. That's exactly what I do mean. I'm going to change over so quick to the other side that I'll be there before you can take off your hat. I'm done with a Bear game. It was good while it lasted, but we've worked it for all there was in it. I'm not only going to cover my May shorts and get out of that trade, but"—Jadwin leaned forward and struck his hand upon his knee—"but I'm going to buy. I'm going to buy September wheat, and I'm going to buy it to-morrow, five hundred thousand bushels of it, and if the market goes as I think it will later on, I'm going to buy more. I'm no Bear any longer. I'm going to boost this market right through till the last bell rings; and from now on Curtis Jadwin spells B-u-double l—Bull."

"They'll slaughter you," said Gretry, "slaughter you in cold blood. You're just one man against a gang—a gang of cutthroats. Those Bears have got millions and millions back of them. You don't suppose, do you, that old man Crookes, or Kenniston, or little Sweeny, or all that lot would give you one little bit of a chance for your life if they got a grip on you. Cover your shorts if you want to, but, for God's sake, don't begin to buy in the same breath. You wait a while. If this market has touched bottom, we'll be able to tell in a few days. I'll admit, for the sake of argument, that just now there's a pause. But nobody can tell whether it will turn up or down yet. Now's the time to be conservative, to play it cautious."

"If I was conservative and cautious," answered Jadwin, "I wouldn't be in this game at all. I'd be buying U.S. four percents. That's the big mistake so many of these fellows down here make. They go into a game where the only ones who can possibly win are the ones who take big chances, and then they try to play the thing cautiously. If I wait a while till the market turns up and everybody is buying, how am I any the better off? No, sir, you buy the September option for me to-morrow—five hundred thousand bushels. I deposited the margin to your credit in the Illinois Trust this afternoon."
In Wikipedia's summary of how it ends:
Only when the "Great Bull’s" corner is finally broken and he and his wife are reduced to poverty can Jadwin and Laura finally see past their individual problems and rediscover their love for each other.
http://www.gutenberg.org/ebooks/4382

Link to book project gutenberg

Is it worth reading?
Thank you
QJ
G.E. Box "All models are wrong, but some are useful."
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nisiprius
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Re: GameStop GME: anyone joining?

Post by nisiprius »

qwertyjazz wrote: Fri Jan 22, 2021 2:06 pmhttp://www.gutenberg.org/ebooks/4382

Link to book project gutenberg

Is it worth reading?
Thank you
QJ
I liked The Octopus better. I was able to get through The Pit but I didn't really enjoy it.
Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness; Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.
qwertyjazz
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Re: GameStop GME: anyone joining?

Post by qwertyjazz »

nisiprius wrote: Fri Jan 22, 2021 2:11 pm
qwertyjazz wrote: Fri Jan 22, 2021 2:06 pmhttp://www.gutenberg.org/ebooks/4382

Link to book project gutenberg

Is it worth reading?
Thank you
QJ
I liked The Octopus better. I was able to get through The Pit but I didn't really enjoy it.
Octopus is also free - will check out

Thank you
G.E. Box "All models are wrong, but some are useful."
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