Roaring Kitty lost 13 million today

He seriously didn't sell? Wtf

he likes the stock

He already sold quite a bit. This was just from what he had left in the stock.

Most investors are waiting to sell. This is due to the total volume and daily trading limits. Currently, the majority of the shares that are being sold are from the hedge fund trying to get out of the stock with minimum losses. Once they are out of the stock it has a good chance to go up. The question is how much of if the hedge fund owners will continue to sort sell for their cost savings. I'm no longer in the stock myself due to volatility but it is interesting if it will go back up or not.

We sold our shares earlier this week that were gifted to my son years ago - $1200 for 5 shares. Not too shabby. Currently the stock price is at $90/share.

What I'm most surprised by is that people are believing whatever people on WSB are saying about their own investments. It is trivial to fake that sh*t, and everyone's interest is to have the most irrational trades be done by others.

He already sold realized $13.8 million last week so he's set regardless. Weird he hasn't sold more, but maybe he's still really confident it can recover some.

While it has been fun to watch the hedge funds eat sh$t, in the end, this has just been an exercise in collective stupidity by two sides of the same coin of the privileged investor class. Gamestop's market cap went all the way up to $35 bil and is now down at $6 bil. Billions of dollars have changed hands from hedge funds to smaller individual investors without any actual benefit to the business operations of Gamestop, other than to delay a probably inevitable bankruptcy or at best massive reduction in brick and mortar footprint (i.e. massive layoffs).

While @$30 bil was being passed around like a bowl of pretzels at a Superbowl party, there are battery startups with revolutionary technology that will make EVs charge faster and go further without needing cobalt or even lithium. These companies have to beg on hands and knees for VC money to try to start scaling up new technologies that have been perfected in university lead R&D. The technology in the pipeline could make the transition from fossil fuels to renewables seamless and fast, bringing humanity back from the brink of a climate disaster while ending air pollution from burning fossil fuels. But investments in these industries are just a tiny fraction of the kind of money in the market that is chasing shorts, derivatives, and other esoteric investment vehicles that are so far removed from any actual economic activity that they may as well just substitute a roulette wheel.

The capitalists claim superiority to the socialists based on the premises of the rational maximizer being superior to central planning. But here we are in a pandemic where vaccine production is currently being choked by patents and billions of dollars are thrown around over a viral stock trade.

Precious Roy wrote:

The capitalists claim superiority to the socialists based on the premises of the rational maximizer being superior to central planning. But here we are in a pandemic where vaccine production is currently being choked by patents and billions of dollars are thrown around over a viral stock trade.

I think it is intellectually dishonest to equate the current market to capital-C Capitalism. It is more akin to an oligarchy. I agree with 99% of your post, I just think using the GME rodeo to somehow attack Capitalism and support Socialism is unfair.

Precious Roy wrote:

om any actual economic activity that they may as well just substitute a roulette wheel.

The capitalists claim superiority to the socialists based on the premises of the rational maximizer being superior to central planning. But here we are in a pandemic where vaccine production is currently being choked by patents and billions of dollars are thrown around over a viral stock trade.

Without capitalism you don't even get a vaccine, most likely ever. Socialism removes incentives for people to work hard and develop innovative technologies. You are putting the cart before the horse. Do you think if not for profit motive that the genius of Musk would have invented Tesla and the idea for EV????

I always think back to this story by Kurt V -

They weren’t only equal before God and the law. They were equal every which way. Nobody was smarter than anybody else. Nobody was better looking than anybody else. Nobody was stronger or quicker than anybody else. All this equality was due to the 211th, 212th, and 213th Amendments to the Constitution, and to the unceasing vigilance of agents of the United States Handicapper General.

[He] had a little mental handicap radio in his ear. He was required by law to wear it at all times. It was tuned to a government transmitter. Every twenty seconds or so, the transmitter would send out some sharp noise to keep people like George from taking unfair advantage of their brains

genuinely not sure if /s

Nah, only a moron would buy into GME at anything greater than 50 if planning on holding long term.

To say that capitalism got us the vaccine and that gov't couldn't have done it without it is myopic at the very least. Gov't gave numerous corporations enormous amounts of money ($18 billion to vaccine research/$8 billion to COVID treatments) to do it, and took numerous steps to clear production hurdles, not enough but many. And then even Russia seems to have produced a vaccine that a peer-reviewed paper in the British medical journal Lancet says is 91.6% effective and 100% effective at preventing COVID hospitalization and death.

He obviously should've taken profits during those crazy boom days last week, but he was deified on WSB for holding. His diamond hands emboldened people to push it higher while also handicapping his ability to realize the gains.

I wonder how much of the losses the big firms were able to cover by shorting shares at those crazy heights.

biggerboy13 wrote:

Without capitalism you don't even get a vaccine, most likely ever.

Capitalism fails to deal with problems where the costs and benefits are born by the society as a whole. The purely selfish actor will push off negative effects on others, and will not engage in activity that produces benefits that he cannot himself capture, though it may profit the society as a whole.

Without the government's research money plus guaranteed purchase money, private companies would have been more cautious and slow in their vaccine development, and they would have charged much more for any vaccine they developed. Plus, even though the government funded the development, the companies are still retaining intellectual property rights. Changing this dynamic is one to look at for the future of how we do drug development. If government increases research funding, it can take pharma industry to a straight-to-generic model, and bring our drug prices down.

Of course this thread became a debate about economic systems. Never change internet

letsdoit wrote:

Most investors are waiting to sell. This is due to the total volume and daily trading limits. Currently, the majority of the shares that are being sold are from the hedge fund trying to get out of the stock with minimum losses. Once they are out of the stock it has a good chance to go up. The question is how much of if the hedge fund owners will continue to sort sell for their cost savings. I'm no longer in the stock myself due to volatility but it is interesting if it will go back up or not.

Hedge Funds aren't selling...they are BUYING...because they have to. That is how selling short works, and why everyone buying and raising the prices was screwing over the hedge funds. Because they will eventually have a margin call for their short sell, meaning they are forced to buy the stock, so they can repay the stocks their borrowed, so the higher the cost the more it hurts the Hedge Funds.

itsridiculous wrote:

Nah, only a moron would buy into GME at anything greater than 50 if planning on holding long term.

Only a moron would plan on holding GME long term, period. Because it's only a matter of time the company declares bankruptcy and gets gobbled up by private equity. Sure, maybe a hedge fund or two bites the dust. But the vast majority of hop-ons to this scheme will leave with much lighter pockets.

Our boy Roaring Kitty is now being investigated...could be interesting!