Reddit Wrecks Hedge Funds

[Ferris]

Set up an account but it takes 3 business days for me and all. Bollocksssss

[hamfist]

amc just lost half its value. i have 20 minutes to cancel my order and save my life

buy the dip baby

[Bernice]

amc just lost half its value. i have 20 minutes to cancel my order and save my life

Hold your nerve you fucking fanny

[Cuellar]

GET OUT NOW OR THE MEN WILL COME

[kittens]

canclled my order to buy at the lower price and now it wont let me buy again. fucked my future

[Sebastian Cobb]

Might have a crack. I've got revolt so I can get money from credit card to coin base to buy drugcoins.

[Ferris]

canclled my order to buy at the lower price and now it wont let me buy again. fucked my future

Wally of Wall Street

[Cuellar]

They'll make films about kittens one day

[kittens]

looks like i'm back in the game!!! my order for 1 share of AMC is 'pending'!!!!

[Ferris]

looks like i'm back in the game!!! my order for 1 share of AMC is 'pending'!!!!

[Huxleys Babkins]

kittens, please remember to drop by the forum and check in on us paupers when you're swanning about in your Bentley and shagging Margot Robbie's arse off.

[JamesTC]

got on freetrade and have ordered £20 worth of AMC, going through 30 minutes after the market opens. so may get nothing at all but maybe get super rich

Was going to go to eToro and buy cryptocurrency but now bought some shares through FreeTrade instead of waiting the three days. £100 in AMC, £75 in AMCX and a wildcard of £75 in MAC (which is one of the most shorted stocks but also seems undervalued). If I get enough money to buy myself a gaming laptop while also retaining my original investment (£900) then I'll cash out instantly. If I lose the money then I've learnt my lesson well.

[notjosh]

All the big ones seem to have been suspended this morning so I panicked and took a punt on SPCE (Virgin Galactic Holdings Inc) which is what all the trendy kids are into now. Riding this bubble to Mars baby!

[kittens]

my amc order is still pending. i had it practically in the bank before and now it is just pending. it's all over folks. i'm leapin out the window of my ground floor flat

edit: oh it's gone through now. gonne be rich

[notjosh]

GO TO $SPCE (where they won't restrict trading)! BY FAR best opportunity for this new strategy. 74.67% short interest (2nd highest in equities), a float as low as $GME, yet having almost 3x amt of outstanding shares! Plus, Chamath is Chairman w/ ARK as big investor

Fucking hell - haven't understood all of this but pretty sure it says I'm gonna be rich. So long cunts, gonna buy myself a Tory, set up a shell company and get on the COVID gravy train.

[JamesTC]

my amc order is still pending. i had it practically in the bank before and now it is just pending. it's all over folks. i'm leapin out the window of my ground floor flat

Don't worry. The order is going through but they are having trouble updating it in the app. Mine was taking ages to go through but all of them have now.

Up £3.41 so I'm thinking of retiring.

EDIT: £4.71 - Fucking hell, what am I going to spend this on?

[kittens]

.17p pure profit over here

edit: oh fuck now i'm down .54p. i cant handle this lads

[bgmnts]

EDIT: £4.71 - Fucking hell, what am I going to spend this on?

More shares.

[JamesTC]

More shares.

Down by £8.20 now. Where is the nearest window please?

[kittens]

shouldve cashed out at +.17p.
all down the toilet now

[JamesTC]

shouldve cashed out at +.17p. down the toilet now

Keep holding is what I am seeing. Apparently there is a big sell off, but they are telling Reddit to keep buying (particularly now it is a lower price). Should see a GameStop style surge in the next few days if we are lucky.

[idunnosomename]

i picked up one phone and shouted "BUY BUY BUY" and then another phone and shouted "SELL SELL SELL" and now im leading back in my chair smoking a big cigar with my thumbs in my braces

[C_Larence]

I don't understand how if AMC is surging, buying now is a good idea?

[kittens]

it just gonnna get bigger and bigger!!!

[JamesTC]

I don't understand how if AMC is surging, buying now is a good idea?

It is going down right now. Seemingly because of people selling and because one of the most popular apps in America has stopped people from buying it on there. Right now is possibly a good time to buy (if you have the money) as Reddit are pumping it all into GME and AMC right now.

EDIT: BB is a big one right now too. They are also inflating the value of Dogecoin.

[C_Larence]

It is going down right now. Seemingly because of people selling and because one of the most popular apps in America has stopped people from buying it on there. Right now is possibly a good time to buy (if you have the money) as Reddit are pumping it all into GME and AMC right now.

Ok, so reddit pump all their money into it, and then what? I almost understood the milky bar/way analogy earlier in the thread but don't see how it applies here. How does me buying £100 of AMC right now eventually make me a millionaire?

[JamesTC]

Ok, so reddit pump all their money into it, and then what? I almost understood the milky bar/way analogy earlier in the thread but don't see how it applies here. How does me buying £100 of AMC right now eventually make me a millionaire?

They shoot it to a really high point at which point the people shorting it lose out and then they sell. I guess you just have to sell at the right time.

[mobias]

Quick everyone buy shares in Blockbuster Video. Video renting is going to come back big time, so I've heard.

https://www.theguardian.com/business/2021/jan/28/reddit-investor-army-taking-battle-global-ailing-stocks-hedge-funds

[MojoJojo]

Found this thread on Twitter while looking at what this whole GameStop debacle was all about. Thought it might be of interest to others.

https://twitter.com/dollarsanddata/status/1354561079926550530?s=20

It's about Piggly Wiggly shares in the 1920's. I was quite surprised at the value of the shares given it was 20's era.

Interesting and perhaps relevant part of that:

Nick Maggiulli
@dollarsanddata
·
17h
The problem with cornering the market occurs AFTER you have done it.  Even if you squeeze the shorts dry, how do you get your money out?

If you try to sell all your shares at once, the price crashes and you are ruined.
Nick Maggiulli
@dollarsanddata
·
17h
Well Saunders knew this, so in March 1923 he offered to sell 50,000 of his Piggly Wiggly shares to the public.

Yes, he was selling, but at a price of $55 a share, or about $15 below the current market price.

But there was a catch...

Nick Maggiulli
@dollarsanddata
·
17h
In order to buy the shares, you had to do so via an installment plan that ended December 1923 (9 months later).

More importantly, you couldn't own the shares (and re-sell them) until the final payment was made.
Nick Maggiulli
@dollarsanddata
·
17h
Why did Saunders structure it this way? Because he needed to keep these shares off the market in the short term (to burn the shorts), but he also needed some assurance that he could cash out.

In doing the sale, he got both.

So Saunders here was the "good guy" taking it to the investment shorters - except he took out a loan to do it instead of mobilising a reddit mob. Note that his mechanism for cashing out basically screws over the public who buy his shares, because by the time they can actually sell those shares they'll be worthless.

I can't help feeling that a similar thing is going on here. Take away the "sticking it to the hedge fund" rhetoric and this looks like a pump and dump. I'm not convinced the shorters are going to be out of pocket - all they have to do is short more at $300 and they'll cover their losses. The people who will lose out are those who jump on the bandwagon late and don't get out soon enough.

[imitationleather]

The people who will lose out are those who jump on the bandwagon late and don't get out soon enough.

#prayforkittens