Well, it was bound to happen! I’m writing about financial stuff, and no, this is not financial advice, like, at all. But with that said, lets talk about some stuff!
I cannot deny, that I am following some of these stocks. But I’d prefer that we do not refer to them as ‘meme stocks’. I posted this on twitter.
Honestly, stocks, despite being recommended on Reddit/Twitter/Etc, does not make them a meme. This I find is the most offensive thing. I have been in the stocks and crypto game for several years, and things I have purchased in the past, and I hold, are being called meme stocks now. It is wildly entertaining for me to see people finally hop on board the bandwagon to trading. And people are truly getting rich from it.
As an actual meme said: ‘The poors are doing a capitalism.’, and it isn’t wrong. To be completely fair, this is super duper intelligent. An effort to find a chink in the armor of wallstreet so that normal folk can properly take advantage of the same things that people on wallstreet have done for years. Until recently this wasn’t available to people. You had to go through your bank, and a broker, and it was expensive. Since these apps like WealthSimple and Robinhood came out trading has become a lot easier for normal people.
I am a full on fan of the stocks, and I hope that what we have observed with AMC stocks, and the clear manipulation, trades in the dark pool, 174% (at time of me writing this article) shares sold, almost double the amount of actual shares have been sold. This is criminal, and there has been clear manipulation of the markets to help protect hedge funds. This will as the SEC investigates, turn up a lot of bad things for investment companies.
Something will inevitably have to change to ensure that this does not happen again in the future with other stocks. I expect laws to change fast, as the Governments of the world do not like it when anyone gets rich, and now that we are using the system of the rich to in fact, get rich ourselves, it won’t be long before that system is changed to prevent us from doing what we have done. The rich will protect the rich.
But I digress.
You can follow along with current and future bets over on reddit, ‘wallstreetbets‘ has been an amazing thing for the average person. There are plenty of people there with knowledge and are often willing to help, people understand the differences between different things. Of course, they won’t give you financial advice, but they will help you understand the world of stocks a lot better. And obviously, they talk about what stocks they are looking to invest in, which can be super beneficial if you are new and looking to dip your toes into the Stonks of the world.
Side note, while you are over on reddit, go give my subreddit a follow for great blog entries!
I can only imagine where the market will go after GameStop and AMC have been tapped out. But it has been a wild ride so far, and I really am looking forward to seeing what happens next.
So future traders, current traders, best of luck with your stocks.