The fascinating story about when some redditors took on Wall Street
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7:26 pm, January 29th, 2021 - 22 comments
Categories: capitalism, Financial markets, internet, the praiseworthy and the pitiful, uncategorized -
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The world has been watching, mostly with amusement, as some redditors have brought a Wall Street merchant bank to its knees, by buying stocks in a company, GameStop who has seen better days and whose business model is antiquated.
Members of the r/WallStreetBets subreddit saw that a hedge fund had taken a really aggressive short position on GameStop shares and have been buying shares to drive the price up. This has hurt hedge fund Melvin Capital and others who had entered into contracts to purchase shares in the company in the future at a price lower than the then current share price, betting that the share value would reduce. When the share price spiked these contracts became really expensive and the underlying presumption proved to be expensively wrong.
This anonymous commentator explains things clearly:
The Guardian has this further description:
The battle has become a war of attrition between a new generation of investors and established, more diversified players.
Investors on the WallStreetBets subreddit forum have been promoting GameStop aggressively, with many pitching it as a battle of regular people versus hedge funds and big Wall Street firms.
“This is quite the experience for my first month in the stock market. Holding till infinity,” posted one user on the thread. Another user said: “We’re literally more powerful than the big firms right now.”
In some cases, they’ve been right, with larger investors like Citron Research taking a sharp lesson in what can happen when “herd investors” squeeze a stock higher.
Citron’s founder, Andrew Left, called GameStop a “failing mall-based retailer” in a report earlier this month and then predicted that the stock would plunge to $20 in a video he posted to Twitter on Thursday.
According to CNN, Left has now given up on shorting the stock, citing harassment by the stock’s backers.
Derivative trading can really hurt. Just ask Auckland Council if you want an example.
And for a description of the general mode of behaviour displayed by Wall Street over the past couple of decades this video about different investment techniques practised by Wall Street this clip from the Big Short is very informative as well as entertaining. And it shows how dangerous derivatives and derivatives of derivatives can be, as Melvin Capital is finding out.
And money is being made. Volatility in stock prices opens up all sorts of opportunities. To cover its position Melvin Capital has had to buy shares at horrendously inflated prices. Canny investors have done very well, aided and abetted by the internet collective.
Wall Street is not taking it well.
Listen to this incredible crybaby pic.twitter.com/KmJvZpBQ59
— Timothy Burke (@bubbaprog) January 28, 2021
For a contrary view:
Wall Street has made billions on the back of the worst recession since the Great Depression, and fought to deregulate finance to pre-2008 levels. And the moment regular folks beat them at their own rigged game, it's "SHUT IT DOWN."
How about this: financial transaction tax. Now.
— Ilhan Omar (@IlhanMN) January 28, 2021
The powers that be are trying to change the way that retail stock buying apps made and there are attempts to silence the subreddit. Which is weird because capitalists always claims that free market capitalism is best.
For instance Robinhood, whose website proudly states that “[a]t Robinhood, we believe the financial system should be built to work for everyone” and how they are on a mission to democratize finance is not quite living up to their goal of allowing the little person an unfettered ability to trade in shares, just like the big guys.
Robinhood and others have put a hold on trading of the stocks. The move just goes to confirm that Wall Street is for the elite only, not for everyone.
This example really shows the power of the internet and group action. And the fallacy that the capitalist system constitutes a free unfettered market.
22 comments on “The fascinating story about when some redditors took on Wall Street ”
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The non-announcement in Dunedin today had Ministers leaving broken promises and a likely severely diluted hospital build in their wake. ...1 week ago
- Release: Labour welcomes UAE trade deal
The New Zealand Labour Party welcomes the Comprehensive Economic Partnership Agreement (CEPA) signed today with the United Arab Emirates (UAE). ...1 week ago
- Release: Hundreds more jobs cuts on housing frontline
The Government has shown its true intentions for the public service and economy – it’s not to get more public servants back to the office, it’s more job losses. ...1 week ago
- Release: Govt not addressing health workforce crisis
The National Government is hiding the gaps in the health workforce from New Zealanders, by not producing a full workforce plan nearly a year into their tenure. ...1 week ago
- Release: Government cuts fair pay for bus drivers
The Government has cut funding for bus drivers to get paid fairly for the work they do, Labour transport spokesperson Tangi Utikere said. ...1 week ago
- Crown Minerals Bill Advances Colonisation
Today, the Crown Mineral Amendment Bill was read for the first time, reversing the ban on oil exploration off the coast of Taranaki. It was no accident that this proposed law change was read directly after the Government started to unravel the ability of iwi and hapū Māori to have ...1 week ago
- Landlord govt finds new way to undermine public housing
Proposed cuts to Kāinga Ora reflect a failure to fully commit to fixing the housing crisis. ...1 week ago
- Crown should prove their rights to Foreshore & Seabed – Te Pāti Māori
Te Pāti Māori spokesperson for Justice, Tākuta Ferris, has hit out at the Government, demanding the Crown prove its rights to the foreshore, following the Marine and Coastal Area Amendment Bill, passing its first reading. "Māori rights to the foreshore pre-exist the Declaration of Independence, Te Tiriti o Waitangi, and ...1 week ago
- NZ must urgently help whanau in Lebanon
The Government must immediately help evacuate New Zealanders and Lebanese whanau caught up in the current conflict unfolding across south Lebanon. ...1 week ago
- Green Government will revoke oil and gas permits
The Green Party vows to reinstate the oil and gas ban and revoke permits when it returns to government following the coalition’s introduction of legislation to reopen offshore oil and gas exploration this afternoon. ...2 weeks ago
- Government introduces controversial MACA legislation
The Government’s introduction of its interventions in the Marine and Coastal Area (Takutai Moana) Act threatens to throw relations between Māori and Crown into deeper disharmony. ...2 weeks ago
- Release: Gun lobby bill removes regulation at ranges
Gun lobbyist Nicole McKee and her conflict of interest has struck again, this time removing safety regulations from shooting clubs and ranges in New Zealand. ...2 weeks ago
- Release: Govt forgetting the 6000 jobs they’ve cut
The real problem in the public sector is ongoing job losses and cuts to the front line. ...2 weeks ago
- Government undermines public service with WFH crackdown
The Green Party says the Government’s retrograde move to tighten up on Work from Home arrangements is the latest in a series of blows to the Public Service. ...2 weeks ago
- Release: Ministers oblivious to cuts’ effect on families
The National Government is oblivious to the impact cuts to services will have on New Zealanders who are doing the hard yards caring for mentally ill family members. ...2 weeks ago
- Release: Public service set up to fail under National
Nicola Willis has set up the public service to fail to pay for reckless tax cuts for landlords and the tobacco industry. ...2 weeks ago
- Release: Coalition cooking up costly RMA replacement
National continues to dismantle environmental protections in the interests of rushing through unsustainable development that will ultimately cost communities. ...2 weeks ago
- Release: National red-faced as benefit numbers skyrocket
The economy has stagnated and the National Government is having to face the consequences of its atrocious lawmaking, as beneficiary numbers skyrocket past even Treasury’s predictions. ...2 weeks ago
- Release: National allocating police officers not hired yet
There are 104 fewer police officers now than there were when National came into Government. ...2 weeks ago
- Economic decline further cause for tax transformation
Today’s GDP figures combined with the injustice of our tax system will mean more pain for our lowest-income households while those at the top remain relatively unscathed. ...2 weeks ago
- Release: No growth under National, just cuts
The National Government’s decisions have hindered, not helped the economy. ...2 weeks ago
- Govt must act to avoid the worst of NIWA’s climate projections
New climate projections from NIWA underscore how urgently climate action is needed. ...2 weeks ago
- Release: More job losses as Government fails on manufacturing
The Government is failing the manufacturing sector with no plan for its future. ...2 weeks ago
- Extra Government support for farmers and growers in Southland and parts of Otago
Agriculture Minister Todd McClay, and Rural Communities Minister Mark Patterson announced up to $50,000 in additional Government support for farmers and growers across Southland and parts of Otago as challenging spring weather conditions have been classified a medium-scale adverse event. “The relentless wet weather has been tough on farmers and ...17 hours ago - Government welcomes move to delay EU Deforestation Regulation
Trade and Agriculture Minister Todd McClay today welcomed a move by the European Commission to delay the implementation of the European Union’s Deforestation Regulation (EUDR) by 12 months, describing the proposal as a pragmatic step that will provide much-needed certainty for New Zealand exporters and ensure over $200 million in ...18 hours ago
- Response to Ministerial Inquiry into School Property
The Government is taking decisive action in response to the Ministerial Inquiry into School Property, which concludes the way school property is delivered is not fit for purpose. “The school property portfolio is worth $30 billion, and it’s critically important it’s managed properly. This Government is taking a series of immediate actions ...20 hours ago
- New Government support for residential construction market announced
The Government has announced a new support programme for the residential construction market while the economy recovers, Housing Minister Chris Bishop and Building and Construction Minister Chris Penk say. “We know the residential development sector is vulnerable to economic downturns. The lead time for building houses is typically 18 ...21 hours ago
- New appointment to the EPA board
Environment Minister Penny Simmonds has confirmed the final appointee to the refreshed Environmental Protection Authority (EPA) board. “I am pleased to welcome Brett O’Riley to the EPA board,” Ms Simmonds says. “Brett is a seasoned business advisor with a long and distinguished career across the technology, tourism, and sustainable business ...22 hours ago
- Strengthening resilience with critical road improvement projects
The Government has approved a $226.2 million package of resilience improvement projects for state highways and local roads across the country that will reduce the impact of severe weather events and create a more resilient and efficient road network, Transport Minister Simeon Brown says. “Our Government is committed to delivering ...23 hours ago
- Doubling road rehabilitation this summer to prevent potholes
Kiwis will see fewer potholes on our roads with road rehabilitation set to more than double through the summer road maintenance programme to ensure that our roads are maintained to a safe and reliable standard, Transport Minister Simeon Brown says. “Increasing productivity to help rebuild our economy is a key ...23 hours ago
- Sir Jerry Mateparae appointed in Bougainville post-referendum moderator role
Foreign Minister Winston Peters has welcomed the announcement of Sir Jerry Mateparae as an independent moderator, to work with the Government of Papua New Guinea and the Autonomous Bougainville Government in resolving outstanding issues on Bougainville’s future. “New Zealand is an enduring friend to Papua New Guinea and the ...2 days ago
- Latest census data highlights New Zealand’s growing ethnic diversity
The latest 2023 Census results released today further highlight New Zealand’s growing ethnic and cultural diversity, says Ethnic Communities Minister Melissa Lee. “Today’s census results are further evidence of the increasingly diverse nature of our population. It’s something that should be celebrated and also serve as a reminder of the ...2 days ago
- FamilyBoost payments make ECE more affordable
Parents and caregivers are now able to claim for FamilyBoost, which provides low-to-middle-income families with young children payments to help them meet early childhood education (ECE) costs. “FamilyBoost is one of the ways we are supporting families with young children who are struggling with the cost of living, by helping ...2 days ago
- South Pacific defence meeting fosters collaboration
This week’s South Pacific Defence Ministers’ Meeting (SPDMM) has concluded with a renewed commitment to regional security of all types, Defence Minister Judith Collins says. Defence Ministers and senior civilian and military officials from Australia, Chile, Fiji, France, New Zealand, Papua New Guinea and Tonga gathered in Auckland to discuss defence and security cooperation in the ...2 days ago
- Minister welcomes larger Police recruitment wings
Associate Police Minister Casey Costello has welcomed the Police announcement that recruitment wings at the Police College will be expanded to 100 recruits next year. “This is good news on two fronts – it reflects the fact that more and more New Zealanders are valuing policing and seeing it as ...2 days ago
- Speech to the Minerals West Coast Forum
Introduction Good morning! What a pleasure to be back in the stunning West Coast at one of my favourite events in the calendar. Every time I come back here, I’m reminded of the Coast’s natural beauty, valuable resources, and great people. Yet, every time I come back here, I’m also ...2 days ago
- Positive progress on Government health targets
Health Minister Dr Shane Reti welcomes new data from Health New Zealand, saying it demonstrates encouraging progress against the Government’s health targets. Health New Zealand’s quarterly report for the quarter to 30 June will be used as the baseline for reporting against the Government’s five health targets, which came into ...2 days ago
- Supporting better access to data for Kiwis
The launch of a new data tool will provide Kiwis with better access to important data, Statistics Minister Andrew Bayly says. “To grow our economy and improve productivity we must adopt smarter ways of working, which means taking a more data driven approach to decision-making. “As Statistics Minister one of ...3 days ago
- Progressing remote building inspections
The Government is progressing plans to increase the use of remote inspections to make the building and consenting process more efficient and affordable, Building and Construction Minister Chris Penk says. “We know that the building and construction sector suffers from a lack of innovation. According to a recent report, productivity ...3 days ago
- PPTA accepts charter schools
Associate Education Minister David Seymour welcomes the PPTA putting a proposal to members at its annual conference to change its constitution and allow membership of teachers who work in charter schools. “The PPTA has had a come to Jesus moment on charter schools. This is a major departure from the ...3 days ago
- New TAIC Chief Commissioner appointed
David Clarke has been announced as the Chief Commissioner of the Transport Accident Investigation Commission (TAIC). David Clarke is a barrister specialising in corporate and commercial law and he has over 20 years experience in governance roles in commercial, public and charitable sectors. He also is a current TAIC Commissioner. ...4 days ago
- Government secures market access for blueberries to Korea
The Government has secured market access for New Zealand blueberries to Korea, unlocking an estimated $5 million in annual export opportunities for Kiwi growers Minister for Trade and Agriculture Todd McClay today announced. “This is a win for our exporters and builds on our successful removal of $190 million in ...4 days ago
- South Pacific Defence Ministers meet in Auckland
Partnership and looking to the future are key themes as Defence Ministers from across the South Pacific discuss regional security challenges in Auckland today, Defence Minister Judith Collins says. The South Pacific Defence Ministers’ Meeting (SPDMM) brings together Defence Ministers, Chiefs of Defence and Secretaries of Defence from New Zealand, ...4 days ago
- Keytruda, CGMs, and FamilyBoost welcomed
In a triple whammy of good news, 1 October heralds the beginning of the funding of two major health products and a welcome contribution to early childhood fees, Prime Minister Christopher Luxon says. “Keytruda is the first drug to be funded and made available from the $604 million boost we ...4 days ago
- Children’s Unit opens at Rotorua Hospital
Health Minister Dr Shane Reti today opened the refurbished Children’s Unit at Rotorua Hospital, which will provide young patients and their families in the Lakes District with a safe, comfortable and private space to receive care. “The opening of this unit is a significant milestone in our commitment to improving ...4 days ago
- Minor variations no longer major problem
It is now easier to make small changes to building plans without having to apply for a building consent amendment, Building and Construction Minister Chris Penk says. “Previously builders who wanted to make a minor change, for example substituting one type of product for another, or changing the layout of ...4 days ago
- New diplomatic appointments
Foreign Minister Winston Peters has today announced seven diplomatic appointments. “Protecting and advancing New Zealand’s interests abroad is an extremely important role for our diplomats,” Mr Peters says. “We are pleased to announce the appointment of seven senior diplomats to these overseas missions.” The appointments are: Andrew ...4 days ago
- SuperGold Information Hub live
The first iteration of the SuperGold Information Hub is now on-line, Minister for Seniors Casey Costello announced today. “The SuperGold Hub is an online portal offering up-to-date information on all of the offers available to SuperGold cardholders. “We know the SuperGold card is valued, and most people know its use ...4 days ago
- New fund to clean up old landfill and dump sites
A new Contaminated Sites and Vulnerable Landfills Fund will help councils and landowners clean up historic landfills and other contaminated sites that are vulnerable to the effects of severe weather, Environment Minister Penny Simmonds says. "This $30 million fund, part of our Q4 Action Plan, increases the Government’s investment in ...4 days ago
- Increased medicines access welcomed following budget boost
Associate Health Minister with responsibility for Pharmac David Seymour has welcomed the increased availability of medicines for Kiwis resulting from the Government’s increased investment in Pharmac. “Pharmac operates independently, but it must work within the budget constraints set by the Government,” says Mr Seymour. “When our Government assumed office, New ...4 days ago
- Foreign Minister completes successful week of international engagements
Foreign Minister Winston Peters today wrapped up a week of high-level engagements at the United Nations in New York and in Papeete, French Polynesia. “Our visit to New York was about demonstrating New Zealand’s unwavering support for an international system based on rules and respect for the UN Charter, as ...5 days ago
- Final 2024 Action Plan focused on infrastructure
The Government’s Quarter Four (Q4) Action Plan will be focused on making it easier and faster to build infrastructure in New Zealand as part of its wider plan to rebuild the economy, Prime Minister Christopher Luxon says. “My Government has been working at pace to get the country back on ...5 days ago
- Four new laws to tackle crime passed in Q3
New Zealanders will be safer as a result of the Government’s crackdown on crime which includes tougher laws for offenders and gangs delivered as part of the Quarter Three (Q3) Action Plan, Prime Minister Christopher Luxon says. “I’m proud to say we have delivered on 39 of the 40 actions ...5 days ago
- Government partnership boosting vineyard productivity
The Government is backing a new world-leading programme set to boost vineyard productivity and inject an additional $295 million into New Zealand’s economy by 2045, Agriculture Minister Todd McClay today announced. The Next Generation Viticulture programme will transform traditional vineyard systems, increasing profitability by $22,060 per hectare by 2045 without ...5 days ago
- Strong support for NZ minerals strategy
Over 90 per cent of submissions have expressed broad support for a New Zealand minerals strategy, indicating a strong appetite for a considered, enduring approach to minerals development, Resources Minister Shane Jones says. A summary of the 102 submissions on the draft strategy has been published today by the Ministry ...5 days ago
- Snapper catch limits up, orange roughy down
Catch limits for several fisheries will be increased following a review that shows stocks of those species are healthy and abundant. The changes are being made as part of Fisheries New Zealand’s biannual sustainability review, which considers catch limits and management settings across New Zealand’s fisheries. “Scientific evidence and information ...6 days ago
- Reforming the building consent system
The Government is investigating options for a major reform of the building consent system to improve efficiency and consistency across New Zealand, Building and Construction Minister Chris Penk says. “New Zealand has some of the least affordable housing in the world, which has dire social and economic implications. At the heart ...6 days ago
- Cost-benefit analysis for potential third medical school completed
The Government has announced that an initial cost-benefit analysis of establishing a third medical school based at the University of Waikato has been completed and has been found to provide confidence for the project to progress to the next stage. Minister of Health Dr Shane Reti says the proposal will ...7 days ago
- Government delivers sensible approach to speed limits
The Government’s new speed limit rule has today been signed to reverse Labour’s blanket speed limit reductions and enable Kiwis to get to where they want to go quickly and safely, Transport Minister Simeon Brown says. Reverse Labour’s blanket speed limit reductions on local streets, arterial roads, and state highways ...7 days ago
- Minister to meet with Pacific Island climate leaders
Climate Change Minister Simon Watts is travelling to Fiji on Monday to attend a Ministerial Meeting (Talanoa) with Pacific Island Countries, Australia, and New Zealand. “Attending the Talanoa will reinforce New Zealand’s commitment to supporting climate resilience in the Pacific and advancing action in the areas of climate change,” Mr ...7 days ago
- Human rights recommendations accepted
The Government is accepting the majority of human rights recommendations received at the fourth Universal Period Review in Geneva, Justice Minister Paul Goldsmith says. “We have considered all 259 recommendations from the United Nations. We are supporting 168 and partially supporting 12 of these recommendations. “Recommendations related to women’s rights, ...1 week ago
- Geotech work begins on Warkworth to Te Hana Road of National Significance
The Government is continuing to move at pace on the Northland Expressway, with significant geotechnical investigations now underway for phase one from Warkworth to Te Hana, Transport Minister Simeon Brown says. “With thousands of motorists and freight travelling through Northland, we’re focused on delivering for this region to grow our economy. ...1 week ago
- Free mental health resources for business owners
The Government and Auckland Business Chamber have entered a memorandum of understanding which will enable mental health and wellbeing resources for business owners to be freely available, Small Business and Manufacturing Minister Andrew Bayly says. “As a former business owner, I know first-hand the toll running a business can take ...1 week ago
- The Secret Diary of .. the Labour Gang
MONDAYA cold wind came down from the mountain range of the Sierra Thorndons and swept through the empty main street of Labour City.It had been the exact same weather for over a year.A few old-timers remembered a time of golden weather. Sometimes they thought they might only have dreamt it ...1 hour ago - One for the language lovers
Inspired by a dictionary’s survey of its online followers, The Detail gathers three professional word-workers to nominate the best and worst of language and the traps of faux erudition, cliche, neuron-breaking elaborate prose, and journalese.Alexia Russell chats with two editors, one who banned overused words and another who makes it ...1 hour ago
- ‘Primary school LOTR’: The principal giving Peter Jackson a run for his money
Alex Casey meets the Southland principal who wrote and directed a feature length fantasy epic starring the whole school. Ask a primary school principal how many feature films they’ve made, and most will say zero. Ask Steve Wadsworth, principal of Winton School in Southland, and he will say not one, ...2 hours ago - ‘I can’t believe we’re doing this’: John Campbell on his proudest TV moments
The award-winning broadcaster and journalist looks back on his life in television, featuring early morning All Blacks games, his love for The Repair Shop and why he’s turning into his parents. John Campbell doesn’t remember his first ever appearance on television. “Funny, eh?” the broadcaster chuckles over the phone. All ...2 hours ago
- The breath out: Kataraina by Becky Manawatu, reviewed
Jenna Todd responds to Kataraina, the sequel to Becky Manawatu’s award-winning first novel Auē. This review contains major spoilers for Auē. Many years after the girl shot the man. I’d almost forgotten who had shot the man in Auē, winner of the Jann Medlicott Acorn Foundation Prize for Fiction in 2020. ...2 hours ago
- ‘I am the dancing queen!’: Matthew Young and Jared Frost’s perfect weekend playlist
Big Fan mentor Matthew Young and mentee Jared Frost share their perfect weekend playlist. Breaking into the music industry is no easy feat, but it makes a difference when you have someone who can guide you through the distortion. At Auckland’s Big Fan, a live venue and recording studio, programmes ...2 hours ago
- Podcast: Is our retirement system unsustainable?
Treasury’s chief economic adviser, Dominick Stephens, believes the government’s tax, health and pension settings are untenable in the long term. Something’s got to give, he tells Bernard Hickey on The Spinoff’s economics podcast When the Facts Change. New Zealand’s ageing population is about to give the government’s finances a ...2 hours ago
- The Weekend: Is Wellington really ‘gayer’ than Auckland?
Anna Rawhiti-Connell reflects on the week that was. As a teenager in the mid to late 90s, I vividly remember a statistical “urban legend” doing the rounds. “15% of the population is gay, so… [insert number based on how many people were in the classroom] must be gay.” I have ...2 hours ago
- Missing metal: On language and identity
An elder scolded me for my inability to speak Cantonese: ‘You must learn.’ My father heard my elder’s words and said nothing. My shame was as much his as it was mine. I have three missed calls from my mother. When I finally call her back, she doesn’t even greet ...2 hours ago
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Source: The Conversation (Au and NZ) – By Kerry Brown, Professor of Employment and Industry, School of Business and Law, Edith Cowan University NT_Studio/Shutterstock Should young people be paid less than their older counterparts, even if they’re working the same job? Whether you think it’s fair or not, it’s ...9 hours ago - Rocky Road: The Rock In The Hill A Quarry Really, Really Wants To Get Out
A quarry has tried repeatedly to crack a permanent protection to get more rock out of a mountain. Now, it's turning to the 'Fast-track' law. ...13 hours ago - New video shows sharks making an easy meal of spiky sea urchins, shedding light on an undersea myste...
Source: The Conversation (Au and NZ) – By Jeremy Day, PhD researcher, University of Newcastle Author provided Long-spined sea urchins have emerged as an environmental issue off Australia’s far south coast. Native to temperate waters around New South Wales, the urchins have expanded their range south as oceans warm. ...13 hours ago
- A different way of storming the capital: Submission from the floodwaters
Benjamin Nevell made his submission against the Crown Minerals Amendment Bill while wading through flooding Dunedin ...13 hours ago - Making a splash: Is this the most impressive select committee submission ever?
You really won’t guess how it ends. Parliament’s Economic Development, Science and Innovation committee today heard public submissions on its controversial Crown Mineral Amendments Bill. That’s the proposed law, explained Gabi Lardies earlier this week, that would see the previous government’s ban on new oil and gas exploration overturned. The ...14 hours ago
- Down and under pressure: US and UK artists are taking over Australian charts, leaving local talent b...
Source: The Conversation (Au and NZ) – By Tim Kelly, PhD Candidate, University of Technology Sydney Shutterstock Missy Higgins’ recent ARIA number-one album, The Second Act, represents an increasingly rare sighting: an Australian artist at the top of an Australian chart. My recently published analysis of Australia’s best-selling singles ...15 hours ago
- Google threatens to stop linking to NZ news sites if bill passes
It's unhappy with the Fair Digital News Bargaining Bill, which would force tech giants to pay news organisations for their content. ...15 hours ago
- Curious Kids: What does the edge of the universe look like?
Source: The Conversation (Au and NZ) – By Sara Webb, Lecturer, Centre for Astrophysics and Supercomputing, Swinburne University of Technology Greg Rakozy/Shutterstock What does the edge of the universe look like? Lily, age 7, Harcourt What a great question! In fact, this is one of those questions ...16 hours ago
- Dunedin Flood: Climate Crisis Spoils Climate Protest
People in our community are worried about their property and possessions as the water rises, and for this we raise the alarm. This is what climate change looks like - more frequent and severe weather, storms, and flooding,” said spokesperson Annabel ...16 hours ago
- ADHD prescribing has changed over the years – a new guide aims to bring doctors up to speed
Source: The Conversation (Au and NZ) – By Brenton Prosser, Professor of Public Policy and Leadership, UNSW Sydney Ketut Subiyanto/Pexels Attention-deficit hyperactivity disorder (ADHD) is the most diagnosed childhood neurological disorder in Australia. Over the years, it has been the subject of controversy about potential misdiagnosis and overdiagnosis. There ...16 hours ago
- NSW will remove 65,000 years of Aboriginal history from its syllabus. It’s a step backwards for ed...
Source: The Conversation (Au and NZ) – By Michael Westaway, Australian Research Council Future Fellow, Archaeology, School of Social Science, The University of Queensland The NSW Education Standards Authority has announced that teaching of the Aboriginal past prior to European arrival will be excluded from the Year 7–10 syllabus as ...16 hours ago
- Te Whatu Ora Report Raises Important Questions For Ministers
The report states that $2bn of ‘savings’ are now targeted in health, just in this fiscal year (p.57). That’s a huge potential cut and is clearly not possible from just efficiencies. ...16 hours ago
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Sophie Turner steals the show in new con-woman drama Joan. This is an excerpt from our weekly pop culture newsletter Rec Room. Sign up here. Joan is Neon’s new six-part British crime drama inspired by the real-life story of Joan Hannington, the woman who became the UK’s most notorious jewel thief. ...17 hours ago
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- The Unity Books bestseller chart for the week ending October 4
The only published and available best-selling indie book chart in New Zealand is the top 10 sales list recorded every week at Unity Books’ stores in High St, Auckland, and Willis St, Wellington. AUCKLAND 1 Intermezzo by Sally Rooney (Faber & Faber, $37) Here’s a snippet from Rebecca K Reilly’s review ...17 hours ago
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Source: The Conversation (Au and NZ) – By Park Thaichon, Associate Professor of Marketing, University of Southern Queensland Elizaveta Galitckaia/Shutterstock Building a home can come with hidden costs. Unfortunately, many people don’t think about these costs until it’s too late. Some buyers succumb to the tricks marketers use ...17 hours ago
- International Condemnation Of NZ Charter Schools Law
Bea Bruske, president of the Canadian Labour Congress, told the Ministers that ‘your lack of support for the workers of the PPTA who provide so much to their students shows a lack of leadership on your part. ...18 hours ago
- Daylight saving is about to start. But why do the days get longer?
Source: The Conversation (Au and NZ) – By Laura Nicole Driessen, Postdoctoral researcher in radio astronomy, University of Sydney Kasper Lyngby/Shutterstock The days are getting longer and in Australia, the switch to daylight saving time is almost upon us (for about 70% of the population, anyway). But why ...18 hours ago
- Daylight savings is about to start. But why do the days get longer?
Source: The Conversation (Au and NZ) – By Laura Nicole Driessen, Postdoctoral researcher in radio astronomy, University of Sydney Kasper Lyngby/Shutterstock The days are getting longer and in Australia, the switch to daylight saving time is almost upon us (for about 70% of the population, anyway). But why ...18 hours ago
- More than 50,000 property investors making losses
Information released under the Official Information Act shows that there were 53,350 taxpayers who reported negative rental income in the 2023 tax year. ...19 hours ago
- Health New Zealand Reports Near $1 Billion Dollar Deficit
“These recent figures highlight the financial mismanagement that occurs at Health New Zealand. With news like this, taxpayers are absolutely in their right to demand answers. ...19 hours ago
- For the love of landlines
Not so long ago it was an essential tool to aid in the struggles of coming of age. Now less than a third of New Zealand households still have a landline telephone. On Thursday morning at 10.45, a thrill buzzed in the air, possibly only detectable by journalists. Another tranche ...19 hours ago
- Government to shake-up ‘bureaucratic and inefficient’ school property system
"Schools were consistently critical of a lack of transparency and unclear prioritisation of projects," a ministerial inquiry has found. ...20 hours ago
- Government to temporarily underwrite new housing developments
The Housing Minister says the plan would lower the risk for developers and ensure houses were ready for buyers to enter the market as interest rates drop. ...20 hours ago
- What is bankruptcy?
Source: The Conversation (Au and NZ) – By Jason Harris, Professor of Corporate Law, University of Sydney Shutterstock Capitalism without insolvency is like Christianity without Hell. Those were the words of former Apollo 8 commander Frank Borman, speaking as chairman of Eastern Airlines in the United ...21 hours ago
- Mike Hosking is one of the Warriors’ biggest fans, and it doesn’t make any sense
His world view is famously built on centre-right common sense, with little time for losers and dreamers. Which makes his undying love for the Warriors all the more baffling to this fellow supporter. Hello, my name is Pete, and I am a New Zealand Warriors fan. Actually, it’s a bit ...21 hours ago
- Is big tech harming society? To find out, we need research – but it’s being manipulated by big t...
Source: The Conversation (Au and NZ) – By Timothy Graham, Associate Professor in Digital Media, Queensland University of Technology AlexandraPopova/Shutterstock For almost a decade, researchers have been gathering evidence that the social media platform Facebook disproportionately amplifies low-quality content and misinformation. So it was something of a surprise ...21 hours ago
- What are the greatest upsets in NRL grand final history?
Source: The Conversation (Au and NZ) – By Wayne Peake, Adjunct research fellow, School of Humanities and Communication Arts, Western Sydney University The Penrith Panthers and Melbourne Storm will contest the National Rugby League (NRL) grand final on Sunday. Betting markets have them pretty much equal favourites. However, history ...21 hours ago
- XEC is now in Australia. Here’s what we know about this hybrid COVID variant
Source: The Conversation (Au and NZ) – By Lara Herrero, Research Leader in Virology and Infectious Disease, Griffith University Kateryna Kon/Shutterstock Over the nearly five years since COVID first emerged, you’d be forgiven if you’ve lost track of the number of new variants we’ve seen. Some have had a ...21 hours ago
- How we created a beautiful native wildflower meadow in the heart of the city using threatened grassl...
Source: The Conversation (Au and NZ) – By Katherine Horsfall, PhD Candidate, School of Agriculture, Food and Ecosystem Sciences, The University of Melbourne Matthew Stanton, CC BY-NC A city street may seem an unusual place to save species found in critically endangered grasslands. My new research, though, shows we ...21 hours ago
- 71% of Australian uni staff are using AI. What are they using it for? What about those who aren’t?
Source: The Conversation (Au and NZ) – By Stephen Hay, Senior Lecturer, School of Education and Professional Studies, Griffith University Yanz Island/Shutterstock Since ChatGPT was released at the end of 2022, there has been a lot of speculation about the actual and potential impact of generative AI on universities. ...21 hours ago
Great story…and I see elements of your beloved cancel culture is already being touted as the answer to stop this ever happening again…
Wall Street Elites REGULATE, DEPLATFORM Redditors Who BEAT THEM On GameStop
You neglect to note (or perhaps dont realise) that that a proportion of those retail investors are likely to end up holding shares they paid well over the odds for….fun sticking it to the man, if you can afford it
Yeah, this is a really important point. There are a lot of small investors who have purchased GameStop stock 'for teh lolz' at prices far exceeding any reasonable valuation. They're all going to take an absolute bath in the coming weeks.
There are almost certainly a few large investment firms quietly taking on those short positions vacated by Melvin Capital and settling in for a quick windfall.
Yeh! Now this is a putdown:
https://www.pinknews.co.uk/2021/01/28/ted-cruz-alexandria-ocasio-cortez-gamestop-twitter-capitol-riots/
Good ol' AOC, a real twitter warrior if ever their was one.
"Around 10% of all trades (by value) made via Sharesies over the past two weeks involve GameStop shares."
https://www.interest.co.nz/personal-finance/108826/thousands-nzers-partake-gamestop-movement-sharesies-users-alone-make-20
In the normal course of business Robinhood sells data to Citidel, among others which is how they make bank.
Citidel will bail out Melvin Capital.
Then, Robinhood allows selling, but not buying which effectively drives the price downwards and saving Citidel a ton of money.
already have
"New owner Steve Cohen’s hedge fund, Point72 Asset Management, invested $750 million alongside a $2 billion investment from Citadel into Melvin Capital – which held a short position on the GameStop stock and suffered huge losses before closing out of the stock by Wednesday morning."
https://clutchpoints.com/mets-owner-steve-cohen-bails-out-melvin-capital-amid-gamestop-reddit-stock-fiasco/
That's not what I meant.
Robinhood doesn't place the trades, they onsell them to Citidel etc (market makers). So this means that Citidel and other market makers could see what was happening. For all we know they may have even opted to hasten the demise of Melvin so they could profit from what is a highly successful hedge fund. Citidel ensured they became part owners in Melvin as part of the bail out conditions.
Anyway, Citidel could see those trades being placed on Robinhood and decided rather than losing more money they would prevent those using the Robinhood platform from profiting by preventing trades.
TIPS
– if you must use Robinhood, for goodness sake place limit orders rather than buy orders so you aren't immediately front run
– find other platforms. International Brokers, AmeriTrade, eTrade…there are plenty of options and a fee is minor considering what you lose in privacy.
This is great fun to watch the smaller traders make the big boys squirm. Short squeezes have usually been funded by a large investor buying up stock to hurt another trader they know that has shorted a stock, but which may also end up costing them too.
This cost will be shared among traders (some who may have made good money already getting in & out quickly) & most will likely lose most of the money they put in, but will have enjoyed it all for the entertainment (& provided they didn't trade too much dollar value)
It is a bit like the unionisation of smaller investors & just like unions acting on behalf of individual workers who have no power on their own, together they wield huge power & large hedge funds shorting shares has probably changed forever because of this.
Despite the mayhem, I believe this is a good thing & there will be much hand wringing to try & stop this sort of behaviour. Don't forget in the past when the big boys made massive losses the government stepped in to bail them out, but they kept the profits of hugely risky bets. The power dynamic has now changed.
"This cost will be shared among traders (some who may have made good money already getting in & out quickly) & most will likely lose most of the money they put in, but will have enjoyed it all for the entertainment (& provided they didn't trade too much dollar value)"
Shared?…I think not. I wonder how many realised what the risks were, how much was euphoria and how much was pure manipulation of the crowd for personal profit….there will be losers but it wont be shared.
I been tempted to throw in a few hundred dollars knowing it could all be lost. But the entertainment value! This is better than "Wall Street" the movie.
It's a bit like going to the races – take your $20 lose it and see that as the price of a good day out. If you are lucky you may win but not a given. Funny how much pontificating is going on aimed at a crowd of small investors. The big boys seem to miss the lecture but they are facing a "ride or die" crowd.
Oh No, now we have to rerig the system !!
You may like to consider most of our super funds use these traders so if they lose their shirts so does our retirement funds. So whilst it is fun watching Merrell Lynch take a bath we lose both ways as they are "too big to fail" and our super is ravaged
So its time to lobby those managing your super funds and insist that they stop using these traders for obvious reasons.
Literally everything in your post is a misunderstanding of markets, flat out wrong, misspelled, or some combination of all three.
The real fun happens if the brokering firms default which looks likely. That's when the lawsuits happen.
Personally I think it's a bit much to blame retirement savings losses on WSBts as this ignores the ridiculous P/E ratios, companies that lose millions a year being treated as blue chips, and lets not forget the toxic derivative nightmare lurking in the background. The markets were always rigged in favor of the big players, and to paraphrase Eric Sprott the rest of us are the plankton of the financial world.
– apocryphal
Yeah! WSB's, un-doer of wall street fat cats…and thousands of desperate, ordinary folk who've done their dough….
Tulips, anyone?
/
A YouTube streamer who helped drive a surge in the shares of GameStop is a 34-year-old financial advisor from Massachusetts and until recently worked for insurance giant MassMutual, public records and social media posts show.
Keith Patrick Gill is the person behind the Roaring Kitty YouTube streams which, along with a string of posts by Reddit user DeepF***ingValue, helped attract a flood of retail cash into GameStop, burning hedge funds who had bet against the company and roiling the broader market.
In his social media messages and videos, Gill repeatedly made the bull case for the beleaguered bricks-and-mortar retailer and shared images of his trading account profit on the stock, sparking a following of like-minded GameStop enthusiasts.
[…]
After online brokerages restricted trading in GME on Thursday, Gill posted that he had lost $14.8 million that day alone, but was still up $33 million overall.
That post was met with thousands of replies, with many simply repeating: “IF HE’S STILL IN, I’M STILL IN.”
https://www.cnbc.com/2021/01/29/famed-gamestop-bull-roaring-kitty-is-a-massachusetts-financial-advisor.html
From 2017
Commission-free trading startup Robinhood has raised $110 million in a round led by Russian billionaire Yuri Milner’s investment group DST Global, valuing the company at $1.3 billion.
Greenoaks Capital and Thrive Capital, the venture capital firm founded by Josh Kushner, also invested, the company said on Wednesday. Kushner is the brother of Jared Kushner, a senior adviser and son-in-law to U.S. President Donald Trump.
Existing investors Index Ventures, NEA and Ribbit Capital participated in the round, which brings the total raised by the startup to $176 million.
https://www.reuters.com/article/us-robinhood-investment-idUSKBN17S1WV
More on the Robinhood app.
It's not David vs Goliath. It's Goliath vs. Goliath, with David as a fig leaf
https://marketsweekly.ghost.io/what-happened-with-gamestop/
Didn't John Key make his money in derivatives trading?
Enough said!
he made his money shorting the NZ dollar!