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Reddit Crowd Bludgeons Hedge Fund in Warning to Industry
- downandout 6y agoOne user made over $50 million on this from a $50K original investment. This screenshot was taken from a post yesterday (1/26/2021), at which point he had made $22 million. Today (1/27/2021), he made an additional $25 million. /r/wallstreetbets is now locked down because of the publicity, but here's a screenshot explaining the story: https://i.imgur.com/Q1Ue2cU.jpg https://i.imgur.com/Q1Ue2cU.jpg
- tracedddd 6y agoUnrealized, but regardless will be a mind blowing return in any case. Then again, he did proselytize others to the position, so it makes sense given the similarly mind blowing popularity.
- doopy1 6y agoI think he sold a fair amount of it today. As for proselytizing, I'm pretty sure his initial position was met with ridicule.
- downandout 6y agoYes, from what I read, he cashed in about $13 million.
- afavour 6y agoThat story in particular jumps out at me. This is being described as a rebellion against rich Wall Street bankers by the everyday people... but who has $50K sitting around for investments like this? Don't get me wrong, I think a lot of people buying are full of rage at Wall Street. But I think they might get even angrier when they realize who made off with most of the money in the end.
- downandout 6y agoIt was his life savings.
- afavour 6y agoThat maybe be what he says. I’m dubious.
- Kalium 6y agoA reasonable number of upper-middle-class American professionals have that kind of money. Maybe not always in cash, but it's far from an implausible amount. I would go so far as to guess that a sizable number of users on this very website could manage that amount.
- seastonATccs 6y agoI'm an average dude financially. Make less then 75k a year with a family of six. I could loose 50k in cash and be fine. My SO would be tiffed, but our life wouldn't change.
- Tijdreiziger 6y agoBut would you bet that 50k on a single stock?
- zapzupnz 6y agoSomebody who doesn’t follow the markets probably wouldn’t, no. But those in /r/wallstreetbets aren’t unfamiliar with the machinations of the markets — for many of its core users, it’s not just some little side hobby.
- lithos 6y agoEssentially the people who graduated college at the start of the 2000 crash, were further victimized by the 2008 downturn. These are people that picked up habits of Great Depression victims in savings habits and lack of trust in safety nets.
- ab_testing 6y agoThe user is u/deepfuckingvalue. He made the first post in September of 2019 and then followed with bimonthly posts until this year when he started posting daily screenshots. You can see from the earlier posts, how this trade was met with ridicule. You can also check him out on Youtube at RoaringKitty https://www.reddit.com/user/deepfuckingvalue/posts/ https://www.reddit.com/user/deepfuckingvalue/posts/
- xedeon 6y agoIt's relatively easy to turn $100-$1000 to $50K-$100K with day trading/stock options. If you know what you're doing.
- Alekhine 6y agoI know this comes off as insipid, but how would one come to 'know what they are doing'? Sorting the wheat from the chaff when it comes to amateur stock trading advice is exhausting, and I would appreciate someone knowledgeable telling me what the best resources are, what their methodology for making money is.