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I thought the goal was to punish the HFs that were shorting GME, which was pretty much achieved. I don’t think anyone(reasonable) was expecting the rest of the
by noncoml 6y ago
I thought the goal was to punish the HFs that were shorting GME, which was pretty much achieved. I don’t think anyone(reasonable) was expecting the rest of the financial market to sit back and watch and miss the opportunity to join the party.
- ehsankia 6y agoThey may have punished a few HFs, but now a lot of retail investors will be paying the price as the price drops. Obviously it's clear to most of us that jumping in the hype at $300 was probably not wise, but that's what happens when the hype train pushes through.
- paxys 6y agoA LOT of people bought GME at $350 thinking they would get rich. Propoganda on WSB basically convinced you that it would go to $1000 next week. At some point it stopped being about hedge funds and became a standard pump and dump.
- noncoml 6y agoTo be honest, although everyone know that the spike will not last, none of us knew how high it would go. Even $350 was out of this world. In hindsight it's easy to give numbers like $300 or $350. But I agree, for a lot it turned into pump and dump.
- SpicyLemonZest 6y agoPerhaps at first. But if you browse through WSB right now, the prevailing narrative is that it wasn't achieved; the hedge funds are lying, they haven't stopped shorting, and you'd better keep buying and holding or the hedge funds will win.
- WJW 6y ago> punish the HFs This became the goal for some people. The original goal (way back when nobody knew who /u/deepfuckingvalue was) was to get rich on a short squeeze, because the counterparty on that trade had made a dumb gamble. If it had been some pension fund or even just retail investors on the other side that would have been fine too.