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I think the difference is the people buying tulips did genuinely believe in their investment whereas Millennials & Gen Z seem have more of a FOMO/YOLO outlook.

I think the difference is the people buying tulips did genuinely believe in their investment whereas Millennials & Gen Z seem have more of a FOMO/YOLO outlook. The tulip buyers (or even the sub-prime mortgage backed security buyers or whoever) bought in to the underlying economic system but a lot of Millennials/Gen Z (and even some Gen X) see the economy as “everything is made up and the points don’t matter” so they figure they might as well try to ride the meme stock wave. I worry historians will look back on this unusual market activity and wonder how we missed the generation backed into a financial corner by a system stacked against them who are clearly lashing out and in need of help. We’re mildly amused and sometimes annoyed but not taking them seriously. And I think the resulting financial frustration from these “meme stocks” will be even worse than the financial frustration that gave rise to them in the first place.

WalterBright 5y ago
> a system stacked against them How is investing in stocks stacked against people?
- _carbyau_ 5y ago
  Wrong system. System as parent comment alluding to is "the world". Many latest/last gen people feel as though it is highly unlikely they will ever buy a house, for example. It is simply not feasible for most of them given wages vs house price increases. I think the YOLO thought process is: " If you're fucked anyway, why not bet everything you can borrow? Worst outcome: you're slightly poorer. If that is possible. Best outcome: you're rich! " Not one I agree with, but I can see how people get there.
notriddle 5y ago
I mostly agree with you, but I’m not sure where you get the idea that “we missed the generation.” Everyone seems to know that Gen Z is coming of age into a dead end. It’s just that we’re all more interested in using the situation as a political tool than in actually doing anything about it.

WalterBright 5y ago

> a system stacked against them How is investing in stocks stacked against people?

_carbyau_ 5y ago
Wrong system. System as parent comment alluding to is "the world". Many latest/last gen people feel as though it is highly unlikely they will ever buy a house, for example. It is simply not feasible for most of them given wages vs house price increases. I think the YOLO thought process is: " If you're fucked anyway, why not bet everything you can borrow? Worst outcome: you're slightly poorer. If that is possible. Best outcome: you're rich! " Not one I agree with, but I can see how people get there.

notriddle 5y ago

I mostly agree with you, but I’m not sure where you get the idea that “we missed the generation.” Everyone seems to know that Gen Z is coming of age into a dead end. It’s just that we’re all more interested in using the situation as a political tool than in actually doing anything about it.