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I Am Not A Banker, but I'd think the modern equivalent is all the Reddit stuff. The meme stocks, diamond hands, to the moon, "I just like the stock", etc. The

I Am Not A Banker, but I'd think the modern equivalent is all the Reddit stuff. The meme stocks, diamond hands, to the moon, "I just like the stock", etc. Then again, people supposedly made some money on Gamestop and AMC. Like I said, I Am Not A Banker.

dasil003 5y ago
Not really because a lot of those are professionals manipulating the market. The archetype of a shoe-shine boy is the least knowledgeable person possible. Sure some of the meme stocks voices fall into this bucket, but which ones?
- asimpletune 5y ago
  I am not a banker either but, "a lot of those are professionals manipulating the market" isn't how I would characterize it. More like, a few of those are professionals, and the rest are more along the lines of newspaper boys. So many of my friends have huge sums of their savings in stonks and crypto are proudly ignorant of how any of these things work. So far their antics have worked out very well for them and they've received very aggressive returns, but I am honestly worried for them. Their success has reinforced a dangerous mixture of risk taking + ignorance. How long can that be sustained? I am sure the few professionals on reddit are up at night sweating about this stuff and have escape hatches, but I am not so sure about the rest.
  - galaxyLogic 5y ago
    It is dangerous when the value of your stocks goes up. You start feeling good not about the stock, but about yourself. You start thinking you made that money .. why? Because you are a smart guy. Even if you rationally know that you were just lucky, it gives you the confidence that you know what you are doing. It is just human psychology, when you succeed you think it is because of how great you are. And similarly when your stocks fall you don't feel so good about yourself any more. I see this in myself as markets go up and down. I assume it is the same for most people.
- tomc1985 5y ago
  Most of them. "Ape strong" is a meme and I'd bet the people following it are going to be bagholders if they aren't already because they think a short squeeze is coming. But a short squeeze is always coming, will it ever arrive? And if it does would they know? Or will they just keep saying it's coming?
  - ineedasername 5y ago
    And after GME, institutional investors have changed their models to guard against that type of squeeze, so they squeeze is already less likely. I can't imagine there's many institutional investors left in GME that aren't trying to sell off at a slow enough trickle to avoid a cliff.

dasil003 5y ago

Not really because a lot of those are professionals manipulating the market. The archetype of a shoe-shine boy is the least knowledgeable person possible. Sure some of the meme stocks voices fall into this bucket, but which ones?

asimpletune 5y ago
I am not a banker either but, "a lot of those are professionals manipulating the market" isn't how I would characterize it. More like, a few of those are professionals, and the rest are more along the lines of newspaper boys. So many of my friends have huge sums of their savings in stonks and crypto are proudly ignorant of how any of these things work. So far their antics have worked out very well for them and they've received very aggressive returns, but I am honestly worried for them. Their success has reinforced a dangerous mixture of risk taking + ignorance. How long can that be sustained? I am sure the few professionals on reddit are up at night sweating about this stuff and have escape hatches, but I am not so sure about the rest.
- galaxyLogic 5y ago
  It is dangerous when the value of your stocks goes up. You start feeling good not about the stock, but about yourself. You start thinking you made that money .. why? Because you are a smart guy. Even if you rationally know that you were just lucky, it gives you the confidence that you know what you are doing. It is just human psychology, when you succeed you think it is because of how great you are. And similarly when your stocks fall you don't feel so good about yourself any more. I see this in myself as markets go up and down. I assume it is the same for most people.
tomc1985 5y ago
Most of them. "Ape strong" is a meme and I'd bet the people following it are going to be bagholders if they aren't already because they think a short squeeze is coming. But a short squeeze is always coming, will it ever arrive? And if it does would they know? Or will they just keep saying it's coming?
- ineedasername 5y ago
  And after GME, institutional investors have changed their models to guard against that type of squeeze, so they squeeze is already less likely. I can't imagine there's many institutional investors left in GME that aren't trying to sell off at a slow enough trickle to avoid a cliff.