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That's because the point of this article is "Don't trust these scam artists!" because collective action motivated by hatred of elite rigging the system... is da

That's because the point of this article is "Don't trust these scam artists!" because collective action motivated by hatred of elite rigging the system... is dangerous to those elite.

adriancr 5y ago
I would argue Michael Burry actually sparked GME, that and new CEO and some massive short selling. Burry has much more of a following on twitter then the 400 from Roaring Kitty, and him buying was a trigger for my interest in it. Now, he usually does proper analysis and did have reasons for stock to run up, it was fun to see his tweets about the mess of trying to track down the shares he bought - https://i.redd.it/utr5k9banpe81.jpg https://i.redd.it/utr5k9banpe81.jpg https://markets.businessinsider.com/news/stocks/big-short-investor-michael-burry-scion-gamestop-stock-price-frenzy-2021-2-1030050393 https://markets.businessinsider.com/news/stocks/big-short-in...
- openknot 5y ago
  Thanks for the links that report on the story. I was curious to see more of the original Tweets too, but it’s too bad that Michael Burry deleted his Twitter account in April 2021 [0]. [0] https://www.marketwatch.com/amp/story/big-short-trader-michael-burry-quits-twitter-disappointing-his-legion-of-retail-trading-superfans-11617740647 https://www.marketwatch.com/amp/story/big-short-trader-micha...
  - jamram82 5y ago
    There is archive of his tweets https://twitter.com/burryarchive https://twitter.com/burryarchive
- nr2x 5y ago
  Twitter is irrelevant though, this was a Reddit op.
- mox1 5y ago
  So I was very active on the Wall Street Bets Reddit forum shortly before and during all of this. I would agree that Roaring Kitty wasn't much of a catalyst (prior to the price exploding), but was an early proponent of GME. I do distinctly remember deciding to invest in GME around December 22nd of 2020, based on what I was reading on the Wall Street Bets forum (unfortunately only like 50 shares.) It was a major daily topic on there from mid December (or earlier) on. Michael Burry was rarely mentioned as a holder, he had bought into GME a lot earlier. The conversation mostly centered on short interest, fundamentals and future moves GME would do. So I would argue it was 'the collective' on WSB that was perhaps one of the larger catalysts.
FredPret 5y ago
Or maybe it’s just yet more shallow and lazy reporting by the increasingly irrelevant profession of journalism. Collective participation in the stock market is a good thing for the elite, though they may not all see it that way.
- mauvehaus 5y ago
  Deep reporting and meaningful analysis takes expertise and time, both of which cost money. If reporting is becoming irrelevant and shallow, we (collectively) have only ourselves to blame by not supporting (with money) deep investigative journalism.
  - runarberg 5y ago
    It is a bit lazy to blame the consumer for the lack of quality. Kind of a light version of how consumption but not production is blamed for the climate disaster. Spending your own money on quality news papers is not the only way to support good journalism. You could also ask your national government to spend more tax money towards your national media company (if you have one) or towards subsidizing independent ones. Or you could champion pro-consumer legislation which might prevent ad monopolies like google from swallowing most of the ad revenue. Asking consumers to spend their money correctly is probably the least effective way of increasing the quality of production.
  - FredPret 5y ago
    I don’t see the point of journalism, so maybe nobody is to blame. Between authors, podcasts, youtubers, and the sheer amount of raw data out there, I think we can do away with the whole concept of “news”
    - djbusby 5y ago
      Gotta put raw info into digestible formats for the masses.
      - FredPret 5y ago
ospzfmbbzr 5y ago
But journalists are the highest of high integrity individuals (just ask them) and they would never engage in deliberate mental poisoning of their 'readers' on behalf of their masters?
MattGaiser 5y ago
> This is a pretty basic error to make when the SEC investigated and even put out a report showing that the majority of that price movement was from non-short sellers (e.g. retail) and that as a proportion of volume, barely any of it was due to short sellers closing their positions. It was apparently also very dangerous to retail investors.
- david927 5y ago
  Not at all. Any retail investor who is following this, even in a cursory way, will know to DRS their shares and wait.
  - arcticbull 5y ago
    It's pretty clear the GME jig is more than up. It's fascinating to see folks out there thinking the squeeze hasn't happened yet - it clearly has. The stock has fallen to less than 20% of its peak price.
    - david927 5y ago
      The SHF have not covered their shorts. The price movement can be related to several factors and if you want to believe that it means they've covered, you're welcome to. I would suggest reading more if you're interested. The people that are holding and directly registering their shares know differently.
      - stale2002 5y ago
        No, sorry. The GME mythical doomsday that they have been predicting is not going to come. There is no final reckoning, where GMR is going to shoot to 10 thousand dollars a share, and cause the world economy to crash. There was a large initial spike, in retail investment, initially, and then when the hype went down, so did the price. And that's that. The prophecy of the short squeeze isn't coming.
        5y ago
balls187 5y ago
> collective action motivated by hatred of elite rigging the system... is dangerous to those elite. It's not. The elite are largely shielded from the volatility of the masses. It's the "middle class" whose retirement, pensions and life savings are tied up in the market that end up getting hit the most.
- skybrian 5y ago
  I'm not sure that's true? The stock market is up quite a bit if you look back a few years. Your average boglehead-style buy-and-hold investor has probably done very well.
  - dylan604 5y ago
    >boglehead-style What does this mean?
    - Fishkins 5y ago
      John C. Bogle founded Vanguard, which had the first index funds. Simply put, "Boglehead" refers to someone who invests in index fund(s) and leaves the money there long-term, without trying to time the market, buy individual stocks, etc.
      - dylan604 5y ago
        Thanks. My search-fu was not caffeinated enough this morning.
    - johnnyletrois 5y ago
      There’s an entire forum dedicated to this at https://www.bogleheads.org/ https://www.bogleheads.org/.
    - akhosravian 5y ago
      https://www.amazon.com/Bogleheads-Guide-Investing-Taylor-Larimore/dp/1118921283/ref=nodl_ https://www.amazon.com/Bogleheads-Guide-Investing-Taylor-Lar... Basically: buy a few index funds, don’t sweat trying to beat the market, you’ll come out alright.
somevar 5y ago
The collective action was motivated by greed, they were very up front about that, including Roaring Kitty. The "elite" that held similar positions in GME got rich too, there wasn't anything dangerous about it.

That's because the point of this article is "Don't trust these scam artists!" because collective action motivated by hatred of elite rigging the system... is dangerous to those elite.

adriancr 5y ago

I would argue Michael Burry actually sparked GME, that and new CEO and some massive short selling. Burry has much more of a following on twitter then the 400 from Roaring Kitty, and him buying was a trigger for my interest in it. Now, he usually does proper analysis and did have reasons for stock to run up, it was fun to see his tweets about the mess of trying to track down the shares he bought - https://i.redd.it/utr5k9banpe81.jpg https://i.redd.it/utr5k9banpe81.jpg https://markets.businessinsider.com/news/stocks/big-short-investor-michael-burry-scion-gamestop-stock-price-frenzy-2021-2-1030050393 https://markets.businessinsider.com/news/stocks/big-short-in...

openknot 5y ago
Thanks for the links that report on the story. I was curious to see more of the original Tweets too, but it’s too bad that Michael Burry deleted his Twitter account in April 2021 [0]. [0] https://www.marketwatch.com/amp/story/big-short-trader-michael-burry-quits-twitter-disappointing-his-legion-of-retail-trading-superfans-11617740647 https://www.marketwatch.com/amp/story/big-short-trader-micha...
- jamram82 5y ago
  There is archive of his tweets https://twitter.com/burryarchive https://twitter.com/burryarchive
nr2x 5y ago
Twitter is irrelevant though, this was a Reddit op.
mox1 5y ago
So I was very active on the Wall Street Bets Reddit forum shortly before and during all of this. I would agree that Roaring Kitty wasn't much of a catalyst (prior to the price exploding), but was an early proponent of GME. I do distinctly remember deciding to invest in GME around December 22nd of 2020, based on what I was reading on the Wall Street Bets forum (unfortunately only like 50 shares.) It was a major daily topic on there from mid December (or earlier) on. Michael Burry was rarely mentioned as a holder, he had bought into GME a lot earlier. The conversation mostly centered on short interest, fundamentals and future moves GME would do. So I would argue it was 'the collective' on WSB that was perhaps one of the larger catalysts.

FredPret 5y ago

Or maybe it’s just yet more shallow and lazy reporting by the increasingly irrelevant profession of journalism. Collective participation in the stock market is a good thing for the elite, though they may not all see it that way.

mauvehaus 5y ago
Deep reporting and meaningful analysis takes expertise and time, both of which cost money. If reporting is becoming irrelevant and shallow, we (collectively) have only ourselves to blame by not supporting (with money) deep investigative journalism.
- runarberg 5y ago
  It is a bit lazy to blame the consumer for the lack of quality. Kind of a light version of how consumption but not production is blamed for the climate disaster. Spending your own money on quality news papers is not the only way to support good journalism. You could also ask your national government to spend more tax money towards your national media company (if you have one) or towards subsidizing independent ones. Or you could champion pro-consumer legislation which might prevent ad monopolies like google from swallowing most of the ad revenue. Asking consumers to spend their money correctly is probably the least effective way of increasing the quality of production.
- FredPret 5y ago
  I don’t see the point of journalism, so maybe nobody is to blame. Between authors, podcasts, youtubers, and the sheer amount of raw data out there, I think we can do away with the whole concept of “news”
  - djbusby 5y ago
    Gotta put raw info into digestible formats for the masses.
    - FredPret 5y ago

ospzfmbbzr 5y ago

But journalists are the highest of high integrity individuals (just ask them) and they would never engage in deliberate mental poisoning of their 'readers' on behalf of their masters?

MattGaiser 5y ago

> This is a pretty basic error to make when the SEC investigated and even put out a report showing that the majority of that price movement was from non-short sellers (e.g. retail) and that as a proportion of volume, barely any of it was due to short sellers closing their positions. It was apparently also very dangerous to retail investors.

david927 5y ago
Not at all. Any retail investor who is following this, even in a cursory way, will know to DRS their shares and wait.
- arcticbull 5y ago
  It's pretty clear the GME jig is more than up. It's fascinating to see folks out there thinking the squeeze hasn't happened yet - it clearly has. The stock has fallen to less than 20% of its peak price.
  - david927 5y ago
    The SHF have not covered their shorts. The price movement can be related to several factors and if you want to believe that it means they've covered, you're welcome to. I would suggest reading more if you're interested. The people that are holding and directly registering their shares know differently.
    - stale2002 5y ago
      No, sorry. The GME mythical doomsday that they have been predicting is not going to come. There is no final reckoning, where GMR is going to shoot to 10 thousand dollars a share, and cause the world economy to crash. There was a large initial spike, in retail investment, initially, and then when the hype went down, so did the price. And that's that. The prophecy of the short squeeze isn't coming.
      - 5y ago

balls187 5y ago

> collective action motivated by hatred of elite rigging the system... is dangerous to those elite. It's not. The elite are largely shielded from the volatility of the masses. It's the "middle class" whose retirement, pensions and life savings are tied up in the market that end up getting hit the most.

skybrian 5y ago
I'm not sure that's true? The stock market is up quite a bit if you look back a few years. Your average boglehead-style buy-and-hold investor has probably done very well.
- dylan604 5y ago
  >boglehead-style What does this mean?
  - Fishkins 5y ago
    John C. Bogle founded Vanguard, which had the first index funds. Simply put, "Boglehead" refers to someone who invests in index fund(s) and leaves the money there long-term, without trying to time the market, buy individual stocks, etc.
    - dylan604 5y ago
      Thanks. My search-fu was not caffeinated enough this morning.
  - johnnyletrois 5y ago
    There’s an entire forum dedicated to this at https://www.bogleheads.org/ https://www.bogleheads.org/.
  - akhosravian 5y ago
    https://www.amazon.com/Bogleheads-Guide-Investing-Taylor-Larimore/dp/1118921283/ref=nodl_ https://www.amazon.com/Bogleheads-Guide-Investing-Taylor-Lar... Basically: buy a few index funds, don’t sweat trying to beat the market, you’ll come out alright.

somevar 5y ago

The collective action was motivated by greed, they were very up front about that, including Roaring Kitty. The "elite" that held similar positions in GME got rich too, there wasn't anything dangerous about it.