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If by “meme stock” you mean “a stock that is bought for fun instead of financial or political gain”, then IMO the article is right on. That’s basically the text
by bbor 2y ago
If by “meme stock” you mean “a stock that is bought for fun instead of financial or political gain”, then IMO the article is right on. That’s basically the textbook definition of maniacal/irrational behavior - like a poker strategy unrelated to the cards dealt.
- troad 2y agoThe thing about poker strategies unrelated to the cards dealt is that they tend to be short lived, and aren't really all that interesting from an internal poker perspective. Trading stocks for teh memez is a lot like streaking at a football game. It won't last long, no one interested in football cares, and afterwards, if you tried to talk about your 'football career', everyone would laugh.
- caseyy 2y agoMeme stocks are not a strategy to make money. It only looks insane if you cannot imagine that people trade for other reasons than to make money. But these guys have other goals — proving points, protesting short-selling, speculating for fun, and so on. It’s all good. Not everyone has a car to drive from point A to B, some people drive cars for fun. Not everyone plays tennis to compete on the world stage. Same with securities. People just have fun.
- bbor 2y agoTo “say the quiet part out loud” and overplay my point for clarity (no offense intended, thanks for the clear response!): I think people are being tricked into thinking they’re having fun, but in the long run they’re harming themselves and falling prey to a variety of opportunists along the way, hedge funds and diamond hands alike. I think I know better than they do whether they’re truly having fun! Like judging the people who spend all day at the slots.