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Redditors gave Wall Street traders an absolute pasting

"Before I go further, I want to be clear about what I am not. I am not a hedge fund. I do not have clients, and I do not provide personalized investment advice for fees or commissions. I am an individual investor. My investment in GameStop and my posts on social media were entirely my own.

I did not solicit anyone to buy or sell the stock for my own profit. I did not belong to any groups trying to create movements in the stock price. I never had a financial relationship with any hedge fund. I had no information about GameStop except what was public. I did not know any people inside the company, and I never spoke to any insider. "

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ReidysLeftLug said:
"Before I go further, I want to be clear about what I am not. I am not a hedge fund. I do not have clients, and I do not provide personalized investment advice for fees or commissions. I am an individual investor. My investment in GameStop and my posts on social media were entirely my own.

I did not solicit anyone to buy or sell the stock for my own profit. I did not belong to any groups trying to create movements in the stock price. I never had a financial relationship with any hedge fund. I had no information about GameStop except what was public. I did not know any people inside the company, and I never spoke to any insider. "

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Think we can all see that's made up lawyer garbage.
 
monkeytassle said:
Think we can all see that's made up lawyer garbage.
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Think what you will MT, I think it's obvious why you're against people like this... they threaten your livelihood. If more people realise they can better the % they receive from banks and the like what is the need for investment advisors/bankers?

" I’ve been asked why I decided to share my investment ideas on social media. My investment skills had reached a level where I felt sharing them publicly could help others. I also thought that by sharing my own ideas and accepting critiques, I would be able to identify holes in my analysis. Hedge funds and other Wall Street firms have teams of analysts working together to compile research and critique investment ideas, while individual investors have not had that advantage. Social media platforms like YouTube, Twitter, and WallStreetBets on Reddit are leveling the playing field. And in a year of quarantines and COVID, engaging with other investors on social media was a safe way to socialize. We had fun. "

Personally think the lawsuits against him will come to nothing.

Also...

" It’s worth noting that after five months of streaming, my final stream of 2020 topped out at just ninety-six concurrent viewers, with an average view duration of twenty-five minutes. On Christmas morning I had only 529 subscribers on YouTube, and 550 followers on Twitter. These numbers are tiny. There were rarely more than a few dozen folks on the stream on any night. The reality was people didn’t really care about 5 boring, repetitive analysis of GameStop and other stocks, and that was fine. For those of us who did care, the stream provided us an outlet for refining our fundamentals-based thesis. We were able to analyze events in real-time and keep each other honest.

Ultimately my GameStop investment was a success. "

What next social media regulation to prevent hype building around stocks to keep an orderly market? Sounds like manipulation to me.

" As for what happened in January, others will have to explain it. Threshold lists, order flow, halting purchases – according to the media these all had a material impact on GameStop stock in January. Here’s the thing: I’ve had a bit of experience and even I barely understand these matters. It’s alarming how little we know about the inner-workings of the market, and I am thankful that this Committee is examining what happened "
 
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PTR said:
It reads like a tidied up version of what people post on WSB all the time.

"This is not investment advice, I eat crayons, apes strong go brrr". (This line isn't a joke, its pretty much what every 5th posts ends with)
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:lol:

Read this bit...

"As for what I expect moving forward: GameStop’s stock price may have gotten a bit ahead of itself last month, but I’m as bullish as I’ve ever been on a potential turnaround. In short, I like the stock. And what’s stunning is that, as far as I can tell, the market remains oblivious to GameStop’s unique opportunity within the gaming industry"
 
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monkeytassle said:
Yes

He's been hauled in front of the committee. I don't think he's smoking a cigar.
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He isn't the only one testifying... what do you think will come of it and when do you expect it to conclude? If the focus shifts to this bloke and all the other shit is allowed to go unchecked I can see more "economic protests", regardless of what the facts say...

Like when the facts said don't buy gamestop and people from all over the world bought in as a collective fuck you.
 
ReidysLeftLug said:
He isn't the only one testifying... what do you think will come of it and when do you expect it to conclude? If the focus shifts to this bloke and all the other shit is allowed to go unchecked I can see more "economic protests", regardless of what the facts say...

Like when the facts said don't buy gamestop and people from all over the world bought in as a collective fuck you.
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What price is gamestop now?
 
Can't believe that people are still buying into the narrative that it was the little guy saying fuck you to the hedge funds when it was professional investors taking gullible punters for a ride all along.
The people behind this are no better than hedge funds and quite possibly worse as at least hedge funds make no secret of what they are up to.
 
What Is Pump-and-Dump?
Pump-and-dump is a scheme that attempts to boost the price of a stock through recommendations based on false, misleading, or greatly exaggerated statements. The perpetrators of this scheme already have an established position in the company's stock and sell their positions after the hype has led to a higher share price. This practice is illegal based on securities law and can lead to heavy fines.
 
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RestlessNatives said:
Can't believe that people are still buying into the narrative that it was the little guy saying fuck you to the hedge funds when it was professional investors taking gullible punters for a ride all along.
The people behind this are no better than hedge funds and quite possibly worse as at least hedge funds make no secret of what they are up to.
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Because there isn't just one angle to this... what about Justin Sun?

nyron4england said:
What Is Pump-and-Dump?
Pump-and-dump is a scheme that attempts to boost the price of a stock through recommendations based on false, misleading, or greatly exaggerated statements. The perpetrators of this scheme already have an established position in the company's stock and sell their positions after the hype has led to a higher share price. This practice is illegal based on securities law and can lead to heavy fines.
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Same thing was said of Bitcoin. Ponzi, pump and dump, etc etc

What Is a Short Squeeze?
A short squeeze occurs when a stock or other asset jumps sharply higher, forcing traders who had bet that its price would fall, to buy it in order to forestall even greater losses. Their scramble to buy only adds to the upward pressure on the stock's price.

Let's see the evidence of "recommendations based on false, misleading, or greatly exaggerated statements". A myriad of people saying we like the stock isn't any of that
 
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