don't think that's the consensus. they're still HODLing.

I sold some on the way up, some on the way down, and am still holding some. could have made out with more if I had a time machine, but I still pocketed a comfortable profit.

Log off, FUD is rampant.

people truly don't understand how stratospherically wealthy the few wealthy are. even the guy who started this had 50 million total yesterday. like, that's 1/4000 of elon musk. that's 1/20th of a billionaire. and there are maybe a few whales like him before a long distribution on the way down.

I forgot a tl;dr thanks!

don't sell because you won't be able to buy back. hold your positions but move cash out and open a second account.

from lurking today I decided on fidelity. they didn't go down and people seem to like them

also opening a webull, they did go down but why not diversify, it's free

If I had 5 mil cash I'd be like "yup I can live a comfortable life until I die" and absolutely keep the rest in if it started a movement this big.

DFV sells and the movement dies, he knows this.

Fuck Robinhood

buuuut...

They closed people's positions who had bought stocks on margin (loan). It is very standard for brokers to automatically closeout margin on accounts that can't cover the underlying debt. If I buy GME at 200 on margin and I sell at 350, I pay back the broker 200 + small interest and I profit 150 easy.

If I buy at 200 and it goes down to 150 and I sell, I have to pay them 50. What if I don't sell? They say "okay you're chill unless it goes low enough that were worried you aren't good for it" the number for how low it goes is different for each stock but generally higher for more volatile and hot stocks.

So GME crashed due to market manipulation and RH closed out positions because people spent 10k on GME, turned it into 4k and the broker says "sorry I don't trust you, I'm taking it back."

The reason stonk went up after that is because that created available shares to buy, and competing hedge funds outbid each other.

Yes RH is criminal for not allowing people to buy, yes the price was intentionally tanked so that this would happen, but this is a normal thing. WSB has been spamming for a week to not buy on margin for this exact reason.

I only spend so much time spelling it out because this is a movement and proper messaging matters. We need to have the facts straight, because it's a slam dunk case of collusion as long as we don't muck it up. Ifthe message is "they sold people's stocks" the response will be "wow you truly don't understand the market, this was your fault" and you'd say "okay I guess technically you got me there but here's X Y and Z other things they did that were totally illegal" but you won't win people over with that, they'll think it's cope and agree with the boomer.

if that were my mindset I would have sold at $60 and been ecstatic about a 50% profit.

I've done my homework that's led to me holding on until now, I'm confident it's not nearly done yet.

no.

holy shit this is literally a life changing amount of money. and I'm still holding.

Depending on your risk tolerance, it isn't too late. Nothing is guaranteed but I'm buying more shares at open.

In a different vein, I've also seen a lot of "wow I can pay off my parents debt from the last recession!" "I can finally get that knee operation!" "I'm going to donate 10% of my profits because I'm not some asshole hedge fund manager."

like they aren't all angels but I bet for every mil into WSB, a hell of a lot more is going into the community and good causes like that than when it's in a hedge fund managers pocket.

Robin hood's steal from the rich and give to the poor mantra proves to be the true trickle down economics.

louis rossman, the computer youtuber who's a big right to repair advocate, just put out a great video breaking it down. search him and you'll see it.

That tweet 100% just bankrupted them. Not necessarily singlehandedly, but it was Brutus stabbing Caesar. Also WSB are huge fans of Tesla/Elon and he knows that. I'm sure there will be a small uptick in Teslas sold once all is said and done too.

I got in a few weeks ago, currently have enough to pay off half my debts but holding on hoping to clear them all. The theory is all very sound tbh.

It is risky, don't play with money you aren't willing to lose. For what it's worth, I'm looking to buy more in the morning if it dips a bit from the Elon bump.

struggle session: is WSB praxis? Their main thesis seems to be a rejection of the idea that capitalism is a stable system that will bring steady growth and instead a realization that money behaves irrationally and is completely dissociated from real material conditions. Upon this realization, disillusioned with any sentiment of a stable responsible retirement, they YOLO into meme stocks (toss large amounts of money into dumb companies that truly shouldn't pay off) but due to the stupidity of the market, often come out on top. And despite all of the talk about lambos and other materialistic dreams, as a recent lurker I mostly see people excited that they've paid off their student loans or that they can quit their soul sucking jobs and do something they're passionate about.

Sure there are a few people just trying to accumulate massive amounts of wealth, but my impression is that the majority of people are just trying to alleviate some of the crushing financial pressures of modern society.

The game of large returns has largely been gate kept behind institutional money, and it's these people that are paying for much of WSBs success. Take the current meme stock: Gamestop. Basically large investment firms bet big that they would go bankrupt and WSB is betting otherwise and apparently winning. If they make $ from this, it will represent a transfer of wealth directly from a multi-billion dollar investment firm to tens of thousands of everyday people. And at the same time, keeping a company employing tens of thousands afloat.

Edit: the narrative of people vs institutions I bring up in the preceding paragraph draws some parallels to populist movements in politics. The rhetoric I see on WSB about institutional investors is very similar to the rhetoric I saw on Bernie Discords/subreddits during the primaries about the establishment. There's an open recognition that the system is rigged in favor of pre-existing powerful players and disenfranchises everyday people. To be fair and balanced, you could also draw parallels to Trump in the 2016 primaries as an anti-establishment candidate, but I don't think that helps my thesis.

Of course I've only just started lurking there and I recognize they're in it for the money, not all fads fit that progressive-transfer-of-wealth narrative, and this is probably going to bring me some hate here. Plus they have some really problematic slang that I'm not even getting into. But fundamentally I think WSB is made up of people who are radicalized at the absurdity of modern capitalism. I've seen the question pop up here of people feeling guilty about investing into the market and profiting off an unjust system. More often than not, the responses can be paraphrased as " yes, the system sucks, but we all currently live under it. your own financial security should be prioritized." Us lefties often have to overcome moral reservations about investing while WSB is the jokerfied investor just waiting to become a leftist. Thoughts?

could you also link the actual amber/etc article for context? I'm not seeing it when I lazily scroll thru jacobin.

My first instinct was *idk a few hundred dollars" but then I realize new books don't cost $5 from the used book store like I'm used to paying.

30 bucks for a new hardcover, 8 stacks of approx 12 books each, 3 grand. yikes.

I'm not an expert but as someone who's dealt with health anxiety a lot in the past, what you're describing sounds really familiar. I wouldn't worry about it being covid related. Mindfulness and better awareness of my body help with the racing thoughts a lot.

He was on some late night show with Buttegieg as the other guest and he discusses being a proud socialist. lil Pete's sad puppy dog eyes at the lack of approval from ole P Stew was enjoyable.

Also I just started watching TNG and it's very based.