To paraphrase Mark Twain, it’s easier to fool people into believing they’ll make piles of money than it is to convince them they’ve been fooled. Here’s the true story of stock investors who smoked so much “hopium” they lost their shirts — and their minds.
For all the talk about “sticking it to Wall Street”, it’s quite likely that most of the biggest “winners” in the GameStop mess were Wall Street types. Either trading for their employers or trading in their personal accounts.
IIRC, some people pointed out at the time that this particular trade was quite sophisticated - probably orchestrated by people who knew what they were doing and who understood that the hedge fund they wrecked had acted in a particularly dumb/risky way. I guess with this kind of information, another hedge fund could have pulled that off just as easily as the people from WSB on Reddit.
For all the talk about “sticking it to Wall Street”, it’s quite likely that most of the biggest “winners” in the GameStop mess were Wall Street types. Either trading for their employers or trading in their personal accounts.
IIRC, some people pointed out at the time that this particular trade was quite sophisticated - probably orchestrated by people who knew what they were doing and who understood that the hedge fund they wrecked had acted in a particularly dumb/risky way. I guess with this kind of information, another hedge fund could have pulled that off just as easily as the people from WSB on Reddit.