Interesting take on the Reddit / GameStop businessPosted: February 4, 2021
Some of the behavior going on at WSB sounds more jihadist than speculative. The idea that there are some investors who are ‘good’ and others who are ‘bad’, or that there is an ‘establishment’ is BS. Everyone has the same goal: I have a pile of money, I’m trying to make it bigger, fuck your pile–I don’t care about it. Anything other goal is contrived, foolish and won’t help you win. You can’t ‘fight the rich’ by trying to become one of them. Don’t you see the irony? A related thought experiment: what if this trade continued to work really well? And another, and another? Then some WSBers are billionaires. Aren’t they the new ‘enemy/establishment?’
Who do you think hedge fund managers are? They’re typically the anti-establishment. Things have changed a bit, but the most successful HFMs are actually the WSBers of the past. These are guys who didn’t fit in well at i-banks, often got kicked out for having big mouths or not wearing the right ties, or just wanting to wear jeans at work and not fill out TPS reports. When they started their firms, people like Soros, Icahn, Steinhardt, Robertson, Cohen, Griffin, Loeb (who has posted anonymously on boards), Samberg, even Cramer were fish out of water and had very tiny amounts of capital, often begging for investors.
That’s from Martin Skreli’s blog, in prison.
Why has this story so gripped Hollywood? As far as I can tell no two characters in it were ever in the same room, or even ever spoke to each other out loud. What about it is cinematic? Then again, maybe you could say that about the origin of Facebook.