matt levine’s 2nd column about gamestop. absolute delight
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it’s like the thing visa talks about but both funnier and darker
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the only thing i can think about with the gamestop thing is that there are so many elements of modern life that can be manipulated (for good or ill) if enough ppl are able to commandeer enough attention. and we have so many ways for normal ppl to gather attention at scale now
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this is the thread on /r/wsb from the guy who put $50k into gamestop and is maybe getting $10m+ but who knows bc he isn't selling and this is a comment on that thread. is he willing to risk a fortune for this level of validation from the boys? seems so
reddit.com/r/wallstreetbe
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honestly i bet this feels fucking great. all these guys want is to hang out with the boys and aim for glory together. extremely relatable
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this is a 7-hour youtube video of the $50k guy. apparently he dips a chicken tendie in champagne. i guess he's pretty much what i expected a Guy from Reddit to look like
youtube.com/watch?v=bmwx78
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this is the energy right here. validation from the boys may be the most powerful force on earth
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it's better to be kind than clever and cruel, but the latter gets the boys chat goin, so i'm conflicted
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absolutely fascinating sociopsychologicalwhatever shit happening here
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/r/WallStreetBets has written an open letter to powers that be @CNBC - they threaten to continue to bankrupt every last hedge-fund since Wall Street has screwed over the average American & always gets bailed out. They actually make great points, read:
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Replying to
furiously googling "can the SEC charge an egregore with market manipulation"
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also really enjoying the image of some serious-ass trader having to plow through hundreds of comments on /r/wsb in order to have a fully up-to-date picture of meme-based market movements
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aw hell yeah this is the cyberpunk shit i'm talking about
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Quants are scraping WallStreetBets now. We are off the rails lmao businessinsider.com/hedge-funds-da
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okay no *this* is the cyberpunk shit i'm talking about
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Replying to @eigenrobot
they're also trying to astroturf /r/wsb apparently with lots of bots saying that GME peaked, it's over, etc.
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what do you think the m/f gender ratio is here? 99% 99.9%? 99.99%?
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the wallstreetbets discord needs to be heard to be believed.
it’s the modern day version of being on floor of NYSE.
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alright party's over
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my mom told me she was thinking of buying some GameStop Corp (GME) tonight, my poor sweet mother
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oh shit this is a deeper story than i expected
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Step 0: Citadel pays Robinhood for order flow. Citadel gets to see RH's orders a few milliseconds before they're filled. Citadel may choose to front-run some of those trades.
Step 1: RH's customers and WallStreetBets start manipulating $GME. This is happening in the open.
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hmmmmmmmmmm
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Step 2: HFTs buy shares ahead of Robinhood users.
Remember Citadel, the firm who can front-run robinhood trades, and got to see all of that RH data a little early because they paid for flow? Yeah. When do you think they started buying $GME in front of RH traders on momentum?
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hmmmmmmmm
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Step 3: A hedge fund becomes insolvent. Today it was Melvin Capital Management. It very likely won't be the last.
Melvin immediately sells off a portion of itself, because it needs the influx of cash or it will vanish in a poof of smoke, vaporizing ~$15 Billion in the process.
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hmmmmmmmmmm
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Step 4: Who's the lead investor, picking up part of a usually successful fund at fire-sale prices?
Right. Citadel, probably with some of the cash they made by repeatedly profiting in the milliseconds before filling the trades that collapsed this fund.
wsj.com/articles/citad
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hmmmmmmmmmmmmmmmmm
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Step 5: Citadel still has access to RH order flows, is still allowed to front-run them and/or pocket the spread, and can use that and other information to determine the next over-leveraged fund that's going to get squeezed.
They might even be able to accelerate the squeeze.
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hmm matt levine says this thread is bad nvm
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when i say "cursed thread" btw i mean that it's bad. this is not how anything works.
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i would believe this tbh
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Everything about the financial markets makes sense once you think of it as a competition by everyone to make it into @matt_levine’s newsletter
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lol
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- WHITE HOUSE SAYS MONITORING SITUATION INVOLVING GAMESTOP, OTHER COMPANIES
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matt levine killing it as usual but also i am running out of free bloomberg views rip
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I am not sure what special award the internet can give to @matt_levine which would match the value of his commentary on the GameStop madness, but whatever it is, I would like to vote for it.
Links to the past few episodes from today’s if you’ve missed: bloomberg.com/opinion/articl
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hmm thread
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has anyone covering the Wall Street GME reaping and sowing gone into the fact that a lot of the GameStop and directly associated trades have been largely amplified by social listening powered mega firms doing machine learning automated trades because the “idea” of GME is popular?
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did any science fiction author predict this. i truly wonder
twitter.com/hshaban/status
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woof. dude’s not wrong tho
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Arm young men, in a basement, not at work, not having sex, not forming connection, with an RH account, a phone and stimulus and you have the perfect storm of volatility as they wage war against established players while squeezing the dopa bag,,,harder and harder
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this is actually deep and relevant commentary
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dudes will literally buy $GME $AMC and $BB, until it bankrupts multiple hedge funds, instead of going to therapy
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hmmmm
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Their Discord server is already disconnected—not for trading mind you, but for “hate speech” 
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they got a new subreddit
i’m really rooting for these fuckers at this point 🚀🚀🚀
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“I honestly just need to know theres someone out there still telling me to hold”
is this 🚀 class solidarity
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hmmmm 🤔
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i lied look at this trash lying-through-their-teeth statement
holy shit they're just looking out for us guys
us little people thanks robin hood
blog.robinhood.com/news/2021/1/28
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lim thread, click through for the whole thing twitter.com/liminal_warmth
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mor thredd
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There is no shortage of takes about what's going on with Gamestop (and other surging stocks), Robinhood and Reddit's r/wallstreetbets, many of them contradictory - at least on the face of them. But I think it's possible for most of these takes to be right. Here's how.
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once again i am asking the rich tech people of twitter to offer to financially compensate anyone who loses their job for doing the right thing (, , hell why not)
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hmm y’all have a point there’s a plausible case that this is fake. psyops all around
meanwhile:
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hmm
this generated a vague thought i'm having trouble putting into words about the internet as the global brain, something something information cascades, something something system-wide updates
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(running in exhausted)
OK I'm here I have the take
The actual story of Gamestonk isn't that Redditors figured out how to do financial mayhem
It's that we're learning how to Do Reflexivity and just wait until this starts to happen to political campaigns
alexdanco.com/2021/01/28/r-w
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