The stock market provides three goods: 1. Liquidity options for companies; 2. Investment opportunities for stockholders; 3. Proper pricing of assets through aggregation of information, conveyed through transactions.
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Much of the enthusiasm for the GameStop prank is rooted in a fundamental misconception that the stock market is merely a casino. This is untrue.
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Those who trade in stocks each day are in it to make money, just as you do your job to make money. As a benefit of the free market, their trading, which is institutionally rooted in assessment of stock value, provides (3).
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The GameStop guys believe the market is a casino, that stock traders are speculators who do not provide (3), and that purely gaming the system is how they make their money. If we all believe that, nobody should invest in the stock market. Period.
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It is actually illegal to engage in the pure pump-and-dump, in which you lie to fellow investors about undervalued stocks in order to make the profits when you drive up the price and sell.
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What the GameStop guys are doing isn't illegal, because they're not lying: they admit GameStop isn't worth much, they're just in it for the LOLs and the screwing of the hedge fund guys. Which does make this funny, but also reinforces untruths about the market generally.
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In other words, there is a reason
#EatTheRich is trending. The motivating factor here isn't really hedge fund corruption -- if you're worried about bailouts, as I am, you should be telling the government to stop bailing out financial firms. It's pure dislike for hedge fund guys.Pokaż ten wątek -
Some hedge fund guys are jackasses. Some aren't. But undermining confidence in the pricing mechanism of the market to make some quick cash and screw those guys isn't virtue (though again, it would take a heart of stone not to laugh).
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Bro just stop
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It’s not a prank. Look into it.
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Stay out of this one Ben - it’s not going to go the way you want
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Wydaje się, że ładowanie zajmuje dużo czasu.
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