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Stock Thread (8 Viewers)

culdeus said:
It's cute that people think that buying stonks adds value to the world.  
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It would be an interesting world if all companies were privately held and there was no stock trading.  That would be massively inefficient and lock out a lot of people from investing.  Maybe if our retirement wasn't contingent on investing, then that might work.

 
Geez what an awesome day.  Corsair and Eastley flying.  Those SE shares at $206 are looking sweet.  Heck, even boring Campbell's soup is up 6%.

 
HOT TAKES:

1. Wall Street has no right to halt trading just because the masses on social media are making money at the expense of hedge fund billionaires who shorted GameStop, AMC, and other companies. This is called rigging the game against small investors.

2. So, market manipulation by federal reserve pumping $ into failing banks & corporations is okay. But Reddit users rallying GameStop is wrong and must be regulated? The entire stock market is disconnected from reality. Funny how quickly the financial press cries for hedge funds.
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Last edited by a moderator:
:kicksrock:

Totally forgot with E-Trade the money won't be available for a couple days now due to the quick buy/sell.

Would need to buy in a different account, so now that one is ¼ cash for a few days. 

 
Saw this on my TD account:

Security impacts related to market conditions

In the interest of mitigating risk for our company and clients, we have put in place several restrictions on some transactions in $GME, $AMC and other securities. We made these decisions out of an abundance of caution amid unprecedented market conditions and other factors.
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:eek:  

 
Sputnikv8 said:
"restrictions" seems vague.  They can legally do this or is this an SEC thing that all our accounts/brokerages will be seeing soon.  Hmmm
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They can 100% restrict your margin ability.  On zero information I'm guessing that's what they are up to here.  If you have a margin balance they can make you flush that or call it in.  

 
shades said:
The guy who started this with $53k is now worth about $53 million 
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I don't know who to believe on this, the consensus I see is he sold large chunks of his early stake, then bought in, sold at time to pay off taxes and cover other things.  

 
culdeus said:
They can 100% restrict your margin ability.  On zero information I'm guessing that's what they are up to here.  If you have a margin balance they can make you flush that or call it in.  
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This is correct, nearly all margin accounts are completely at the whim of the provider as it is revolving credit. Buried in the fine print most people skip when signing up they basically have they ability to shut you down at any time.

In major market crashes after bubbles this usually leads to accelerated selling and tons of small timers that didn’t realize it crying foul even though it happens every cycle. It’s a similar process with HELOC’s and further exacerbated the housing market crash as many HELOC’s can be called/reduced at any time.

 
culdeus said:
I don't know who to believe on this, the consensus I see is he sold large chunks of his early stake, then bought in, sold at time to pay off taxes and cover other things.  
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He absolutely sold some along the way. What's left is worth 53 million. I think 27 million of that is 800 April calls he bought for $250.

He's cashed out at least 4.8 million. 

 
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