Last night I had a conversation with a close friend of mine. We started talking about the economy. Full disclosure I am a full time trader i stare at charts for a living.
I've been warning him for over 2 years now that the plandemic and all the bullshit they implemented was going to cause a massive recession into a depression the likes of which we've never seen. That the credit crunch was gonna be unbelievable and that buying at home at all time highs during the plandemic was retarded and that he should stop pouring money into his 401k at his work.
He continued to pour money into those wortheless funds at work, he bought a house in 2021 which he got into a bidding war with and he even bought a new truck.
He is now complaining and blaming others about all the shit that's happening to him. He's going through a rough marriage, his work (new build developers) are now talking about massive slow downs and putting projects on suspension because the cost benefit analysis is weak etc etc.
He's mad at wall street for his problems. Just blindly pointing the finger at anyone but the mirror.
He's also giving me attitude lately because he finds it absurd that I can make money on a declining economy.
This is normie mentality 101. THIS is the core of the problem. Now I wouldn't even bother talking about the DS with him cause there is no point.
Making money is the game.
People get caught up in the hype of the story about a stock, and convince themselves it is "going to the Moon!" Any counter argument pointing out flaws is dismissed with disdain.
A mod here on GAW, bubbles-burst, acted like a coward and banned me for nothing more than pointing out that Ryan Cohen's motives might not have been so pristine in his actions around BBBY.
I had the facts on my side, but censorship was just as swift as the "fact checkers" on Twatter.
Classic example of emotions clouding judgement.
The meme stocks have all tanked because they are dog shit companies.
The only exception MIGHT be DWAC due to a POTENTIAL Trump involvement. But even that company has ZERO REVENUE, and unless/until that changes, it is going bankrupt with the rest of them. If Trump merges, then that could be a game changer.
Which by the way, I see no reason why he couldn't just come right out and DO IT anytime he wants. Since Trump doesn't seem to be making much of an effort to take Truth Social public, it is one of the reasons I am suspicious that DWAC management might just be blowing smoke up everyone's skirt so the insiders can cash easy paychecks.
Even if it happens, there would be PLENTY OF TIME to jump on board that bandwagon.
But noooooo ... can't have any non-Moon! dicussions because the ego is too fragile to consider that they might have been fooled.
I will be shocked if BBBY figures out some way out without filing bankruptcy. The NFT angle for GME is dying a not-so-slow death, as the head cheese for that deparment jumped ship to a different company. Not as bad as the CFO for BBBY jumping out a window, but let's not let logical thought processes stop us from a bunch of rah-rah smoke and mirrors ... in a BEAR market.
Nice to see two or three folks in this thread with their head on their shoulders.
A welcome change on this forum.
I didn't even know there was a BBBY hype or that anons were into it lol. During the DWAC initial hype I had posted here a simple chart about it's rocket. Lots of folks got into early but once peak formed I warned it's time to get out.
The number of people who came at me was wild lol. From "you're not a patriot" to "HAHAH DiAmoND HAAnDS". There are a few in here who are still upset lol
What's even more hilarious is I called 17 area to be where it will bleed back to. They came at me with every fundamental bs they could about why it's valuation was gonna be at min 39. It's at 16.81 now lol
As far as GME goes, I honestly didn't pay attention enough to care about it as I didn't bother trying to understand the hype or reasoning behind it.
If it moves up and makes money for anons then great but I don't get it lol
My intro to the "stonk hodl" crowd was here on GAW when someone posted about GME having a big naked short position.
I checked into it, and sure enough back in JAN 2021, it did. I posted my thoughts then (that it would squeeze and then tank because there is no "there there" for the company itself), but I was really just interested in talking about the illegal naked shorting aspect. A bunch of assholes jumped at me, too, when I said anything negative about GME or the other meme stocks, so I know how it is.
DWAC --
To me, this one is like holding a stick of lit dynamite in your hand, and saying, "Gee, look at the pretty sparkles." It's a SPAC, and 99% of SPAC's are sucker plays, created for no reason other than for insiders and Wall Street to steal money from the public. The only thing that MIGHT make DWAC different is if Trump actually merges. Until then, it has NO income, NO business, and NO prospects for any business other than Trump.
Can't even get shareholders to approve the one and only thing that would potentially allow the company to make money, by voting in favor. Had to pay a huge fee and push the vote back to give them more time. Like ... WTF? (lol)
And why does Trump need DWAC? I understand that DWAC needs Trump, but Trump can do it without these bozos involved. Can't even get a vote of shareholders together to prevent the company liquidating. Wow.
BBBY --
Company loses money.
Oh, nevermind, Ryan Cohen is a BIG investor and he KNOWS what is going on!
OK, but what about the burn rate? Need new financing soon, or facing bankruptcy.
Pfft. Burn rate. You must be a hedgie glowie.
Ummm ... not exactly making a point there, but what about the fact that customers hate the changes they made and the new product lines?
Shut up! Ryan Cohen got this!
Hey ... Ryan Cohen just ... BAILED. And he did some weird paperwork shit with the SEC the DAY BEFORE he sold it all, pretending for months that he was a white knight to save the day.
Shut up! You are BANNED!
Kek. Uh ... CFO just jumped out the window and killed himself.
Had to be murder! Those hedgies will do anything!
Yo, company just reported same store sales DOWN 26% year-over-year. How the FUCK are they gonna turn this thing around without going bankrupt?
Just ... shut up.
Stock down, oh about, 80% from just 2 months ago. But still ... goin' to the MOON!
lol
GME --
Seems like they wanna be the new Blockbuster Video, in an online world. Maybe, in a very strong economy (which was the case before the stolen 2020 election), it could work. Zig while everybody else zags? Brick and mortar video games in an online world?
Not the best idea under the best circumstances, but when all those 29-year old gamers don't have any more gubmint checks coming in, they will find something else to do other than shopping at brick and mortar game stores.
The naked short story WAS real more than a year ago, but those postions covered long ago. So, the touts at Reddit started pushing "super secret hidden shorts that nobody but us can see" to the followers. All sorts of stories how large mutual fund companies put their entire reputations and livelihoods at risk so they could secretly use their public mutual funds as secret shorting vehicles to attack GME stock.
As if ...
And then, the NFT story. Nevermind that some dude paid $2,000,000 for an NFT that now he can't sell on Ebay for $200.
NFT's are the tulip bulbs of the 21st century.
Even the guy running the NFT division for GME bailed and went elsewhere.
"There's a sucker born every minute" comes to mind.
When the Bear Market cometh, the Bear Market reveals ALL the SHIT that the Bull Market tried to hide.
It is quite interesting that ALL of the 2021 Bull Market gains have now been erased completely. We are now back to levels we haven't seen since late 2020.
Would not be surprised to see a rally prior to election, but then this Bear Market continues lower.
Federal Reserve money printing and federal government excessive spending have consequences.
And stolen elections help communists push the whole thing to full throttle.
The meme stocks are irrelevant in the bigger scheme of things.
Just an interesting diversion -- and observation of human emotion.
"History doesn't repeat, but it rhymes." -- Mark Twain