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I spent months talking with people on Wallstreetbets. Then this week happened https://twitter.com/cnn/status/1355119771994501121
This week has made a lot of WSBers rich, but the site didn’t start this week, and many people have gotten wrecked trying to chase the crazy gains that make it to r/all
Omar is a young guy, who’s the children of immigrant working class parents. He stumbled onto WSB after seeing it on Reddit, and got into a early whole selling options. Then he bet his student loans.
AJ Vanover makes around 35k a year as a retail worked in Missouri. After getting in on $GME, he (and a friend he convinced to invest) are now millionaires.
My favorite was Min, 22 y/o born in Bangladesh and training to become a pharmacist in NYC.
In July, he flipped just his stimulus check into $280k within 2 weeks. He couldn’t sleep thinking about cars he wanted to buy, and passed out midday.
When he woke up, it was down to 8k
In July, he flipped just his stimulus check into $280k within 2 weeks. He couldn’t sleep thinking about cars he wanted to buy, and passed out midday.
When he woke up, it was down to 8k
YOLOing (putting everything into a trade) is a key part of WSB.
If you YOLO and hit a hot streak (see #GME), it can make you rich. But if you keep doubling down and never cash out...eventually the house wins
If you YOLO and hit a hot streak (see #GME), it can make you rich. But if you keep doubling down and never cash out...eventually the house wins
There are undeniable signs of gambling addiction all over WSB.
Looking at post histories, you can see people losing their life savings, walking away from WSB, and then months later returning talking about new positions.
Looking at post histories, you can see people losing their life savings, walking away from WSB, and then months later returning talking about new positions.
One thing that struck me talking with WSBers who won and lost was the FOMO.
With each crazy bull run, there’s a sense that there’s life changing money out there and you just missed it. Even if you won, it wasn’t just enough.
Walking away from that is very, very hard.
With each crazy bull run, there’s a sense that there’s life changing money out there and you just missed it. Even if you won, it wasn’t just enough.
Walking away from that is very, very hard.
One thing we didn't mention in the piece was the obvious potential for market manipulation.
WSB says that it bans mentioning small cap stocks, which can be pumped and dumped easily, but they do a very, very bad job of stopping it. https://twitter.com/jonsarlin/status/1354846398391463941?s=20
WSB says that it bans mentioning small cap stocks, which can be pumped and dumped easily, but they do a very, very bad job of stopping it. https://twitter.com/jonsarlin/status/1354846398391463941?s=20
These trades have long tails.
A close friend of mine got into options trading in his early 20s.
He lost all the money that he had, got into debt via margin trades. It wrecked his credit and has followed him for literally years. He still hasn't paid it all off.
A close friend of mine got into options trading in his early 20s.
He lost all the money that he had, got into debt via margin trades. It wrecked his credit and has followed him for literally years. He still hasn't paid it all off.
