Sure... this was the "give investors a chance to recalibrate their positions" without 'outsider' interference for that recalibration.
Laying bare the fact that Markets are 100% manufactured and man-made is fine by me... but don't expect Markets (TM) to survive this encounter with reality.
Let's say it's hedge fund on hedge fund violence. Unless this is constrained by some sort of secret Wall Street omerta then its actually worse (and potentially far reaching) than Reddit getting lucky.
The thing that protects Melvin Capital while *publicly* going massively short on GME is the fact that Rival-x is short on something else so the network can send a message if Rival-x starts squeezing Melvin by nudging their hedges.
If the Rival houses are going to 'consolidate' gangland style... then *that's* the real story.
We don't know.
But on a much more prosaic level, we do know that some large 'outside' players were part of the movement since 2019... it's not 100% reddit, it has some 'institutional' backing, but that backing was fairly above-board that the fundamentals were excessively shorted and gambled by investing and taking a long position to acquire board seats... that's when Reddit really started to see the gamble pay-off - when the price moved from $4 to $10 to $20 - but that took a year.
Me: 2nd time, this is too risky to get in early... pass
2nd Stock: Flies through roof, Redditors win
Me: 3rd time, this is too risky to get in early... pass
3rd Stock: Flies through roof, Redditors win
Me: Wow, this is really a thing... pushes in chips
4th Stock: Hedge Funds correct and crush movement
Me: Well, I didn't need *all* those chips anyway.
Heh, axiomatically, no... doesn't mean that some folks won't have made a fortune... best we can hope is that the majority make some and most got in at the $4 price and not the $192 price and at worst, break even.
Chris Arnade has a number of interesting observations from the (formerly) inside... one of the things that I found curious is the phenomenon of "selling your book" which is to say you take public stances on your positions... which would seem counter-intuitively foolish if one assumes the game is played solely in $$ and not in $$+Influence+Status.
Not accepting readers as patients... but if what I read about the $35/month (or is it session with montly sub?) pricing model for his patients, he should offer $40/month for readers to call and argue with him about his posts. It took 40 years and a virtual revolution, but we'll finally got the Argument Sketch in real life.
The Marchmaine personal history of laundry would scandalize all of you... so I'll have to save it for my post-mortem memoirs.
We finally finished our Screen Porch remodel... my wife has claimed it as her attached she-shed... now my duty is to allocate funds to the decorating and furnishing thereof - but more importantly - to not have a helpful opinion on said furnishing or decorating, which is much harder. I may already have failed.
I didn't say it *would* work, I just pointed out how going through Manchin which everyone thinks is the way to go is, in fact, not the way to go.
But then, I'm not convinced the DEMs really want it to go... but if Ezra's right and maybe they do? Then that's the sort of pitch you're making to back-benchers.
Joe Manchin doesn't want it to go because it makes Manchin king... the interesting play is whether you can find an R or two who will gamble that D overreach will deliver them a filibuster free Senate and congress for 2022 and 2024.
I would be a weird pitch but it would look like this:
Schumer: Remember how we nuked the filibuster for Judicial appointments and y'all got the greenlight to keep nuking and then you got all those judges you wanted? Well, if you support us now we'll nuke the filibuster for good... and who knows, maybe you'll get to do the whole judges thing again, but this time with legislation.
I understand; we differ on the judgment Pence rendered... I'm pushing back on the idea that Pence was constitutionally bound not to exercise that judgment.
So, to your original point, one could (and you do) argue that Pence did not deem it 25th worthy at the moment... but I would not cite that as loyalty to the constitution, but a much lower standard of his judgement of whether to invoke the 25th.
On “From Vox: The GameStop stock frenzy, explained”
When "The Man" manipulates the game and forces everyone to catch the falling knife?
Just get ready for the next iteration.
"
Sure... this was the "give investors a chance to recalibrate their positions" without 'outsider' interference for that recalibration.
Laying bare the fact that Markets are 100% manufactured and man-made is fine by me... but don't expect Markets (TM) to survive this encounter with reality.
"
Yes... fascinating.
Deplatforming stocks.
[It's not a thing]
[It's totally legal]
[It's more moral]
[It's what Free Market really means]
"
comment in moderation
"
See above... Robinhood is no longer offering GME (and other stocks) to buy... can only sell.
If the knife drops because of this... I can't even.
"
Let's say it's hedge fund on hedge fund violence. Unless this is constrained by some sort of secret Wall Street omerta then its actually worse (and potentially far reaching) than Reddit getting lucky.
The thing that protects Melvin Capital while *publicly* going massively short on GME is the fact that Rival-x is short on something else so the network can send a message if Rival-x starts squeezing Melvin by nudging their hedges.
If the Rival houses are going to 'consolidate' gangland style... then *that's* the real story.
We don't know.
But on a much more prosaic level, we do know that some large 'outside' players were part of the movement since 2019... it's not 100% reddit, it has some 'institutional' backing, but that backing was fairly above-board that the fundamentals were excessively shorted and gambled by investing and taking a long position to acquire board seats... that's when Reddit really started to see the gamble pay-off - when the price moved from $4 to $10 to $20 - but that took a year.
"
Heh, twitter reporting that Robinhood no longer offers GME and other stocks.
Can *only* sell, not buy... is this the "coordinated exit" you were expecting?
Time to catch the falling knife.
"
Heh... not sure if I'm supposed to say:
So much for Unity
or
This is how you get Trump.
Something like that.
"
Thinking of Shorting GME now that its at $339.
Who's with me?
"
Unless THIS is your broker... or you're seriously sandbagging your SES then, no... your money is nowhere near this. Yet.
"
It occurs to me if Occupy had done this and Paid off a bunch of student loans, the entire course of history would have been altered...
"
New prediction... RoaringKitty and dozens (hundreds) go to jail on SEC collusion charges; proves that Market is, indeed, fair and free.
"
Me: 2nd time, this is too risky to get in early... pass
2nd Stock: Flies through roof, Redditors win
Me: 3rd time, this is too risky to get in early... pass
3rd Stock: Flies through roof, Redditors win
Me: Wow, this is really a thing... pushes in chips
4th Stock: Hedge Funds correct and crush movement
Me: Well, I didn't need *all* those chips anyway.
"
Now they are...
"
Diamond Hand meets Greater Fool.
"
Heh, axiomatically, no... doesn't mean that some folks won't have made a fortune... best we can hope is that the majority make some and most got in at the $4 price and not the $192 price and at worst, break even.
Chris Arnade has a number of interesting observations from the (formerly) inside... one of the things that I found curious is the phenomenon of "selling your book" which is to say you take public stances on your positions... which would seem counter-intuitively foolish if one assumes the game is played solely in $$ and not in $$+Influence+Status.
See this as a correction on Influence + Status.
On “Slate Star Codex has been deleted”
Agreed... this would be a totally non-medical Argument-for-hire subscription.
Although, now that he's out there... the movement from Patient to Reader is theoretically trivial - even if he's not accepting Reader to Patient.
"
Not accepting readers as patients... but if what I read about the $35/month (or is it session with montly sub?) pricing model for his patients, he should offer $40/month for readers to call and argue with him about his posts. It took 40 years and a virtual revolution, but we'll finally got the Argument Sketch in real life.
On “Electoral Trends: Into The Biden Era”
I think it does because your dichotomy is false.
"
In fairness, I'm willing to extend Racist to Dem voters too. No need for everyone to exclude everyone else.
On “Weekend Plans Post: A Shirt Worth Stealing”
The Marchmaine personal history of laundry would scandalize all of you... so I'll have to save it for my post-mortem memoirs.
We finally finished our Screen Porch remodel... my wife has claimed it as her attached she-shed... now my duty is to allocate funds to the decorating and furnishing thereof - but more importantly - to not have a helpful opinion on said furnishing or decorating, which is much harder. I may already have failed.
On “President Biden’s Inauguration: Day One for Forty Six”
I didn't say it *would* work, I just pointed out how going through Manchin which everyone thinks is the way to go is, in fact, not the way to go.
But then, I'm not convinced the DEMs really want it to go... but if Ezra's right and maybe they do? Then that's the sort of pitch you're making to back-benchers.
"
Joe Manchin doesn't want it to go because it makes Manchin king... the interesting play is whether you can find an R or two who will gamble that D overreach will deliver them a filibuster free Senate and congress for 2022 and 2024.
I would be a weird pitch but it would look like this:
Schumer: Remember how we nuked the filibuster for Judicial appointments and y'all got the greenlight to keep nuking and then you got all those judges you wanted? Well, if you support us now we'll nuke the filibuster for good... and who knows, maybe you'll get to do the whole judges thing again, but this time with legislation.
Hawley: You make an interesting point, sir.
On “Mike Pence and One Cheer For Doing the Right Thing”
I understand; we differ on the judgment Pence rendered... I'm pushing back on the idea that Pence was constitutionally bound not to exercise that judgment.
So, to your original point, one could (and you do) argue that Pence did not deem it 25th worthy at the moment... but I would not cite that as loyalty to the constitution, but a much lower standard of his judgement of whether to invoke the 25th.
"
Sportball terms for Wins-above-replacement and Just-another-guy ... basically your average professional player at that position.