Totally Fake News Here
Author: JP Moneybags
Sat Jan 30 20211
The INTERNET - For years people have been relying on top rated Motley Fool for their stock trading advice. That all changed this week. Some users on Reddit managed to figure out a way to make themselves a boatload of money and screw Wall St hedge fund managers at the same time.
Motley Fool has been the premiere site for all manner of stock advice, promising to make people smarter about investing.
If Reddit proved nothing else this week, they showed that being smart is not nearly as profitable as gaming the system.
"Man, I've been going about this all wrong", says Reddit user Studman0101666, "Fool is pretty good at advising on long term stuff. But I just made $15k in one day, thanks to Reddit!"
And he is not alone. The Reddit forum in question has over 6 million members. And they bought up enough stock in low value companies that they bankrupted a number of hedge funds. This of course made a lot of people on Wall Street very angry because, THEY are the ones that are supposed to benefit from gaming the system and screwing people. They are crying now about how unfair it is that it happened to them. That sound you hear is my chorus of tiny violins playing for the Wall Street hedge fund people.
It actually got so bad that online trading apps like RobinHood suspended trading on many stocks, because we can't have regular people winning so much. (editor note) Mind you, I too am a RobinHood user. But I do not agree with their decision to stop people from being active.
If you would like a better explanation on what is meant by "bankrupting hedge funds", it basically boils down to this: Hedge fund managers use other people's money to purposely drive the value of lousy companies down. This works out great when the value in those companies stays low. Reddit pumped those stocks to an absurd degree, making them super valuable. And the Hedge fund managers are on the hook to pay the value of those stocks. And it killed them.
#stocks #GameStop #DOGE #Reddit #MotleyFool #hedgefund #gamestonk
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