A scene midway through Dumb Money, the new movie about the 2020 GameStop stock saga, features Keith Gill, more infamously known as Roaring Kitty, lamenting, “The whole idea of the stock market was if you were smart, and maybe with a little luck, you could make your fortune.” This is but one of the…
A scene midway through Dumb Money, the new movie about the 2020 GameStop stock saga, features Keith Gill, more infamously known as Roaring Kitty, lamenting, “The whole idea of the stock market was if you were smart, and maybe with a little luck, you could make your fortune.” This is but one of the many misguided views on investing and markets that permeate the narrative of the film.
Despite not owning a house and having a family to support, Gill, for reasons only explained by his blithe remark, “I like the stock,” goes against traditional investing dogma and invests most of his net worth into GameStop, encouraging his Reddit audience to do the same. His plan is to orchestrate a short squeeze: rallying enough retail investors to buy GameStop shares, pushing the price higher.
In one scene, a low-income nurse, inspired by Gill’s streams, starts buying GameStop shares and finds herself up half a million dollars. Rather than selling her shares, she buys a business-class flight and books a resort on her credit card. Despite preening about wanting to stick it to Wall Street, most people just wanted to emulate Wall Street and the lavish lifestyle it affords.
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