The GameStop saga wasn’t really David v. Goliath; it was Goliath v. Goliath with a David puppet out front.
when the company dropped its filings to go public last year, had their lives upended by the financial crisis. The older ones lost their first jobs or couldn’t get their first jobs; the younger ones may have had to leave a foreclosed home. Meanwhile, Wall Street got bailed out.. They didn’t have enough money to participate in the recovery by buying those assets. They were instead often paying off debt.
The resulting cynicism and resentment from 2008 are necessary for understanding how retail trading works.
Throw into this mix the rise of Robinhood and other apps like it. In ye olden dot-com days, retail investors pooled their money so that they had enough that brokers would take them seriously. Sure, this meant less access for any individual investor, but it also meant that if you wanted to yolo into out-of-the-money options, there were several other people, including the broker, who would try to talk you out of it.’s first episode gets bogged down in this backstory and Wall Street vocabulary.
It also makes the curious choice of focusing on CNBC’s Jim Cramer and Citron Research’s Andrew Left. To a previous generation of investors, these two men were popularizers. Cramer made investing into entertainment programs for retail and founded TheStreet.com; Left was noted for publishing his research on his shorts so that anyone could use it. Both were bewildered to be lumped in with the system they’d spent their careers distinguishing themselves from.
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