What we’re seeing on r/wallstreetbets is a really good thing.
Scott’s big complaint ad nauseam is retail is going to get burned by hanging out on r/wallstreetbets.
When I listen to Cramer or read Bloomberg, I have no idea what’s going on behind the scenes. Or when I read some article on Bloomberg that’s “bullish” on some stock. I have no idea if or not what I’m reading has been influenced or if they’re getting their talking points from people who’ll benefit if the stock goes up.
When I read r/wallstreetbets I can see what’s going on. I know why they’re buying GME, because it’s all right there. From there it’s up to me to decide if I buy. But at least I can see why people are doing what they’re doing.
If my buying decision is based on r/wallstreetbets or what I read on Bloomberg, the chances of me getting wiped out are much higher if I base my decision on Bloomberg. So I completely disagree with Scott’s point.
I’m gonna hang out on r/wallstreetbets more. I’m not going to rely on it entirely, still going to apply fundamentals to buying decisions. Because I just learned more about how markets work in an interview I found there than I ever have reading Bloomberg.
I think it’s a really good thing that people are saying “fuck you” to the system. It’s what we need.
Power to the people!