OT: Game Stop

[Cusefan0307]

Steve has done many things that should've landed him in jail, yet always skates away. Usually a second level person at the firm takes the fall

If Portnoy ends up taking him down, that would be beyond epic

Edit: also shocking Steve is engaging with Portnoy on Twitter. Don't think his lawyer would recommend

Most of the show Billions is based off of him. He’s Bobby Axelrod and Chuck Rhoades is Preet Bharara.

 

[NineOneSeven]

You don’t get in the mud with Internet mud champ.

Dumb decision by him and his tweets are super weak and not helping him nor believable ImO.

Like others have said Portnoy has been an annoying figure to me historically but I’ve gained more respect recently, and he will run over that guy based on what he does literally for like his job (through social media, etc).

 

[Fat tire 13]

Most of the show Billions is based off of him. He’s Bobby Axelrod and Chuck Rhoades is Preet Bharara.

ah - that explains your earlier reference. I haven't seen the show, but did hear it was based on him in some capacity

 

[Orangezoo]

Webull just re opened trading on everything. Don't know their user size and whether that reignites things or not.

 

[OttoinGrotto]

Let's get some pitch forks.

 

[GoSU96]

This is definitely not FU money

22-year-old risked parents’ mortgage on GameStop: ‘You only live once’

“I don’t think that this AMC/GameStop saga will end well,” Aswath Damodaran, a finance professor at the NYU Stern School of Business, told The Post.

nypost.com

Smuck

 

[NineOneSeven]

Dogecoin...?

 

[OttoinGrotto]

Dogecoin...?

Dogecoin...?

 

[blust2i3d4]

I want this guy be our next President.

 

[Niastri]

I called my financial guy on Monday and asked to get in at what I think was like $76 a share... He told me that if I wanted to do that I might as well drive to Turning Stone and put in on black and that it's a market gimmick.

I'm paying a lot more attention now, this is extremely interesting... Pissed off I missed the boat.

You're investment guy wasn't wrong... It just came up in the right spot. This type of situation has pretty much never occurred before... The exact situation never has. The only people normally organized enough to make this sort of thing happen were all on the other side of the trade. And they are fully regulated by various agencies to prevent manipulation.

Wall Street Bets is sort of dangerous, but lots of money can be made when volatility hits, whether through the common Man banding together or through more common bubbles bursting or banking crisis.

 

[Niastri]

Be interesting if Portnoy has enough eyeballs on him and can use his epic ability to hold a grudge to keep this in the spotlight.

They are going crazy taking about this on a random university's basketball board... I don't think we need to worry about the eyeballs.

You should see the threads on seeking alpha, being eyeballs are melting out of their heads.

I was fortunate to sell my AMC calls for about 1000% return before they stopped for the day... For a little while there you could sell a $10 call for $12.60 when the price was about $17.50 (for those of you who don't dabble in trading, that's an instant $500 profit every time you can get somebody to fall for it. The market usually pounces on arbitrage instantly and fixes the price, but it went on and on. The market was off the hook yesterday!) You couldn't push the buttons fast enough buying the shares and selling the calls.

And then, by the end of the day, the calls I sold weren't even in the money, people had just gifted me thousands of dollars because of lack of prudence and excitement over the wild day.

Those people that were buying a company like GameStop (that will probably go bankrupt) in huge amounts at $17/share before the short squeeze are failing to manage risk. Straight up gambling. And then they are bitching about not being able to buy more at $450!

I considered GME as a speculation trade at ~$4/share and decided I liked AMC better. In the end, I guess I missed out, but I don't feel any worse than I do knowing somebody won the mega millions this week.

 

[Orangezoo]

The party started at midnight last night at .008. we are at 5 cents and going baby

 

[Orangezoo]

This gets a laugh everytime lol

 

[Briancuse]

No joke this chit makes me want Liz Warren and Bernie to dismantle Wall Street.

Ken Griffin and Steve Cohen(yes the Mets new owner) belong in jail.

Stay away from my Stevie Cohen and his beautiful money.

 

[UpstateSM]

I want this guy be our next President.

Because the last hyper-divisive guy worked out great lol

 

[Alsacs]

Because the last hyper-divisive guy worked out great lol

Instead of going golfing
he would do pizza reviews and turn the south lawn into a gambling cave.

Okay President XI one bite everyone knows the rules...

 

[Niastri]

What’s a call option in basic terms?

Options get very complicated, because there are calls and puts and they can be used in different combinations, but the concept is simple.

With a call option, you pay someone for the right to buy 100 shares of the stock for a specific price. The right lasts for a specific amount of time before expiring.

As an example, yo pay me $1/share for the right to "call" my shares at say $25/share. If you decide to call my shares, you pay me $2500 for the shares plus the $100 you already paid for the call. You, in this case, are betting that the stock will go up enough to make it worth your while. I'm selling you that option to call my shares because I don't think the stock will go above $25. If it doesn't in the specific time, your option expires worthlessly.

Using my real example from this week, a few months ago I bought $4 AMC calls set to expire in June 2021. I didn't love AMC, but I didn't think the pandemic would kill them and figured it would all unwind by then. So, at any time before June, I could buy 100 shares for $400. I paid $111 for the call option. AMC was trading for about $3.60 at the time. This is one benefit of buying calls instead of the actual stock. I have a right to 100 shares without paying full price.

After that purchase, the stock tanked, going really low as things looked grim for AMC going out of business. The call dropped to almost worthless. At least I only spent $111 instead of $360, I figured. But then AMC got a round of funding which will get it through the end of the year. The stock popped back to about $5 and then yesterday, pandemonium. My option was in the money, so the value went up dramatically. In addition to the time value, every dollar over the price of the call increases the value of the call roughly dollar for dollar.

I was able to sell for ~$1300 the $4AMC calls because the stock price went as high as $19. I felt like this big of a gain was worth taking off the table and sold out before then. Could have made more, but didn't trust it would keep rising. Other trades I made were even better.The price action was crazy.

 

[UpstateSM]

Instead of going golfing
he would do pizza reviews and turn the south lawn into a gambling cave.

Okay President XI one bite everyone knows the rules...

Personal favorite Portnoy tweet

 

[Briancuse]

Portnoy needs to stay in his lane and stay away from Steve Cohen.

 

[Cusefan0307]

Portnoy needs to stay in his lane and stay away from Steve Cohen.

LOL. Getting worried the Mets won’t be able to afford Lindor?

 

[Alsacs]

Personal favorite Portnoy tweet

Now if it was sniffing Adderall he was in.

 

[Alsacs]

Portnoy needs to stay in his lane and stay away from Steve Cohen.

Cohen was already convicted by the SEC and paid a huge fine.
He’s not innocent.
The dots can be connected to him helping what happened today.

 

[Briancuse]

Cohen was already convicted by the SEC and paid a huge fine.
He’s not innocent.
The dots can be connected to him helping what happened today.

I'm not a financial guy but it was one of his employees that got in trouble with the Sec.

 

[Briancuse]

LOL. Getting worried the Mets won’t be able to afford Lindor?

I want Bauer.

 

[Alsacs]

I'm not a financial guy but it was one of his employees that got in trouble with the Sec.

https://www.washingtonpost.com/news/business/wp/2016/01/08/sec-settles-with-hedge-fund-billionaire-steven-cohen/

I know he owns your team but he isn’t an innocent person.
Today really turned me off him.