Can you explain GameStop (GME) stock to me?
My buddy who texted isn’t usually into stocks. They are too quaint for him—heck, bitcoin has become too mainstream for him. Something was up.
Sure enough, I checked the GME chart, and whoa! What a move. And that was before last week’s moonshot, which propelled the stock to insane 1,000%+ month-to-date gains.
GME became famous on a website called Reddit, which lets users banter about common interests. Its financial-focused wallstreetbets board has been given credit for coordinating the GME buying and subsequent moonshot.
Which, as far as I can tell, is true. But it’s important to note that the money managers who lost their fortunes in the trade have only themselves to blame.… Read more