The GameStop Short Squeeze

[bae]

https://en.wikipedia.org/wiki/Extrao...ness_of_Crowds

[GeorgeParker]

A relevant story from last July: https://www.nytimes.com/2020/07/08/t...y-trading.html

The most disturbing part of that article is this paragraph:

"After funding his [Robinhood] account with $15,000 in credit card advances....As he repeatedly lost money, Mr. Dobatse took out two $30,000 home equity loans so he could buy and sell more speculative stocks and options, hoping to pay off his debts."

Rule number one for newbies is NEVER NEVER NEVER speculate with borrowed money, not even with "margin", which is just automatic borrowing with your broker as the lender.

[bae]

Rule number one for newbies is NEVER NEVER NEVER speculate with borrowed money, not even with "margin", which is just automatic borrowing with your broker as the lender.

Come on, have some sympathy for the house!

Next you're going to be telling us not to play the slots!

[jp1]

Come on, have some sympathy for the house!

Next you're going to be telling us not to play the slots!

Hey! Don't diss them, I had a big win with the slots the last time I gambled, maybe 25 years ago. I was changing planes in vegas and had some time to kill and two quarters burning a hole in my pocket. I lost with the first one but the second one I scored about $7 or $8! I grabbed one of those cups (it was so long ago the machines still spit out actual coins), scooped up my winnings and went to the bar next to my departure gate and celebrated my windfall by spending it on a large beer! The house lost big that night.

[bae]

I saw my Dad gamble once. We were driving through Nevada, and he put a quarter into a machine at a gas station/rest stop, and a whole pile of money poured out. "I think I'll stop while I'm ahead", he quipped, and I never saw him gamble once after that.

I "gambled" a lot in college to help pay my way, in Atlantic City, but I was a statistician, and our whole department made a bit of a business out of playing blackjack. The way we did it wasn't strictly speaking "gambling", which is why I suspect I probably shouldn't pop back in for a visit even now :-)

[LDAHL]

I see GME is down 84% this week.

[catherine]

My husband threw me a party for my 60th birthday, and part of that was taking our guests to Mohegan Sun for the evening. I'm not a gambler.. As part of my dysfunctional attitude toward money, I don't WANT to win.

But the Fates laughed at me that night. I tried to get $20 out of the ATM to play the slots but of course you could only take out a minimum of $100. So I said, what the hell--I'll just play $20 and then cash out.

So I was sitting there like a zombie pressing the buttons (you don't even have a one-armed bandit anymore) and all of a sudden the bells went off, and I had won $1500. Not a huge windfall, but a great birthday present!

[jp1]

Catherine, inquiring minds want to know, did you stick to the $20 limit you intended or were you further into the $100 when you had the win?

[Tybee]

what a great birthday, Catherine!!

[catherine]

Catherine, inquiring minds want to know, did you stick to the $20 limit you intended or were you further into the $100 when you had the win?

OK, you got me. I think I was at dollar #40 when I hit.