Let’s contain meme stonk gambling so it doesn’t overwhelm economy or individual finance discussions.
Anywho, my meme stonk days might be past me very shortly. I’ve put all BB and NOK winnings into ELY options, which are currently taking a dive. I’ve got a variety of strikes and expirations but all are OTM atm. My longest dated calls are 45s expiring in January, so hopefully I’ll at least get a few months of entertainment.
Other minor positions carried over from the STONKS thread are ITUB and IDEX
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Aren’t stocks all memes now?
Good blog that helped me understand blockchain and NFTs better.
But this:
We are starting to see this valuation framework being applied to the equities market today, where price movements are dominated by narratives about where the price is going and what other people are willing to pay for it, especially with meme stocks like GME and AMC. Many retail investors don’t really care about whether GME’s price is justified by their corporate earnings - they simply buy at any cost. This financial nihilism - where intrinsic value is unknowable and all that matters is what other people think - is a worldview often encountered in Gen Z retail traders and a surprising number of professional traders I know. Perhaps the midwit meme is really true.
This is definitely a cause for some concern, but at the same time, I think value investors should keep an open mind that what first seems like irrational behavior might have a method to madness. If you have an irrational force acting in the markets, like shareholders who refuse to sell or lend their stock, a discounted cash flow model for AMC or GME starts to not become very predictive of share price. By reflexivity, that will have impacts on future cash flows! In a similar fashion, using present-day frameworks for thinking about business and value do not account for the disruptive force of technology. That’s why I find NFTs so fascinating - they are an intersection of finance, art, technology, and the nihilistic framework of valuation that is so prevalent in our society today.
What is rational behavior for an investor, anyway? Is it “standard behavior” as measured against the population average? How do you tell apart standard behavior from a collective delusion? Perhaps the luxury bag makers, Ryan Cohens, and Andy Warhol’s of the world understand it best: Convince the world to believe in your values, and you will be the sanest person on the planet. For fifteen minutes, at least.
is massively bubble-icious.
In 1998 my buddy who was all in on AOL and Dell sent me similar stuff about how traditional stonk valuations don’t matter anymore in the digital age because something something argle bargle new definition of value and eyeballs are the new currency and soon we can all just IPO ourselves etc.
I wish I still had it. It was some serious pretzel-logic. All that stuff is true, until it isn’t, and value is the only thing stopping the freefall.
Of course we have to figure out if this is 1998 or early 2000. Nobody knows that one.
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lol
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i’m pretty sure my private blog on 2+2 is worth more than beeple’s everydays
beeplejuice
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WISH goin nuts today, selling some naked calls because I am a madman
sold 2 december 2022 20c for 6.5 credit, only required $125 buypower on tastytrade for some reason. Vega/Delta play, hope for a big pullback this week so i can close them out. If it memes bigly again I ded but it seems like most of these recent memes havent been sustained over multiple days
will probably buy some cheap 20c weeklies for protection if it dips again eod
AMC July 40/35 put spread for 2.15 credit
would just sell a 40p for 5.7 credit but required too much BP
very scary opening with WISH almost hitting 14.5 before 10am but managed to pick up some cheap weekly calls to hedge
I think the answer is no. The records of your ownership are not on a ledger with each share individually listed with a unique ID and your name beside it. The “paper trail” of share ownership is the list of settled transactions where you acquired X shares and someone else relinquished X shares.
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Paysafe (PSFE) getting some WSB attention with two recent DDs. It’s got a connection to online gambling and was apparently a meme stock back when it was a SPAC, so I think it’s got some potential to be picked up by the community. Has been slowly bleeding over the past 6 months but is up 2% in after hours trading now. Options expiring next month are (were) pretty reasonable too. I’ve got no powder otherwise I’d probably take a shot at it.
Yea might have missed the boat, damn. I can’t buy anyways so I’ll just watch from the sidelines.
PSFE #2 trending on wsb now
July $14.50 options tripled in price permarket today. Grabbed at $17.50. Nice spot, wish I acted sooner.
Good luck :) I’m having some pretty severe FOMO right now. The options I was looking at last night are 10x since close, so I’m kicking myself for not having powder. Fuck.
FOMOed into 12.5c near open, already up 100%
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in at .83 out at 1.45, only got 10, no complaints (until it runs to 15 today)
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Another one to put on your radar is atos, i think market cap is high enough to get discussed on wsb now
its been basically straight up for the last 2 weeks. IV is/was huge so i didnt buy calls, I got 300 shares around 5-7 but sold $12 covered calls against them that are down bigly. Won’t be too unhappy if they get called away