OT: I Really Don't Want to Root For This Guy

[Jeffreauxdawg]

But Keith Gill... Aka roaring kitty is testifying before congress with a hang in there poster behind him and in his 1st 30 seconds of testimony he declares, "I'm not a cat."

Legendary.

“I am not a cat, I am not an institutional investor, nor am I a hedge fund,” Keith Gill (@TheRoaringKitty) tells the House Committee on Financial Services. “I’m just an individual whose investment in GameStop and posts on social media were based on my own research and analysis.” pic.twitter.com/FLxSHfUpZW— Yahoo Finance (@YahooFinance) February 18, 2021

 

[RocketDawg]

But the lawyer a few days ago in a Zoom conference was. Hilarious.

 

[msubrave]

Why would you not want to root for this guy? You jealous? Mad?

 

[mstateglfr]

Its more than a bit disingenuous for anyone to claim, based on what is known about the company, that the stock prices were justifiable during the chaos that led to these hearings.
Sure, $4/stock may have been too low, but $347 was clearly unjustifiably inflated.

My comments arent directly about Gill, but the overall push by those who had skin in the game to bring others in to help ensure the price kept increasing. Thats 17ed up to do to others. Its a free market, buyer beware, yada yada blah. Its simply 17ed up for people with a financial stake to push a known inflated investment on others thru various platforms in order to make the gamble pay off.

 

[UpTheMiddlex3Punt]

He was not pumping the stock during the big runup. After it hit 20 he was only posting his GME positions and gains on a regular basis. He was not telling people to jump in. It was a whole lot of other people.

He was dead on when it came to the fact that the stock was being over-shorted and that the company was in far better shape than its valuation suggested. From a value perspective, it was a great move. You also have to realize from his perspective this took a really long time. He started establishing his positions in 2019 and lost a lot of money along the way with his LEAPs expiring before the price started rising.

 

[Jeffreauxdawg]

I'm not mad. I just understand that he's a CFA Charterholder, and has series 3,7,24,63, and 65 licences. He's not some bro off the street. He intentionally initiated a pump and dump style short squeeze through online posts and absolutely knew what he was trying to do. That's unethical at best and criminal at worst.

I don't care if you are a $20bn hedge fund or a genius nerd that can't hold down a job, market manipulation is criminal. It's just as criminal is embezzlement or robbery.

With that said, I would hate to see him made an example of... Elon Musk, Chamath Palihapitiya, Bill Ackmon, and plenty of others are equally guilty of market manipulation nearly everday.


Overall this **** has real consequences though. Now we are at risk of having new regulations, restrictions, taxes, or other detrimental effects on average retail investors.

 

[UpTheMiddlex3Punt]

Its more than a bit disingenuous for anyone to claim, based on what is known about the company, that the stock prices were justifiable during the chaos that led to these hearings.
Sure, $4/stock may have been too low, but $347 was clearly unjustifiably inflated.

My comments arent directly about Gill, but the overall push by those who had skin in the game to bring others in to help ensure the price kept increasing. Thats 17ed up to do to others. Its a free market, buyer beware, yada yada blah. Its simply 17ed up for people with a financial stake to push a known inflated investment on others thru various platforms in order to make the gamble pay off.

If you've followed WSB long enough you might see that there is a lot of great information there but horrible advice. When you see the daily threads and people posting diamond hands and repeating that they aren't selling and that the price was going to 10k and decide to buy high and hold the bag, then you only have yourself to blame. Do your due diligence, look at others' bull and bear cases, and have a plan.

 

[o_dawgnabit]

I don't understand how these guys can be so wealthy but have such bad haircuts. I cringe every time they ask the Robinhood CEO, Vlad, a question

 

[Apoplectic_Objurgator]

Its more than a bit disingenuous for anyone to claim, based on what is known about the company, that the stock prices were justifiable during the chaos that led to these hearings.
Sure, $4/stock may have been too low, but $347 was clearly unjustifiably inflated.

My comments arent directly about Gill, but the overall push by those who had skin in the game to bring others in to help ensure the price kept increasing. Thats 17ed up to do to others. Its a free market, buyer beware, yada yada blah. Its simply 17ed up for people with a financial stake to push a known inflated investment on others thru various platforms in order to make the gamble pay off.

It’s called a short squeeze. They caught the hedge fund with their dick exposed

 

[BiscuitEater]

That's unethical at best and criminal at worst.

He just noticed a number of hedge fonds had shorted the stock and oversubscribed that stock more than total shares on market.

Classic 'short squeeze!'

The criminal is Robinhood who stopped selling to help the hedge funds!

 

[mstateglfr]

It’s called a short squeeze. They caught the hedge fund with their dick exposed

Yes, Im aware of what that is.

 

[Apoplectic_Objurgator]

Yes, Im aware of what that is.

I don’t think you do or you would know why the price went to 400+

 

[idog]

bitcoin is gonna be the next "pop"

 

[mstateglfr]

I don’t think you do or you would know why the price went to 400+

I am able to understand why something happened and dislike parts of why it happened.

To apply that here, I understand the short sell and squeeze that occurred. And while I understand those things, I dislike the idea that people are pushing others to buy in just to ensure the price continues to rise for a brief moment in order to capitalize on what is really nothing of substance.

Yep, its possible to understand and dislike parts of what I understand.

 

[jethreauxdawg]

You think he’s worse than the hedge funds

I'm not mad. I just understand that he's a CFA Charterholder, and has series 3,7,24,63, and 65 licences. He's not some bro off the street. He intentionally initiated a pump and dump style short squeeze through online posts and absolutely knew what he was trying to do. That's unethical at best and criminal at worst.

I don't care if you are a $20bn hedge fund or a genius nerd that can't hold down a job, market manipulation is criminal. It's just as criminal is embezzlement or robbery.

With that said, I would hate to see him made an example of... Elon Musk, Chamath Palihapitiya, Bill Ackmon, and plenty of others are equally guilty of market manipulation nearly everday.


Overall this **** has real consequences though. Now we are at risk of having new regulations, restrictions, taxes, or other detrimental effects on average retail investors.

That drove the price to artificially low prices by manipulating the market? I’ve read they could’ve forced GameStop into bankruptcy or closing stores, don’t know if that’s true or not but if so would cost a lot of people their jobs. Roaring kitty just recognized when the market was being manipulated and and took advantage of other people’s greed. He also posted videos about his analysis of GME and how it was way undervalued on YouTube over a year ago, so I don’t think it’s fair to say he was trying to pump and dump.

 

[tenureplan]

My God, you really are a communist

 

[Apoplectic_Objurgator]

Maxine Waters asks “why aren’t customers entitled to a refund when they lose money on stocks?”

 

[karlchilders.sixpack]

Ha ha

did she really?

I feel very safe with some of the brain trust running our country.
.............................................................(ruining)

 

[TrueMaroonGrind]

Maxine Waters asks “why aren’t customers entitled to a refund when they lose money on stocks?”

Really? That was a legit question asked?

 

[mstateglfr]

My God, you really are a communist

I am communist because I think it's ****** for people to encourage others to join in on an unsustainable stock rise just to help ensure the already invested person makes money?

Thats been my position in this thread and is not in any way communist.


A lot on here need to learn what socialism, communism, federalism, etc actually are.

 

[mstateglfr]

Maxine Waters asks “why aren’t customers entitled to a refund when they lose money on stocks?”

Thats pretty odd. I could see that being asked in a business/econ class in order to generate discussion and understanding.
At a senate hearing?...nope that isnt the place. Ill have to look up the response. Assuming it was respectful, it took a lot of restraint.

 

[fishwater99]

He was not pumping the stock during the big runup. After it hit 20 he was only posting his GME positions and gains on a regular basis. He was not telling people to jump in. It was a whole lot of other people.

He was dead on when it came to the fact that the stock was being over-shorted and that the company was in far better shape than its valuation suggested. From a value perspective, it was a great move. You also have to realize from his perspective this took a really long time. He started establishing his positions in 2019 and lost a lot of money along the way with his LEAPs expiring before the price started rising.

So how much did he make off of GME?

 

[tenureplan]

I look forward to your political information piece in the next SPS Magazine Karl

 

[fishwater99]

I am able to understand why something happened and dislike parts of why it happened.

To apply that here, I understand the short sell and squeeze that occurred. And while I understand those things, I dislike the idea that people are pushing others to buy in just to ensure the price continues to rise for a brief moment in order to capitalize on what is really nothing of substance.

Yep, its possible to understand and dislike parts of what I understand.

How do you feel about hedge Funds just randomly shorting a stock and basically just putting a company out of business and forcing them to layoff employees?

 

[fishwater99]

Maxine Waters asks “why aren’t customers entitled to a refund when they lose money on stocks?”

It's amazing how dumb some of our Senators and Representatives are.

 

[karlchilders.sixpack]

Don't flatter me,

but I do have moments of clairvoyance.

 

[tenureplan]

I think she is Corrine Brown's sister. Go Gata

 

[Jeffreauxdawg]

It's a mixed bag for sure. I think if you or I did it, it would be one thing... But he is not a know it all amateur like me. Series 24 and CFA Charterholder means he's a legit expert.. For those that aren't familiar, CFA Charterholder's are the top of the food chain and bound by very strict ethical standards.

It's going to be hard to prove he didn't intend to initiate a short squeeze. If someone can prove that he was trying to get a short squeeze going, then you can argue everything else was bs about his belief in the fundementals. At that point it gets very hairy. But pump and dump is probably a step too far... He's no Tokyo Joe.

I have no doubt he violated employment and FINRA rules though. He was canned immediately. It's almost like a lawyer, doctor, or engineer committing an ethics violation. I think when it's all said and done he will avoid criminal charges, but get hammered in lawsuits. Probably a million other guys in his position have gotten away with similar because it never took off like this and drew scrutiny.

Again. I'm mixed about it. I think he had good intentions and was trying to help the little guy alongside him, but it just blew the 17 up. I think this crap happens every day on both sides of trades and even publicly. Cramer pumps everyday at 6:00 pm. But he gets away with it because of disclosure / charitable trust. DFV is probably in the most trouble because he apparently never disclosed this stuff to his employer and regulators, that is usually a sign you know you are doing something wrong.

I started this post again because I didn't want to like him for all the reasons above... but damn if I don't... He's the real article don't give a 17 mfer.

 

[jethreauxdawg]

I thought he had owned several

It's a mixed bag for sure. I think if you or I did it, it would be one thing... But he is not a know it all amateur like me. Series 24 and CFA Charterholder means he's a legit expert.. For those that aren't familiar, CFA Charterholder's are the top of the food chain and bound by very strict ethical standards.

Chick fil a stores. I’m not as impressed anymore

 

[mstateglfr]

How do you feel about hedge Funds just randomly shorting a stock and basically just putting a company out of business and forcing them to layoff employees?

In general I dislike that.

 

[T-TownDawgg]

Its more than a bit disingenuous for anyone to claim, based on what is known about the company, that the stock prices were justifiable during the chaos that led to these hearings.
Sure, $4/stock may have been too low, but $347 was clearly unjustifiably inflated.

My comments arent directly about Gill, but the overall push by those who had skin in the game to bring others in to help ensure the price kept increasing. Thats 17ed up to do to others. Its a free market, buyer beware, yada yada blah. Its simply 17ed up for people with a financial stake to push a known inflated investment on others thru various platforms in order to make the gamble pay off.

You basically summed up what happened with Bear Stearns. It was an inside pump and dump and they all knew. Jim Cramer was saying buybuybuy at $60 bucks on CNBC even as the evidence that it's true value was more around $2 was becoming insurmountable. Millions lost their *** on their 401ks. The bubble burst and dominoes started falling until the Dow was at 6800. Guess how many from Bear Stearns were ever indicted? Two(2).

Don't forget the senators, who after private meetings with senior Cabinet members in March of last year, dumped their holdings a couple days before the lockdowns. Guess how many indictments have come down from any shenanigans last spring? To my knowledge, zero(0).

The fact that this guy or anyone from the reddit brigade could be indicted with quickness while countless insider fat cats have been doing this **** for decades with impunity is criminal level hypocrisy at minimum.

Meanwhile, the old hedge fund bastard sonofabitch Jim Cramer is still playing puppet master with gigantic piles of retail investor's retirement funds, and the only time he's ever broke a sweat under hard questioning wasn't in a congressional hearing. It was when Jon Stewart skewered his *** to the wall on the Daily Show.

We are all currently living in a Simpsons episode.

 

[Ralph Cramden]

It's amazing how dumb some of our Senators and Representatives are.

It truly is amazing. Even more amazing how some of these people keep their composure and respond to the obviously ignorant questions they are asked. Watch the you tube about Guam and adding more military. " The base is on one end of the island, is it not ? I think we should be concerned about overloading and causing it to tip over"

 

[karlchilders.sixpack]

And the response should be, Thank you for the question, you compete moron.....

 

[bullymcbullerson]

It's amazing how dumb some of our Senators and Representatives are.

“Congressman, have you ever heard of the Dunning-Kruger effect?”

 

[Bagman.sixpack]

Why would you not like a guy who gets rich like everyone wants to. He made the leap. And oh boo hoo some dumbass fund managers don’t know how to control risk....17 those fund guys, they screw individual investors routinely for a century.

 

[johnson86-1]

It's amazing how dumb some of our Senators and Representatives are.

It really is depressing. Each representative has a district with some 700,000 people in it. That means there are a lot of people concentrated in one area dumb enough to not know she is a moron. I would love to see the entire house and senate have to take an IQ test just to see. I think they'd both end up on average being above average, but I bet the House wouldn't be much above average, and that a handful of representatives would fall just above the mentally impaired range.

 

[paindonthurt_]

This is why we know you have an agenda. Cannot you not just say it was a completely idiotic thing to say? I mean she has proven she says idiotic things.

Can you just not admit it?

Just say it man. "Maxine is not smart".

 

[paindonthurt_]

This. This is why we have a republic and not a democracy.

It is absolutely saddening that a large group of people are dumb enough to elect Maxine and Corrine Brown over and over and over and over and over and over again and again and again.

 

[johnson86-1]

Its more than a bit disingenuous for anyone to claim, based on what is known about the company, that the stock prices were justifiable during the chaos that led to these hearings.
Sure, $4/stock may have been too low, but $347 was clearly unjustifiably inflated.

My comments arent directly about Gill, but the overall push by those who had skin in the game to bring others in to help ensure the price kept increasing. Thats 17ed up to do to others. Its a free market, buyer beware, yada yada blah. Its simply 17ed up for people with a financial stake to push a known inflated investment on others thru various platforms in order to make the gamble pay off.

Nobody was pushing any investment based on the discounted present value of Gamestops future cash flows, other than the original posts well before the short squeeze.

Everybody was pushing that there weren't enough stocks for the shorts to cover if people held. Maybe that was just as bad, but it's disingenuous to claim that anybody was basing the value of the stock on the value of the company, rather than an artificially created demand for literally the stock itself, as in the piece of paper (or really electronic record of ownership I guess), not ownership of the actual business. Nobody got suckered into buying game stock unless it maybe there were some index funds that bought gamestock basically mechanically because that's what they were set up to do.

 

[Mobile Bay]

This. This is why we have a republic and not a democracy.

It is absolutely saddening that a large group of people are dumb enough to elect Maxine and Corrine Brown over and over and over and over and over and over again and again and again.

Repeal the 17th amendment. Democracy is, has, and always was a bad idea. No more than mob rule.