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Robinhood seems to be taking the position Reddit investors don't know what they're doing, put the various posts to "buy high sell never" and manifestos about trying to get one back on some, any, ultra wealthy or hedge funds for a life of being pounded by the market says otherwisePermalink On twitter.com
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Sure these folks aren't following normal market incentives. But that's because the normal incentives of the market closed to them a long time ago acvalens/1354651797818925060?s=19Permalink On twitter.com
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I have a hard time understand what, if any, justification Robinhood can use to back up this behavior. They're not protecting people from bad decisions, they're stopping people from making what in many ways, has become a protest. moorehn/1354740756758540290?s=19Permalink On twitter.com
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Are the redditors being misleading? I don't think so.Permalink On twitter.com
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When I browse WallStreetBets I'm thinking to myself, what if this is less of a regulatory issue and more of a first amendment one? This is America in ultra-capitalism, the biggest and most attention grabbing protest you can make is to burn capital.Permalink On twitter.com
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There are a lot of Very Smart Takes about Citidel and front running, and I'm not discounting any of those... But it doesn't alter the inherent intent of the individual people who have gotten involved and made it all possible.Permalink On twitter.com
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I no longer report on economics but if I did, talking Citidel isn't the journalism I'd be doing. I'd be talking to the individuals involved. Using this event as a hook to talk about Front Running is like using an anti-war protest to talk about potholes the marchers walked overPermalink On twitter.com
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I think in some ways it doesn't matter if the end result is their activity used to enrich one establishment group. The activity and its intent is a far more interesting story than the outcome. It sure looks like a protest to me and is badly underreported in that frame.Permalink On twitter.com
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But underreported protest activity is nothing new.Permalink On twitter.com
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For those of you saying Robinhood is protecting from bad big spends on bloated stocks... why are Nokia and AMC Theaters disappeared from the app then? Only reason I can see is b/c reddit is talking about them.On twitter.com
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Also, you know what *really* doesn't give Robinhood a leg to stand on? You can buy and sell crypto on Robinhood and the WallStreetBets fav DOGE is rocketing up right now. Robinhood hasn't paused trading on that cryptocurrency in their app.Permalink On twitter.com
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"These sorts of small-scale impacts are important because they signal that the system is potentially vulnerable ... It clearly is an act of resistance, so however limited it might be, it could be part of something larger." bloomberg.com/news/articles/2021-01-28/why-are-reddit-wall-street-bets-traders-buying-gamestop-and-fighting-hedge-funds?sref=GzMobW41Permalink On twitter.com
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"It’s extremely good that a bunch of Serious Investor Guys and Serious Investor Journalists and Serious Markets Knowers are having a little tizzy. "But the only rule of gambling though is that the house always wins." discourseblog.com/gamestop-wall-street/Permalink On twitter.com
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This thread: academicdave/1355168577213620226Permalink On twitter.com
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