Discussing state of investing amid Reddit-fueled frenzy around GameStop

Wisethero

English - February 04, 2021 13:30 - 5 minutes - 13.6 MB
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One would almost expect the iconoclasts who populate online investment forums to appreciate short sellers.

After all, both communities are constantly on the prowl for investment opportunities that the big boys on Wall Street have overlooked, though the online denizens generally are looking for shares to buy, and the shorts for shares to sell.

Yet for some reason, the online traders have decided to stage a massive assault on short sellers by driving up the share price of a money-losing retailer of video games and consoles named GameStop.

You just can't change a bad retailer.

Andrew Left, GameStop skeptic

GameStop shares were trading in the $2-to-$4 range as recently as April. As I write, they're at $132 and change, up more than 60% on the day. They're up about 505% this year already.

This action has produced massive losses among short sellers, who thought GameStop was an OK stock to short a year ago.