Shorting Gamestop
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@LaoC said in Shorting Gamestop:
@cvi said in Shorting Gamestop:
@Captain Don't know those companies, so I have no idea how they operate. According to the interwebs (so, yeah, totally reliable sources), the message on one of the platforms was that they've disabled buying to protect their customers. If what you say is true (i.e., it's not their fault, but whoever they sell the orders to), then that message seems somewhat misleading.
Also according to the interwebs, their actual customers are hedge funds to whom they
borrowlend shares "owned" by their ostensible customers (the retail ones).
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@cvi You make an offering and move into cloud gaming.
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@hungrier said in Shorting Gamestop:
The soccer one isn't either.
(: They're a federation of soccer associations, not a soccer association in their own right.)
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oof I just spent 5 minutes explaining to someone how bondholders get paid first if there's a bankruptcy... dude sounded a little upset when I explained that as of August 2020:
According to the last reported balance sheet, GameStop had liabilities of US$1.52b due within 12 months, and liabilities of US$514.3m due beyond 12 months. On the other hand, it had cash of US$570.3m and US$86.7m worth of receivables due within a year. So it has liabilities totalling US$1.4b more than its cash and near-term receivables, combined.
Gamestop will probably take this opportunity to sell shares on the open market (i.e., make an offering). That alone has the potential to make the price drop. Nevermind the fact that unless they change their strategy, they will go bankrupt sooner or later.
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@topspin
the German will open stores in Poland next, mind you./you read it here first: MAGA == Make Gamestop Great Again?
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@boomzilla What I want to know is how to get a paper certificate. Every broker I've called to ask says it's been impossible since before I started trading. Outside of various sites that sell framed certificates as a novelty, that is...
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@bobjanova said in Shorting Gamestop:
This is one 'investment' I'm staying the hell away from - nothing about this stock's current valuation has anything to do with the company's actual value, it's a pure emotional bubble, and that's almost impossible to predict.
I was saying the same about Bitcoin back in 2012.
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@GuyWhoKilledBear said in Shorting Gamestop:
(: They're a federation of soccer associations, not a soccer association in their own right.)
Much like a car tire isn't a wheel because it sits on another wheel.
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Just saw some Tumblerino post "invested in Game Stop and dogecoin ". And from what I can tell, it's not someone with fuck you money lying around.
Noooo, you dumb fuck. You don't "invest" in Game Stop at this point, you put your play money in it for The Lulz! But then, who knows, might just be an attention grab post.
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@topspin Idiots gotta idiot.
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https://www.youtube.com/watch?v=xj3RtkHth0o
Bonus points for "don't think this fingerprint sensor on my phone means you can Epstein me to get my shares"
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@topspin said in Shorting Gamestop:
Is that $70B actually lost (interest on loaned shares, shorts already closed), or is it the estimated losses if all short positions were closed right now?
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@PotatoEngineer presumably estimated. If they had closed their positions already, the meme wouldn’t say “so far”. And the stock would be crashing down.
And they wouldn’t run ads pretending they closed their positions if they actually had.
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@Jaloopa said in Shorting Gamestop:
@LaoC said in Shorting Gamestop:
@topspin said in Shorting Gamestop:
@bobjanova said in Shorting Gamestop:
This is one 'investment' I'm staying the hell away from - nothing about this stock's current valuation has anything to do with the company's actual value,
Correct.
Stocks are generally not priced in relation to a company's value (i.e. its actual assets) but to expectations of
future profits.stock pricesThe two tend to be correlated, but not always
No, not stock prices, that would be circular. It would mean the price would be based on a belief about something based on a belief about something based on a belief, and beliefs all the way down. Actually, stock prices do have something to do with physical reality in the end, even if there's a lot of voodoo, tea leaves and "credit" involved.
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@LaoC said in Shorting Gamestop:
that would be circular
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@Zenith said in Shorting Gamestop:
@boomzilla What I want to know is how to get a paper certificate. Every broker I've called to ask says it's been impossible since before I started trading. Outside of various sites that sell framed certificates as a novelty, that is...
The article doesn't clearly state it, but it could be home-made:
She even printed out a certificate for him to celebrate the occasion.
However it was made, it doesn't sound very official.
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Securities on the restricted list range from Starbucks to Rolls-Royce as the mobile brokerage app confronts high trading volume from last week into the weekend.
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Semi seriously considering buying $1000 of AMC stock and selling it in 2-3 days. I'll probably lose it but, eh, that's play money.
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@error short sale? Risky
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@LaoC Leeeerrrrrrrroooooyyyyy Jenkins!!!!!
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@topspin said in Shorting Gamestop:
And they wouldn’t run ads pretending they closed their positions if they actually had.
Wait, isn't this one of those things that's actually illegal to do? Manipulating a market by pretending to have performed an action?
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@acrow said in Shorting Gamestop:
@topspin said in Shorting Gamestop:
And they wouldn’t run ads pretending they closed their positions if they actually had.
Wait, isn't this one of those things that's actually illegal to do? Manipulating a market by pretending to have performed an action?
And you think that's going to stop them?
: Your honor, the ads were correct. We managed to buy some stocks so some of our positions were closed.
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@Gąska - I was saying the same about Bitcoin back in 2012.
To be fair I didn't invest in Bitcoin either. But this kind of bubble is even more irrational, I think. Crypto currencies (at least the blockchain ones like Bitcoin, which I think covers most of them) have a limited supply, so their value is real and based on the amount of business that wants to use them. (More accurately, the amount of demand to hold them, but people want to hold a currency to buy things, generally.) The reason Bitcoin is a dodgy investment is that it isn't (and certainly wasn't in 2012) clear that any business would want to use it, or that governments would continue to permit them to do so under the tax radar. Even without speculation, Bitcoin has some level of real value.
This is a pure bubble caused by people wanting to stick it to the Man, and when the selloff begins it will be a panic rush to the exits. You could get rich if you get in before the top, mind you - just not my kind of game. (Is it even going to be possible to sell at the quoted prices? I don't know what the spread looks like on these meme stocks.)
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@Captain said in Shorting Gamestop:
oof I just spent 5 minutes explaining to someone how bondholders get paid first if there's a bankruptcy... dude sounded a little upset when I explained that as of August 2020:
According to the last reported balance sheet, GameStop had liabilities of US$1.52b due within 12 months, and liabilities of US$514.3m due beyond 12 months. On the other hand, it had cash of US$570.3m and US$86.7m worth of receivables due within a year. So it has liabilities totalling US$1.4b more than its cash and near-term receivables, combined.
Gamestop will probably take this opportunity to sell shares on the open market (i.e., make an offering). That alone has the potential to make the price drop. Nevermind the fact that unless they change their strategy, they will go bankrupt sooner or later.
They sure are having fun selling their stock options.
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@error said in Shorting Gamestop:
Semi seriously considering buying $1000 of AMC stock and selling it in 2-3 days. I'll probably lose it but, eh, that's play money.
It looks like my warthog saved me some money.
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Opinions on Linus aside ... well:
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@cvi so considering that, apparently, he got $10k of that by people randomly throwing money at him on his YouTube show... does sound like it's play money for him.
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@topspin said in Shorting Gamestop:
@cvi so considering that, apparently, he got $10k of that by people randomly throwing money at him on his YouTube show... does sound like it's play money for him.
He also wears headphones over a hat.
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@MrL said in Shorting Gamestop:
@topspin said in Shorting Gamestop:
@cvi so considering that, apparently, he got $10k of that by people randomly throwing money at him on his YouTube show... does sound like it's play money for him.
He also wears headphones over a hat.
It's cold in Canada.
Plus he hasn't brushed his hair or showered.
Do you expect him to wear the headphones under the hat?
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@dangeRuss said in Shorting Gamestop:
Do you expect him to wear the headphones under the hat?
No, I expect him to die.
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@MrL said in Shorting Gamestop:
@dangeRuss said in Shorting Gamestop:
Do you expect him to wear the headphones under the hat?
No, I expect him to die.
He's not 007. He's just the guy who created Linux.
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@dangeRuss I thought that was the guy who carried around his blanket everywhere
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@hungrier said in Shorting Gamestop:
@dangeRuss I thought that was the guy who carried around his blanket everywhere
You're thinking of LTT branded hat.
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@hungrier said in Shorting Gamestop:
@dangeRuss I thought that was the guy who carried around his blanket everywhere
No, that's the guy who created Dilbert.
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@boomzilla Gary Larson?
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@Mason_Wheeler no, he did Beavis and Butthead.
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@boomzilla
Those characters in Family Guy?