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Bought some GME

February 1st, 2021 at 05:32 pm

After some consideration, I bought four shares of GME at $250 each. If I had bought back in December when I first considered it, this would have been closer to a 100 shares. Of course, hindsight is 20/20.

Over the last week, I have grown increasingly disheartened by the way the market is being manipulated by the billionaires and the hedge funds. It's been encouraging to see politicians from both sides of the aisle come out in support of retail investors. It has been astonishing seeing Robinhood go to pieces over their role in the market manipulation. It is sickening to watch billionaires and hedge funds be up in arms when the little man profits from exactly what they have been doing all these years. Two rules - one for the rich and one for the poor. They think their bets count and ours don't?

So, I say: screw them. This feels like a movement - even if it is short lived. I am going to be part of the movement. So, I bought my four shares this morning. I am not sure what is going to happen with the stock. My decision to buy was more emotional than anything else. It'll be a fun ride at the very least. I won't break the bank with this amount invested in the stock. And hopefully I will come out of it with a little bit of Melvin and Citron's cash.

4 Responses to “Bought some GME”

  1. disneysteve Says:

    Emotions are never a good driver for investing decisions. The market manipulation of GME by the Reddit crew has probably run it's course. I'm sure regulators aren't going to allow that nonsense to continue; at least I hope not. I saw this morning that the Reddit folks have turned their attention to silver and driven that price up today.

    Right now, GME is at about $235 so you're down about $15/share so far. I hope you're at least able to make a little money on the gamble and get out quickly. It's just a matter of time before the stock drops back to its actual value of about $20, which is where it was 2-3 weeks ago.

  2. rob62521 Says:

    It has been frightening to see how some can manipulate the market. Hope you do OK on your shares.

  3. disneysteve Says:

    I saw a few articles today in the business news about the silver market and there being posts on Reddit about it. I haven't followed it that closely as I honestly don't care. I don't invest in precious metals.

    Keep in mind that your stop loss order on GME may not fully protect you. With the speed at which things have been moving, the market could blow past your price before your order gets processed. Also, trading could be suspended again at any time if it's going crazy so you may not be able to get out when you want to.

    GME closed at $225 and is trading at $190 after hours.

  4. MonkeyMama Says:

    @late.start - I 1000% agree with your post.
    This is very personal for our generation.

    The system is rigged. I applaud people shining any light on that. Nothing will happen, because the system is rigged. But it's nice to see the light shining, no matter how briefly.

    I am probably a little extra disillusioned, being in the financial industry. I see too much.

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