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GME Update 1

February 2nd, 2021 at 11:38 pm

GME was a roller coaster today. Well, not so much a roller coaster as a complete plummet downward. I checked every now and again between work, and it pretty much tanked the entire day as far as I can tell. But, I was much less stressed about it today than yesterday.

I gave it some more thought yesterday, and came up with two important deciding factors: (1) Emotional: I am not in it for the money. In fact, I was aware of this back in December, but didn't buy it till last week after it had already fallen 50% in value from its peak. The RH manipulation and a couple of other things happened and pissed me off. The video of Leon Cooperman (billionaire, convicted insider trader) literally crying in an interview and then losing his shit and saying that "people sitting at home with their $600 government checks" are using it to "attack wealthy people" and "we all need to just work together" pissed me off even more. So, the second stock I have ever bought in my life was a protest stock, I guess. If you had told me a month ago that I would be doing this, I would have laughed. (2) Financial: I read Marc Cuban's AMA on WSB. He said that if you can afford to hold the stock, to hold it. I can afford to lose the little bit of money I have put in, so I decided to stick it out and removed my stop losses. So, at this point, I guess it's all or nothing.

So all in all, I decided that I was neither emotionally nor financially stressed about it. It's a good story to be part of. And talking about stories, both MGM and Netflix are working with a screenwriter to make this into a movie.

1 Responses to “GME Update 1”

  1. LivingAlmostLarge Says:

    Good luck!

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