/biz/ - Business & Finance

you need to sell your gamestop stocks RIGHT NOW, otherwise you are just like the REDDITORS! YOU'RE HOLDING REDDIT STOCK!! you're not reddit, are you? of course not, so be sure to sell your gamestop as soon as the market opens tomorrow

https://www.youtube.com/watch?v=0-ESJ3KAYTg

I think this dude is pretty reliable, and he brings up a fair point. Given the heavy restrictions on trading GME (among other securities) imposed by multiple retail brokers today, why is it that the stock still had a good day? I mean, it wasn't up 120% like it has been before, but I think we can agree that 67% is still a considerable uptick.

Now, Mannarino suggests this is due to HEAVY institutional buying, and I'm inclined to agree. This is something I've been thinking about for a while. When GME first popped up on my radar, I was nervous because a lot of the conversation surrounding the stock was "reddit retail investors vs Wall Street" and, in that situation, the house always wins. However, I then found out about the stakes institutional buyers like BlackRock, Berkshire, Michael Burry, and, inexplicably, the Norwegian Government, had in the company at hand.

I think it is very likely that the mainstream media narrative regarding GME is a guise—whether it be deliberate or inadvertent—for retail investors to get blamed for any potential drastic effects the upward momentum of GME may result in.

A common argument I’ve seen on here asserts that the shorts simply intend to outlast retail investors. I feel like this is dubious for a few reasons: firstly, they’re hemorrhaging billions of dollars every day. And a lot of retail investors have proven their dogged willingness to hold their positions even through horrible losses. I seriously doubt institutional shorts would let it come down to a game of chicken, which is a good segue into the second, and much more important reason: the aforementioned significant institutional ownership and buying.

It’s likely that this really just comes down to institutional infighting, to big firms fucking over other big firms while using Redditors as cover. If that is the case, the argument of the shorts planning to wait it out doesn’t make much sense.