Diamond Hands: GME to the Moon
To be honest I didn't have much to write about Demian so far. I'm lucky to have the creative liberty to write about whatever has been on my mind this week. Luckily, I do have something for that: the stock market. I've been a long time follower of Reddit's Wall Street Bets. When I heard about the plan to try screw-over Melvin Capital and other hedge funds who shorted GameStop, I figured it was time to get my feet wet into the stock market. When GameStop's stock (GME) was at $45 per share, I put a decent chunk of change into it. Last week when its value soared to over $350 per share, I sold it; this ending up giving me 600% ROI and I made quite a bit. There's a far more interesting conversation to be had other than me making some money on the side. It's the politics and economics that's behind it all. The entire reason that it was possible to short squeeze GME was that hedge funds had shorted it over 140%. Simple explained, when a stock is shorted over ...