I guess I should have said huge loss instead of huge position.A short position going from 50ish to over 400 has got to smart. I doubt if the guy had enough jazz in his account to avoid a margin call.No doubt the move was huge,but i believe you said he had a huge position and lost 50 K..
Too lazy to look,but if the move was 400 points,that's basically a 1 lot....
Not exactly a huge position
4th largest shareholder of GME: Roaring Kitty
- Thread starter Pekelo
- Start date
Large Institutional Buyers Holding Long in GME... and this is the short list
Also Renaissance Technologies... Is long 1 Million Shares - Jim Simmons
Also Renaissance Technologies... Is long 1 Million Shares - Jim Simmons
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Is anybody who goes on CNBC talking their trades cheating? The Najarians have made all their money doing a lot of the same stuff. Only difference is they wear suits and ties. Some people get a following and get rich. Uneducated dopes follow them and lose money. Oh well. Maybe they learn from the experience and become better investors, maybe they don't. In terms of scammyness this is pretty low level to me. Market makers like Citadel and Virtu paying for your trades so that they can take the other side and rig market prices in their favor is an infinitely larger issue. What the Chinese have been doing with ADR liquidations over the past couple of years is a much larger issue. I have zero sympathy for greedy hedge funds that leveraged up shorting a stock, because they need to make alpha with billions of dollars. If pension funds are involved with such risky behavior, well...shame on them.
THIS is why I don't use stops. If these funds want to make money then they have to pay me first. I can wait longer than them for price to turn around because I don't have a prospectus on returns.
When did you ever see a stock that Najarians pitched on CNBC go parabolic? This ain't about David vs Goliath BS. Roaring Kitty ain't no Robin Hood or that he's fighting the hedge funds to level the playing field for the small fries like you. He's only using his position to rally his troop of cretins to fatten himself. If he were to trade anonymously in complete silence, without relying on his stoozes to shore up the price for him, would he be where he is now? I don't think so.
The Najarians wish they got the bump he does. Roaring Kitty is a lucky guy. People follow and believe in him. That’s on his followers, not him. I personally hope he makes a billion on this trade and it brings the stock to new ATH. The world is full of people making millions/billions while contributing no real value to society. The whole market has been propped up by over a decade of cheap money and wealth inequality with rich people looking for a place to park their money. Whole markets (such as crypto) that are essentially pyramid schemes have been created. It is what it is. I’m not going to get angry over something as transparent as what he’s doing.
Wow. Imagine how much they'd have if they did that offering last week when it was $68/shr.
