“You are not entitled to your opinion. You are entitled to your informed opinion. No one is entitled to be ignorant.” Harlan Ellision
This is going to be a long one. I am stepping way out of my comfort zone on this one, but I consider it a good object lesson on being careful about opining on things you know nothing about. For me, one of those things is finances, Wall Street, and the stock market. Toss hedge funds and things like short sells into my bag of ignorance. When I heard about the short selling of Gamestop and the alleged David versus Goliath shake up of Wall Street, my first impression was “Go, David!”. There is something satisfying about “sticking it to The Man” and, since the debacle of 2008, Wall Street has been on many people’s sh*t list because of the perceived inequities between big Wall Street firms and its major players and us, the little guys. On the other hand, as the analysis below shows, “we” are Wall Street. If we take it down, what happens to all the retirement accounts, pension plans, and savings of those of us who are not millionaires and just trying to build a nest egg for the future? When the dust settles billionaires and companies may have been stung, perhaps a few even bankrupted, but at what cost? A few gamers, or “retards” as they call themselves, may have made a lot of money, but the rest of us will be left with little, if anything, to show for all the fireworks.
Most people will never read beyond the mainstream media and online reports. Read on if you want to read an insider’s analysis and educate yourself. If you find yourself overwhelmed- it is in depth- just go to the bold, italicized sections, which are the heart of the matter, rather than the nuts and bolts. Enjoy