Yeah but this was always going to happen. No matter where this ends, when there’s a huge dip, there’s always going to be people getting scared. It’s part of the game. That’s why the paper hands vs diamond hands meme exists. People see a major dip and then run because it’s over, the naysayers were right, I was stupid for doing this, it was always going to end badly, etc. There’s never going to be a moment where everyone is happy in a dip. There have been people saying “I told you so” for days now.
On Jan 26 at 3pm it was $145. On Jan 27 at 10 AM it hit its all-time high at $371. The reverse can be true. It can fall from over $300 to $130 within 24 hours. Taking a victory lap today would be just as ephemeral as the other side cheering when line went up.
And just as a broader cultural thing, people want to be correct online. They base their entire thought process around being correct online. So they construct these “predictions” where they can’t actually lose. If the stock hits $1000 they were right all along because poor people will gamble their winnings and be destitute. If the price never gets above $200 again, they were right because they knew it would never get that high. This is an unfalsifiable claim, where the person can never be wrong. It’s easy to be right when you make such claims about the future. Where no matter what happens, you were right. But people do it and then convince themselves they’re prescient, and therefore we should listen to them.
I don’t know what’s going to happen. For all I know I lost most of my $50. I kinda want to make outrageous claims of this shit will be $2000 by Friday just to mess with the people taking victory laps. But I really don’t know. This could be the end and then oh well it was fun for a few days. But what remains true is that people always get bad vibes like the party is over when there’s a dip. And people do try to hedge their claims online into always being right. There’s no use in taking either one super seriously.
hmm well said. unfortunate that the only news most of us get about this shit is either from the irony poisoned redditors or guys like Michael Bloomburg.
personally i would have sold when it hit 400, anyone who bought after that… just lol. but i dont know anything about the stockmarket i just enjoy shitposting about it
Pitching a stock, like all sales, is just telling a story. The more the underlying fundamentals mesh with your story, the better the story, but ultimately, it doesn’t matter. What does matter is that you convince more people with the material power ($$$) to make your story a reality than the other guy telling a contradictory story does. Whoever wins that battle over the people with the material power invents reality.
Me, a couple days ago. Sadly, Wall Street, though market and media manipulation, has a lot more power to sell their story and invent reality than WSB does, even if the underlying fundamentals in the market do indicate there should be a squeeze.
This is what I don’t understand about the stock market. I guess you just have to buy into capitalism being efficient for it to make sense. While stocks are fairly liquid, they’re just a representation of the value of the company, which is only really materially useful if the company is being bought any time soon. So if you’re doing fundamental research, and you go, holy shit this company is amazingly undervalued, like deepfuckingvalue did, where is the guarantee that the market will ever realize that? He kept losing money for about a year until it turned out he was right, surely there are stories of people where it takes much longer and just bleeds you dry. You can look through all his post history, it seems like a ton of his calls expired with him losing thousands each time, before he finally turned a profit.
Even investopedia agrees
However, the fact that fundamental analysis shows that a stock is undervalued does not guarantee it will trade at its intrinsic value any time soon. Things are not so simple. In reality, real share price behavior relentlessly calls into question almost every stock holding, and even the most independently minded investor can start doubting the merits of fundamental analysis. There is no magic formula for figuring out intrinsic value.
If I’m wrong, hopefully someone can explain
