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The ‘Roaring Kitty’ Rally: How a Reddit User and His Friends Roiled the Markets A Massachusetts man who goes by “Roaring Kitty” on social media helped fuel the frenzy around GameStop. His $53,000 investment in the company briefly reached $48 million in value (New York Times)
Robinhood, in Need of Cash, Raises $1 Billion From Its Investors The no-fee trading app, which is popular with young investors, has been strained by the high volume of trading this week in stocks such as GameStop. (DealBook)
Short Sellers Crushed Like Never Before as Retail Army Charges Short traders in the American stock market are taking a historic pounding as the retail crowd charges into the most-hated names on Wall Street. The 50 most-shorted companies on the Russell 3000 Index have now surged 33% so far this year, with the Goldman Sachs Group Inc. basket set for its best month since at least 2008. (Bloomberg)
Reddit’s r/WallstreetBets breaks all-time traffic record as hedge fund bleeds Driving the surge is an unlikely face-off between David-like retail investors vs. a hedge-fund Goliath — and David is very much winning. It can often be hard to decipher what is real and what is a joke on the board, making the whole subreddit an entertaining mess. (Mashable)
America’s Next Great Economic Experiment: What if We Run It Hot? Supporters of aggressive stimulus see an opportunity to finally correct the mistakes of the last recession and achieve boom times quickly. (Upshot)
The SP 500 index out-performed hedge funds over the last 10 years. And it wasn’t even close In 2007, Warren Buffett entered into a famous bet that an unmanaged, low-cost S&P 500 stock index fund would out-perform an actively-managed group of high-cost hedge funds over the ten-year period from 2008 to 2017, when performance was measured net of fees, costs, and expenses. (AEI)
Why you should care about data privacy even if you have “nothing to hide” Yes, your data is used to sell you shoes. But it also may be used to sell you an ideology. (Recode)
Your Next Car Will Probably Be an Electric Pickup Truck With their mass appeal, automakers say selling battery-powered models should be a breeze. If they ever get made. (Bloomberg)
Great song and some excellent slab riding by trials rider Danny MacAskill