Tough day for the twits vs the Ivy League MBAs. Ironically, the twits (and Robinhood) took a lesson from the three Hunt brother billionaires in their ill advised silver expedition. The Hunt’s made their money the old fashioned way, they inherited it. They got the idea of cornering the silver market in 1980 which didn’t work out real well.
I think the idea was to buy GME at about 18 in mid January and sell at 350 or so a few days before the end of January, except nobody told the twits they should sell at some point. I noticed at least one SeekingAlpha article where the author was extremely bullish on GME at 350; that’s got to be at least an honorable mention for worst call ever.
I sort of feel sorry for the Ivy League MBAs though. Shorting is kind of a nasty niche for hedge funds, so I think they were probably only doing it because they are at the bottom of the Hedge Fund totem pole. Nobody making a decision on relative merits would choose to short this market over the last 9 months unless they were more or less forced to do it to be a player. Everybody wants to pass as Cats.
Anyway, xFF/x7 is a place one wants to stay long.
