this thread is for posting matt levine quotes in

JPMorgan made money that it did not, you would have to say, "deserve" to make

Probably what *this* should be called.
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Re: this thread is for posting matt levine quotes in

Post by Rylinks » Thu Jan 28, 2021 2:02 am

Starprintsky wrote: Thu Jan 28, 2021 1:29 am
Fry Guy wrote: Wed Jan 27, 2021 8:36 pm
Dantes wrote: Wed Jan 27, 2021 8:34 pm

I spent some time in r/wallstreetbets yesterday reading up on the Game Stop thing, There were enough mentions of AMC shorts that I (briefly) considered buying some on the off chance they successfully ran another short squeeze.
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Yeah, this is gross btw
i suspect those limits only apply to margin accounts which is entirely reasonable

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Re: this thread is for posting matt levine quotes in

Post by Dantes » Thu Jan 28, 2021 2:03 am

Starprintsky wrote: Thu Jan 28, 2021 1:54 am
Shiny Days wrote: Thu Jan 28, 2021 1:40 am
Fry Guy wrote:r/wallstreetbets and the discord went private/got shut down.
the discord got shut down for "racism"
Are we gonna pretend it wasn't lol
I'm willing to entertain the idea that it wasn't. It's awfully coincidental that it got shut down immediately after it started attracting attention from the media.

I'm not the conspiratorial type either, but I have to take a moment and reflect when almost every article or clip from a major source that I've seen on the Game Stop/WallStreetBets situation has been about one of: 1) possible legal issues, 2) concern that retail investors might lose everything if they keep making bad decisions, 3) the ignorance of these people, 4) meme investing.
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Re: this thread is for posting matt levine quotes in

Post by Starprintsky » Thu Jan 28, 2021 2:12 am

Dantes wrote: Thu Jan 28, 2021 2:03 am I'm willing to entertain the idea that it wasn't. It's awfully coincidental that it got shut down immediately after it started attracting attention from the media.

I'm not the conspiratorial type either, but I have to take a moment and reflect when almost every article or clip from a major source that I've seen on the Game Stop/WallStreetBets situation has been about one of: 1) possible legal issues, 2) concern that retail investors might lose everything if they keep making bad decisions, 3) the ignorance of these people, 4) meme investing.
Oh I totally believe that it was shut down now because of this, at the very least because it attracted a bunch more attention, and potentially something more calculated.

I'm just saying, let's not pretend it wasn't full of what we could charitably call "edgy" talk. I googled around after Arti shared that fake article and encountered a bunch of "yeah that's just finance bro".

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Re: this thread is for posting matt levine quotes in

Post by Dantes » Thu Jan 28, 2021 2:19 am

Starprintsky wrote: Thu Jan 28, 2021 2:12 am
Dantes wrote: Thu Jan 28, 2021 2:03 am I'm willing to entertain the idea that it wasn't. It's awfully coincidental that it got shut down immediately after it started attracting attention from the media.

I'm not the conspiratorial type either, but I have to take a moment and reflect when almost every article or clip from a major source that I've seen on the Game Stop/WallStreetBets situation has been about one of: 1) possible legal issues, 2) concern that retail investors might lose everything if they keep making bad decisions, 3) the ignorance of these people, 4) meme investing.
Oh I totally believe that it was shut down now because of this, at the very least because it attracted a bunch more attention, and potentially something more calculated.

I'm just saying, let's not pretend it wasn't full of what we could charitably call "edgy" talk. I googled around after Arti shared that fake article and encountered a bunch of "yeah that's just finance bro".
That's fair.

I spent some time in r/WallStreetBets yesterday and the language was oddly reminiscent of 4chan's patois (tendies, diamond hand, loss porn, nugs, etc.). I would not be surprised at all if the discord was far worse.
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Re: this thread is for posting matt levine quotes in

Post by Shiny Days » Thu Jan 28, 2021 2:19 am

i think arguing for reason is sort of missing the mark like we can just jump to theyre a private company and they can do whatever they want

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Re: this thread is for posting matt levine quotes in

Post by Jeb Bush 2012 » Thu Jan 28, 2021 2:50 am

it seems perfectly plausible that they got shut down because the higher profile made discord pay more attention to existing rules violations

but if the real reason is that discord wanted to get rid of a channel where people goad each other into ruining their lives that is also good imo

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Re: this thread is for posting matt levine quotes in

Post by the_zoomies » Thu Jan 28, 2021 6:09 pm

I finally found the thread for talking about the squeeze.

If we learned anything from the housing bubble it's that the smart money is on Melvin bailout + new regulations that fail to address the years of predatory and impossible shorting.

What I do kind of hope is that this gets Biden to reconsider overturning the OCC move toward protecting financial services access

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Re: this thread is for posting matt levine quotes in

Post by the_zoomies » Thu Jan 28, 2021 6:16 pm

Shiny Days wrote: Thu Jan 28, 2021 2:19 am i think arguing for reason is sort of missing the mark like we can just jump to theyre a private company and they can do whatever they want
Yeah, because our government is too limp dicked to regulate.

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Re: this thread is for posting matt levine quotes in

Post by Doug » Thu Jan 28, 2021 6:35 pm

Jeb Bush 2012 wrote: Thu Jan 28, 2021 2:50 am it seems perfectly plausible that they got shut down because the higher profile made discord pay more attention to existing rules violations

but if the real reason is that discord wanted to get rid of a channel where people goad each other into ruining their lives that is also good imo
This is too supportive of the establishment
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Re: this thread is for posting matt levine quotes in

Post by Dantes » Thu Jan 28, 2021 6:52 pm

Doug wrote: Thu Jan 28, 2021 6:35 pm
Jeb Bush 2012 wrote: Thu Jan 28, 2021 2:50 am it seems perfectly plausible that they got shut down because the higher profile made discord pay more attention to existing rules violations

but if the real reason is that discord wanted to get rid of a channel where people goad each other into ruining their lives that is also good imo
This is too supportive of the establishment
Actually, the second line is ridiculously paternal.
Pour like Hemingway's last call.

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Re: this thread is for posting matt levine quotes in

Post by Rylinks » Thu Jan 28, 2021 7:36 pm

twitter accounts i trust say that robinhood is actually just straight up closing people positions now

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Re: this thread is for posting matt levine quotes in

Post by Rylinks » Thu Jan 28, 2021 7:37 pm


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Re: this thread is for posting matt levine quotes in

Post by Khaos » Thu Jan 28, 2021 7:38 pm

does that mean that they're forcing people to sell their options? that probably isn't legal, right?

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Re: this thread is for posting matt levine quotes in

Post by Rylinks » Thu Jan 28, 2021 7:39 pm

they're forcing people to sell their shares. as to whether it's legal uh, well, that's what the lawsuit will decide

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Re: this thread is for posting matt levine quotes in

Post by Doug » Thu Jan 28, 2021 7:44 pm

Robin Hood beats up the poor

Just like in Time Bandits
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Re: this thread is for posting matt levine quotes in

Post by Ashenai » Thu Jan 28, 2021 7:46 pm

okay that actually got my attention. that is insane

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Re: this thread is for posting matt levine quotes in

Post by Rylinks » Thu Jan 28, 2021 7:48 pm

you may note that $118 is like the lowest point of the entire day and GME is currently at 248.55

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Re: this thread is for posting matt levine quotes in

Post by Khaos » Thu Jan 28, 2021 7:48 pm

oh wait, you can buy on margin with robinhood right? so presumably they're only doing this to those accounts?

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Re: this thread is for posting matt levine quotes in

Post by Rylinks » Thu Jan 28, 2021 7:56 pm

i don't actually know if that's on margin or not (the email has no mention of margin) but even if people are trading on margin it's at best extremely rude to close out a well-collateralized position

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Re: this thread is for posting matt levine quotes in

Post by Rylinks » Thu Jan 28, 2021 7:59 pm

and if you do that _and_ bottom-tick the entire day's market you are definitely getting sued

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Re: this thread is for posting matt levine quotes in

Post by Doug » Thu Jan 28, 2021 8:01 pm

Rylinks wrote: Thu Jan 28, 2021 7:48 pm you may note that $118 is like the lowest point of the entire day and GME is currently at 248.55
The establishment backlash is already worse than I imagined it would be
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Re: this thread is for posting matt levine quotes in

Post by Ashenai » Thu Jan 28, 2021 8:08 pm

What is the "unreasonable risk involved in brokering your position" there? I don't understand their justification.

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Re: this thread is for posting matt levine quotes in

Post by Jeb Bush 2012 » Thu Jan 28, 2021 8:20 pm

Dantes wrote: Thu Jan 28, 2021 6:52 pm Actually, the second line is ridiculously paternal.
"it is ethically questionable to run a service in which people are advised to ruin their lives, and it is better if you voluntarily choose not to do that" strikes me as being at most moderately paternalistic imo

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Re: this thread is for posting matt levine quotes in

Post by Skeletor » Thu Jan 28, 2021 8:22 pm

Ruin their lives
wow, [you]. that all sounds terrible. i hope it gets better for you

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Re: this thread is for posting matt levine quotes in

Post by Jeb Bush 2012 » Thu Jan 28, 2021 8:23 pm

Skeletor wrote: Thu Jan 28, 2021 8:22 pm Ruin their lives
if you put all of your money into gamestop and then lose it all when the bubble bursts I think that can be fairly described as "life ruining" yes

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Re: this thread is for posting matt levine quotes in

Post by Skeletor » Thu Jan 28, 2021 8:29 pm

Jeb Bush 2012 wrote: Thu Jan 28, 2021 8:23 pm
Skeletor wrote: Thu Jan 28, 2021 8:22 pm Ruin their lives
if you put all of your money into gamestop and then lose it all when the bubble bursts I think that can be fairly described as "life ruining" yes
It's not an atypical use of the phrase, that true
wow, [you]. that all sounds terrible. i hope it gets better for you

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Re: this thread is for posting matt levine quotes in

Post by Khaos » Thu Jan 28, 2021 8:31 pm

Ashenai wrote: Thu Jan 28, 2021 8:08 pm What is the "unreasonable risk involved in brokering your position" there? I don't understand their justification.
thats why im thinking they're buying options on margin

maybe theres a t&c fine print thing that says if you borrow money they reserve the right to sell anything you buy with it

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Re: this thread is for posting matt levine quotes in

Post by Jeb Bush 2012 » Thu Jan 28, 2021 8:33 pm

Skeletor wrote: Thu Jan 28, 2021 8:29 pm It's not an atypical use of the phrase, that true
traditionally it meant leaving your life unattended for long enough that it lost its original function but gained more aesthetic & historical appeal

but you know, language drifts over time

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Re: this thread is for posting matt levine quotes in

Post by Rylinks » Thu Jan 28, 2021 8:37 pm

Khaos wrote: Thu Jan 28, 2021 8:31 pm
Ashenai wrote: Thu Jan 28, 2021 8:08 pm What is the "unreasonable risk involved in brokering your position" there? I don't understand their justification.
thats why im thinking they're buying options on margin

maybe theres a t&c fine print thing that says if you borrow money they reserve the right to sell anything you buy with it
they are not buying options, as the screenshot says 4500 shares

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Re: this thread is for posting matt levine quotes in

Post by Khaos » Thu Jan 28, 2021 8:38 pm

Rylinks wrote: Thu Jan 28, 2021 8:37 pm
Khaos wrote: Thu Jan 28, 2021 8:31 pm
Ashenai wrote: Thu Jan 28, 2021 8:08 pm What is the "unreasonable risk involved in brokering your position" there? I don't understand their justification.
thats why im thinking they're buying options on margin

maybe theres a t&c fine print thing that says if you borrow money they reserve the right to sell anything you buy with it
they are not buying options, as the screenshot says 4500 shares
ok sure. buying the things

i googled around and yeah it looks like its accounts that are using margin

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