Mr. Vergara, a 25-year-old security guard in Virginia, started investing four years ago after deciding he wanted to retire young. To save money, he drives a 1998 Honda Civic, eats a lot of rice and lives with his dad. He stashed his savings mostly in diversified index funds, which are now valued at about $50,000. Then Mr. Vergara, a longtime reader of the WallStreetBets page on Reddit, saw others posting about buying GameStop shares and the stock’s colossal rise.
He didn’t want to touch his index-fund investments, so instead he got a personal loan with an 11.19% interest rate from a credit union and used it to fund most of his GameStop purchase. He bought shares at $234 each.
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More gems in the text:
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GameStop Investors Who Bet Big—and Lost Big
GameStop’s volatile ride is hitting the portfolios of individual investors who purchased the stock in a social-media-fueled frenzy.www.wsj.com
Usecured loan to someone that makes probably $10/hour. What could go wrong?
"And yep, all those folks on griddy were paying 9$ per KWh earlier today and continue to get lubelessly pounded"Why I will never trade commodities.
ZeroHedge
ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zerowww.zerohedge.com
Do it, I look forward to the NYSE becoming the MSE (Miami Stock Exchange)Sounds fun.
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State lawmakers’ tax-hike temptation could end NY as we know it
Albany progressives are drooling at the chance to hike taxes as they hammer out a budget for the new fiscal year, which starts April 1. Yet their dreams threaten a nightmare for New York’s ec…nypost.com
Meanwhile, leaders in the securities industry, which accounts for 18 percent of state tax collections, are sounding alarms about similar “consequences” of reinstating a stock-transfer tax:
This state is run by the worst kind of ignorant. Those who are ignorant and dont care they are ignorant.Do it, I look forward to the NYSE becoming the MSE (Miami Stock Exchange)
Me.Is anyone there actually working on a national holiday that has the market closed?
I should have been more clear. I meant at TD Ameritrade. But my thoughts and prayers with you for having to work today.
Futures up more than 0.5% because... who knows.
Chamath is milking the SPAC Founder's Share game for every penny he can. Its why I won't buy into his SPACs.
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Its the patient man's game right now. I have done my work and know the ETFs I want to grab once things "adjust". Until then I will look for value and keep selling options.Melt ups are fun, they will last until something disrupts the money flows or they exhaust themselves. Still major institutional money that is underweight stocks if the vix goes lower. Makes any sane investor cautious but the backdrop is there for this to continue so people need to careful they don't just run for the hills. Advance decline line still rising, breadth is still there, yield spreads still bullish.
I'm going to continue to focus on stocks that are not over valued, the deals are out there and as the rally matures investors will seek them out , better to be early.
Maybe we get a interest rate spike due to inflation fears that triggers a sell off in growth names, it's too early for that to be an actual concern but I could see it being enough to trigger a pullback in the right conditions. Maybe a few months out.
I think he was one of the first (or the first) to charge a fee to swap your warrants for shares once called. Fuck that. Dude is making a killing. No need to be a hog. I won't own any of his shit. His cult following buy his SPACs up so he gonna be rich.... richer. I hope the lawsuit on one of his early SPACs having some fraud involved bites him hard.He was so cagey about the fees he is charging, didn't like him from the start. Making a killing on this shit, was reading about sponsors pulling in 1000%. It's how you know this won't last hard to predict what path it takes but the destination is as clear as GME was at $500/share