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Author Topic: Learning from GameStop action  (Read 1065 times)

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Les

« on: January 28, 2021, 20:50 »
0
Just imagine that a large group of image creators teamed up like the individual investors in shares of the GameStop company against the short sellers and decided to fight the stock agencies and CEO's who sell them short. 

Quote
A behavioral economist thinks the wild trading in GameStop is the beginning of a major shift in investing power.
The people are saying, Screw Wall Street, said the University of Chicagos Alex Imas.

Trading in GameStop has reached fever-pitched levels and shows little sign of breaking. Despite the plunge in prices during Thursdays session after several brokerages put limits on buying and selling, the stock is up a head-spinning 500% in a week.

Its possible this is just the beginning of a new wave for Wall Street. 


angelawaye

  • Eat, Sleep, Keyword. Repeat

« Reply #1 on: January 28, 2021, 21:15 »
+2
It's an amazing story that will go down in history! I got in on BB, NOK and AMC before they shut it down

« Reply #2 on: January 28, 2021, 23:15 »
0
too early to tell - a lot of folks are going to lose bigly - once the ridiculous price starts dropping it will be difficult to even sell as who'll want to buy such a pumped up stock on the way down?.  the hedge funds have likely bought on the way up to hedge their losses on the shorts & will be the first to get out - leaving the day traders adrift yet again

Uncle Pete

  • Great Place by a Great Lake - My Home Port
« Reply #3 on: January 29, 2021, 10:02 »
0
too early to tell - a lot of folks are going to lose bigly - once the ridiculous price starts dropping it will be difficult to even sell as who'll want to buy such a pumped up stock on the way down?.  the hedge funds have likely bought on the way up to hedge their losses on the shorts & will be the first to get out - leaving the day traders adrift yet again

https://www.theverge.com/22251427/reddit-gamestop-stock-short-wallstreetbets-robinhood-wall-street

Just an example of how the Internet can change how the world has operated for years. Look what social media has done for us. (no please don't...)  ::)  Misinformation and unsubstantiated rumors spreading like wildfire online.

When there's something that I can't find anymore, unless I buy online, I realize that sometimes I miss a good old fashion store that has to pay rent and overhead, but at least they are there and not only cheaper because of the price cutting and race to the bottom.

PaulieWalnuts

  • We Have Exciting News For You
« Reply #4 on: January 29, 2021, 10:40 »
+2
too early to tell - a lot of folks are going to lose bigly - once the ridiculous price starts dropping it will be difficult to even sell as who'll want to buy such a pumped up stock on the way down?.  the hedge funds have likely bought on the way up to hedge their losses on the shorts & will be the first to get out - leaving the day traders adrift yet again

https://www.theverge.com/22251427/reddit-gamestop-stock-short-wallstreetbets-robinhood-wall-street

Just an example of how the Internet can change how the world has operated for years. Look what social media has done for us. (no please don't...)  ::)  Misinformation and unsubstantiated rumors spreading like wildfire online.

When there's something that I can't find anymore, unless I buy online, I realize that sometimes I miss a good old fashion store that has to pay rent and overhead, but at least they are there and not only cheaper because of the price cutting and race to the bottom.

I've cut way back on online purchasing and now try to buy from local stores as much as possible. It's clear these internet companies have become near monopolies with incredible power over everything including politics, economy and even us as individuals. There used to be a bunch of local electronics stores near me. Now we're down to only Best Buy. If they go out of business what's left? The local mega-mall is quickly becoming a ghost town and that's accelerating from crime and fights breaking out.

This is staring to feel like Cyberdyne Systems and Skynet from the Terminator.

Uncle Pete

  • Great Place by a Great Lake - My Home Port
« Reply #5 on: January 29, 2021, 11:28 »
+1
too early to tell - a lot of folks are going to lose bigly - once the ridiculous price starts dropping it will be difficult to even sell as who'll want to buy such a pumped up stock on the way down?.  the hedge funds have likely bought on the way up to hedge their losses on the shorts & will be the first to get out - leaving the day traders adrift yet again

https://www.theverge.com/22251427/reddit-gamestop-stock-short-wallstreetbets-robinhood-wall-street

Just an example of how the Internet can change how the world has operated for years. Look what social media has done for us. (no please don't...)  ::)  Misinformation and unsubstantiated rumors spreading like wildfire online.

When there's something that I can't find anymore, unless I buy online, I realize that sometimes I miss a good old fashion store that has to pay rent and overhead, but at least they are there and not only cheaper because of the price cutting and race to the bottom.

I've cut way back on online purchasing and now try to buy from local stores as much as possible. It's clear these internet companies have become near monopolies with incredible power over everything including politics, economy and even us as individuals. There used to be a bunch of local electronics stores near me. Now we're down to only Best Buy. If they go out of business what's left? The local mega-mall is quickly becoming a ghost town and that's accelerating from crime and fights breaking out.

This is staring to feel like Cyberdyne Systems and Skynet from the Terminator.

I miss Radio Shack. Of course I can get things from Asia for less than the postage to buy from Radio Shack USA. But when I needed something, I could drop in to a local store, get parts, wire, project boxes, all kinds of things. Gone...

I miss the camera stores. Ritz which was Wolf and Blacks and eventually one big chain that folded. Need a flash, want to hold something and see if you like it? Umbrellas, a light diffuser, tripod, just all kinds of little things. That and printing myself, so I could choose the crop and colors. Now Costco is dropping printing. It's that bad?

I don't know how Best Buy survives, they have to be beaten down by online stores? Amateur Electronic supply, ham store but they had other tings for me, like connectors, antennas, parts. Closed now. One of the other largest left, is also closing.

We have the Internet and we reap the benefits in prices and competition. Everyone is the same and can compete on their won. It's just business. The big ones got big by offering the best deals, not just because they are big. The two biggest, honest retail camera stores in the country started out mail order and both are on the Internet. I buy from them because there is no other choice for selection and price. (I may have shorted some others, but there are two I know of that are the best)

Amazon and eBay and for those inclined Banggood is also pretty good. Why would I want to drive to a store, when everything is as close as my keyboard. Oh yes, if I need it Right Now, I would. Not defending the Internet giants but just looking at why this happened and how.

I had the same problem with my small business in the early 90s when giant distributors and mage catalog places took my customers. If you don't recognize the tool catalog houses that's OK, here's what happened. (besides someone stealing my customer list and selling it a big multi-state distributor) Places like Granger or others and they are good, were selling some name brand products for less than I could buy them for resale, as an authorized distributor.

I can't compete with that? The big places got a price deal and effectively put me out of business. Times change.

Then the big distributors bought the smaller ones and became bigger, and made deals with customers that I had, like General Motors, for all plants to be supplied from one central location, for a steep discount. Blanket orders, locked out the small guys. Once that happened for most of the large customers, I had no business. I could add that the production also moved overseas for manufacturing plants, which made everything worse.

In effect my type of business was made obsolete.  >:( Times change, I moved on and adjusted. Same has happened for stock photos. We all know that well. And nothing is going to change back to the way it was.

« Reply #6 on: January 31, 2021, 05:59 »
0
Just imagine that a large group of image creators teamed up like the individual investors in shares of the GameStop company against the short sellers and decided to fight the stock agencies and CEO's who sell them short. 

Comparing GameStop and Shutterstock is like......
An investor can buy an image for about $4. But the investors insist to drive the image price crazy upwards. The latest buyers got an $4 image for about $400.
Some of the latest buyers will loose very much. Its a matter of days that the ridiculous high price will drop into nirvana.
I don't believe that this will happen with shutterstock images.

« Reply #7 on: January 31, 2021, 11:22 »
0
I miss the old days of going into stores too.  It's often too hard to see what something is really like online and then as soon as it arrives you know it wasn't what you were expecting.  I hate that.

My current landline phones were from Radio Shack - can't remember when I got them but obviously many years ago (and still working fine).  Best Buy is hanging in there and I hope they continue to keep their stores open.  They have been pretty good about adapting to online sales and are there when you really need to consult with a person (pre Covid anyway).  BTW, their credit card is a good deal.  I bought a TV last week that was delivered for free.  I had $110 in credits from previous purchases and earned another $5 just from the TV so it cost me next to nothing.  Now that I think about it, I will probably make more in credits from using my Best Buy credit card than I will from Shutterstock this year (kind of a sad realization).  It also has no annual fee.  Full disclosure: I have no relationship with Best Buy, their credit card is just one of the best I have used.  You can only use the credits for purchases from Best Buy, but if you buy any electronics, DVDs, camera gear (I bought a lens from them last year), etc., it is a good deal, plus the credits usually are good for six months or more so you have a chance to use them before they expire.

As to Amazon, I have been burned too many times buying from them that I usually avoid them if possible - prefer to go directly to the seller rather than from Amazon.  I've had plenty of good experiences with them too and can often get things that are difficult to find elsewhere, just wish they would police the unscrupulous sellers better than what they do, and stop letting people close one shop and immediately set up another once the negative reviews stack up.

« Reply #8 on: January 31, 2021, 16:45 »
0
....

As to Amazon, I have been burned too many times buying from them that I usually avoid them if possible - prefer to go directly to the seller rather than from Amazon.  I've had plenty of good experiences with them too and can often get things that are difficult to find elsewhere, just wish they would police the unscrupulous sellers better than what they do, and stop letting people close one shop and immediately set up another once the negative reviews stack up.

i've never had a problem with sellers - as a seller myself, i can attest that amazon is highly balanced towards buyers- even the lamest excuses will force a refund (w loss of shipping but often amazon will absorb the return shipping)

they have the most generous return policy i've seen - many items have a return for any reason.  I recently returned 6 digital microscopes over 2 months due to noisy images  (finally did find one that works)
 


 

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