Voting and GameStop
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If Donald Trump didn’t teach us that an incredible number of people can get together and vote for what is essentially a prank candidate or stock, blindsiding everyone who expects the world to be a rational place, we’re currently getting another lesson with GameStop.
At least this time around, the internet trolls are not playing games with the future of our country and the planet. If some overconfident Wall Street types lose their shirts to the trolls, I can get behind that. The only way to justify the ridiculous amounts of money most hedge fund managers are paid is by claiming that they are smart enough to outwit other market participants.
How’s that working out?
My only worry is that a lot of other people are going to be hurt in the crossfire. But I do hope GameStop’s managers have their act together enough to do a secondary offering before the bubble bursts. Even though it could be the secondary offering announcement itself that bursts the bubble.
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