INFAMOUS 2 GAMESTOP PROFESSIONAL

From what I saw and heard that morning, though, Wall Street wouldn’t be laughing anymore. Traders and fund managers thought it was hilarious. But they were doing dumb things too like buying the shares of bankrupt companies or snapping up stocks with names that sounded like ones mentioned on Twitter by Elon Musk but that actually were worthless shells. The amateurs plunged in, and soon they were running circles around investing legends like Warren Buffett. Not the degenerates, though- maybe because they didn’t know any better. When the economy ground to a halt and stocks plunged as the world grasped the severity of the pandemic, older, grayer investors once again failed to follow their own advice about buying when others were panicking. It was to the publisher of the book you’re holding in your hands. It wasn’t to their mom or their principal or even a child psychologist. After less than ten minutes of scrolling, I began to draft an email. With my newsroom shut by COVID-19, I was working from home the morning of January 25, 2021, when I stopped editing a column for the next day’s Wall Street Journal midsentence to see what they had been up to on the internet. I’ll never forget the day I found out that my sons were degenerates. The following is an excerpt from “The Revolution That Wasn’t.” “They love it when markets are volatile, and they really, really love it when people get excited and think they can beat ‘the house.’”

“Most of Wall Street is made up of middlemen,” Jakab told “Marketplace” host Kai Ryssdal.

INFAMOUS 2 GAMESTOP PROFESSIONAL

In a new book called “The Revolution That Wasn’t: GameStop, Reddit, and the Fleecing of Small Investors,” Wall Street Journal editor Spencer Jakab argues that though some hedge funds lost money and a few retail investors got rich, the real winners of the GameStop stock trading frenzy were professional investors and the American financial services industry. At the time, GameStop shares’ skyrocketing price was seen as a revolt against Wall Street’s Establishment, with some commentators calling it a “seminal moment” for retail investing. Last year, stock ticker GME caught the attention of Wall Street, the media and even Congress, thanks to the collective action of retail investors on a Reddit forum.

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