The stock analysts weighing in on it and trying to come up with some legitimate, underlying reason are funny. They can’t seem to accept that enough morons fucking around can manipulate the market.
I really would love to be a fly on the wall watching the pros wade through WSB and try and figure this out:
THIS is what Wall Street is fighting against... an army of morons with cash they are throwing away for shits and giggles.
You can set a price to automatically sell at. This is usually done as a "stop-loss" (if I lose this much money, sell and don't lose anymore) or a "stop-gain" (if I make this much money, sell and lock in my gains). That image indicates that there's a massive "sell-wall" at $420.69. It's a total meme number. The fact that a few dozen people have "price-is-right"-ed this sell-wall by setting their own stop-gain pennies below it is just the cherry on top.
Isn’t this what the stock market has always been about (not to mention futures and bonds)? It’s essentially Vegas writ large - very seldom does actual logic seem to play into it.
Yeah, I can't find any proof that such a study actually occurred (after 2 minutes of research), but I remember reading that there was an experiment where a monkey selected trades and had the same overall performance as Warren Buffett.
So was my first boss, and he was an absolute retard, so take that for what it's worth. He randomly died 6 months after I was hired though, so ya know, RIP.
DFV is sitting on a portfolio worth $22 million with $4.8 million of that already banked in cash. Even if the stock goes to zero he'll have a 9,000% return, and if it doubles again he'll pocket another $15 million. It's the world's greatest freeroll at this point. edit: this is as of market close. With the after-hours Nett just posted his position is probably close to $30 million already.