After all that, GameStop appears to have settled at around $52 for the past week. Probably still inflated compared to being worth around $20 on fundamentals, but nothing stock markets haven't seen before.lpm wrote: ↑Tue Feb 02, 2021 4:45 pmGameStop still amazingly high at $130, about 6x higher than what it's worth on fundamentals. A long way down from the $483 peak obviously but a slower de-bubbling than I expected. Will be interesting to learn if any of the long term investors who went in hoping for better management and a steady turnaround have instead cashed in the easy immediate profit.
Wall Street still exists.
Some individuals won the lottery. Many lost heavily. You have to feel for the idiot who bought at $483 - and probably still believes the fairy story. A $600 investment made by many people at around the $300 mark will have lost $500. That's an expensive price for playing a temporary fantasy game of destroying Wall Street.
There's a lot of bravado around being a big man able to afford heavy gambling debts, seen at every casino, racecourse and betting shop in the land. That bravado often hides real pain. At lot of people will suffer because they couldn't afford to lose $500. I really hope some of the worst Reddit pump-and-dump con artists crossed the line into illegality and get prosecuted for this fraud.