LogFAQs > #950845198

In some educational info, Destiny has released his GME Manifesto
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https://www.youtube.com/watch?v=DHM4gFiem7s

https://docs.google.com/document/d/1nFKt9Vd7bYsVSCIDwbXxrtUFTuJEFJbiOpEAgc2uw5k/edit

The tldr why I think it's worth posting is that 15 minutes in, the 23 minute or so Stock 101 section and then the next 23 minute section of Market Manipulation are VERY educational information on how stocks mechanically work. i think anybody who actually wants to keep trading long term should watch this - knowing how trades are settled in the background by various clearing houses and agencies is background knowledge we should all have.

For more general commentary about the manifesto as a whole:

He's been railing VERY heavily against the whole narrative around GME, where it was about the little guy against big evil hedgefunds, and that working class people were all making obscene amounts of wealth while the bad guys go bankrupt, and that both common users and social media influencers were super irresponsible about fanning these narratives. A lot of the talking points that came out WSB like updates about short interest and how Robinhood suspended trading in collusion with the hedgefunds were not true.

During the mania, he was very strongly pushing back against the idea that retail investors are all making money, and that many clueless people jumping in on the hype were going to end up losing big time. He also believes a short squeeze was never possible.

I think he's mostly right about everything. A lot of retail investors who jumped in never got out and their investments. maybe even most And most people just repeated the talking points that came up on WSB. To be honest, I was very uncomfortable even here on board 8 about it - there was so much mania by posters coming in here excited about buying GME at $200-300 and I don't think much was down to work against that narrative. I kinda feel bad for LOTM since he's one of the only people who pushed back and tried to convince people not to jump in and he got massively dragged for it. That was because he had no specific knowledge of the GME situation and was just arguing "hey dont bet on this mania you are probably just going to lose out since you won't know how to do this properly" which was really good advice tbh.

I disagree with Destiny about there being a short squeeze possible, I think it absolutely could have happened, but i also agree that every body yelling to buy GME and Hold and Diamond Hands and "we don't even care about losses, we just want to screw over the hedgefunds" stuff was super damaging and irresponsible. Encouraging people to actually do it is harmful to them, as they are likely to be the ones that lose when the price crashes. It can be tough to reconcile this view of events with my own participation in what happened, but I only ever saw GME as an opportunity for me to buy in and take advantage of an unusual event. I don't think encouraging others to buy at the higher prices was a good thing. The criticism Desitny aims at social media influencers who would actively encourage everything is valid IMO.


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