Short Selling – Spirit Ether http://www.spiritether.net/ Fri, 22 Oct 2021 09:54:16 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://www.spiritether.net/wp-content/uploads/2021/04/cropped-spirit-ether-icon-32x32.png Short Selling – Spirit Ether http://www.spiritether.net/ 32 32 HSI closes at 26,126, up 109 pts; HSTI closes at 6,754, up 118 points; SUNAC Up more than 8%; BYD COMPANY, ZHONGYU GAS have reached new heights; Market turnover increases AASTOCKS Financial news https://www.spiritether.net/hsi-closes-at-26126-up-109-pts-hsti-closes-at-6754-up-118-points-sunac-up-more-than-8-byd-company-zhongyu-gas-have-reached-new-heights-market-turnover-increases-aastocks-financial-news/ https://www.spiritether.net/hsi-closes-at-26126-up-109-pts-hsti-closes-at-6754-up-118-points-sunac-up-more-than-8-byd-company-zhongyu-gas-have-reached-new-heights-market-turnover-increases-aastocks-financial-news/#respond Fri, 22 Oct 2021 08:12:00 +0000 https://www.spiritether.net/hsi-closes-at-26126-up-109-pts-hsti-closes-at-6754-up-118-points-sunac-up-more-than-8-byd-company-zhongyu-gas-have-reached-new-heights-market-turnover-increases-aastocks-financial-news/

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SEC report on GameStop saga ignores bigger questions https://www.spiritether.net/sec-report-on-gamestop-saga-ignores-bigger-questions/ https://www.spiritether.net/sec-report-on-gamestop-saga-ignores-bigger-questions/#respond Wed, 20 Oct 2021 23:15:00 +0000 https://www.spiritether.net/sec-report-on-gamestop-saga-ignores-bigger-questions/

The long-awaited report on the Securities and Exchanges Commission (SEC) GameStop’s short-term fiasco has been released and the results are disappointing. The report avoids policy changes, and its strongest sections could hardly be called soft recommendations.

In January, organized retail investors noticed the GameStop stock was heavily short and tricked the r / wallstreetbets subroutine into pumping the stock, effectively punishing short sellers. That is, until multiple platforms stop trading the action in unison.

Many retail traders will want to know what the SEC has found regarding potential collusion between losing hedge funds and trading platforms. The SEC found no wrongdoing, no collusion between the big players and no manipulation of the market. His discourse on stopping brokerage operations by brokerage houses mostly seems to accept the reasons given by these platforms at face value, namely margin calls and “NSCC imposed capital charges”.

Other than that brief explanation, it largely avoids the theory that hedge funds like Melvin Capital may have lobbied platforms or called for a halt to trading on GME. With multiple platforms freezing trading in these memes shares at the same time, retail traders were worried the fix was in place – a sentiment that ultimately led to a congressional hearing.

The main points of the report are:

  • Proposes to shorten the settlement cycle to mitigate systemic risk and the possibility of brokerage firms restricting trading
  • Requests to consider whether video game-like features should be present in trading applications, as well as the checkout flow model for orders
  • Mentions the lack of transparency of wholesalers and the fewest requirements they have to comply with
  • Call for better short selling reports so regulators can better keep up with the momentum

As you can see, the report is hardly convincing.

Oddly, the “SEC GameStop Report” also seems to counter the main narrative of the whole affair – the narrative that was easy for anyone to see on the internet:

The underlying motivation for such buying volume cannot be determined. Whether motivated by a desire to squeeze short sellers and therefore profit from the resulting price hike, or by belief in GameStop fundamentals, it’s the positive sentiment, not the buying. to cover, which has supported price appreciation for weeks. of GameStop action.

This quote goes against what most people have seen with their own eyes. An organized group of retail investors extorted the life of a hedge fund. While many investors defended their stocks by saying “I like the stock”, a large number of comments on r / wallstreetbets have shown that this is more of a political statement for many than an investment.

Two Republican SEC commissioners Hester Peirce and Elad Roisman also felt this report was not what we expected:

This report should have been an innocuous report on the events of the beginning of this year and, if it is clear from the data, an assessment of the causes of these events. Surprisingly, the report turned into an account of these awkwardly interwoven events with discussions of market practices and policies that mirror conversations at the Commission level unrelated to the details of the January events.

The SEC’s main focus has been on the narrative of brokerage firms being tricked into maximizing the number of trades, which could cause retail investors to go further than they would otherwise like.

Brokerages have benefited from the PFOF (Payment For Order Flow) model, collecting fees from market makers to whom they divert orders – a practice that can sometimes generate conflicts of interest, and the reason why applications like Robinhood can remain commission-free.

In this case, a conflict of interest was reported. Citadel Capital, the company to which Robinhood was diverting many trades, has a CEO (Ken Griffin) with a large stake in Melvin Capital, the main company being devastated by the short squeeze. Griffin had claimed he had no contact with the Citadel.

As the #KenGriffinLied hashtag started to become a trend on Twitter, the social media platform quietly changed it to #KenGriffin.

Combine PFOF with Robinhood’s trading gamification, which blew up the user’s screen with confetti and launched hot air balloons to celebrate a completed trade, and we open a discussion on whether trading apps should or should not use a proven behavioral psychology to increase the amount of trades.

The SEC claims that a cocktail of PFOF, trade gamification, and relief checks sent out by the Biden administration resulted in a perfect storm that prompted more trades than normal, leading to the GameStop debacle in January.

This narrative is certainly different from what many retail investors would have expected, and one which absolves short sellers and trading apps of any wrongdoing (other than the same psychological manipulation on most social media apps). It’s in line with what the Robinhood executives pushed, that this was all just a series of extraordinary events.

Perhaps the most positive aspect of the report is that the PFOF model can be reviewed, which may reduce future conflicts of interest.

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Shortseller Carson Block on GameStop, China and Why Stock Market Crash Could Be “Much Bigger, Much Faster” Than Ever https://www.spiritether.net/shortseller-carson-block-on-gamestop-china-and-why-stock-market-crash-could-be-much-bigger-much-faster-than-ever/ https://www.spiritether.net/shortseller-carson-block-on-gamestop-china-and-why-stock-market-crash-could-be-much-bigger-much-faster-than-ever/#respond Tue, 19 Oct 2021 21:14:21 +0000 https://www.spiritether.net/shortseller-carson-block-on-gamestop-china-and-why-stock-market-crash-could-be-much-bigger-much-faster-than-ever/ Short seller Carson Block, founder and chief investment officer of Muddy Waters Capital, spoke with Financial news in a Barron’s Live event earlier this month. The influential investor discussed the mad rush of the markets this year and how he is approaching conditions that he believes are difficult for short sellers.

Below, an excerpt from the interview. It has been edited for length and clarity.

On liabilities and short sales

The most important factor for short sellers, and often the most overlooked, is actually passive investing. The effect that passive investing has on stock prices – I previously assumed this was sort of a linear effect, and it wasn’t that big of a slope. But what I actually learned is that in passive buying it takes an active holder off the float and replaces it with a passive one so your stock of inventory ends up shrinking. When you have names that are in indices that receive a lot of flow through index funds, it creates this upward convex effect on prices. This is arguably the number one factor that has made shorting so difficult over the past half-decade.

But obviously the low interest rate environment, the fact that companies could expand and pretend, that made it extremely difficult. The lack of enforcement that we saw coming out of the global financial crisis – it’s not great for short sellers. So it was a very difficult time. And these are evolutionary pressures – either you adapt or you die. So far we have adapted and hopefully will continue to adapt.

Invest in china

I cried out into the abyss for many years over China. When I started doing it, from 2010 to 2012, only issuers based in China were all scammers. Suddenly China could no longer invest, and most of the Chinese companies listed in the United States either died out and were delisted, or they simply stopped pumping their stocks. But then an interesting thing happened. At that time, in 2012, state banks began funding the leveraged buyout of a number of these frauds, so US shareholders received a real premium on these companies and the memories were erased.

In 2014, Alibaba listed. Everyone wanted a piece of ‘Baba. No one cared about the voices that said “Wait a second, this financial data seems like it couldn’t be right.” Nobody cared and from 2014 until very recently nobody cared.

READ Spacs short seller Carson Block: “The incentives are all wrong”

In early 2018, I was sort of preaching the gospel. I’m saying if you look at the relationship between the United States and China, it starts, metaphorically, to take hold in almost every major aspect that the two countries connect with. Foreign direct investors in China were actually speaking publicly about how they felt they were treated unfairly in China.

The only dry ground was the public markets, and this idea that Western capital, especially American capital, would invest in Chinese public stocks. I was saying I don’t think it can persist, and it sure shouldn’t persist, because there has been so much abuse, so much fraud done, I think a lot of stock manipulation has been done. No one could be held responsible in China, by the United States, and it’s actually codified in China’s securities law, so I warned that these chickens would one day return home to roost. . And I think they finally got home to roost.

Maybe I’m wrong, but I think we’re in the final stages here for the US-China roster. The Chinese government has always been great at providing disinformation to foreigners. So I would pay attention to that.

On actions even

GameStop gets to the point I mentioned earlier about the passive, because it wasn’t a bunch of passive buying pushing the stock higher. There was the nominal free float, but then there was, I think, 20-25% that was held by the liabilities, and the liability will never sell unless it has exits, and the liability will keep buying. whatever the price, unless it has exits. So every day that people make those contributions that 401Ks, no matter what liabilities they bought, it shrank what seemed like the float.

Take 20-25% of the outstanding amount, subtract it from the free float, so your actual free float, the actual supply of available-for-sale stocks was tiny, and you had a large short position that was several times larger than the actual supply of available shares. This has been correctly identified on [Reddit forum] WallStreetBets several months before the start of compression; one or more posters, exposing this business and saying that this thing can be pressed hard just by buying calls out of the money.

And if there’s something that drives the stock up, the delta hedging by the options market makers, it’s just going to push it up, push it through the ceiling. Techniques are the new fundamentals of the market. It’s the new fundamentals, it’s the technicalities, it’s the feeds, basically, and an options market driven tail wagging the dog.

When GameStop really continued to rise, it was mostly institutional. The story revolved around the retailer who was making all that money. I mean, there are institutions that killed him doing that. But it’s just not our game. I don’t like these games. At best, you’re trying to figure out if it keeps going up or down or whatever. At best, it’s like a 55% game. It’s really, I think, just a coin toss. So no, we don’t do that.

READ Have the memes stocks had their day?

On if he sees a major fix coming

I’ve seen a major correction since 2011, so don’t listen to me. What the last 12 years have taught me is to be completely equivocal about these things. When you think about this passive dynamic and how it relentlessly pushes up so many of these stocks, especially index stocks, when those fund flows reverse, whether it’s this year or otherwise, the market is extremely fragile because you have removed so many active managers from the market.

So when the flow is reversed and passive selling is underway, it sells for any price, and there just aren’t enough active managers left to really cushion those drops. So maybe it’s become like a seven sigma event that the market is going to sell, but the result when it does is likely to be a much bigger crash and a lot faster than what has been seen.

And how do you protect yourself from that? I do not know. I mean, you’re just trying not to be the one holding the bag.

To contact the author of this story with comments or news, email Trista Kelley

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Drug dealer convicted of murdering father of five after being bypassed while selling drugs to his daughter https://www.spiritether.net/drug-dealer-convicted-of-murdering-father-of-five-after-being-bypassed-while-selling-drugs-to-his-daughter/ https://www.spiritether.net/drug-dealer-convicted-of-murdering-father-of-five-after-being-bypassed-while-selling-drugs-to-his-daughter/#respond Mon, 18 Oct 2021 16:01:00 +0000 https://www.spiritether.net/drug-dealer-convicted-of-murdering-father-of-five-after-being-bypassed-while-selling-drugs-to-his-daughter/

Yanick Beresford, 25, faces a life sentence after being convicted of murder at Peterborough Crown Court today.

During the trial, the jury learned that Beresford realized he had only been paid £ 10 for drugs worth £ 230 after meeting a woman in Sandwich Close, Huntingdon on 5 October 2019.

The drug smuggling took place and the woman handed her the money before getting back into a car driven by her friend and driving home to Offord Cluny.

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Yanick Beresford

Later that same night, the father of the woman who had underpaid Beresford, Robert Duquemin, heard a ringing at his door in Percy Green Place in Huntingdon.

He opened the door thinking it was his daughter but soon after a man with a covered face attacked him but did not say a word.

Mr. Duquemin was punched in the head and body during the attack. The severity of the punches pushed him against the jamb of his neighbor’s door and knocked him to the floor.

His daughter told officers Beresford knew where her father, Mr Duquemin, lived and believed Beresford attacked him in revenge for the drug deal that had gone wrong.

Aiste Paulauskaite

The Beresford Hunt led officers to the home of his girlfriend Aiste Paulauskaite in Spring Close, Huntingdon. A search of the house revealed more than £ 5,000 in cash, drugs and drug paraphernalia. A damp t-shirt and a pair of gloves were also found in the washing machine.

The two were sent for forensic testing and the blood that had soaked on the gloves turned out to be Mr. Duquemin’s.

Beresford was arrested shortly after midnight on October 7, but responded “no comment” to majority questions posed by officers.

Paulauskaite was arrested and questioned, where she admitted to picking up Beresford on October 5 and driving him to and from Mr Duquemin’s road, but denied knowing what he had done during his stay.

She also allowed police access to her old phone containing a SIM card belonging to Beresford and revealed evidence of drug trafficking.

Another phone seized in Beresford gave a trace of his movements the day Mr Duquemin was attacked, including placing him at the man’s home and carrying out other drug trafficking afterwards.

Investigations also revealed that on October 6, the day after the drug trafficking and attack, Beresford used the phone to search for Mr Duquemin’s family on Facebook and also searched for defense attorneys and the expression “Huntingdonshire police”.

Mr Duquemin, 53, died at a home in Ringwood Close, Bury, Ramsey on October 10 following the attack five days earlier. An autopsy concluded that he died of a ruptured spleen as a result of blunt trauma.

Beresford was interviewed after Mr. Duquemin’s death and answered “no comment” to all questions except one. When told about the gloves found in his girlfriend’s washing machine, he visibly reacted, looked uncomfortable and said, “They weren’t washed.”

Beresford and Paulauskaite were tried at Peterborough Crown Court from September 20 and today (October 18) jurors have delivered their verdict.

Beresford was convicted of murder and had previously pleaded guilty to supplying Class A and B drugs.

Paulauskaite, 21, was convicted of aiding an offender. She had previously admitted to being concerned with the supply of class A and B drugs, and perverting the course of justice. Both will be sentenced by the same court on November 15.

Chief Detective Inspector Emma Pitts of the Beds, Cambs and Herts Major Crime Unit said: “Robert was a father of five and his family was devastated by his death.

“Beresford viciously attacked him in his own home for the sake of a drug case gone awry. Drugs cause misery in communities and are often the catalyst for more serious crimes; this case is a stark reminder of that fact.

“My thoughts and deepest condolences remain with those close to Robert, and I only hope that today’s verdict can provide some closure for them as they learn to live with their loss.”

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GameStop and AMC’s short sellers recoup their losses at $ 20 million a day https://www.spiritether.net/gamestop-and-amcs-short-sellers-recoup-their-losses-at-20-million-a-day/ https://www.spiritether.net/gamestop-and-amcs-short-sellers-recoup-their-losses-at-20-million-a-day/#respond Sat, 16 Oct 2021 11:51:16 +0000 https://www.spiritether.net/gamestop-and-amcs-short-sellers-recoup-their-losses-at-20-million-a-day/

As the year draws to a close, the struggle between retail and institutional investors that began at the start of the year seems to have inflicted permanent damage on the latter. The fight was brought into the limelight when in January and May of this year, the stock prices of specialty retailer GameStop Corporation and theatrical operating company AMC Entertainment Holdings, Inc soared 1,019%. due to the union of the retail camp on social media platforms. and buying the shares of companies in bulk.

This price increase resulted in billions of dollars in losses for institutional investors who had bet against the two companies, in a process called short selling. Investors, who expected the stock price to fall, retreated in horror as it soared, forcing some to cease trading.

AMC Entertainment shares continue to slide with short interest in the stock, but the ‘monkeys’ point to Dark Pool trading as the culprit

Now, new data for GameStop and AMC reveals that while short sellers quickly recoup their losses, the rate is insufficient to reduce the billions they lost over the year.

GameStop, AMC Short Sellers Recover $ 100 Million in Just Five Days, Data Reveals

The latest data, provided by S3 Partners, LLC, shows that at the end of trading on October 8, the cumulative losses for the year for GameStop and AMC’s short sellers were 6.16, respectively. billion dollars and 3.44 billion dollars. These numbers mark a rapid recovery rate as data from the same company shared earlier this month revealed that by mid-day on October 1, short sellers GameStop and AMC had lost $ 6.21 billion. and $ 3.49 billion, respectively.

Therefore, in the five trading days between the two periods, the short sellers were able to recover $ 100 million. That brings their recoveries since the third week of September to $ 920 million – or about $ 300 million a week.

Data as of the end of the first week of this month reveals that GameStop’s short sellers made $ 50 million in five days. Image: S3 Partners, LLC

While most of this average is due to recoveries made in late October, if this trend continues, short sellers are expected to recoup their losses in 32 weeks or about eight months. AMC and GameStop’s stock prices have both trended downward over the past thirty days, the former falling 11.5% and the latter 11.2%.

However, when we look at stock prices over the past six months, the case for short sellers recouping their losses weakens. During this period, the GameStop share price has appreciated by 18.5% and AMC’s price by 336.7%.

GameStop, AMC Short Sellers Recover Nearly $ 1 Billion In Two Weeks

Yet recent downward price trends have instilled some optimism among short sellers. As the latest data shows, while AMC’s short-term stock growth trend has remained relatively static, for GameStop it has been on the rise since mid-September, owing to the decline in the price of l ‘action.

The number of these shares, which represent those which were borrowed by the institutional camp and sold on the market in the hope of a drop in price, is disputed by the retail camp, which alleges that institutional investors are hiding the true nature of their positions.

Short-term shares for GameStop fell this month after rising in September, and dark pool data for all trades shows that 42% of trades for GameStop shares were made in dark pools on Friday. Dark pools are private forums that allow large investors to hide their identities, and for AMC, 62% of all transactions were in the dark pool on the same day.

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How do the stock markets work? – News from Lake Superior https://www.spiritether.net/how-do-the-stock-markets-work-news-from-lake-superior/ https://www.spiritether.net/how-do-the-stock-markets-work-news-from-lake-superior/#respond Sat, 16 Oct 2021 00:10:40 +0000 https://www.spiritether.net/how-do-the-stock-markets-work-news-from-lake-superior/

October 15, 2021 (LSNews) Most of the time when people hear about the stock markets their eyes are frozen. It sounds confusing at first, but the stock markets and how they work are relatively easy to understand with a little basic knowledge. When you approach investing in the stock market properly, it can be a great way to build your financial portfolio and build up a nest egg. First, let’s learn how the stock markets work and how to buy stocks.

What are stocks?

The stock market operates through a network of stock exchanges. Like the NYSE and the Nasdaq, companies will list their shares on the stock exchange, where other people can buy and invest. When you buy a stock, you essentially own a small portion of the business. This means that when it works well, you will reap the rewards. By investing in the business by buying their stock or shares, you allow them to raise funds and grow the business.

There are about 20 different types of stocks, from cyclical and income stocks to IPOs and small to large cap stocks. Different industries will fall into one of these categories. For example, stocks with a market capitalization of less than $ 2 billion are considered small cap stocks. Cyclical stocks refer to industries that experience periods of profitability and recession throughout the year.

How to buy stocks

It is very easy nowadays to buy stocks thanks to the proliferation of online stock trading platforms, which act like an online stock broker. You can also buy stocks directly from a company, but online platforms are the easiest way to build a portfolio.

A common strategy among experienced investors is short selling. This method involves borrowing stocks before paying for them, and then selling them to another buyer. The idea is to buy them back later at a lower price when the asset loses value. Short selling can be effective when the market can predict that a certain asset will fall in price as it takes advantage of supply and demand. But it can also be riskier than buying conventional stocks and should be approached with caution.

How stock prices are calculated

The simple mechanics of supply and demand determine the prices of stocks in the market. It is based on the maximum amount a person is willing to pay for a specific stock and the minimum they are willing to sell it for. Essentially, if investors buy stocks, the price will increase due to demand. If they sell stocks, the price goes down because there is too much supply.

You can value the stocks you own by calculating the price / earnings (P / E) ratio. Take the intrinsic value of the stock and divide it by the profits for the past year. Faster growing companies will have a higher P / E ratio than those that are not doing as well in the market.

Different economic and financial events can cause stock prices to fluctuate, and no business is completely protected. Working with the stock market takes art, skill, and a constant commitment to monitor the various industries you have invested in.

#LSN_Econ

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Reddit Crowd Found New Tactic In War On Wall Street: Eliminate Brokers Completely https://www.spiritether.net/reddit-crowd-found-new-tactic-in-war-on-wall-street-eliminate-brokers-completely/ https://www.spiritether.net/reddit-crowd-found-new-tactic-in-war-on-wall-street-eliminate-brokers-completely/#respond Thu, 14 Oct 2021 22:32:00 +0000 https://www.spiritether.net/reddit-crowd-found-new-tactic-in-war-on-wall-street-eliminate-brokers-completely/ A percolating theme among retail investors came to a boil on Thursday and some memes headlines ended the day on a simmer

Since being knocked out of the January short squeeze by online brokers trying to avoid margin calls, retail investors have sought alternatives to their multi-front war on short selling hedge funds, and beyond. months of research, they seem to have found it.

Completely remove brokers.

In recent days, a growing number of retail investors have swapped their TD Ameritrade torches, forks and accounts for direct registration platforms like Computershare CPU,
+ 1.52%,
who saw an influx of business from the crowd of memes.

AMC Entertainment AMC Shares,
+ 5.70%
climbed 8% at its peak Thursday, to close at 5.7%, as “direct recording” chatter took hold on social media, with Reddit users flooding message boards with screenshots alleged evidence that they had moved their trading accounts to transfer agents that allow shares of a company to be held directly rather than through the more common “street” ownership. Typically, a broker holds an investor’s shares on their books and keeps a record that shows you own the asset without the broker or individual ever having to own the physical shares.

There are, of course, advantages to this indirect ownership.

However, the trend towards direct recording – in some ways the equivalent of a late-teen Generation X kid finding his Sony DiscMan hidden in an old briefcase and deciding that it was the pinnacle of music technology – started weeks ago as self-proclaimed. “Apes” realized after January that using commission-free trading apps did not mean they were buying shares in a company, but rather paying a broker to hold their shares via a “street name” .

It didn’t take long for these monkeys to decide that this kind of indirect ownership was fueling short sellers, who borrow stocks and create the kind of synthetic trading environment that some retail investors say has allowed hedge funds and other institutions run short sales and avoid the pain of being in a hurry themselves.

“Over the past few weeks, we’ve seen a significant increase in direct registration transactions in some US-listed ‘meme stocks’,” Paul Conn, president of Computershare Global Capital Markets, told MarketWatch’s MemeMoney.

“Retail investors have asked their broker or bank to withdraw their investments from the ‘street name’ system and in their own name directly from the company’s share register, which Computershare manages as an agent of the company. company concerned. “

Computershare declined to share specific data describing the magnitude of the inflows it saw. But if a quick read of Reddit is any indicator of interest, with users posting screenshots of what they describe as newly activated accounts, the transfer agent from Abbotsford, Australia finds a good flow of new business.

“Some of the benefits of direct registration include the right to receive dividends and other corporate communications directly from the company,” Conn said.

“Registered investors also receive their proxy and can attend, ask questions and vote directly at a company’s shareholders’ meeting. Another benefit includes the right to transfer ownership directly, ”he said.

But for the retail monkeys of Reddit, there’s another huge benefit to recording direct in memes stocks: preventing brokers, short sellers, and market makers from creating a condition in which the stock amount sold short in a given company exceeds the total amount of shares outstanding. . So-called short selling, where investors profit from betting on stocks without owning them, is illegal on Wall Street, but many Redditors believe that short selling is indeed due in part to ownership. indirect. Short bets are inherently risky as the losses on a wrong bet can be endless.

“When the music stops, there isn’t enough stock for everyone,” said Susanne Trimbath, CEO of STP Advisory Services and an economist who has been instrumental in educating retail investors about market structure.

“These retail investors are trying to stop the music.”

But while the music was still playing Thursday, it was a sweet tune for some memes stocks.

In addition to AMC (which seemed to finally capitalize on #AMCSqueeze trending days on Twitter), shares of BlackBerry BB,
+ 4.59%,
Clover Health CLOV,
+ 0.87%
and Palantir PLTR,
+ 0.91%
all closed above.

“This buying frenzy is among brokers,” Trimbath reflected. “At this point, it’s easier to find money than it is to find stocks.”

This sentiment was shared by a number of retail investors who used the power of memes to illustrate their disruption.

Despite an early pop, the actions of GameStop GME,
-0.12%
closed on the wrong side of the dish on Thursday, with a loss of 0.02%.

It should be noted that direct registration is not a panacea for everything that is wrong with the structure of the market.

It is important to note that locking stocks through direct registration can put pressure on short sellers, but it also exposes the monkeys to significant losses if the stock falls into a free fall.

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Rally gets $ 15 million in last round of investment https://www.spiritether.net/rally-gets-15-million-in-last-round-of-investment/ https://www.spiritether.net/rally-gets-15-million-in-last-round-of-investment/#respond Wed, 13 Oct 2021 16:00:45 +0000 https://www.spiritether.net/rally-gets-15-million-in-last-round-of-investment/

Rally, a platform for fractional investment in collectibles, has closed $ 15 million in a round-robin led by Wheelhouse.

Launched three years ago by Brent Montgomery in partnership with late-night talk show host Jimmy Kimmel, Wheelhouse is a media, marketing and investment company. Its investment arm, Wheelhouse 360, participated in the round along with Thirty Five Ventures, Animal Capital, Bertelsmann Digital Media Investments and LionTree. To date, Rally has raised over $ 65 million in equity.

More from WWD

The collectibles market gained momentum during the pandemic, in part due to months of lockdowns in various parts of the world. The global collectibles market is estimated at $ 370 billion.

Rally founder Rob Petrozzo said the final round would be used to “add more access and more ramps, expand the platform and offerings, move towards more continuous trading so that it There is the possibility of investing in Rally and developing internationally and in new markets. Classes. ” The platform offers 15 categories including NFTs, which were added recently. Music and entertainment royalty streams will arrive soon, and domain names and real estate are in the works for the coming months, he said.

Montgomery, CEO of Wheelhouse, noted that the increase in fractional investing reflects the explosion of interest in collectibles as a dynamic asset class, which the company calls “the investments, the merging of investors and collectors… ”

Wheelhouse also intends to help Rally strengthen its brand through a broader collaboration with content and talent that includes podcast production on collectibles and ‘passionate investing’ and exposure to television audiences. via the History Channel “Pawn Stars”. Next season, the show will feature finds from the rally, such as a 1776 sweep of the Declaration of Independence.

To celebrate the latest investment round, Rally and Wheelhouse will host a private event featuring some of Rally’s most expensive collectibles, including a piece of hardwood from Staples Center where Los Angeles Laker Kobe Bryant played his last game in April 2016, scoring 60 points. The NBA star and eight others died in a helicopter crash in Southern California last year.

While some might view the Relic on the Floor as somewhat morbid, asked if he had any reservations about this item, Petrozzo said, “To us and to me, Kobe is this larger-than-life figure. He has always been this legend and this hero for me that I have always watched. I tried to imitate his game, when I played [high school] basketball. For us, providing our investors with opportunities that create the same emotion is an important part of what we do as a company and as a platform. Even though Kobe is no longer with us, having a room that was so meaningful to so many of his fans, to me and to our business was a big reason we went with this hardwood floor.

Seventeen percent of Rally’s total supply is luxury items such as bags and Birkin watches.

While Thirty Five Ventures was started by Kevin Durant and Richard Kleiman, Gen Z-focused animal capital, which claims to have over 100 million engaged consumers, was started by social media guys Josh Richards, Griffin Johnson and Noah Beck, among others. Although Petrozzo has not referred to anyone by name, he has recognized the importance for Rally of having “big name investors” in that it validates much of what it does and with fan bases of these people. In addition, it is an opportunity to connect with users, “building this community and having that cachet or co-signing these important names in all these spaces where we operate is an important way to build the community and this business”, he declared.

For the remainder of this year and through to next year, the focus will be on continuing to build and engage this community to inform Rally as to where the platform needs to go. . There are plans to move the retail space to a nearly 5,000 square foot location in Manhattan’s SoHo. “It’s easy to navigate an app and understand the dynamics from a financial perspective. But there’s a different feeling of being around them in a museum setting that really literally brings them to life – asking questions, having conversations and doing it in a space, where your investments will live, ”said Petrozzo. .

Further rally outposts are being considered in Los Angeles and Miami to bring community members together in person through informative lunches, partnership events and other situations. Petrozzo said, “For us, the community isn’t about having a chain of discord or sending a few emails. It’s really about allowing the investor to define the direction in which we are going. [in] as a platform, the assets we bring to market and the engagement we create.

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What George Soros says about Bitcoin https://www.spiritether.net/what-george-soros-says-about-bitcoin/ https://www.spiritether.net/what-george-soros-says-about-bitcoin/#respond Tue, 12 Oct 2021 11:32:33 +0000 https://www.spiritether.net/what-george-soros-says-about-bitcoin/

Soros Fund Management, the investment firm headed by well-known billionaire and philanthropist George Soros, gave the green light to Bitcoin (BTC) trading earlier this year. The company’s chief investment officer, Dawn Fitzpatrick, said the company is investing in Bitcoin and the infrastructure around it.

The fund may have opened the doors to crypto, but – aside from comments made in Davos a few years ago – Soros has played his crypto cards close to his chest. Here’s what we know from his take on Bitcoin.

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Who is George Soros?

George Soros is famous for his success as an investor and for his charitable contributions. In 2017, he gave $ 18 billion – 80% of his fortune – to Open Society Foundations, a network of human rights and justice associations.

Soros is regularly referred to as “the man who blew up the Bank of England” because in 1992 he made $ 1 billion by selling sterling short. Short selling allows investors to profit when the price of an asset falls.

One of the reasons people want to know what Soros thinks about the ever-changing world of digital currencies is that the 91-year-old has gained a reputation as the world’s leading currency speculator. Another reason is the fear that he and his company will run out of Bitcoin, which is basically betting that the main cryptocurrency will lose value.

What Soros Said About Bitcoin

When addressing the World Economic Forum in Davos in January 2018, Soros described Bitcoin as a “typical bubble”. He compared the cryptocurrency industry to the tulipomania that gripped the Netherlands in the 1600s.

His main concern? Volatility. “Bitcoin is not a currency,” he said, “because a currency is meant to be a stable store of value, and a currency that can fluctuate 25% in a day cannot be used, for example. example, to pay wages. Because wages could drop by 25% in one day. “

However, he also saw the potential of blockchain technology, which he called “innovative”. Warning that blockchain technology could be used for both good and evil, Soros pointed to a positive use case. “We actually use it to help migrants communicate with their families and keep their money safe and take it with them,” he said.

More recently, his investment company decided to invest in Bitcoin, but Soros himself has not commented.

Why Soros Fund Management will trade crypto

Talk to Bloomberg in the front row in March, Fitzpatrick said, “We think the whole infrastructure around crypto is really interesting, and we’ve invested in that infrastructure.” By infrastructure, it refers to everything from cryptocurrency exchanges to crypto asset management and tax reporting.

She explained that interest in cryptocurrencies has been fueled by deflation. “Something like Bitcoin could have remained a marginal asset, but for the fact that over the past 12 months we have increased the money supply in the United States by 25%,” Fitzpatrick said.

Like many investors, Fitzpatrick views Bitcoin as a commodity rather than a currency – she points out that it is storable, transferable, and has a limited supply. Indeed, the IOC believes that Bitcoin has succeeded in taking part of the gold market.

Fitzpatrick warned that central bank digital currencies (CBDCs), or GovCoins, could threaten Bitcoin, at least in the short term. CBDCs are government backed digital currencies that are built on the blockchain. They are basically digital versions of traditional currencies like the US dollar.

China has been piloting a digital yuan for some time, and the Federal Reserve is examining the pros and cons of a digital dollar. CBDCs offer some of the benefits of cryptocurrencies, such as fast and cheap payment processing, but without the volatility and risk. But because they are centralized, there are privacy and security issues that can be difficult to overcome.

No longer a marginal asset

Much has changed since 2018. More and more retailers are accepting cryptocurrency as a form of payment, and a recent survey by Bakkt showed that 48% of Americans have purchased cryptocurrency.

If you are planning to follow Soros Fund Management and buy Bitcoin, make sure you understand the risks and only invest the money you can afford to lose. Investing in cryptocurrencies can generate high rewards, but it can also lead to heavy losses.

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HSI up 553 points; HSTI up 227 points; BABA Up over 9%; MEITUAN up more than 9% AASTOCKS Financial news https://www.spiritether.net/hsi-up-553-points-hsti-up-227-points-baba-up-over-9-meituan-up-more-than-9-aastocks-financial-news/ https://www.spiritether.net/hsi-up-553-points-hsti-up-227-points-baba-up-over-9-meituan-up-more-than-9-aastocks-financial-news/#respond Mon, 11 Oct 2021 04:12:00 +0000 https://www.spiritether.net/hsi-up-553-points-hsti-up-227-points-baba-up-over-9-meituan-up-more-than-9-aastocks-financial-news/

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