Spencer Jakab, editor of Heard On The Street for The Wall Street Journal, joins Forward Guidance to share what he learned writing his latest book, “The Revolution That Wasn't: GameStop, Reddit, and the Fleecing of Small Investors.” Jakab and Farley discuss meme-stock mania in all its aspects: the outwitting of hedge funds by individual investors, the transformation of r/WSB from a trading club to a “movement,” the shameless promotion by influencers, and the tallying of who ultimately got rich. Filmed on September 19, 2023.
Spencer’s book: https://www.penguinrandomhouse.com/books/690543/the-revolution-that-wasnt-by-spencer-jakab/
Spencer’s book on Amazon: https://www.amazon.com/Revolution-That-Wasnt-GameStop-Investors/dp/0593421159
Follow Spencer Jakab on Twitter https://twitter.com/Spencerjakab
Follow Jack Farley on Twitter https://twitter.com/JackFarley96
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Timecodes:
(00:23) Fleecing Of Small Investors
(16:40) Problems At The Clearinghouse
(31:13) Gamma Squeezes via Out-of-the-Money Short-Dated Call Options
(38:19) Who Was Still Short?
(51:02) The r/wsb Strategy Become A Movement
(56:28) The Influencers: Dave Portnoy, Chamath Palihapitiya, and Jack Farley
(01:06:10) The Theories Of Conspiracy
(01:13:44) How To Beat Wall Street (Actually)
-- Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.