Comment by Aunche | Hacker News Reader

Comment by Aunche | Hacker News Reader

Parent Full thread

> you are specifically defending Melvin's position wrt GME.

You need some reading comprehension lessons. That's not what I'm saying at all. The people who made money off the GME squeeze aren't the same people on a moral crusade against hedge funds. DeepFuckingValue bought GME because he performed thoughtful analysis and determined it to be undervalued. Sticking it to hedge funds was just a nice bonus. A schmuck who bought GME at $420.69 did so because someone on the internet told them it would be the best way to get revenge on the hedgies.

> I've already pocketed enough to retire so I'm not concerned about volatility.

Do what you want. I'm not worried about you. I'm worried about the average joe who loses $1000 on GME, declares the market is rigged, and never invests their money again. If there's anything that will kill hedge funds, it would be increasing financial literacy, not short squeeze memes.

> I'm worried about the average joe who loses $1000 on GME, declares the market is rigged, and never invests their money again.

Isn't your entire argument that hedge funds are smarter investors, and therefore you cannot compete with them? And since hedge funds aren't accessible to people that aren't rich, doesn't that mean the market is rigged?

It sounds to me like you're upset that people are educating themselves about the market and drawing different conclusions than you want them to. It's their money and they can do what they want with it.

> Isn't your entire argument that hedge funds are smarter investors, and therefore you cannot compete with them?

I don't think that hedge funds are particularly smart, outside of convincing their clients of their value. I'm saying that hedge funds are smarter than "investors" that think that buying GME at $300 going to meaningfully hurt hedge funds in any way. I'm not upset at the people losing money. I'm upset at the people peddling these imagined narratives as facts, which ends up causing people to lose money.

> I'm upset at the people peddling these imagined narratives as facts, which ends up causing people to lose money.

I'm not really a fan of misinformation either, but I will defend people's right to share their opinions freely (except in extreme situations where it advocates violence).

This is hardly unique to /r/wsb though. I mean yeah, I wish most people there were better informed as well. But I'm not sure how to solve that problem.

In my opinion /r/wsb is a net positive, although it obviously has its problems. The signal to noise ratio is awful, and the amount of shilling going on is ridiculous.

Reply on news.ycombinator.com