iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
23,599 Blog Posts

$GME Has Collapsed Again; Roaring Kitty in Shambles ***

The worst part of the Roaring Kitty story is that he’s micro fixating on a really bad company with a really bad CEO in Ryan Cohen. Some will argue the opposite and suggest that $GME is the single best company in existence; but you’d be a fool to suggest that.

As someone who trades for a living and has people watching my trades and sometimes following them, I’m extremely reticent of this notion and understand my level of risk is different from others and the acceptance of losses differs too. With this in mind, I purposely leave out any option ideas I might dabble in or some other risky ventures out of fear people following me might catch a bad one and get injured. Don’t misconstrue my careful wording here since I do risk plenty and have been known to take some high octane bets; but nothing too crazy and certainly not for an extended period of time.

So when I look at Roaring Kitty, who at one point was a licensed professional, I wonder what he’s thinking by showcasing his book. The only reason why you’d showcase your book is to either help people or help yourself. If you’re buying shit you want others to buy it with you and juice your returns. If you have value to add and some good ideas, you offer those ideas, either for a fee for out from the kindness of your heart.

What do we have here with $GME? This was supposed to be a crusade against the bankers, a venue to extract vengeance against the system because they’ve been having their way for too long. Is that what buying $GME really is or is it something different? Perhaps some have figured out how to corner a stock and rig it higher no different from the big bad bankers. At the same time those shopping $GME around as the best thing since sliced bread are marketing a brand of investment that is ruinous for normies. Instead of telling them to compound their gains over 20 years, they’re telling them to get rich quick and take some shortcuts by invoking populism into their stock picking and introducing the most riskiest form of investing (call buying) into the lexicon in a manner that is entirely unacceptable.

What I am saying to you is, most of you are fucking idiots and cannot be trusted with investments. More so, you’re easily tricked by wealth and the allure of having shiny things because you think it’ll make you more attractive and it’s all so tiresome. What you need to do is fuck off and buy an index fund and go back to work.

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One comment

  1. 2 wheels

    I respect the kitty but what he’s doing is straight up gambling! I love some short dated call options but would never put that much of my portfolio at stake in such a high risk trade.

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