Nuclear strikes were fired. Last night, Robinhood and many other brokerages stopped retail investors from buying shares and options on Gamestop, AMC, and many others.
While I can understand raising the hurdle on margin and options, there is little justification for stopping the buying of shares. It reeks to me of market manipulation and a desperate move to save the hedge funds.
Robinhood and other brokerages are beholden to the hedge funds. At the critical moment, they showed who were their most important customers. The interactive brokers chairman changed the rules of the game to suit and protect themselves. The financial industry has rallied together to stop retail investors from exploiting their own mistake of shorting 140% of the available float on a stock.
This angered me. It angered me enough to buy in. I made two transactions last night, 60 shares of Gamestop at $353, and another 60 shares at $275.
My transaction was about supporting the frontlines and providing reinforcements. I still think Gamestop as a business is shit, but this has evolved into a much bigger issue. It’s about proving that retail investors are not stupid. That billionaires shouldn’t get bailed out for their mistakes while the working poor gets shafted. It’s my middle finger against corporate greed and the unfairness of the game.
I’m already down about 60%. That’s fine. It reminds me when Tesla was being bashed around by pretty much the same parasites. This time its different, I will hold. I think losing my capital of about USD $ 60,000 is a fine price to pay for fighting for justice and glory. I’m glad to be on the side on the little guy, even if I get blown up.
I was reminded of the Les Miserables song, Can you hear the people sing? It’s a song where the young and brave dared to challenge the establishment to fight for their rights and a new world. Most of them were massacred when the government finally brought the army and cannons in. But they live on forever as martyrs.
We will one day feast and cheer at Valhalla.