Ex MassMutual advisor behind Reddit GameStop thing

[Tahoe Ray]

What kind of speculation is that?

Hedge funds shorting 140% of a stocks shares?... which was illegal until hedge funds found a loop hole in the regulations that was not covered....

Or hedge funds illegally shorting a stock in a concerted effort to bankrupt a company who employs 15,000 people.... all for the sake of making a huge profit for their ultra wealthy clients... ??

Because thats what was going on with GME. A few hedge funds created naked shorts against the company in an effort to bankrupt it... causing 15,000 people to lose their job... causing 5,500 landlords to lose rent on GMEs retail locations... at a company that otherwise would not be going bankrupt if not for the naked short selling against it.... just so the hedge funds clients (all people with $1m minimum in liquid investible assets.... most have 100x that) can reap 100%+ gains on their millions of dollars....

Why is it ok for institutions to break the rules but not ok for us citizens to take a financial position against the institutions that are breaking the rules? There is no law against me buying GME stock and holding it and not selling, nor anything unethical about it.

Watch this if you want to know how this actually works (not you scagnt83, just in general)

Back In 2006, Jim Cramer Candidly Revealed The Tricks Short Sellers Use To Drive Market Prices Down - Digg

 

[Josh]

I support the proposal that all stocks sold that were held for less than a year should be taxed at 100%.

This kind of speculation does nothing to make the country or the markets better.

Alright, play that one out...

So you think that buying a stock should result in zero potential for profit for the first year, only risk of loss.

How would having a zero percent chance of making any money and a chance at loss be good for the stock market?

Sounds to me like your position is based on a feeling.

So how would your proposed policy of taxing all stocks held less than a year at 100% help "the country" or "the markets"?

 

[tikibarrister]

What kind of speculation is that?

Exactly the kind you just outlined. Thanks for filling in the details.

Sounds to me like your position is based on a feeling.

So how would your proposed policy of taxing all stocks held less than a year at 100% help "the country" or "the markets"?

Why not ask Warren Buffet? It's his proposal.

His point is you buy stocks a bit more cautiously when you have to hold them for a period before selling. Eliminates day trading, crazy IPOs that are bankrupt in 6 months, eliminates shorting, and all sorts of speculative behavior.

 

[Tahoe Ray]

Exactly the kind you just outlined. Thanks for filling in the details.



Why not ask Warren Buffet? It's his proposal.

His point is you buy stocks a bit more cautiously when you have to hold them for a period before selling. Eliminates day trading, crazy IPOs that are bankrupt in 6 months, eliminates shorting, and all sorts of speculative behavior.

Why are we eliminating speculation in stocks? What's next? Casinos, sports betting?

The regulation here needs to be on the broker side.

Robinhood restricting buys of certain stocks is criminal.

Billionaires saying we're "attacking" them and CNBC and other news org reporting on Melvin closing positions is laughable. Since when does the media report on a previously unknown hedge fund closing a position a stock.

No way I'm advocating for more taxes. Reform the process.

 

[scagnt83]

Why not ask Warren Buffet? It's his proposal.

His point is you buy stocks a bit more cautiously when you have to hold them for a period before selling. Eliminates day trading, crazy IPOs that are bankrupt in 6 months, eliminates shorting, and all sorts of speculative behavior.

So everyone is forced to go long on a stock? Plays out perfectly for Buffet's "buy and hold" strategy.... no wonder why he is pushing it...

Forcing everyone to go long on a stock would be even more socialization of the stock market (ETFs and MFs are socialized forms of investing)... ensuring it will never go down and creating an even larger bubble than we have now.

There are many legitimate reasons to short a stock, or hold a short term position in a stock, etc. Hedging, liquidity, the list goes on and on. And they play crucial roles in today's complex market, mainly creating sufficient liquidity for people to sell shares when the desire to.

I am not against short selling, I am against naked short selling that does not require a fund to play by the rules. I am against unfair advantages for institutions being allowed, Im against unfair restrictions on retail investors being pushed by institutions under the disguise of "investor safety". Speculation is healthy for the market as long as that speculation is playing by the rules.

 

[marindependent]

Guy working for a company telling people to stop putting money into 401k & put it all in WL is then possibly investing his compensatiom in day trading individual securities & derivatives.

Was this guy an actual Agent or theirs or a back office person?

 

[Allen Trent]

Was this guy an actual Agent or theirs or a back office person?

Not an agent. CFA in the investment division

 

[Josh]

Why not ask Warren Buffet? It's his proposal.
You are the one advocating for it here. If it isn't your idea, what makes you think it is a good one?

His point is you buy stocks a bit more cautiously when you have to hold them for a period before selling. Eliminates day trading, crazy IPOs that are bankrupt in 6 months, eliminates shorting, and all sorts of speculative behavior.

Who the HELL cares about his opinion? Why should we be forced to do anything? Free market. The free market has done more to move human progress forward than any other economic system. A fundamental of the free market is not forcing people to do certain transactions. Turning short term capital gains tax to 100% makes book burning seem "moderate".

Seriously, you seem like a bright enough guy, let's play this one out:

100% short term cap gains tax.
Zero day traders.
What about car dealers? They buy cars, and sell them, should they have 100% tax on their profit?

What about 100% short term cap gains tax is anything other than unnecessary government interference? How does 100% short term cap gains tax benefit 80% or more of the country?

Hint: I don't think it does. 100% cap gains tax is another huge step in the wrong direction.

When can we hold Wall Street accountable? I believe the answer is now. #GME #HoldTheLine #ToTheMoon

 

[scagnt83]

Talk about manipulation. All these articles talking about reddit traders targeting silver.... complete BS!!

Citadel Capital (the ones being hit by GME) owns tons of long calls on SLV. And none of the original redditors on that board are talking about silver... just a few brand new accounts and a TON of articles in the press over the weekend.

This is pure manipulation, and the press is complicit in it now.

 

[Tahoe Ray]

Talk about manipulation. All these articles talking about reddit traders targeting silver.... complete BS!!

Citadel Capital (the ones being hit by GME) owns tons of long calls on SLV. And none of the original redditors on that board are talking about silver... just a few brand new accounts and a TON of articles in the press over the weekend.

This is pure manipulation, and the press is complicit in it now.

They were talking last week about banning new accounts/low karma accounts from posting.

They should have done that.