GameStop nearly broke the market in ways that I did not know that at the time. A small amount of buying creates a lot of a lot bigger activity on the other side. The markets had to turn around and close until the whole thing comes up with like $10 trillion. And then we'd essentially just prevent any brokerage from participating, which was relevant because there's not enough cash in the world for this situation.
Jaime Rogozinski founded the WallStreetBets sub-Reddit in 2012 during the height of the #OccupyWallStreet movement as a response to how banks use the stock market like a casino. The community provides low-capital investors opportunities and information on how to leverage huge returns in opposition to 'traditional' investing which takes years to generate wealth via compound interest. During the pandemic, the forum exploded in notoriety when the group invested heavily in GameStop, AMC, and other 'meme stocks'. Today, Jaime dives into the history of the group he founded and divulges information on the new 'gamified investing' platform he's looking to launch in 2023!
Additional topics include:
- The difference between WallStreetBets members and "traditional" Investors (00:04:13)
- The history and ethos of WallStreetBets (00:19:49)
- "Three traders walk into a chat room..." (00:22:17)
- The 2021 Gamestop and AMC stock explosion (00:33:28)
- What WallStreetBets experiments has Jaime run? (00:49:33)
- Jaime's concepts for the gamification of trading (00:52:21)
------------
Visit Notepd.com to read our idea lists & sign up to create your own!
My new book Skip the Line is out! Make sure you get a copy wherever books are sold!
Join the You Should Run for President 2.0 Facebook Group, where we discuss why you should run for President.
I write about all my podcasts! Check out the full post and learn what I learned at jamesaltucher.com/podcast.
------------
Thank you so much for listening! If you like this episode, please rate, review, and subscribe to “The James Altucher Show” wherever you get your podcasts:
Apple Podcasts
Stitcher
iHeart Radio
Spotify
Follow me on Social Media:
YouTube
Twitter
Facebook
------------
- What do YOU think of the show? Head to JamesAltucherShow.com/listeners and fill out a short survey that will help us better tailor the podcast to our audience!
- Are you interested in getting direct answers from James about your question on a podcast? Go to JamesAltucherShow.com/AskAltucher and send in your questions to be answered on the air!
------------
------------
Thank you so much for listening! If you like this episode, please rate, review, and subscribe to “The James Altucher Show” wherever you get your podcasts:
Follow me on social media:
