How Citadel and Wall Street Triumphed Over Retail Traders with Spencer Jakab

On todays podcast I am happy to be hosting Spencer Jakab, Editor of the "Heard on the Street" column at The Wall Street Journal and Author of the recently released book "The Revolution That Wasn't: GameStop, Reddit, and the Fleecing of Small Investors". 

On the podcast we talk about what Wall Street Bets is, the events leading up to the GameStop short squeeze, why Robinhood halted trading and why it wasn't a revolution. 

0:00 - Introduction
0:22 - Influence for writing the book?
3:30 - How did WallStreetBets start and what attracted so many like  minded people to the group?
7:30 - Wall Street makes money from volatility
10:40 - How traders started gambling
18:25 - Who was Keith Gill and what attracted people to his investment ideas?
22:55 - Other short squeezes
30:15 - Taking advantage of Wall Street Bets
31:55 - Why Robinhood halted trading?
38:40 - Why it wasn’t a Revolution
44:00 - Do you believe Hedge Funds have learnt from this situation?

Spencer is the editor of  “Heard on the Street,” the Wall Street Journal’s financial and economic analysis column. Before joining Heard as Deputy Editor in 2015 he wrote the “Ahead of the Tape” column which ran each weekday and previewed the day’s most important economic or business event. Before that Spencer wrote “Lex” for Britain’s Financial Times.

Spencer's first career was in finance. He lived in Europe for a decade, mostly working as an emerging markets stock analyst and later the head of a research team at a big bank. He learned a lot, travelled to some very cool places, but got bored with corporate life and decided to write about money instead of making so darn much of it.

Spencer earned a master’s degree in international affairs from Columbia University, a certificate from Columbia’s Harriman Institute, and a B.A. in political science from Brandeis University.

Spencer Jakab - 

Website - https://spencerjakab.com/
Twitter - https://twitter.com/Spencerjakab
LinkedIn - https://www.linkedin.com/in/spencer-jakab-43b635b/

WTFinance -

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