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Business, Economics, and Taxes: Capitalism. Yay? >=(

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unofan said:
Example 1 is easy - 400 shares ....
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Good stuff - thank you. I guess I always imagined it more like betting at a track, where there was someone/something (i.e. an algorithm) behind the scenes "setting" the price to try to accommodate/encourage trades to occur, in the same way an oddsmaker tries to set the odds to encourage betting. Seems more like the role of the market managers is really just to record the stock prices of the trades that the traders mutually agree upon among themselves.
 
SJHovey said:
That probably explains why the world is as farked up as it is.


All joking aside, you can't tell me that there hasn't been some profit taking by these reddit guys, and that they're not sitting there weighing the social justice value of sticking it to the hedge funds with the cash value of selling.
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There are inevitably going to be a few Republicans in every group.
 
SJHovey said:
That probably explains why the world is as farked up as it is.


All joking aside, you can't tell me that there hasn't been some profit taking by these reddit guys, and that they're not sitting there weighing the social justice value of sticking it to the hedge funds with the cash value of selling.
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These are people that literally call their threads “GME YOLO”. They don’t care about the profit. The minute the hedges started their obvious manipulations is the minute people started saying “I don’t care if I lose $X, f- the hedges!”
 
Slap Shot said:
So in theory hedge fund controllers could sell to each other at ridiculously low prices to 'artificially' drive the price back down? Not sure if that would present a net benefit to them within the current climate for Gamestop but it got me thinking.

I am superbly unsavvy on these matters. I can manage my 401(k) just fine and I have done well with stocks (namely Wal-Mart and a few others) but honestly a lot of this is way over my head.
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I don’t think they get to pick who they sell to and the article Jim posted makes no reference to that. So I’m not sure what they all referencing.

If you are going OTC, you’re not selling on the exchange. Doesn’t this mean the exchange price wouldn’t be impacted?
 
Jimjamesak said:
These are people that literally call their threads “GME YOLO”. They don’t care about the profit. The minute the hedges started their obvious manipulations is the minute people started saying “I don’t care if I lose $X, f- the hedges!”
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Because no one ever says one thing on the internet and then does the complete opposite in real life...
 
unofan said:
Because no one ever says one thing on the internet and then does the complete opposite in real life...
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My impression is that there are certainly some accounts that are pretending to be diamond hands in order to ensure their exit strategy but there also seem to be countless accounts who really are there to try to punish Wall Street for a variety of sins, perhaps even 1/100th of 1% of which are imagined.

Most of this is a guttural populist revolt against the very worst. most damaging actors in our society, who cannot be reached by any other means because all other legal and political avenues have been blocked by bribery. All movements also have cynical manipulators -- witness every crass marketer ever who made money off revolution. But "there exist bad people" does not equal "all people are bad."

And I can get behind people using their numbers to try to execute trades as a more laudable, constructive, and practical solution to inequality than actually executing the rich. For one thing, the daughters of the rich are sometimes redheads, and, unlike the daughters of the poor and middle class, they bathe regularly.
 
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Kepler said:
And I can get behind people using their numbers to try to execute trades as a more laudable, constructive, and practical solution to inequality than actually executing the rich. For one thing, the daughters of the rich are sometimes redheads, and, unlike the daughters of the poor and middle class, they bathe regularly.
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Nah, we can always just spare the redheads...:-)
 
Kepler said:
This seems sensible.
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It certainly seems truthful and likely, but I'm not sure about sensible.

The guy got in early, then bailed way, way too early just so he could pocket $40,000, then got in late and is watching all of his February options at prices in the mid-100s turn to garbage as the days tick by and the stock price tumbles below 100, so he's begging other people to buy to drive up the price.
 
SJHovey said:
It certainly seems truthful and likely, but I'm not sure about sensible.

The guy got in early, then bailed way, way too early just so he could pocket $40,000, then got in late and is watching all of his February options at prices in the mid-100s turn to garbage as the days tick by and the stock price tumbles below 100, so he's begging other people to buy to drive up the price.
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with enough implied volatility you can still sell out of the money options with an expiration that's a week or two out for a profit. The problem is GME is trending in the wrong direction right now... If it jumps up to $125 he may be able to unload a mid 100s call for a profit, so you may be right. He might not have to move the stock that much to push his options into the green.
 
Yeah it doesn't seem sensible to me, it just sounds like the guy is trying to get rid of the dead weight so he is pretending to care about the people losing their shirts. Everyone holding as the stock is crashing isn't helping any of them so getting people to sell puts shares out there for people to buy which helps them more.

This is just a Dude Bros protecting himself...which he has done from the beginning. That is why he sold at $35 and then re-bought in and cashed out along the way.

He is right that they need to stop the holy quest though that is dead when it comes to GME.
 
The GME story seems to be getting a tad more interesting.

Apparently the guy who started it all, and who was the big promoter of the buying of the stock to squeeze the hedge funds, Roaring Kitty(?) is actually a securities broker for MassMutual. Regulators are looking into matters. Roaring Kitty has apparently told the "followers" that he's "taking a break" from posting updates on the stock for now.

Curious.

https://wtop.com/consumer-news/2021/...as-shares-sag/
 
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Like I said...the belief this was a bunch of nerds taking a break from D&D was hilariously wrong. I never thought it was a current broker mind you but it was obvious the Dude Bros had a lot of knowledge how the game worked.
 
Handyman said:
Like I said...the belief this was a bunch of nerds taking a break from D&D was hilariously wrong. I never thought it was a current broker mind you but it was obvious the Dude Bros had a lot of knowledge how the game worked.
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I think most of us assumed that it was one or two people with actual knowledge and 99.99% who are the nerds living with mom. I still think that. The guys with the actual knowledge, like Mr. Kitty, are the ones who are going to make some money. The rest are going to get boned.

It'll be interesting to see what Mr. Kitty's trade history looks like, both with his own account and with his MassMutual customers. The problem he has if he was just trying to do a simple pump and dump was the thing grew so exponentially that it became a worldwide news story, and as a result, there is going to be some digging done by regulators.
 
Tax Question:

Do I need a 1099 or similar form for my two stimulus checks or are those payments already baked into the 1040 Form?

With no other income outside of my one normal job last year, it seems that I just need that W-2 and my Student Loan interest form. It seems too simple so I don't trust it, ha ha...
 
You talking about the $600? Or the upcoming $1400?

Saw today that if you haven't got the $600 yet, there's a line on the 1040 form(and another form that I guess some people have to use, 1040CR, or something like that)that has a line for you to fill in how much of that you're supposed to get. It'll be added to your refund, or offset any taxes you may owe.

The $1400 I assume will be sent directly.
 
I did my taxes today (turbo tax). All I had was a portion where they asked if I got both rounds and if so how much. I did not have a 1099 for it. I got both rounds so I put that in. I did play with it some and saw if I took the $600 2nd payment off, my refund went up by 600 but there was a thing on there that said it would only be applied after they checked to confirm you had not yet received and were qualified to get.

The upcoming $1400 (or whatever was not mentioned) it was just the original $1200 and 2nd $600
 
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