Sacred Symbols+, Episode 79: Probing the GameStop Fiasco With Richard Hoeg
Added 2021-02-02 17:00:05 +0000 UTCYes, we're a PlayStation podcast, and no, what's happened with GameStop's stock over the last two weeks or so really has nothing to do with us, the content of our show, or what we'd usually talk about. In fact, it's nothing more than happenstance that a gaming company was used as a proxy for an attack on a hedge fund's short position at all. Yet! People really want to talk about it. So today, we thought we'd dedicate an hour to really delving into what happened, and to do so I (Colin) brought on my buddy Richard Hoeg, a lawyer whose practice happens to revolve around business and finance. We couldn't let this opportunity pass us by! So let's get into all of it, shall we? By the end, you may even learn what a "gamma squeeze" is!
Comments
Thank you for your kind words!
Colin Moriarty
2021-02-10 19:31:49 +0000 UTCGreat conversation between two like-minded, educated individuals. Feels good to learn something new.
Castonian
2021-02-10 04:06:42 +0000 UTCThanks!
Colin Moriarty
2021-02-08 01:36:10 +0000 UTCThank you!
Colin Moriarty
2021-02-08 01:36:07 +0000 UTCI'm really glad you found this episode useful. Thank you for your support!
Colin Moriarty
2021-02-08 01:36:02 +0000 UTCGreat show guys
Alom Mohammed
2021-02-07 13:55:24 +0000 UTCDamn good show gents!
Michael Maurice
2021-02-07 02:57:39 +0000 UTCThis was great. I was actually scouring the internet for something this succinct and got giddy when it was hinted at on last week's SS. Did not disappoint. Hoeg is amazingly articulate and Colin pushed all the right buttons. It has been headache inducing listening to the everyman try and explain or justify what is going on. Colin, your even tempered assessment of this whole scenario is why I listen to you. This episode in particular along with the addition of Defining Duke has got me reaching into my wallet. Well done. Looking forward to whatever is next.
tobin_asai999
2021-02-05 07:39:48 +0000 UTC<3
Colin Moriarty
2021-02-05 03:12:53 +0000 UTCWe will. =)
Colin Moriarty
2021-02-05 03:12:50 +0000 UTCPerhaps.
Colin Moriarty
2021-02-05 03:12:46 +0000 UTCGlad you had Hoeg back, he's great!
Tanner Brant
2021-02-05 02:18:54 +0000 UTCThis is great do more of these off beat off topic once in awhile podcasts.
Asique Alam
2021-02-04 02:41:54 +0000 UTCGamma squeeze? That's when the Hulk flexes his butt cheeks
Jill Sandwich
2021-02-04 00:31:13 +0000 UTCDefinitely.
Colin Moriarty
2021-02-03 19:27:11 +0000 UTCYeah, when you realize they're floating all of the money, it makes a difference.
Colin Moriarty
2021-02-03 19:27:08 +0000 UTCThank you!
Colin Moriarty
2021-02-03 19:26:52 +0000 UTCWe'll certainly have him back.
Colin Moriarty
2021-02-03 19:26:48 +0000 UTCThank you!
Colin Moriarty
2021-02-03 19:26:42 +0000 UTCThe bigger problem is the mixture of commercial and investment banks.
Colin Moriarty
2021-02-03 19:26:37 +0000 UTCThere is trickle-down through these funds that are going to obviously hurt unintended targets. There is no denying it.
Colin Moriarty
2021-02-03 19:26:21 +0000 UTCI mean... that's okay? We're just trying to listen to the audience. =)
Colin Moriarty
2021-02-03 19:25:50 +0000 UTCWell, this is where philosophy comes into play, which I think I've spoken about many times in the past when it comes to what is legal and illegal. What is the spirit? That's important.
Colin Moriarty
2021-02-03 19:25:34 +0000 UTCGotta love Hoeg - really knows his shit
GameSimp
2021-02-03 15:48:22 +0000 UTCThanks for answering my question! I think Mark Cuban probably had it right when he said Robinhood didn’t have the capital to facilitate these buys. Having thoughtful minds on this, as this podcast was, continues the demystifying of the stock market so this was an awesome episode.
Oliver Johnson
2021-02-03 15:10:18 +0000 UTCMan, this is some top fkin dollar content! Nice one!
Reuben Barrett
2021-02-03 04:39:19 +0000 UTCGreat episode! Love Hoeg. It would be cool if you had him on a regular episode sometime when the news relates to his expertise so he could provide commentary, talk about what he's been playing, and maybe answer more general gaming questions that you do at the end of the show.
Jake Z
2021-02-03 02:20:38 +0000 UTCGreat video as always Colin. Just wanted to add one more thing about shorting, shorting is heavily used for ALM and also in the insurance world so banning it increases the probability of some companies going bankrupt as shorting is one of the cheapest ways of hedging against liability movements.
Maxvaicu
2021-02-03 00:26:27 +0000 UTCI'm not an expert in stocks by any means, but one thing that I think should be looked into is whether pensions, 401ks, etc should be allowed to be managed by these really risky hedge funds that are short selling. Correct me if I'm wrong, I'd be interested to learn more about this.
Paul Knickerbocker
2021-02-02 23:44:52 +0000 UTCAnother point: pension funds and local school boards and 401ks are not partnered with hedge funds that use shorting as their main strategy. It's an inherently extremely risky strategy, and any pension fund that's relying on crushing businesses to make a profit is run by incredibly stupid people. All these organizations you've mentioned are funded by low risk investments, so the idea that Reddit is going to hurt the average person by propping up GameStop is inherently wrong. Shorting is for the fat cats that can afford to lose.
Watch Ergo Proxy
2021-02-02 20:21:40 +0000 UTCGood
Watch Ergo Proxy
2021-02-02 19:52:25 +0000 UTCSorry Colin, I'm just way too burnt out from hearing about this. Not to mention the fact that you can't trade stocks in New Zealand without jumping through some mega hoops. Will catch it later on when the dust settles. Congrats on Habroxia 2!
Jeremy Miller
2021-02-02 19:49:28 +0000 UTCAt the end of the day, I don't care if they were "allowed" to control my positions and block buys by their TOS. Just because it's legal doesn't mean it's acceptable. It is NOT Robinhood's job to manage my risk. Hedge funds weren't blocked from buying, and they aren't being blocked from doing their own market manipulation to scare people into selling their stocks. The brokerages only intervened because the people filling their wallets started losing money, and what they did caused the little guys to lose a lot of money.
Watch Ergo Proxy
2021-02-02 19:38:08 +0000 UTCI would like to point out Jordan Belfort was happy about what Reddit did. Said it was “about time”
MayorGarbageMan
2021-02-02 18:07:50 +0000 UTCYess! This is excellent.
Andres
2021-02-02 18:00:02 +0000 UTC=)
Colin Moriarty
2021-02-02 17:14:12 +0000 UTCI'm trying to.
Colin Moriarty
2021-02-02 17:14:06 +0000 UTCYesssss this is the collaboration we love every time !!
A Hind D
2021-02-02 17:03:38 +0000 UTCProbe me. In audio format.
Carlos Fregoso
2021-02-02 17:03:35 +0000 UTC
