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Sacred Symbols+, Episode 79: Probing the GameStop Fiasco With Richard Hoeg

Yes, 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!

Sacred Symbols+, Episode 79: Probing the GameStop Fiasco With Richard Hoeg

Comments

Thank you for your kind words!

Colin Moriarty

Great conversation between two like-minded, educated individuals. Feels good to learn something new.

Castonian

Thanks!

Colin Moriarty

Thank you!

Colin Moriarty

I'm really glad you found this episode useful. Thank you for your support!

Colin Moriarty

Great show guys

Alom Mohammed

Damn good show gents!

Michael Maurice

This 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

<3

Colin Moriarty

We will. =)

Colin Moriarty

Perhaps.

Colin Moriarty

Glad you had Hoeg back, he's great!

Tanner Brant

This is great do more of these off beat off topic once in awhile podcasts.

Asique Alam

Gamma squeeze? That's when the Hulk flexes his butt cheeks

Jill Sandwich

Definitely.

Colin Moriarty

Yeah, when you realize they're floating all of the money, it makes a difference.

Colin Moriarty

Thank you!

Colin Moriarty

We'll certainly have him back.

Colin Moriarty

Thank you!

Colin Moriarty

The bigger problem is the mixture of commercial and investment banks.

Colin Moriarty

There is trickle-down through these funds that are going to obviously hurt unintended targets. There is no denying it.

Colin Moriarty

I mean... that's okay? We're just trying to listen to the audience. =)

Colin Moriarty

Well, 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

Gotta love Hoeg - really knows his shit

GameSimp

Thanks 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

Man, this is some top fkin dollar content! Nice one!

Reuben Barrett

Great 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

Great 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

I'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

Another 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

Good

Watch Ergo Proxy

Sorry 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

At 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

I would like to point out Jordan Belfort was happy about what Reddit did. Said it was “about time”

MayorGarbageMan

Yess! This is excellent.

Andres

=)

Colin Moriarty

I'm trying to.

Colin Moriarty

Yesssss this is the collaboration we love every time !!

A Hind D

Probe me. In audio format.

Carlos Fregoso


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