Podcasts about citron research

Matt and Katie discuss Pershing Square USA's IPO, Citron Research's short-and-distort charges, bond market liquidity, and Katie's trip to Paris to watch running.See omnystudio.com/listener for privacy information.

As a special treat whilst Merryn and John are away, we're bringing you the latest episode of Money Stuff: The Podcast.Matt and Katie discuss Pershing Square USA's IPO, Citron Research's short-and-distort charges, bond market liquidity, and Katie's trip to Paris to watch running.See omnystudio.com/listener for privacy information.

In Episode 367 of Hidden Forces, Demetri Kofinas speaks with Spencer Jakab and Andrew Left. Jakab is an award-winning financial journalist who edits the Wall Street Journal's “Heard on the Street” column. He is also the author of “The Revolution That Wasn't,” a book about the meme stock craze that overtook the video game retailer GameStop in 2021 and the heroes and villains, like activist short-seller Andrew Left, who made that story so captivating and powerful. As the founder of Citron Research, Andrew famously bet against GameStop during the mania of 2021, only to get squeezed out of his position as the stock rallied to the unimaginable heights of $483 per share. Last week, amidst the excitement and uproar of Keith Gill's anticipated return as ‘Roaring Kitty,' the hero of Wall Street Bets and the face of the GameStop meme craze, Andrew announced that he was at it again, taking a new short position in the video game retailer, albeit at a significantly reduced size from the one he was forced to close three years ago. Demetri devotes the episode's first hour to recapping the GameStop meme craze and how it relates to the concept of Financial Nihilism that he developed in 2019 and about which he began publishing episodes in early 2020. He, Andrew, and Spencer discuss the role of narrative investing, the characters that make up a good financial story, and how those character archetypes come together to generate interest and excitement around a given company's stock or crypto token in the hopes that it could lead to life-changing profits, a communal sense of belonging, and a whole lot of fun. In the second hour, Demetri asks Andrew and Spencer if they think that this latest resurgence in the price of GameStop is a late aftershock to the 2021 meme stock mania or if it is a sign of things to come as liquidity ramps higher ahead of the 2024 election. Kofinas also asks Left about how this investment philosophy of financial nihilism has impacted the ability of activist short-sellers like him to operate, what he thinks explains this change in attitude towards the stock market among Millennials and Zoomers, and how the forces driving it are impacting our politics and society at large. You can subscribe to our premium content and access our premium feed, episode transcripts, and Intelligence Reports at HiddenForces.io/subscribe. If you want to join in on the conversation and become a member of the Hidden Forces Genius community, which includes Q&A calls with guests, access to special research and analysis, in-person events, and dinners, you can also do that on our subscriber page at HiddenForces.io/subscribe. If you enjoyed listening to today's episode of Hidden Forces, you can help support the show by doing the following: Subscribe on Apple Podcasts | YouTube | Spotify | Stitcher | SoundCloud | CastBox | RSS Feed Write us a review on Apple Podcasts & Spotify Subscribe to our mailing list at https://hiddenforces.io/newsletter/ Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Subscribe and Support the Podcast at https://hiddenforces.io Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod Follow Demetri on Twitter at @Kofinas Episode Recorded on 06/12/2024

Hey folks, it's Sam and Col here, back from our 585-day nap. Like Michael Bublé popping out for Christmas, we're also dusting off the mics and diving into the hilarity with Episode 45 of The Great Escape! Podcast.In this episode, we jump into the wild world of Roaring Kitty, aka Keith Gill, who's back with cryptic tweets and videos that have everyone in the GameStop community buzzing. We've got all the details and plenty of crazy as we dissect his mysterious messages.Despite the mainstream media's doom and gloom, GameStop's preliminary report shows a significant reduction in net losses. We're here to clear the air and poke fun at the usual suspects—like Robinhood and Webull—who've once again pulled the classic “no buy button” trick just as things heat up.And guess who's back for more punishment? Andrew Left of Citron Research! He's clearly forgotten what happened in 2021, past failures and speculating about his latest shorting escapades. Plus, we dive into some wild theories about GameStop's future, including a possible seven-in-one stock basket. WHAT'S IN THE BOX!?Full of laughs and pop culture references, from our terrible Peaky Blinders accents to reminiscing about The Big Lebowski (yes, we went there with Cohen's big boner scene) and even a shoutout to ET as Roaring Kitty's cryptic farewell tweet had everyone phoning home.And let's not forget our favourite stock market wizard, Nancy Pelosi. Somehow, she's made $20 million this year alone. If only our trading skills were that magical! Maybe the next episode we'll figure out how to get on her level?Smooth-brained antics, market shenanigans, crazy Ape fan theory and stock-loving is right here!Tune in next week for more chaos and comedy. Remember, we're like Michael Bublé—out of the freezer when you need us!— Sam & Col

 Andrew Left, Founder of Citron Research, talks about waiting to learn if the Justice Department and SEC plan to charge him in their sweeping investigations of tactics used by activist short sellers. Laura Martin, Senior Media Analyst at Needham & Co., explains why Disney might be a takeover target. Gregg Brunson-Pitts, CEO at Advanced Aviation, discusses the business of private travel. And we Drive to the Close with Amanda Agati, CIO at PNC Asset Management Group. Hosts: Carol Massar and Matt Miller. Producer: Paul Brennan. See omnystudio.com/listener for privacy information.

Andrew Left, founder of Citron Research speaks with Bloomberg's Carol Massar and Matt Miller on short selling.See omnystudio.com/listener for privacy information.

 Andrew Left, Founder of Citron Research, talks about waiting to learn if the Justice Department and SEC plan to charge him in their sweeping investigations of tactics used by activist short sellers. Laura Martin, Senior Media Analyst at Needham & Co., explains why Disney might be a takeover target. Gregg Brunson-Pitts, CEO at Advanced Aviation, discusses the business of private travel. And we Drive to the Close with Amanda Agati, CIO at PNC Asset Management Group. Hosts: Carol Massar and Matt Miller. Producer: Paul Brennan. See omnystudio.com/listener for privacy information.

Aujourd'hui l'économie, le portrait, c'est celui de Nathan Anderson, activiste et spéculateur américain. Il accuse le magnat indien, Gautam Adani, d'avoir bâti son empire sur l'escroquerie. Le Fonds d'investissement norvégien en a pris acte, et a vendu les participations qu'il détenait dans plusieurs sociétés du groupe Adani (Adani Total Gas, Adani Ports, Adani Green Energy). « C'est la plus grande escroquerie de l'histoire des affaires », dénonce Nathan Anderson dans un communiqué sur le site de sa micro-société Hindenburg Research, défrayant la chronique dans tous les médias indiens.Cet activiste et spéculateur américain, a, avec ses révélations, fait perdre 200 milliards de dollars à Adani, empire qui s'étend de l'énergie, aux aéroports, en passant par les médias.« Si c'est la plus grande escroquerie de toute l'histoire, je ne sais pas, il y en a eu tellement, mais dans le cas indien, c'est la plus grande escroquerie, dont on peut dire qu'elle a deux aspects très nets : le premier c'est la relation extrêmement étroite de Gautam Adani avec le Premier ministre Narendra Modi puisqu'ils se connaissent depuis plus de trente ans et qu'en l'espace de 10, 15 ans, on a une ascension météorite de Gautam Adani qui devient la troisième fortune mondiale par l'accumulation d'un empire qui repose sur un endettement gigantesque, par le biais de prêts de banques publiques indiennes, dont on peut penser qu'il y a eu un coup de pouce du pouvoir, et, deuxièmement, des montages financiers totalement obscurs par le biais en particulier de l'île Maurice qui reposent sur des affaires qui ne sont pas rentables pour une très grande partie. Ce que ce consultant a mis en lumière, c'est qu'il y avait un phénomène de bulle spéculative qui avait été orchestrée autour de Gautam Adani et que son empire est un empire de dettes », analyse Jean-Joseph Boillot, chercheur à l'IRIS, l'Institut des relations internationales et stratégiques. Né dans les années 1980, Nathan Anderson grandit dans une petite ville du Connecticut. Son père est professeur d'université, sa mère infirmière. Il fait des études de commerce, puis un court séjour en Israël où il sera ambulancier tout en suivant des cours à la Hebrew University of Jérusalem. De retour aux États-Unis, il travaille pour une société d'analyse financière, puis pour des fonds spéculatifs. En 2017, il fonde son cabinet d'études Hindenburg Research, du nom du dirigeable allemand qui a explosé en plein vol en 1937. Son mentor n'est autre que le lanceur d'alerte américain d'origine grecque, Harry Markopolos, qui a exposé les malversations financières de l'homme d'affaires Bernard Madoff. Anderson suit les traces de son mentor et, il y a 5 ans, attaque, dans une enquête à charge, l'entreprise Aphira, spécialisée dans le cannabis thérapeutique qui détourne les fonds de ses actionnaires à son profit. Le titre d'Aphira s'effondre dans la foulée de 25%. Sa carrière est lancée. En 2020, il révèle la tromperie du constructeur américain de véhicules Nikola« Il a fait un rapport à l'époque sur Nikola, cette société qui allait lancer des camions électriques pour rivaliser avec Tesla et effectivement, il y avait eu des dénonciations, certains manquements de la part de Nikola qui se sont avérés par la suite, remarque Alexandre Baradez, responsable des analyses de marché pour le courtier IG. Le but derrière, c'est effectivement de faire de l'argent, mais aussi de dire attention, cette entreprise présente des fragilités, voire est frauduleuse et risque la faillite. »Le constructeur américain a dû alors payer une sanction de 125 millions de dollars et son action s'est écroulée de 75%. Le gros lot pour Nathan Anderson et son équipe d'Hindenburg Research, car ce lanceur d'alerte d'un nouveau genre parie aussi sur la chute des cours de la société qu'il dénonce par un mécanisme de vente à découvert.« Hindenburg Research, c'est une entreprise, comme Citron Research également qui a fait parler d'elle pendant la crise Covid avec le phénomène des actions type Gamestop qui sont des actions qui ont beaucoup bougé, poursuitAlexandre Baradez. Ces groupes jouent sur les deux tableaux : ils publient des notes sur des groupes dont on n'a parfois jamais entendu parler, et parfois, ils s'attaquent à des mastodontes. Adani, le groupe Adani est le plus puissant de l'Inde et donc là, il s'attaque à un énorme morceau en dehors des frontières américaines. L'objectif est de dénoncer certaines pratiques que le groupe Adani essaye de contrer en termes de propos, mais aussi de prendre des positions à la baisse, de faire de la vente à découvert sur des actifs qu'ils jugent survalorisés par rapport à la réalité, l'objectif étant de profiter d'une baisse des cours et plus le titre baisse, plus, vous gagnez de l'argent. C'est exactement comme une opération d'achat, mais dans l'autre sens. » Mais lorsque ces lanceurs d'alerte du capitalisme s'attaquent à un mastodonte comme Adani, prévient Alexandre Baradez, mieux ne pas se tromper, car les représailles peuvent être redoutables.

Aujourd'hui l'économie, le portrait, c'est celui de Nathan Anderson, activiste et spéculateur américain. Il accuse le magnat indien, Gautam Adani, d'avoir bâti son empire sur l'escroquerie. Le Fonds d'investissement norvégien en a pris acte, et a vendu les participations qu'il détenait dans plusieurs sociétés du groupe Adani (Adani Total Gas, Adani Ports, Adani Green Energy). « C'est la plus grande escroquerie de l'histoire des affaires », dénonce Nathan Anderson dans un communiqué sur le site de sa micro-société Hindenburg Research, défrayant la chronique dans tous les médias indiens.Cet activiste et spéculateur américain, a, avec ses révélations, fait perdre 200 milliards de dollars à Adani, empire qui s'étend de l'énergie, aux aéroports, en passant par les médias.« Si c'est la plus grande escroquerie de toute l'histoire, je ne sais pas, il y en a eu tellement, mais dans le cas indien, c'est la plus grande escroquerie, dont on peut dire qu'elle a deux aspects très nets : le premier c'est la relation extrêmement étroite de Gautam Adani avec le Premier ministre Narendra Modi puisqu'ils se connaissent depuis plus de trente ans et qu'en l'espace de 10, 15 ans, on a une ascension météorite de Gautam Adani qui devient la troisième fortune mondiale par l'accumulation d'un empire qui repose sur un endettement gigantesque, par le biais de prêts de banques publiques indiennes, dont on peut penser qu'il y a eu un coup de pouce du pouvoir, et, deuxièmement, des montages financiers totalement obscurs par le biais en particulier de l'île Maurice qui reposent sur des affaires qui ne sont pas rentables pour une très grande partie. Ce que ce consultant a mis en lumière, c'est qu'il y avait un phénomène de bulle spéculative qui avait été orchestrée autour de Gautam Adani et que son empire est un empire de dettes », analyse Jean-Joseph Boillot, chercheur à l'IRIS, l'Institut des relations internationales et stratégiques. Né dans les années 1980, Nathan Anderson grandit dans une petite ville du Connecticut. Son père est professeur d'université, sa mère infirmière. Il fait des études de commerce, puis un court séjour en Israël où il sera ambulancier tout en suivant des cours à la Hebrew University of Jérusalem. De retour aux États-Unis, il travaille pour une société d'analyse financière, puis pour des fonds spéculatifs. En 2017, il fonde son cabinet d'études Hindenburg Research, du nom du dirigeable allemand qui a explosé en plein vol en 1937. Son mentor n'est autre que le lanceur d'alerte américain d'origine grecque, Harry Markopolos, qui a exposé les malversations financières de l'homme d'affaires Bernard Madoff. Anderson suit les traces de son mentor et, il y a 5 ans, attaque, dans une enquête à charge, l'entreprise Aphira, spécialisée dans le cannabis thérapeutique qui détourne les fonds de ses actionnaires à son profit. Le titre d'Aphira s'effondre dans la foulée de 25%. Sa carrière est lancée. En 2020, il révèle la tromperie du constructeur américain de véhicules Nikola« Il a fait un rapport à l'époque sur Nikola, cette société qui allait lancer des camions électriques pour rivaliser avec Tesla et effectivement, il y avait eu des dénonciations, certains manquements de la part de Nikola qui se sont avérés par la suite, remarque Alexandre Baradez, responsable des analyses de marché pour le courtier IG. Le but derrière, c'est effectivement de faire de l'argent, mais aussi de dire attention, cette entreprise présente des fragilités, voire est frauduleuse et risque la faillite. »Le constructeur américain a dû alors payer une sanction de 125 millions de dollars et son action s'est écroulée de 75%. Le gros lot pour Nathan Anderson et son équipe d'Hindenburg Research, car ce lanceur d'alerte d'un nouveau genre parie aussi sur la chute des cours de la société qu'il dénonce par un mécanisme de vente à découvert.« Hindenburg Research, c'est une entreprise, comme Citron Research également qui a fait parler d'elle pendant la crise Covid avec le phénomène des actions type Gamestop qui sont des actions qui ont beaucoup bougé, poursuitAlexandre Baradez. Ces groupes jouent sur les deux tableaux : ils publient des notes sur des groupes dont on n'a parfois jamais entendu parler, et parfois, ils s'attaquent à des mastodontes. Adani, le groupe Adani est le plus puissant de l'Inde et donc là, il s'attaque à un énorme morceau en dehors des frontières américaines. L'objectif est de dénoncer certaines pratiques que le groupe Adani essaye de contrer en termes de propos, mais aussi de prendre des positions à la baisse, de faire de la vente à découvert sur des actifs qu'ils jugent survalorisés par rapport à la réalité, l'objectif étant de profiter d'une baisse des cours et plus le titre baisse, plus, vous gagnez de l'argent. C'est exactement comme une opération d'achat, mais dans l'autre sens. » Mais lorsque ces lanceurs d'alerte du capitalisme s'attaquent à un mastodonte comme Adani, prévient Alexandre Baradez, mieux ne pas se tromper, car les représailles peuvent être redoutables.

In the latest podcast, the Muddy Waters trio is joined by a special guest, Andrew Left of Citron Research. The group discusses Kanye's recent run-in with the Jewish community. Andrew then shifts the conversation towards more pleasant memories of Raging Bull and how Jordan Belfort just barely missed the heydays of the Dot-Com bubble. The looming question for everyone is; should we stop evaluating performance and simply look at the PM's hair quality? Bill Ackman and Jeff Ubben - great hair. Steve Cohen, Stan Druckenmiller and Jim Simons - shit hair. Then again, maybe it's not the hair and all we need to search for is the infamous 'Post-Chin.' Chin implants or not, Andrew shares his recollection of his announcement to abandon activist short selling, which Freddy points out, might have come at the absolute worst time in all of history. As everyone reflects on the challenges of this business, it's been great visiting with Andrew for nothing other than the laughs.

Esports Entertainment Group Inc (NASDAQ:GMBL) (FRA:40Y1) CEO Grant Johnson tells Proactive it has formed a multi-year sponsorship with Kraft Sports and Entertainment to be the official esports tournament provider sponsor of the New England Patriots and the New England Revolution. As part of the agreement, the company said it will use Patriots (football) and Revolution (soccer) marks to promote their bi-annual esports tournaments on its Esports Gaming League (EGL) platform. What's more, Johnson discussed the Citron Research recommendation that GameStop acquire Esports.

Nearly one year ago, GameStop stock was trading under $4 a share. This past month, it would rise to an intra-day high of over $480. The sharp move happened over just a few days, with momentum building like a snowball, marking one of the biggest short squeezes in history. At first, the story started out much more boring: value investors hunting for bargains. We'll explore this story from all angles. The Reddit message board, Wall Street Bets, with millions of retail investors going long. Melvin Capital, the New York based hedge fund that lost billions shorting the stock. Citron Research and Andrew Left, famous for putting out short-based research reports. Robinhood App, a popular brokerage with younger people, which offers no-fee trades. Investors like Michael Burry and Scotty Jackson, who run small hedge funds. The complex inner workings of the financial system—what exactly happens behind the scenes after you click buy or sell. And the market makers based out of Chicago, not Wall Street, who receive order flow. And the man at the center of it all, Keith Gill, also known as Roaring Kitty on his YouTube channel, and Deep F-ing Value on Reddit—who turned around $50,000 into millions. Some say it's a populist tale of the average Joe or Jill versus the suits. And others claim it was just reckless gambling. But in the end, it's a story as old as time—hype and momentum, mixed in with animal spirits, and a pinch of FOMO for good measure. The pendulum of price, swinging from fear to greed, and back again. So grab your popcorn or maybe some chicken tenders and settle in. From TwinPalmsProductions, this is Short Squeeze. The story of how WallStreetBets went up against a hedge fund and sent GameStop to the moon.

Wondering what happened with GameStop and confused about a short squeeze is? The complexity of this kind of trading is far from the simple strategy of buy and hold investing. Even for those who have no plans to jump on bandwagon, it's good to understand exactly what is going on. We can learn what's happening, how it works, and move intelligently forward. In an effort to understand systems, Brad has been having a maddening healthcare experience. He needs a CT scan but hasn't been able to find out what the base cost will be. The negotiated cost won't be known until after the procedure so Brad won't know how much it will cost him until then. At a macro level, the stock market has had a fairly smooth move up and to the right for the past 10 years or so. For investors, it's been somewhat predictable, at least until this last week when GameStop stock began to skyrocket. There are aspects of the stock market the average investor doesn't see. Hedge funds are participating with huge amounts of money in layers that are essentially hidden to the masses, until it wasn't, and they got caught unaware. Brian Feroldi says the last few weeks have been some of the weirdest in the investing world that he's ever seen. The story has infiltrated mainstream culture and he's been getting questions from all over about what is going on. Even his mom sent a text asking about GameStop. First, GameStop is a physical seller of video games. As video games became popular, GameStop was a great investment, however, once people began downloading video games, its business prospects declined. As a result, GameStop stock prices have also been declining for many years and it is believed they will cease to exist as a business in a couple of years. Investors or many managers can make money when a stock declines in what's called shorting the stock. A short sale stock is the opposite of becoming a buy and hold investor in a stock. A short sale works by going to your broker predicting a stock's decline and state you want to short that stock at a particular price. The broker goes and borrows shares of the stock from another investor for the price you stated and you collect the proceeds from the sale. Your goal is to then buy those shares back at a later date for a lower price and return them to the original investor. The original owner of the stock makes money by receiving a small fee from the person borrowing their stock, almost like being charged an interest rate. The more demand there is to short a stock, the higher the fees. There is no set timeframe when shorting a stock. I can be shorted indefinitely. However, if the owner of the stock wants to sell it, the broker who borrowed the stock would have to go and find another short for you to borrow from. If they cannot find other shares to short, the transaction would need to be undone on the short side at current market rates. Most of us take long positions on stocks, believing the stock is going to increase in value. Allowing someone else to borrow your stock in a short position is another way to make money on owning it. Some brokers like Brian's are interactive and sent him an email asking if he would be interested in allowing his stock to be borrowed or shorted. since he's interested in holding the stocks for a long period of time, he said yes. Shorting a stock does put downward pressure on the share price. Individual investors don't have much influence, but a hedge fund taking a significant position to short a stock can drive prices down. The market price of a stock at any given time is simultaneously the lowest price buyers are willing to pay and the highest price sellers are willing to sell at. Shorts are happening all of the time, so how did GameStop land on the radar of the subreddit group, Wallstreetbets? In the case of GameStop, there were more shares sold short than there were publicly traded, which is something that very rarely happens. Wallstreetbets took the opposite position, stating that GameStop's fundamentals were different from companies like Blockbuster, and its stock price was actually undervalued. An article by Andrew Left from Citron Research predicting GameStop stock going down hard caught the attention of Wallstreetbets. Its members rallied together to buy GameStop stock. It was then that GameStop stock began to rise. Someone with a short position on a stock does not want to see the price rise. Rising GameStop prices kicked off what's called a short squeeze. There's no logical argument for saying that GameStop stock was worth $4 in December and $400 just three weeks later. What shifted was who was controlling the mechanics of the system. The members of Wallstreetbets understood that due to the large number of short positions on GameStop, if enough of them got together to buy it, they could force those in short positions to buy back into it. GameStop was priced for bankruptcy. While there's no limit to how high a stock can go, the lowest it can go is $0. In that case, the short seller earns a 100% return on their money. However, when a stock rises, being short on a stock can cost significantly more than you put into the stock. To get out of a short means you have to buy the stock. The buying demand placed on the stock increases the share price. When all of the short sellers saw GameStop's stock price rise, they had to try and get out by undoing the trade by buying the stock themselves, putting more upward pressure on the stock price and on other short-sellers who wanted to undo the trade. That's why GameStop stock prices rose so dramatically in such a short period of time. Short squeezes are not a new phenomenon. In the past, other heavily shorted companies have come out with good news and saw their stock prices skyrocket. What makes the GameStop situation unique is that it resulted from a coordinated group of buyers banded together to make it happen. In this short squeeze, there was additional controversy surrounding Robinhood, the zero-commission broker. Because Robinhood doesn't make money on trades, they make money by selling your trading information to high-frequency traders who can make money with micro-transactions. It's those traders who are the real customers of Robinhood. When GameStop and other heavily shorted stock prices began to rise, Robinhood's hedge fund customers began to lose a lot of money so Robinhood decided to stop trading with these stocks to give the hedge funds time to undo their trades. Meanwhile, Robinhood's small investors were not allowed to buy and sell. Robinhood aggregates and sells client trade information to the high-frequency traders who can buy the stocks then turn around and sell it to the Robinhood client seconds later for a little extra money. Robinhood's business model probably works out for a buy and hold investor at the micro-level, but the GameStop situation highlights what can go wrong when each other's incentives are not aligned. What this demonstrates is that the game is stacked against an individual investor trying to enter and exit the markets with precision. But for the buy and hold investor, this has been mostly noise. To summarize what happened this week, Brian quoted Morgan Housel who recently tweeted, “The GameStop thing is a reminder that investing is not the study of finance. It's the study of how people behave with money. And sometimes those behaviors are incredible.“ Brian says there has been a huge rise in demand for Environmental, Social, and Government (ESG) funds. The exact definition of what ESG investing means varies from person to person so read through the fund to ensure it meets your definition. There are a lot of ESG funds to choose from now and fees have gone down, especially since Vanguard now has an ESG fund. If you listened to Monday's episode on M1 Finance, M1 does not sell mutual funds, they sell ETFs. The ETF version of VTSAX is VTI. Resources Mentioned In Today's Conversation The Big Short: Inside the Doomsday Time Machine by Micael Lewis Flash Boys: A Wall Street Revolt by Michael Lewis Learn more about M1 Finance at ChooseFI.com/M1 If You Want To Support ChooseFI: Earn $1,000 in cashback with ChooseFI's 3-card credit card strategy.  Share FI by sending a friend ChooseFI: Your Blueprint to Financial Independence.      

Hij bedoelde dat je beter de WhatsApp-concurrent Signal kunt gebruiken. Het beursgenoteerde Signal Advance is echter een medisch bedrijf zonder fulltime medewerkers. Nu zou iedereen zo langzamerhand toch wel moeten weten wat Musk bedoelde. Maar de koers van Signal Advance staat nog steeds 861 procent hoger dan voor de tweet. De verklaring hiervoor zit in een standaard denkfout, genaamd loss aversion. Men haat het om met verlies te verkopen. Beleggingsverlies Als je het beleggingsverlies realiseert is dat een bevestiging dat je iets stoms hebt gedaan. En dat wil het ego te allen tijde vermijden. Hetzelfde geldt voor de huidige bezitters van aandelen Gamestop. De fundamentele waarde van het bedrijf is waarschijnlijk een stuk lager dan de huidige beurskoers. De koers ging alleen maar omhoog doordat de Reddit-meute het met zn allen kocht en in de hoop dat shorters het op een hoger niveau moesten kopen. Luister terug | Corné van Zeijl | Trumps economisch rapportcijfer Dat aanvalsplan heeft gewerkt, maar het is nu klaar. De meeste shorters hebben hun verlies genomen. Als je nu nog Gamestop-aandelen in portefeuille hebt, is dat waarschijnlijk aan het fenomeen loss aversion te wijten. Fed-lid Neel Kaskhari zei afgelopen week dat het verlies van deze speculanten hun eigen schuld is en dat de Fed ze niet zal redden. Een terechte opmerking. Je wilt als centrale bank immers niet uitstralen dat je alle stommiteiten van speculanten opvangt. Dat verstoort de risico perceptie. Huizenbubbel Maar laten we wel wezen, dat klopt niet helemaal. In het verleden heeft de Fed vaak genoeg ingegrepen om de gevolgen van een gebarsten bubbel op te vangen. De Fed stapte in de markt bij het omvallen van hedgefonds LTCM in 1998 en het knappen van de huizenbubbel in 2008. Echter: in beide voorbeelden zouden de economische effecten zonder de hulp van de Fed vrij dramatisch zijn geweest. Bij de Gamestop-bubbel zijn de slachtoffers slechts wat kleine beleggers. Luister terug | Corné van Zeijl | Hoeksteenbeleggers bieden de helpende hand Bovendien heeft de Reddit-gemeenschap er per saldo wel geld aan verdiend. De grote hedgefondsen, zoals Citron Research en Melvin Capital, hebben hun verlies moeten nemen. Dit verlies is de winst voor de Reddit-meute. Alleen de groep met Reddit-speculanten die in de laatste golf meededen is flink het schip in gegaan. Zij hadden beter moeten luisteren naar de oude tegeltjeswijsheid 'zij die achter de kudde aanlopen, lopen altijd door de stront'. Over de column van Corné van Zeijl Corné van Zeijl is analist en strateeg bij vermogensbeheerder Actiam en belegt ook privé. Reageer via corne.vanzeijl@actiam.nl. Deze column kun je ook iedere vrijdag lezen in het FD. See omnystudio.com/listener for privacy information.

The stock market frenzy surrounding videogame store, GameStop seemed to come out of nowhere. Last week, armchair investors, armed with easy-to-use trading apps, used social media to drive up the share prices that multiple billion-dollar hedge funds had bet against. GameStop share prices rose over 1000%, and with that, hedge funds like Melvin Capital and Citron Research lost an estimated total of $19 billion. But what actually happened to cause such a massive hit to Wall Street? And why does this matter? Sky News Daily podcast host, Dermot Murnaghan speaks to economist and former trader, Gary Stevenson about why this stock market volatility could be a symptom of an unequal society and Peter Tuchman, the most photographed New York Stock Exchange trader, speaks from Wall Street to explain why trading like this to make a political statement can be a dangerous game to play.

Previous Relevant Episodes:E5:  The Order of Investing, Part 1E6:  The Order of Investing, Part 2E15:  The PivotE29:  Biblical Investing, Part 2E32:  Interview with "Rigged: Exposing the Largest Financial Fraud in History" author, Stuart Englert  Resources / Mentions:Rigged:  Exposing the Largest Financial Fraud in HistoryApmex - Precious Metals Bullion Dealer Contact:PW Gopal - pwgopal@pwgopal.com, pw.gopal@thebluecollarmoney.comMike Hatch - mike.hatch@thebluecollarmoney.com 

TABLE OF CONTENT TALKING POINTS Episode 331/31/2021(Host Scene)Zazz - Welcome to Table of Content. The round table show where we discuss all the happenings around streaming, gaming and entertainment. I am Zazzaboo your host and the Editor in Chief of TableOC.com. We have two great streamers here tonight ready to drop their opinions on us about the latest but first returning from Covid Quarantine Jim Dandy himself….~Welcome StumpAlso now that we are on a new channel that is un affiliated you can support the podcast by subscribing to our patreon. There is special content there for all subscribers including My personal Vlog. You can subscribe for that same $5 like you would on Twitch or if you would like to there are several higher tier subscriptions to help fund the News sight and the podcast.As always we love your support no matter if it's monetary, hate mail or just keeping us company in chatIntro guests - Rogue and TyranizamStreaming NewsTwitch council member CohhCarnage pushing for major change to bansA major streamer is speaking out over TwitchesTwitch's handling of suspensions and bans.Form Dexerto -As a member of the Twitch Safety Advisory Council, streamer Ben ‘CohhCarnage' Cassell has explained one major change he wants to make following the confusing ban of World of Warcraft streamer Mohamed ‘Ziqo' Beshir.On January 19, Ziqo revealed that he would not be streaming for a few days due to a Twitch suspension, but was clearly a bit confused by what had happened, unaware of the reason for his ban.Shortly after, Ziqo revealed that he had learned the reason for his suspension: using hateful speech and slurs, deducing himself that he believed that they were accusing him of using a homophobic slur.While the WoW veteran didn't fully understand what he must have said or done to cause the suspension, he accepted it and his account was restored on January 26. after an appeal.Saying that Ziqo's ban reversal was “great to hear,” Cohh added that the issue should have been “fixed in minutes,” calling on Twitch to “come up with policies where people given false bans get front page time for the time they lost.”He followed up saying that one huge problem is Twitch not including account managers in the process. He tweeted: “If that account manager was given the clip, he could have shown it to Ziqo. Ziqo could have said, ‘No, I didn't say that. I said this.' Problem solved.”Of course, in his role with the Twitch advisory council, fans will be hoping this means more positive changes to how bans are handled, especially with situations such as Ziqo's that seem to confuse just about everyone.Rogue- Do you think anything will become of someone like Cohh speaking out about the lack of sensible reaction by twitch on bans?Twitch slammed for failing to moderate their own channel's chatEverytime Twitch seems to make steps in the right direction they turn right around and step in it. They are once again facing backlash over TOS and chatting on the platform..From Dexerto -As part of Twitch's celebration of its community, on January 23 it held a Participation Awards to commemorate the work of their streamers and the community.The stream focused on using Twitch chat as a direct medium between the hosts and viewers. But, as the event was running, some, including partnered streamers, criticized Twitch for ineffectively moderating the messages in chat.This wasn't the only debacle from the stream. It turns out that one of the awards was inadvertently handed out to a bot account, rather than a real person.It's been a turbulent few days for the platform, as users condemned their decision to ban a 15-year-old streamer with 90,000 followers because he had made his account when he was under 13. Meanwhile, other top streamers on the platform who also made their account when under 13 have gone unpunished.Tyranizam - How does this happen? A platform that is constantly blasted for how they handle others who have things happen like this.G4 returns today on YouTube and TwitchAhead of its return later this year, G4 will air a new series called B4G4 on YouTube and Twitch. It starts streaming today (Friday, January 29th). Among other content, the series will feature comedy sketches, game reviews and music parodies, with fans getting the chance to submit their own work to the show through the G4 Reddit community. It's also one of the ways those same fans can take part in G4's online search for hosting and writing talent.G4 provided an initial look at the show in a short clip it shared on its social media channels. “It's a bit of work in progress, but that's the point,” says G4 “CEO” Jerry XL (played by YouTube sketch comedian Gus Johnson) of B4G4. “Tell us what you hate. Tell us what you love. Tell us what you'd be willing to spend your discretionary income on.”The announcement comes one day after G4 confirmed both Attack of the Show! and X-Play will return when the network officially relaunches this summer. G4 first started teasing its return last summer but has so far said little about where you'll be able to watch all of its shows. With its ties to NBCUniversal, there's been some speculation its content could land on Peacock.Stump - I am stoked about this what do you want to see from a network dedicated to our industryTech/Gaming NewsXbox Game Pass subscribers hit 18 millionIn this day and age we are subscription to death. We have to consider which subscription streaming service has the best library for us and also which razer company has the smoothest shave. Microsoft however is separating itself from the pack when it comes to subscription services.From the vergeMicrosoft is continuing to attract people to its Xbox Game Pass service. The “Netflix for video games” service now has 18 million subscribers, up from the 15 million previously reported in September. Xbox Game Pass is a subscription service that offers access to a growing selection of more than 100 Xbox games for $9.99 per month.Microsoft has been pushing Xbox Game Pass for more than a year now, and it's clear the company is heavily invested in its future. Bungie's Destiny 2 title appeared on Xbox Game Pass late last year, and Control is also available on the service for both Xbox and PC.On an earnings call today, Microsoft CEO Satya Nadella also revealed that Xbox Live has more than 100 million monthly active users. Nadella also said the launch of the Xbox Series X and S was the most successful in Microsoft's history, with “the most devices ever sold in a launch month.”There have also been a variety of promotions designed to entice consumers into Xbox Game Pass. Microsoft regularly offers the first month of the service for $1 and has been incentivizing Xbox Live Gold customers to switch over to Xbox Game Pass Ultimate, which includes the company's new xCloud game streaming feature.Rogue - How long until Xbox purchases or merges with someone like netflix or HULU?Sophia the Robot Creators Announce Plan to Mass-Produce Robots This YearWe have been heralding the rise of the machines for sometime here on TableOC. This would seem to be a major step in that front .From IGNSophia the Robot and three other models from Hanson Robotics will go into mass production this year and are expected to begin rolling out of factories in the first half of 2021.This news comes by way of a new report from Reuters after a tour through Hanson Robotics' Hong Kong factory conducted by Sophia the Robot, whom you might recognize as the viral robot from years ago that was granted citizenship in Saudi Arabia back in 2017.Hanson Robotics believes now to be a better time than ever to roll out these robots as they can help not only the healthcare sectors of the world, but the retail and airline industries as well.Reuters noted that according to the International Federation of Robots, worldwide sales of professional-service robots jumped up 32% to $11.2 billion from 2018 to 2019. Those numbers have likely risen during the current COVID-19 pandemic as robots are seen around the world helping in the healthcare sector and Hanson said he believes that in a world of COVID-19, more automation is needed to keep people safe.One of the robots Hanson Robotics is launching this year, Grace, has been created specifically for the healthcare sector.Tyranizam -  What sort of implications do you see coming with this sort of tech becoming mass produced?Timeline: GameStop's 1,600% surge in retail investor vs hedge fund battleShares of GameStop surged as much as 1,600% between Jan. 11 and Wednesday after an unprecedented stock market battle pitting amateur investors piling on the videogame retailer's shares against hedge funds scrambling to cover losing bets.The use of volatile call options, herd buying through social network Reddit, the involvement of Tesla's Elon Musk and a burst of copycat trades in an apparent speculative retail bubble have contributed to put low profile GameStop on the front page of financial news.The following are significant moments in the GameStop share price:Dec. 8, 2020: GameStop shares tank after company misses Wall Street estimates for quarterly revenue as pandemic-led store closures and intense competition from digital-game sellers hit sales.Jan 11: GameStop appoints Chewy.com founder and two other e-commerce veterans to its board in a deal with investor Ryan Cohen's RC Ventures, as it doubles down on digital salesJan 12: Short interest at 70.9 mln shares, down from 71.2 mln on Jan 8, per S3 Partners. Notional value of short bets rose to $1.4 bln from $1.3 bln, reflecting the rising stock priceJan 13: GameStops shares rise 57%, followed by another 27% jump the next day to $39.90. Its median target price among analysts is only $12.50.Jan 19: Short seller Citron Research takes aim. Tweets about GameStop, saying buyers at these levels are “the suckers at this poker game” and stock “back to $20 fast.”Jan 20: Citron Research delays negative report, says it does not want to go live with its report on the stockJan 22: Shares rise another 50%.Jan 25: GameStop stock soars as much 144% then settles up 18% with retail traders storming in to buy more.Jan 26: Elon Musk tweets "Gamestonk!!", along with a link to Reddit's Wallstreetbets stock trading discussion group, where supporters refer to the Tesla CEO as "Papa Musk." hereJan 26: Shares surge 92.7%. Top securities regulator in Massachusetts reportedly says trading in GameStop suggests there is something “systemically wrong” with the options trading.Jan 27: Melvin Capital and Citron closes the majority of their GameStop position at a lossStump - Do we now officially live in a meme economy? This has to scare many big companies, not just wall street firms. Imagine a hostile takeover of a company by a bunch of neckbeards on reddit.Entertainment NewsFirst Trailer For Tim Allen And Richard Karn's New TV Show Is Basically Home Improvement Without The FamilyUGHHHHHH Tim Allen is back with his longtime cohort Al (Richard Karn and they are bringing us a brand new show that sounds like it will be a blast.From cinemablendFor fans of the '90s sitcom Home Improvement, 2021 is something of a banner year. Not only did Tim Allen deliver a baffling Last Man Standing crossover episode in which he portrayed both Tim Taylor and Mike Baxter, but the comedian also reteamed with former co-star Richard Karn for a brand new series with talented builders as its focus. First announced last year, History's Assembly Required released its first trailer, which feels like it could have been an ad for Home Improvement's in-show Tool Time.Both Tim Allen and Richard Karn serve as co-hosts for Assembly Required, and both are also executive produces behind the scenes. They'll be joined in hosting duties by DIY YouTube star April Wilkerson, who serves as the show's resident expert. We'll have to wait and see whether Wilkerson will become another foil for Allen's jokes, or if she'll join him in poking clever fun at Al...er, I mean Karn.The show will take place on the Set of Tool Time which Allen kept after the show wrapped.Assembly Required debuts on Tuesday, February 23, at 10:00 p.m. ET. on the history channel.Rogue - Was Home improvement a show that made the jump and were you even alive to remember it?Harry Potter TV Show Reportedly In Development For HBO MaxWhat isn't in the works at HBO. Last week we found out they were working on a second Game of thrones prequel  and now this.From the piece at screen rantA live-action Harry Potter show is reportedly in the works at HBO Max. Harry Potter became a bonafide phenomenon over the last few decades. The books, penned by J.K. Rowling, spawned eight films that directly adapted the novels. All together, the films grossed over $7 billion at the box office and have continued to be popular in syndication and at-home media.Like many established franchises, the possibilities are endless when it comes to a Harry Potter television series. The most obvious choice, and likely the one fans want the most, would be one that directly follows up the immensely popular films.A Harry Potter series would either have to follow the characters as they navigate their adult lives or it could explore the lives of their children, something Harry Potter and the Cursed Child, a play and sequel, already began to do.Tyranizam - What do you want from a Harry Potter series?Stump - What's the next movie franchise TV spinoff? Use this to lead into bold predictions at the endBOLD PREDICTIONSPlug your stuff.Zazzaboo plug the site, Pod etcDon't forget to check out the patreon.Thanks and we will see you next week!★ Support this podcast on Patreon ★

This newsletter is really a public policy thought-letter. While excellent newsletters on specific themes within public policy already exist, this thought-letter is about frameworks, mental models, and key ideas that will hopefully help you think about any public policy problem in imaginative ways. It seeks to answer just one question: how do I think about a particular public policy problem/solution?PS: If you enjoy listening instead of reading, we have this edition available as an audio narration on all podcasting platforms courtesy the good folks at Ad-Auris. If you have any feedback, please send it to us.Global Policy Watch: Capital Markets (Enter, Stage Right) - Radically Networked Societies - RSJIt is difficult to write a newsletter this weekend and not talk about GameStop. Even for a public policy newsletter. But I like to believe if you hold your gaze long enough at any news going around, you will find a public policy problem. This becomes especially true if you run a twice-a-week public policy newsletter. Everything starts looking like a public policy issue soon enough.Anyway, a lot of what’s happened with the GameStop stock over the last couple of weeks is part of the broader gusts of change that’s buffeting society and culture since the global financial crisis (GFC). In that sense, it is useful to try and look beyond the story to understand the GameStop phenomenon. But let’s not get ahead of ourselves. Let’s do a quick recap of the story.GameStop is a brick-and-mortar video game seller. A fairly routine presence across large malls across America, GameStop was meandering its way into irrelevance over the last many years. After all, who goes to the mall to buy video games anymore? And then the pandemic arrived to compound its woes. Its days seem numbered. Soon it would join the likes of Blockbuster, JC Penney and scores of other businesses that couldn’t reinvent themselves for the digital age. That was the consensus on Wall Street. The Short SqueezeBut the Street is a strange place. A business with no prospects is also an opportunity to make money. By shorting its stock. You borrow a few shares of the company from someone (usually a broker) and you sell them in the market. Since you are borrowing the shares you pay a small charge for it. Plus the broker wants a bit of insurance in case things go bad. So you keep some money in an account that the lender can access in case things go south. Since you believe the stock price will go down, you wait for it to happen. When it does, you buy the same number of shares at the lower price and return them back to the broker. You pocket the difference. This is how it goes for any ordinary investor. If you happen to be a star fund manager of a hedge fund, you make it known to the world you are shorting the stock. You have a platform to voice your views and you send out a signal the stock will tank. Often this turns out to be a self-fulfilling prophesy. The stock does go down on your word and momentum does the rest. You make a tidy profit for your clients and a fat commission for yourself. Of course, plans go awry too. The stock goes up contrary to your bet. You think this is temporary so you wait. But the broker is nervous and wants some assurance. So you top up the account where you had put some money in case things went bad. If the stock keeps rising, you have to keep topping this up. Since your loss can be unlimited (the stock can keep rising), you feel hemmed in as the stock rises. You feel squeezed. So you decide you want to call this bet off. The only way to do this is to buy the stock at an elevated price. You do that. But remember you are not the only one who had shorted this stock. As the likes of you buy the stock at the elevated price, the price goes up further. And other short sellers feel the squeeze. This is called short squeeze. It can wipe you out. That’s that. Life is too short to know any more about short selling.And The Gamma SqueezeOn the other hand, there are people who bet the stock price will go up. That’s usual. The riskier bet is buying a call option on a stock. Here you don’t buy the stock. Instead, you buy an option that the stock will go above a certain price. This is a small bet. You lose all money if the stock doesn’t reach there. But if it does, you make a lot of money on a small bet. Since this is a bet, there’s always the other party (market maker) that’s sold you the bet. They sell many such bets. And to hedge their bets they go out and buy a small number of the underlying stock. In case the stock price does go above the bet price, they will atleast recover some of their losses if they own that stock. For simplicity let’s call the rate of buying the stock to hedge the bet as ‘delta’. You can see where this is heading. If the stock keeps going up and more people buy call options, you will have the market makers buy more of that stock. This in turn drives the price further up. That is the delta keeps becoming faster. This rate of change of delta is called gamma. It is like acceleration. And this kind of squeeze in favour of stock going up is called the gamma squeeze.Life is complicated enough already to know any more about Greek letters in stock markets. Unstoppable GameStop Events conspired in mysterious ways to bring both the short squeeze and the gamma squeeze to the GameStop stock overt the past few weeks.There’s a Reddit forum (r/WallStreetBets) that has a mix of investors - small-time investors with deep knowledge of the markets (very few), bored young men (mostly men) who trade in markets for a lark (few more), thrill-seekers and degenerates who trade by turning economic logic on its head (many more) and gullible new investors who are drawn into this in the hope of getting tips to make a quick buck (the largest number). The forum members see themselves as Davids taking on the Wall Street establishment (Goliath). Fun fact: only 14 per cent of Americans directly invest in individual stocks and 3 out of 4 of them belong to the top 20 per cent of American households by income. Calling themselves the ‘little guys’ is a bit rich. Sometime last summer a few members of the forum started making a case for GameStop as a stock that’s undervalued. The stock was trading at about $4 then. There was no rationale. It was pure optimism backed by hopes of a turnaround in the business. But that’s how even the best equity analysts often make a case for a stock. Or a VC fund values a start-up. The stock caught fancy of a few members in the forum and rallied a bit. In September, Ryan Cohen, an entrepreneur who sold his online pet store Chewey for $3.5 Bn a few years back, bought about 12 per cent of GameStop at $8.4 per share. Cohen believed he could turn GameStop into an online success. This was the validation the WallStreetBets members were looking for. The stock doubled in three months soon after.In January this year, things got weirder. GameStop was one of the most shorted stocks in the market (the total shorts were more than the available outstanding shares). As it rallied up, some of the prominent short sellers started talking down the stock. Particularly, two firms - Melvin Capital and Citron Research - called out the insanity around the stock. Now a word about short sellers, hedge funds and other established fund houses on Wall Street. For years since the GFC, there’s been a wave of simmering anger against them from the retail investors. Deservedly. These firms have done it all - cartelisation, manipulation of stocks leading to fake momentum and selling toxic products to ordinary investors. The calling out of GameStop rally by them triggered something extraordinary.The WallStreetBets forum decided to apply the short squeeze on the short-sellers. It was the mother of all squeezes. Meanwhile, GameStop brought Cohen and his two buddies on to their Board. Momentum was on. Gamma squeeze was in. The stock went berserk. From $20 to $320 over two weeks with wild fluctuations. Over 20 Bn shares were being traded daily making it the most traded stock in the world. Nothing had changed in its underlying business. In fact, the numbers were looking worse. But this wasn’t about GameStop anymore. In these two weeks, the whole thing has turned into a movement. It is no longer about making money. It is about making a statement. Socking it in the face of the establishment. There’s no logic anymore. It is a cult. Citron and Melvin have closed their positions and made extraordinary losses. These wins have given more life to the movement. Shorted stocks of companies that can hardly have a future have quadrupled. These include names like AMC, Blackberry (remember) and Nokia. The whole thing is nuts.The bar for absurdity in Wall Street lore is high. Short squeezes have a long history. The original baron, Cornelius Vanderbilt, once short squeezed the life out of NYC Council members who were betting against him. The railroad empire he built was the result of that. George Soros took a $10 Bn short position on the British Pound and almost broke the Bank of England in 1992. And in the early days of the pandemic last year, the crude oil price went below zero. There’s something about the GameStop story that tops them all. There was a rational economic explanation to the earlier events however bizarre they appeared. This one goes beyond economics.Markets In The CrosshairsFour trends now deeply embedded in our culture and politics seem to have marked their arrival in the markets with this story. Radically Networked Societies (RNS) meet Capital Markets: Nitin Pai and Pranay define a radically networked society as a web of hyper-connected individuals, possessing an identity (imagined or real), and motivated by a common immediate cause. The emergence of RNS aided by cellphones, cheap data connectivity and social media platforms is a phenomenon for the hierarchical state to contend. The immediate cause that motivates an RNS could be irrational but before the state or the established institutions can even put their shoes on, the RNS might have gone around the world twice with their message. This is what fuelled the bizarre stories emerging from the suicide of a Bollywood star during the pandemic or with the rise of the QAnon movement in America. Well, RNS is now in the markets. The WallStreetBets is a classic case of RNS. A bunch of hyperconnected, mostly anonymous investors who view themselves as Wall Street outsiders and whose immediate cause is to take down short sellers and hedge fund managers. That their chosen targets are a greedy, egoistic bunch divorced from reality has made their job easier. The story sells itself - the long due revenge of the ordinary investor. Knocking the experts off their pedestal: The experts are all sold out. They have an agenda and they won’t tell you the truth. That’s the message that’s mainstream now in politics and culture. This is what drives the anti-vaxxers, climate science deniers, trade protectionists and other conspiracy theories going around. Now add the Wall Street experts to this list. If a research analyst says a stock has no future, bet against her. Do the irrational thing and if it pays off for even a day, you have been proved right. The crowd is right: What are people like you buying, watching, eating or wearing? So many people can’t be wrong. If I can watch and enjoy something based on what others are watching, I can buy a stock the same way. Zero brokerage platforms like Robinhood and Public have built their business models around this. Gamify the stock markets. Make it addictive. The millennials seeking thrill sitting at home during the pandemic have a new destination. Buy stocks, buy options and have fun. Let them buy high, sell low and take a selfie while doing so. You earn street cred doing this within your community. Who cares about the losses? YOLO.It is personal: Hyper-personalisation, the market of one, call it by any name. You are now invested deeply in your belief and your platform. It is your identity. The echo chamber you inhabit keeps reinforcing this belief. After a while, even the platform has no control over you as Twitter and Facebook have seen over the years. And Robinhood discovered to its dismay last week. They will take you down too. Because it is all personal. You can’t just let Citron Research or Melvin Capital have a view about GameStop that’s contrary to yours. They have to be taken down. The GameStop phenomenon is just the beginning. It is like the Arab Spring of 2011 engineered on Twitter. Today it seems like a moment when the little guys took on the big, brutish establishment and won. This victory, like that of the Arab Spring, will be pyrrhic. The genie that escaped from that movement has been hard to put back into the bottle. The markets will now have to contend with the genie. It is out. For those like us who battle to protect the fast receding middle ground everywhere, this is a new front. Anything that elicits support from both Alexandria Ocasio-Cortez and Ted Cruz must give the classical liberal a pause. That moment for Capital Markets is here. A Framework a Week: Three Functions of the StateTools for thinking public policy- Pranay KotasthanePublic Finance in Theory and Practice (1973) by Musgrave and Musgrave has an elegant classification of budgetary functions. Since you’ll be bombarded with the news about the union budget over the next few days, this classification would be of some use. From a public finance perspective, the three main functions of the State are allocation, distribution, and stabilisation. Allocation of social goods needs to be done primarily by the State because the market is likely to under provide such goods. Consider a private company willing to install street lights in your area for a fee that will be collected from all residents. Residents are likely to underpay because the benefits of good lighting will accrue to strangers beside themselves. Most people would prefer freeriding, the result being unlit streets. Here’s where the state comes in to allocate such social goods and imposing mandatory taxation, it tries to prevent freeriding. Distribution of income or wealth is another important and perhaps the most controversial function of the State. If the income distribution is not in line with what the society perceives as being “fair”, the State tries to alter the distribution pattern. For example, it is now widely accepted that poverty and food insecurity are undesirable in the Indian society and hence there is broad support across the political spectrum for some subsidies to the poor.Further, there are three fiscal instruments for redistribution:a tax-transfer scheme, combining progressive taxation of high-income with a subsidy to low-income households. example: tax money used for a direct benefit transfer for low-income families.progressive taxes used to finance public services, especially those such as public housing, which particularly benefit low-income households. a combination of taxes on goods purchased largely by high-income consumers with subsidies to other goods which are used chiefly by low-income consumers. example: GST rate of zero for grains and salt but tenwty-eight percent for cars.All three instruments of distribution distort markets and hence need to be used in moderation. In a previous edition, we have written why a tax-transfer scheme is better than loading a tax-system with multiple objectives. Finally, macroeconomic stabilisation seeks to achieve desirable levels of macroeconomic indicators such as inflation and unemployment since the market-determined values might not be optimal. Increase in the budget for the employment guarantee scheme (MGNREGS) due to COVID-19 is an example of budgetary policy being used to stabilise the unemployment situation. Stabilisation can happen through these two instruments: Monetary instruments such as interest rates, discount rates, and open market operations, orFiscal instruments such as raising public expenditures on infrastructure.Often, a budgetary policy designed for one of these functions can cause problems in the other. For example, a government trying to stabilise inflation by banning exports of commodities can affect the distribution of incomes of producers. This is the precise predicament of export bans on onions. Hence the grand challenge is to design policies that minimise such conflicts. Humour: Green shootsThe Union budget will be presented tomorrow and we bet you’ll hear the phrase ‘economy green shoots’ at least once. Many growth rate-based narratives around the economic recovery will compete with each other. So, here’s a pic in anticipation of all that — green shoots on a money plant.HomeWorkReading and listening recommendations on public policy matters[Audio] Amit Varma with Pranay on Radically Networked Societies in The Seen And The Unseen[Article] Kevin Roose’s The Shift column in The New York Times: The GameStop Reckoning Was a Long Time Coming[Article] Sarthak and Pranay have an article in Deccan Herald on an underrated budget document. Get on the email list at publicpolicy.substack.com

Resources and Mentions:Citron Research Melvin CapitalGame Stop Flash Boys :  A Wall Street Revolt Previous Podcasts:BCM Episode  "10 Essential Principles for Investing in 2021"BCM "The Mindset of an Investor Series"...Mindset of An Investor, Lesson #1 Redemptive Economics Course - Mike Hatch

➤ Tesla CEO Elon Musk changes his twitter description to bitcoin, cryptically tweets about inevitability ➤ Argus Research sets $TSLA price target above $1,000, the second price target on the street to eclipse the mark ➤ Citron Research to stop publishing short reports in wake of GME, AMC ➤ S&P warns oil and gas companies on credit rating ➤ Do Tesla’s refreshed Model S and Model X vehicles have less energy than before? Twitter: https://www.twitter.com/teslapodcast Patreon: https://www.patreon.com/tesladailypodcast Tesla Referral: https://ts.la/robert47283 Plaid producer Who Why Plaid producer Ice Lakes Investments Ludicrous producer Fred Hassen Executive producer Jeremy Cooke Executive producer Troy Cherasaro Executive producer Bradford Ferguson Executive producer Andre/Maria Kent Executive producer Jeff Sheets Executive producer Jessie Chimni Executive producer Richard Del Maestro Music by Evan Schaeffer Disclosure: Rob Maurer is long TSLA stock & derivatives

Patreon: https://www.patreon.com/thatsall Here’s the story of how Reddit’s Wall Street Bets subreddit gamed the system and profited off of Citron Research’s shorting positions. This is what happened and why!

PreMarket Prep is a live trading talk show that airs weekdays from 8-9 am ET on YouTube as well as http://premarket.benzinga.com/pre-market-show/ Check out our chat rooms to get your questions answered on the show! We pride ourselves on being the best source of premarket trading strategy, and we feature some of Wall Street’s best traders as guests. On today’s show, we discuss…. - Reactions to Monday's rally - Stocks moving in the premarket, including MKC, SOGO, BIG and more - Questions from our live chats Featured Guests: Bill Baruch, president of Blue Line Futures - 34:20 Andrew Left, Citron Research, 1:03:08 ///////MORE STUFF TO CHECK OUT/////// Free stock market news: https://www.benzinga.com/ Live education at Benzinga Boot Camp: https://rb.gy/abuhzl Benzinga merch: https://rb.gy/3pyb0x For FASTER NEWS and IN-DEPTH market data, check out Benzinga Pro. Click the link to sign up for a free two-week trial https://pro.benzinga.com/?afmc=6c Meet the Hosts: Dennis Dick Bio: http://www.premarketprep.com/author/premarketinfo/ Twitter: https://twitter.com/TripleDTrader Joel Elconin Bio: http://www.premarketprep.com/author/joelelconin/ Twitter: https://twitter.com/Spus Tune in to the show live or via podcast! iTunes: https://itunes.apple.com/us/podcast/benzinga-tv Soundcloud: https://soundcloud.com/bztv Stitcher: https://www.stitcher.com/podcast/benzinga-morning-show TuneIn: https://tunein.com/podcasts/Business--Economics/Benzinga-TV-p1006070/ Google Play: https://play.google.com/music/listen?u=0#/ps/Id2myc5nfdgd4pry47sjss2n2my Like the show? Keep up with all Benzinga news! Visit https://www.benzinga.com/ to subscribe to our newsletter Visit https://twitter.com/Benzinga to follow us on Twitter Visit https://www.facebook.com/Benzinga/ to like us on Facebook Be sure to check out https://pro.benzinga.com/. Benzinga’s real-time news platform with all the information you need to invest better today.

Episode Notes In this episode, Devon interviews Stacy and James on their experiences using the Robinhood app to gamble-- I mean, trade stocks. Robinhood: Investing for Everyone Planet Money Podcast The Absolute Chaos of r/Wallstreetbets Mrs. Dow Jones on Instagram Nikola sinks another 18% as Citron Research calls it a 'total fraud' and investors shun a rebuttal of the original short-seller report

Andrew Left, the colorful and engaging founder of Citron Research, joins Hedgeye's Daryl Jones in this 27th episode of Hedeye | In The Arena.Left opened up to Jones with honestly, humility and some great insights for trading and having a fruitful career in the industry. He shared many real life examples of his process, when and why he got things wrong, and some of his current ideas. Stocks the two discussed included:Wayfair (W)Tesla (TSLA)McKesson (MCK)Grand Canyon Education (LOPE)Netflix (NFLX)Restoration Hardware (RH)

Not everyone can replicate the success of Tesla Inc (NASDAQ:TSLA), but NIO Inc (NYSE:NIO) just might pull it off in the Chinese market. This Chinese electric car company debuted on the New York Stock Exchange (NYSE) two months ago and NIO stock has experienced quite a bit of volatility since its initial public offering (IPO). A report from Citron Research on November 19 only added fuel to the fire. For investors searching for an NIO stock forecast, here’s what you need to know. Founded in 2014, NIO Inc made its name by developing the “EP9” supercar. The two-seater ran the Nürburgring Nordschleife in just 6 minutes 45.9 seconds, setting a record for electric vehicles (EVs) on that track. The company then entered the premium electric vehicle market in China with the “ES8,” an all-electric, full-size SUV that can seat seven passengers. NIO plans to launch the “ES6,” its five-seater SUV, by the end of this year. The latest catalyst came on Monday, November 19, when Citron Research released a report saying that NIO stock will see little resistance on its way to $12.00 per share. (Source: “NIO short is a Tesla Déjà vu – Path to $12 Should Have Little Resistance,” Citron Research, November 19, 2018.) Given that NIO stock closed at $7.19 on Friday, Citron’s $12.00 price target was quite bold. And indeed, Citron’s bullish stance sparked a rally, as NIO stock shot up by as much as 12% on Monday morning. Shares of NIO Inc closed at $7.84 apiece on Monday, marking a gain of nine percent. One of the reasons why this release became a trigger event was that Citron Research’s Executive Editor Andrew Left was a well-known activist short seller. In particular, he wasn’t always a fan of the electric vehicle industry. In September, Left filed against Tesla, alleging that the company’s Chief Executive Officer Elon Musk “attempted to manipulate the price of Tesla securities with false and misleading tweets, in a directed effort to harm short-sellers.” (Source: “Short seller Andrew Left sues Tesla and Elon Musk, claiming stock manipulation,” CNBC, September 6, 2018.) Left turned bullish on Tesla in October. Now, he thinks NIO stock could be an even bigger opportunity. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app Support this podcast: https://anchor.fm/carterfarrpodcast/support

– Tesla surprisingly schedules its Q3 earnings report on short notice for Wednesday, 10/24 – Vocal TSLA shortseller Andrew Left’s Citron Research changes its stance on TSLA and takes a long position on the stock ahead of earnings (Link to report) Links: Email > tesladailypodcast@gmail.com Twitter > @teslapodcast Patreon > patreon.com/tesladailypodcast Executive producer Jerome Jorden Executive producer Rob Gill Music by Evan Schaeffer Disclosure: Rob Maurer is long TSLA stock The post Q3 Earnings Report Scheduled Surprisingly Early, Citron Research Flips & Becomes Long TSLA (10.23.18) appeared first on TechCast Daily.

We’re back from South Carolina!  David Kretzmann shares highlights from our investing conference and analyzes Citron Research’s shorting of Shopify. Thanks to Bombfell for supporting The Motley Fool.  Get $25 off your first purchase at http://bombfell.com/fool

Bloomberg Markets with Carol Massar and Cory Johnson.u0010u0010GUEST:u0010David Wilsonu0010Stocks Editoru0010Bloomberg Newsu0010Discussing his "Stock of the Day" Veritone (VERI). Veritone Inc.'s shares are rallying for a second day as the media-technology company rebounds from critical comments made by the short-selling firm Citron Research. Veritone plummeted 44 percent in two days last week after Citron tweeted that the company "is not artificial intelligence, more like natural stupidity." Roth Capital then raised its price estimate on the stock. Today, Veritone said it signed an expanded two-year deal with the radio-station owner iHeartMedia. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com

Bloomberg Markets with Carol Massar and Cory Johnson.u0010u0010GUEST:u0010David Wilsonu0010Stocks Editoru0010Bloomberg Newsu0010Discussing his "Stock of the Day" Veritone (VERI). Veritone Inc.'s shares are rallying for a second day as the media-technology company rebounds from critical comments made by the short-selling firm Citron Research. Veritone plummeted 44 percent in two days last week after Citron tweeted that the company "is not artificial intelligence, more like natural stupidity." Roth Capital then raised its price estimate on the stock. Today, Veritone said it signed an expanded two-year deal with the radio-station owner iHeartMedia.

The Likefolio app alerted subscribers yesterday that Citron Research had put out a bearish note on $EXAS. Within minute, the stock dropped from 34 to 31. How could you have profited from this? $CCL is cruising higher into the summer season. Does social data suggest the run can continue?

Microsoft buys LinkedIn for $26.2 billion. Citron Research makes a case for shorting Facebook. Plus, stock market trivia! For video highlights of our Fool Fest Digital Pass go to http://digitalpass.fool.com/foolery

It’s perfect timing to have Kevin on the show because he’s Zacks’ expert in institutional buying. He tracks their purchases for his Follow the Money Trader. And there’s been no bigger story than what is happening at Valeant (VRX). Pharmaceutical giant Valeant has been on everyone’s lips for the last several months regarding questions about its drug pricing. It was the subject of a New York Times cover story and there have been subpoenas issued by US prosecutors. Adding to the injury, the short-selling firm Citron Research came out with a report on the company which slammed the shares further. Shares are down a whopping 71% in the last 3 months, and went from a new all-time high to a multi-year low in that time span. Many institutional investors were caught in the Valeant downdraft. The deadline for the filing of third quarter 13-F forms also just passed which means firms with assets of more than $100 million had to disclose their moves. Are the institutional investors selling their Valeant positions or buying more? Who’s in and who’s out? Sequoia Fund (SEQUX), a prestigious value investment fund which closed to new investors in 2013, is one of the largest shareholders in Valeant. It has over a 10% stake. According to recent filings, it has actually bought even more shares despite losing billions over the last few months on its existing stake. Outside of Valeant, what else are the top institutional names buying? The 13-F forms revealed that Michael Kors (KORS), Apple (AAPL) and Mobileye (MBLY) are still on their radar. Should you mimic the buys of the institutional greats? And if so, how do you protect yourself from a Valeant situation? Join Kevin and Tracey as they discuss the juicy tidbits from the new filings in this week’s podcast. Valeant: http://www.zacks.com/stock/quote/VRX?cid=cs-soundcloud-ft-pod Sequoia Fund: http://www.zacks.com/funds/mutual-fund/quote/SEQUX?cid=cs-soundcloud-ft-pod Michael Kors: http://www.zacks.com/stock/quote/KORS?cid=cs-soundcloud-ft-pod Apple: http://www.zacks.com/stock/quote/AAPL?cid=cs-soundcloud-ft-pod Mobileye: http://www.zacks.com/stock/quote/MBLY?cid=cs-soundcloud-ft-pod Follow us on StockTwits: http://stocktwits.com/ZacksResearch Follow us on Twitter: https://twitter.com/ZacksResearch Like us on Facebook: https://www.facebook.com/ZacksInvestmentResearch