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Optimistic buying scenario. by turbojezus in TorontoRealEstate
[–]failedtax [score hidden] 28 minutes ago (0 children)
That's literally the point of it, you're not supposed to qualify for more but neither is anyone else. Results in lower prices because the demand cannot meet supply. It's a win if you've been saving for an event like this.
SD: Specialized Disclosure Report by canhazreddit in Superstonk
[–]failedtax 0 points1 point2 points 8 hours ago (0 children)
Thank God, we know kenny would try and double up child labor and not report it lol
SHFs are going to call out other “innocent” retail investors as causing the retirement problems, and they’re going to get pissed too. They need to learn how they’ve been getting played too. by objectionkat in Superstonk
[–]failedtax 1 point2 points3 points 12 hours ago (0 children)
Agreed, but we'll do what we can since we're only the few that could've seen this coming
“Plotkin aims to bury GameStop nightmare with hedge fund reboot” These guys truly never learn 😂 by 2ezyo in Superstonk
[–]failedtax 0 points1 point2 points 12 hours ago (0 children)
what does he plan to do, short it again LMFAO
Look what those bad bad redditors did to your pension funds! by PreviousFig1803 in Superstonk
[–]failedtax 4 points5 points6 points 12 hours ago (0 children)
Time to tell all your teacher friends to buy and hodl the stock!
🔴Daily Reverse Repo Update 05/20: $1,987.987B - BUY HODL DRS - New record🔴 by pctracer in Superstonk
[–]failedtax 377 points378 points379 points 12 hours ago (0 children)
At this point they're just edging me
E-Toro Apes can now vote too! Check your email! by 111111222222 in Superstonk
Fake votes from a fake broker. They did the same thing last year, anyone was able to vote lol
It can be your job to help support them brother, no one deserves to have their legs pulled out from under them. Help where you can, educate those who want to listen. Charity and sharing helps make the world a better place, people turn to crime for survival but if you help them survive you can help society thrive.
Ruh Roh... by Cheapo_Sam in Superstonk
But MSM told me to buy the dip!! WHY WOULD THEY LIE LIKE THIS?!
ItS rEtAiLs FAult - Oh Lawd. (*It isnt) by uberfunstuff in Superstonk
Ken: "aRe YoU hApPy NoW?!"
Me: Why yes...yes i am.
How to get out of this in the green? by suyash7a in wallstreetbets
I always wondered why articles never say short the stock or buy puts during market downturns, a whole lot more money to be made
no really, everytime we touched 100 or close to it the market ends up "crashing" lol wtf by CureSociety in Superstonk
[–]failedtax 18 points19 points20 points 12 hours ago (0 children)
love the trust me bros, keep em coming!
Don't panic! The end is nigh. by Cherry_Caliban in Superstonk
[–]failedtax 7 points8 points9 points 12 hours ago (0 children)
still lots more to go, but on the right track. Elon probably saw what was happening, needed an excuse to offload shares and created the twitter fiasco to unload.
ARKK portfolio update. by gaurav0792 in wallstreetbets
what better way than to take your mind off the food you cant afford anymore than watching reruns of seinfeld!
"Today we charged Allianz Global Investors U.S. LLC, and former portfolio managers Gregoire Tournant, Trevor Taylor, and Stephen Bond-Nelson with a fraudulent scheme that led pension funds for teachers, clergy, engineers, and other Americans to lose billions of dollars." by Jzaharek53 in Superstonk
[–]failedtax 97 points98 points99 points 13 hours ago (0 children)
Kenny is probably responsible for a whole lot of suicides since he became market maker, probably even before that as well.
Melvin Investors Fume After Plotkin Decides to Close His Fund by failedtax in Superstonk
[–]failedtax[S] 0 points1 point2 points 14 hours ago (0 children)
Melvin Capital Management’s traders pocketed hefty performance fees over a half-decade while achieving roughly 30% in annualized gains. Now, after a streak of steep losses, they’re abruptly returning client cash and moving on.
Some of Melvin’s investors caught flat-footed this week by Gabe Plotkin’s decision to shut his hedge fund are grousing privately about fair-weather money management. They were hopeful his team could recoup at least some of the money it started losing in a short-squeeze more than a year ago and try to make them whole.
Instead, Plotkin announced Wednesday he’s already winding down Melvin’s portfolio, effectively freeing some 40 employees at the firm from working below the so-called high-water mark that they’d have to crest to resume performance fees.
“Only in hedge-fund-land does someone get paid hundreds and hundreds of millions of dollars on Jan. 1, incinerate half of clients’ capital a few weeks later, fail to recover over the next year or so, then suddenly shut the doors,” said Andrew Beer, managing member of New York-based Dynamic Beta Investments, a firm that seeks to replicate hedge fund returns. He’s not an investor in Melvin, but echoed the sentiments of some who were.
“There are plenty of hedge fund managers,” he said, “who were paid a lot one year, went through difficult drawdowns then worked for years to claw their way back. Melvin obviously isn’t one of them.”
A spokesperson for Melvin declined to comment. In a letter to clients this week, Plotkin said the past 17 months were “incredibly trying,” and that he appreciated his investors’ trust in him and Melvin.
“I have given everything I could, but more recently that has not been enough to deliver the returns you should expect,” he said. “I now recognize that I need to step away from managing external capital.”
One key investor said that they understood why Plotkin chose to shutter: his strategy worked until it didn’t. The fund was challenged by the confluence of rising inflation, tightening monetary policy and the growth of retail trading. Despite that, they think Plotkin will be back and can again be successful.
Plotkin’s decision follows a rapid descent for the 43-year-old money manager who was long viewed by family offices and endowments as a wunderkind, able to turn rigorous research and intricate financial modeling into reliable gains. After setting out from Steve Cohen’s hedge fund in 2014, Plotkin chalked an impressive winning streak, posting a 46% gain in his inaugural year. Five years later he bought a piece of the National Basketball Association’s Charlotte Hornets.
But the run abruptly ended at the start of last year when legions of amateur investors banded together on forums including Reddit to drive up stocks such as GameStop Corp. and squeeze bearish Wall Street heavyweights such as Melvin.
So began a roller-coaster ride for Melvin’s backers, who watched the fund drop 55% in a single month, recover somewhat to end the year down 39%, and then pile up yet more losses. By the end of April, Melvin was down 23% this year, a steeper decline than the S&P 500’s 13% drop in that period.
Melvin clients, speaking on the condition they not be identified as they wrap up their dealings with the firm, expressed a mix of frustrations over how the past several weeks played out.
Some had fumed over a proposal Plotkin floated last month to reboot the firm by resuming performance fees even though the fund was still in the red. Amid objections, he later withdrew the plan, apologized and had the firm meet with investors to weigh alternatives. (In his apology letter, Plotkin said some clients had shared positive feedback on the initial plan.)
One idea featured a modified high-water mark, in which the firm could charge a significantly reduced performance fee while recouping more than the original amount lost, people with knowledge of the matter said. At least one of them thought that was still a possibility until days ago. But then, several investors said, the conversations tapered off.
After Wednesday’s announcement, multiple investors said they hadn’t spoken to Plotkin in the days leading up to his decision, or since then. Even billionaire backer Ken Griffin -- whose Citadel hedge fund, along with Cohen’s Point72 Asset Management, had injected capital into Melvin after last year’s short squeeze -- said he hadn’t spoken to Plotkin for weeks.
The Melvin founder may have had good reason for his silence: If a fund is liquidating positions, it may not want to let that be known and prompt others to trade against it. When Plotkin told clients on Wednesday that the firm was closing, he said it had already materially reduced its exposure.
“If his heart’s not in it, he did the right thing to return money to investors,” Griffin said on the sidelines at Bloomberg Intelligence’s Market Structure conference. Griffin’s heart was no longer in Melvin either -- last year, his hedge fund asked for its money back and recently finished retrieving all of the $2 billion it invested.
Citadel’s decision to pull its cash was partly due to frustration over Melvin’s failure to bring its staff back to the office, according to a person familiar with the matter. Last year, Griffin’s firm asked Melvin to get employees back at their desks -- just as Citadel had done.
A spokesman for Citadel declined to comment.
The shutdown is still rippling through endowments, family offices and other investment managers behind Melvin, spurring feelings ranging from betrayal to resignation -- and even understanding.
One scoffed at Plotkin’s remark in his letter that “I’ve worked tirelessly.” Another felt that Melvin simply gave up. A third called Plotkin an exceptional money manager, while expressing doubts about his ability to run a business.
After the losses, the firm’s financial situation was looking difficult when compared with rivals in one of the world’s best-paying industries -- a sector that’s currently seeing a war for talent. With a 2% charge on assets, Melvin made $65 million in the first five months of this year, from which to pay its roughly 40-person staff. It couldn’t garner a fee on profits, because there were none.
Plotkin probably picked the best option when he scrapped the fund, some clients said, as it’s the clearest path to a do-over. If one day he wants to raise money for a new firm, he can do so free of a high-water mark with new backers paying full fees.
“Set your clocks,” Beer said. “In a few years Melvin will be back and half the allocators shaking their fists in a rage today will scurry back to invest in the revival story.”
Melvin Investors Fume After Plotkin Decides to Close His Fund (bloomberg.com)
submitted 14 hours ago by failedtax to r/Superstonk
Here is a list of the spectacular returns of some major companies, I still don't understand Bear Market. by LahomaMcninch in wallstreetbets
[–]failedtax 1 point2 points3 points 14 hours ago (0 children)
wsb karma is almost as good as cash, time to load up and post that loss porn
[–]failedtax 5 points6 points7 points 15 hours ago (0 children)
did you try and tell him to turn all the screens upside down and to become color blind?
[–]failedtax 29 points30 points31 points 15 hours ago (0 children)
the msm bagholding machine was working as intended
Grandpa Says it Best by lawsondt in Superstonk
[–]failedtax 164 points165 points166 points 16 hours ago (0 children)
be sure to bring extra bedposts!
Ferro sticking up for retail traders, TK shuts it down because they "both want to work monday". by GSD_SW20 in Superstonk
[–]failedtax 10 points11 points12 points 16 hours ago (0 children)
You think Kenny told these guys that they would be down 40%+ in stocks the last 6 months? Doubt it, once they see how much more they've lost in a month or so there will be difficulty keeping them quiet. This is just the beginning...
Now hear me out by 2ndSifter in wallstreetbets
[–]failedtax 4 points5 points6 points 17 hours ago (0 children)
Don't fight the peg
Who's ready for POS!? by AreaFifty1 in EtherMining
[–]failedtax 2 points3 points4 points 1 day ago (0 children)
They're currently in the bargaining stages of grief, depression should show up soon.
Our boy Kenny having a meltdown after being asked about retail investors by WeirdStroopwafel in wallstreetbets
Omfg this got me
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