Off Wall Street and Off-Off Wall Street

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Comments

  1. I had flashbacks of 1999 reading this —-I had a few clients that hung out on the raging bull chat rooms…every generation has to learn that price matters.

  2. Great post and particularly appreciate the ecosystem diagram and detail. I unwittingly found myself with a front-row seat to this when I discovered this summer that my 16-year old was investing all his babysitting money into the market. One of his strategies was to find stocks with high short interest and buy them prior to announcements. It did kind of make me smile - searching out the smart money and trading against it! I wrote about it here:

    https://www.forbes.com/sites/kevincoldiron/2020/12/01/help-my-teenage-son-is-a-stock-speculator/?sh=1592faa75253

    Another point - It’s not entirely clear to me that having public markets primarily serving as a liquidity mechanism for long-term private capital is bad. I think I could argue this could actually promote growth.

  3. “Whenever asked whether he received any residuals from telecasts of the 1939 classic, Bolger would reply: “No, just immortality. I’ll settle for that.” Bolger’s Scarecrow is ranked among the “most beloved movie characters of all time” by AMC and the American Film Institute.”
    – Wikipedia article on Ray Bolger, the Wizard of Oz Scarecrow

  4. The Broadway analogy also applies to Linguistics.
    Broadway: English
    off-Broadway: other ethnic languages
    off-off-Broadway: conlangs such as Lojban and Esperanto

  5. Three of my best trades from last year came from WSB. But four of my worst trades came from there as well.

  6. Looks like GME got a new missionary—Elon Musk.

  7. WSB has the potential to start leveling the playing field of wealth inequality, where the plebs can start reversing the flow of wealth transfer that Team Elite has largely benefited from. Imagine a forum dedicated to scouring order books, looking for Team Elite organizations with big shorts, and then just nuking them over and over again, taking back what was largely taken from them by previous generations. It’s like the next evolution of Occupy Wallstreet, except actually effective because it hits Wall-Street right in the pocketbook.

  8. I’m also wondering if there’s a factor called “it ain’t enough to make a difference”, relative to the $600 or $1400 checks. On who’s planet, in what reality, does $600/$1400 make a difference? If that amount ONCE is going to save your lifestyle/world, then you got serious issues! So… gambling it, in hopes of the Big Hit, is an understandable response. I haven’t done the research, but I’d be interested in the socioeconomic profile of lottery ticket buyers. Low, medium or high earners/savers?

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