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Mohrbooks Literary Agency
Sebastian Ritscher |
| Original language | |
| English | |
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| Weblink | |
| https://spencerjakab.com/ | |
THE REVOLUTION THAT WASN'T
GameStop, Reddit, and the Fleecing of Small Investors
From Wall Street Journal columnist Spencer Jakab comes the truth about the GameStop squeeze - and who really won an already rigged game.
During one crazy week in January 2021, a motley crew of retail traders on Reddit's r/wallstreetbets forum had seemingly done the impossible: They brought some of the biggest, richest players on Wall Street to their knees. Their weapon was GameStop, a failing retailer whose shares briefly became the most-traded security on the planet and the subject of intense media coverage.
THE REVOLUTION THAT WASN'T is the riveting story of how the meme stock squeeze unfolded, and the real architects (and winners) of the GameStop rally. Drawing on his years as a stock analyst at a major bank, Jakab exposes technological and financial innovations like Robinhood as ploys to get our cash, within the larger story of evolving social and economic pressures.
The surprising truth? What appeared to be a watershed moment - a revolution that stripped the ultra-powerful hedge funds of their market influence, placing power back in the hands of everyday investors - only superpowered house odds.
Online brokerages love to talk about empowerment and "democratizing finance" - while profiting from the mistakes and volatility created by novice retail investors. In this nuanced analysis, Jakab shines a light on the often misunderstood profit motives and financial mechanisms to show how this so-called revolution is, on balance, good for Wall Street. But, Jakab argues, there really is a way for ordinary investors to beat the pros: by refusing to play their game.
Spencer Jakab is an award-winning financial journalist and a former top-rated stock analyst at Credit Suisse. He edits the Wall Street Journal's "Heard on the Street" column and previously wrote the daily investing column "Ahead of the Tape." He has written for several other financial publications, such as Barron's and the Financial Times. He is also the author of Heads I Win, Tails I Win (Portfolio, 2016).
THE REVOLUTION THAT WASN'T is the riveting story of how the meme stock squeeze unfolded, and the real architects (and winners) of the GameStop rally. Drawing on his years as a stock analyst at a major bank, Jakab exposes technological and financial innovations like Robinhood as ploys to get our cash, within the larger story of evolving social and economic pressures.
The surprising truth? What appeared to be a watershed moment - a revolution that stripped the ultra-powerful hedge funds of their market influence, placing power back in the hands of everyday investors - only superpowered house odds.
Online brokerages love to talk about empowerment and "democratizing finance" - while profiting from the mistakes and volatility created by novice retail investors. In this nuanced analysis, Jakab shines a light on the often misunderstood profit motives and financial mechanisms to show how this so-called revolution is, on balance, good for Wall Street. But, Jakab argues, there really is a way for ordinary investors to beat the pros: by refusing to play their game.
Spencer Jakab is an award-winning financial journalist and a former top-rated stock analyst at Credit Suisse. He edits the Wall Street Journal's "Heard on the Street" column and previously wrote the daily investing column "Ahead of the Tape." He has written for several other financial publications, such as Barron's and the Financial Times. He is also the author of Heads I Win, Tails I Win (Portfolio, 2016).
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Published 2022-02-01 by Portfolio |