GameStop investor Roaring Kitty who led Reddit stock war speaks out: ‘This story is so much bigger than me’
https://www.independent.co.uk/life-style/gadgets-and-tech/gamestop-roaring-kitty-keith-gill-b1794857.html?utm_content=Echobox&utm_medium=Social&utm_source=Facebook#Echobox=1611952296

Keith Gill insists he’s ‘not out for anybody’ after tips inspire extraordinary battle between Redditors and Wall Street hedge fund giants 

The Reddit, YouTube and TikTok tipster, known for his bandana, long-hair, aviator sunglasses and taste for prosecco, advises legions of fans in livestreams discussing market prospects.

“I didn’t expect this,” Mr Gill said of the week’s extraordinary David-and-Goliath trading battle. “This story is so much bigger than me.”

“I support these retail investors, their ability to make a statement.”

Mr Gill goes by the moniker “DeepF***ingValue” on the WallStreetBets Reddit forum, where the fight between amateur investors and major hedge funds over shares in the failing video games retailer began.

GameStop’s stock price rocketed from a low of $2.57 on 31 December 2020 to close at around $350 on Wednesday thanks to a push from Redditors to punish short sellers from seeking to profit from the brand’s fading fortunes – brought about by store closures due to the pandemic.

Mr Gill posted a screenshot of his brokerage account on Wednesday, revealing a roughly $20 million gain on GameStop shares and options in just one day.

“He will go down as the greatest legend in the history of WallStreetBets,” said another. “He’s the original OG.”

“The first thing that I had asked him when this craziness started was: is this illegal or anything dishonest? He said, ‘No mom, it’s not,’” she told the newspaper.

By going long on GameStop, investors flipped the script on the smart money. Then all heck snapped free, some stocks got blocked on trading services, Congress got mad, billionaires started to front on Twitter like they were the Common Man, some cryptos surged, including Dogecoin of all things, and as we headed into the weekend nothing was truly resolved. It was weird.
https://techcrunch.com/2021/01/30/stonks-flying-burritos-and-my-bosss-bosss-bosss-boss/?tpcc=ECFB2021

University of Pennsylvania’s Wharton School finance professor Jeremy Siegel — known for his prescient calls on the stock market, including a prediction of Dow 35,000 this year — says GameStop mania will end with its fair share of losers.

“I think that those that are in it now are generally going to lose,” Siegel told Yahoo Finance Live. “You have to be nimble. The fundamental value is lower. All manias die out, and it will go back to fundamental value and you are going to lose.”

Pros such as Siegel continue to argue that eventually the fundamentals of the struggling businesses will matter again. It’s wildly unclear when fundamentals (for example sales, earnings and cash flow) will come back into focus on these companies, but when it does it could be look out below for the legion of bullish day-traders in Reddit chat rooms.

“Right now, it’s the greater fool’s theory. I know it’s not worth this, but I know someone else who is more foolish who will buy it from me at a higher price. I am smart enough to get out in time, but obviously there is a lot of people left holding the bag here at the end. They’re going to be losers,” warns Siegel.

The investor who helped direct the world’s attention to GameStop, leading a horde of online followers in a bizarre market rally that made and lost fortunes from one day to the next, says he’s just a normal guy.

“I didn’t expect this,” said Keith Gill, 34 years old, known as “DeepF—ingValue” by fans on Reddit’s WallStreetBets forum and “Dada” by his 2-year-old daughter. He said he didn’t set out to draw the attention of Congress, the Federal Reserve, hedge funds, the media, trading platforms and hundreds of thousands of investors.

“This story is so much bigger than me,”

Despite blowout corporate earnings and more solid news on the vaccine front, the stock market just posted its worst weekly performance in three months after Reddit traders squeezed Wall Street’s elite out of billions of dollars, sending prices of heavily shorted stocks up to atmospheric new highs and fueling concerns over market frothiness–but experts seem in broad agreement that the bull market can rage on. 

Investor sentiment took a massive hit over the “relentless option buying by retail investors taking advantage of a structural weakness in market,” Oanda Senior Market Analyst Edward Moya said Friday, noting that the Dow’s 1,000-point plunge this week was the index’s worst weekly loss since election uncertainty tanked sentiment in late October. 

“The market is not broken, but recent events have revealed some cracks,” says Commonwealth Financial Network Chief Investment Officer Brad McMillan, who thinks one likely result of the week’s frenzy could be that the price of options–which helped fuel some of the outsized meme-stock demand–rise to help curb “price hacking” in the future.

McMillan eschews concerns from other experts that the Reddit-fueled price mania could be a sign the market is in the middle of a bubble akin to the dot-com era in the late 1990s, but he says “crackdown” by regulators is likely.

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