Ticker Shock
“It’s a breakdown of the central compact in our society where if young people play by the rules, they’re supposed to have the same opportunities as their parents in previous generations, and that’s not happening. Everything we do, from the stimulus to the tax structure, is all about helping rich people stay rich. People are fed up with that. Some of this is just mastery of new platforms that help people coordinate. But I also think young, bored men are the most dangerous people in the world and a lot of young men are at home and, quite frankly, not having sex and developing relationships with others that inhibit some of their instincts to gamble. I think if people were going out more, dating more, working more, they wouldn’t need to hit the dopamine bag that is Robinhood. It’s reckless and I think there’s going to be a lot of tears, a lot of really depressed young men coming out of this. Investing is meant to be used to build a future. This is not building a future.” Scott Galloway with some interesting takes on what’s driving the Gamestop stock madness. An Elegant Revolution Followed by Slaughter.
+ The fun stopped, at least temporarily, when Robinhood blocked purchase of GameStop, AMC, and BlackBerry stock. Basically, Robinhood became Parenthood.
+ Axios: How GameStop exposed the market. (Maybe it also exposed Robinhood?)