Although they may not age as well as a bottle of Bordeaux, you can think of the “meme” investments embraced by individual traders as coming in vintages. Each one gives you a flavor of a moment in 2021’s very weird market psychology.
The January vintage is best-known: GameStop, AMC, BlackBerry, and a handful of other hot nostalgia names that denizens of online chat boards were rooting for. The May vintage was all about Dogecoin, a virtual token bearing a shiba inu mascot that reached a record of about 74¢ that month. October 2021 moved on to a special purpose acquisition company tied to former President Donald Trump’s social network; November already has Avis Budget Group Inc. as well as Bed Bath & Beyond Inc.
Anyone who thought betting on inside jokes would end with GameStop Corp. missed the point. With the U.S. staggering back to some version of normal in the twilight of the Covid-19 pandemic, trading as a new great American pastime has endured. The fading of any individual meme name hasn’t doomed “you only live once”-style investing. At least, not yet. “Novice traders who made a lot of irrational trades are absolutely in love with investing—that love isn’t going away anytime soon,” says Tim Ghriskey, senior portfolio strategist at investment adviser Ingalls & Snyder. “The YOLO crowd is looking for the ‘new’ new thing, and what’s considered new is constantly evolving.”
Bu hikaye Bloomberg Businessweek dergisinin November 08, 2021 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Bloomberg Businessweek dergisinin November 08, 2021 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
Instagram's Founders Say It's Time for a New Social App
The rise of AI and the fall of Twitter could create opportunities for upstarts
Running in Circles
A subscription running shoe program aims to fight footwear waste
What I Learned Working at a Hawaiien Mega-Resort
Nine wild secrets from the staff at Turtle Bay, who have to manage everyone from haughty honeymooners to go-go-dancing golfers.
How Noma Will Blossom In Kyoto
The best restaurant in the world just began its second pop-up in Japan. Here's what's cooking
The Last-Mover Problem
A startup called Sennder is trying to bring an extremely tech-resistant industry into the age of apps
Tick Tock, TikTok
The US thinks the Chinese-owned social media app is a major national security risk. TikTok is running out of ways to avoid a ban
Cleaner Clothing Dye, Made From Bacteria
A UK company produces colors with less water than conventional methods and no toxic chemicals
Pumping Heat in Hamburg
The German port city plans to store hot water underground and bring it up to heat homes in the winter
Sustainability: Calamari's Climate Edge
Squid's ability to flourish in warmer waters makes it fitting for a diet for the changing environment
New Money, New Problems
In Naples, an influx of wealthy is displacing out-of-towners lower-income workers
