#372
Everyone Loves Tendies
Published:
Jan 30, 2021
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What do Congresswoman AOC, Elon Musk and Reddit user RoaringKitty/DeepF*****Value have in common? They obviously love chicken tenders, but all also agree that retail investors should not be barred from trading some stocks.
This crazy week in stock trading has undoubtedly brought together some bizarre connections and unlikely interactions. AOC and Ted Cruz agreeing on something(?), Chamath (a.k.a Champtons) becoming the ultimate populist hero, and Steve Cohen (of hedge fund P72) twitter engaging with Dave Portnoy - the same guy who used scrabble tiles to pick stocks last year.
This is the beginning of the meme stock (or stonk) revolution - powered by the democratizing of financial markets access. What is likely to come out of this is an even greater participation of main street in wall street. Robinhood alone added over 2m users this week (from 13m)!
There is no doubt rules of engagement are likely to change both for retail, institutional investors, and regulators. While the masses inevitably started the buying frenzy, the price of some stocks kept going up (despite retail trading platforms halting trading) which implies that professionals, hedge funds and trading firms were buying!
While most of the r/WallStreetBets members like to think of themselves as having “diamond hands” (read hands of steel), it's really all about celebrating the tendies, slang for gains; the etymology of the word comes from chicken tenders, widely regarded as a dish “suitable for kings and financial oligarchs”.
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Everyone Loves Tendies
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Industry News
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Select Financings
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