As my education has grown, I’ve been managing my own portfolios. Not to brag, but I do okay with it. In a case of right place, right time I seem to have inadvertently caught a break. (Like I did with the AirBnb IPO last month.)
There’s apparently a group of day trading kids on a Reddit group who have determined that if they all coordinate to buy the stocks of companies that are being held short, they can get the prices up and make a killing. Go Google ‘Gamespot’ and see how the stock has jumped a couple thousand percent in the last week. It seems this group has targeted several stocks that it thinks are being heavily shorted. Turns out one of those stocks is one I already have a strong position in. I woke up this morning, looked at my brokerage website, and found that my holdings in that stock were up about 350% overnight. (Whcih means my Roth hit its 2021 target almost 11 months ahead of schedule.) I, of course, don’t hang around and wait for the music to stop….I dump enough shares to get back my investment and the remaining shares are now free to go to the moon or drop like a lead balloon…won’t make a dollars worth of difference to me. If this thing goes the way Gamestop (GME) did, there’s an M82A1 in my future (assuming someone has one in stock somewhere.)
As a survivalist, it seems a tad incongruent to invest in the market when I have a reasonable belief that it’s going to come down like a house of cards. I see that…but, I’ve been wrong before so I hedge my bets..I buy equities, I buy silver, I buy materiel, and I hold cash. That way I’m covered no matter what happens. Although life has a way of surprising you with things you never foresaw.
Anyway, I’m watching the markets closely for the next few days and searching my vendors for an M82A1…just in case the stars line up and this goes the way I would like.