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u2dtqv

Wikipedia has a section arguing that supply and demand isn't real, or no longer applies. Is this a mainstream position in economics at all?

https://en.wikipedia.org/wiki/Supply_and_demand#Criticism Basically, there's two arguments here: 1. Supply and demand is a tautology, or the existence of it is unfalsifiable. The labor theory of value is a better way to set prices. 2. Supply and demand doesn't apply to modern goods, since stores set prices using a fixed markup percentage over their costs. I thought supply and demand was a cornerstone of economics, like Newton's laws are to physics, but I'm just a layperson. Are these criticisms supported by a lot of economists? Is supply and demand really in doubt? Or are these just fringe positions that aren't backed up by research?

AskEconomics

Wikipedia is weirdly a bad source for information on economics. It skews much more heterodox than what the majority of economists believe. It also tends to misrepresent orthodox economics and be weirdly out of touch with modern economics (note how most of the people the article cites are heterodox economists, economists from the 1970's or earlier and no modern, mainstream economist is cited). Anyways, in order: 1. No, economic theory makes very sharp predictions about how we think markets will react to exogenous shocks (prices rise when a hurricane destroys crops is a testable prediction). And yes, we can measure supply and demand curves. I would go through this t[hread](https://www.reddit.com/r/AskEconomics/comments/qflpw6/empirical_evidence_for_core_microeconomic_theory/) for more detail and citations. The labor theory of value has been beaten to death in this thread. No, it's still not correct. See [here](https://www.reddit.com/r/neoliberal/comments/6dc83h/z/di2o1lj), [here](https://www.reddit.com/r/AskEconomics/comments/8ome9s/what_is_your_opinion_of_this_video_by_cockshott/), and [here](https://www.reddit.com/r/AskEconomics/comments/666u5i/why_does_marxism_seem_to_be_so_much_more/dikkcfs/) or just search the subreddit. 2. No, supply and demand still apply to modern goods (again see the [thread](https://www.reddit.com/r/AskEconomics/comments/qflpw6/empirical_evidence_for_core_microeconomic_theory/) for empirical validation of core microeconomic theory). The administrative prices argument is usually based on the idea that when you ask businesses how they set prices many will tell you they take their costs and add a profit margin on top of that. My response is that 1) businesses habitually say things that are incorrect about their own businesses (see any business arguing increased taxes or minimum wages will cause mass layoffs) and 2) as long as there's competition firms could throw darts at a board to set prices and the results would be the same as if they set prices to maximize profit (because only the most profitable firms survive)

l7jcxx

IM URGING YOU TO READ IF YOU OWN AMC

Guys, first off i’ve been part of this community for only a short time, a little bit before this whole short interest craze but I seriously love the amazing things we’ve done for peoples lives. I’ve read about college kids paying off their student loans, people being able to afford to pay for family members cancer treatment, pet owners being able to afford their pups surgery. It’s incredible and I couldn’t be more proud to know I have a stake in this historical moment in time with all of you. You see those headlines? That pushback from the big suits of wall street? WE did that. Together. If today was any indication at all, they are shitting their pants right now. I urge all of you to hold AMC and take advantage of dips if you’re inclined to do so. Please do not fall for hedge funds manipulating the market to send you into a panic sell frenzy. The squeeze may not be tomorrow, and maybe not Monday, but it’s coming. I was DEEP in the red today and in any other scenario, I’d be panicking but this is bigger than me. It’s bigger than you, yes you reading this. This is a chance for us to come together as a collective and revolutionize the economy for better. Do your DD, stay on the ball, don’t let emotions cloud your judgement. I’m here to ride or die, AMC (and GME) to the fuckin moon baby, i love all you morons🚀🚀🚀🚀🌕🌕🌕💎🙌📈📈 (edit: ik this technically isn’t a penny stock but we do have an AMC mega thread here)

pennystocks

I was on Wall st for 7 years, 67 Wall & 40 Wall the "Trump" building, I learned many things, 72 million in assets, how to push a quick trade for a commission, and work like an animal!! Blood pressure at 25yrs old 220 over 160 NO JOKE! You become a beast, and well..... hurt others... I've changed over the years, grown a family, beautiful children, and I can say in my short time, This community is what its all about! Protect each other, stand by each other, money, political bullsh^t cannot change UNITY!!!! UNITY!!!!! HOLD!! HOLD!! Thank you, for finding the REAL. REAL. not many of us left... thank you!

7p0rmh

I still have not received my $27000 wire reversal from GDAX and it's been almost 40 days.

I wired $27000 to GDAX, and it was declined due to a name mismatch. They said they would reverse the funds, and that it would take up to 7 days. It's now been 40 days, and I have tried everything. I've made multiple cases, I've tried to reach out to them on Twitter, sent messages to random employees on LinkedIn. I've contacted their bank, and their bank in NY said that Coinbase has not replied to any of their emails inquiring about the reversal, and that the money was received by Coinbase but that they have still not put in a reversal on the money. Please upvote for support. Case ID #: 3361542 UPDATE: GDAX has reached out to me and are helping me to fix the issue. Thanks for upvoting for support. Feeling relieved. Update 2: Wire still not reveived, and GDAX has gone no-contact again. Update 3: Received! Finally. On 1/22/18, and the wire was supposed to be reversed on 12/1/2017.

CryptoCurrency

Not even close to your issue, but I bought $2k of eth from my USD wallet (which should be instant) a few weeks back and it took them almost 2 weeks to resolve my issue. I kept posting in /r/Coinbase and I also called Coinbase 3-4 times. They fucking hung up on me everytime. The person on the phone would say something like "hmm this is interesting, let me go talk to a specialist and put you on hold." Then they hung up. The only reason I got my eth in the end was because one of my comments on /r/Coinbase got Justin from Coinbase (forgot his username) attention. The issue was fixed after 30 minutes from him responding to me! Fucking done with Coinbase. The worst part of it was them making me hold for 1-2 hours only to get hung up on each time. We have to agree to stop using Coinbase as a community, people. We cannot let this bullshit continue. If I didn't get Justin's help, I guarantee that I'd still be waiting for my eth.

mmhrgt

How do people on Reddit have so much money to invest?

I’m interested to know how so many people have 400,000+ to invest in risky or volatile stocks? If you’re willing to share how you have accumulated your wealth, or have an opinion, I’d love to hear it. The factors I can think of are: - Inherited wealth - Years of hard work - Huge amounts of stock-market-luck - Impressive savings plans I am new to this gig, but as a 24 year old working in the community services sector I just can’t imagine ever achieving this level of wealth. Like, how do you get the money to invest in the stock market in order to make money?

StocksAndTrading

Started with nothing, worked flipping burgers, served in the Army, finished college, worked up to mid level management, started investing in stock funds early... compounding is real. Then boom. Lots of $s to invest. Not get rich quick. But $3M net worth in my 50s and investing to multiply. Anyone can do it.

jsclmc

Compound Interest

Potential stupid question here so please bare with me.. 1. If say I hold shares for 5 years, is the interest being compounded? And if so is it daily/weekly/monthly? Or is it just that they have gone up in value? 2. Or does one need to sell / rebuy to benefit from compounding? 3. Is there any difference? I know dividends being reinvested means that the return is compounded, but not sure how this applies to non yielding shares? Thanks

UKInvesting

There is no explicit compounding for shares unless you reinvest the dividends. Compounding is defined as generating an income on the income you receive. If there is no income (no yield) then there is no compounding. edit: shame on you arrogant bastards downvoting OP just for asking questions, we all start somewhere

n6d326

Berkshire now outperforms the S&P 500 over the past 10 and 20 years

Berkshire is now outperforming the S&P 500 over the past 10 and 20 years while quickly closing the gap for the past 5 years. This is nuts, not only because of how well growth has done versus value this past decade but also because Berkshire currently trades at a sub 10 PE ratio while the S&P 500 trades at a PE ratio over 40. Original inspiration for the post and graphs of performance: [https://twitter.com/oabdelmaged1/status/1390103777940738050](https://twitter.com/oabdelmaged1/status/1390103777940738050)

ValueInvesting

Where are all the people 4 months ago saying Buffett has underperformed tech and value is dead? Hmm? Once again, patience proves to be a virtue and Buffett outperforms (and his performance is **justified**).

vw14q9

Why do folks believe the Russian invasion of Ukraine is the cause of high fuel in the US. The data shows it went up way before.

The Russia invasion happened on Feb 24th so basically March 1 and in the US the average fuel price was already $4.22 in March 2022. The average fuel price on Jan 2021 when Biden was elected was only $2.33 and by the time the Russia/Ukraine war started it had went up almost $2.00 per gallon. ​ Source data on U.S. Regular All Formulations Retail Gasoline Prices (Dollars per Gallon - [https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=emm\_epmr\_pte\_nus\_dpg&f=m](https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=emm_epmr_pte_nus_dpg&f=m) ​ Source data on the start date of the Russia/Ukraine war - [https://www.cnn.com/2022/02/24/europe/ukraine-russia-attack-timeline-intl/index.html](https://www.cnn.com/2022/02/24/europe/ukraine-russia-attack-timeline-intl/index.html)

economy

Because people want a simple answer for a complex problem. Blaming Putin is the simple answer. Now as to what is really going on, in 2020 we had a global pandemic that caused a drop in the demand for oil. In response to a massive drop in demand the oil industry laid of massive number of people and idled a large number of wells. This caused a rise in the price of oil products in 2021. In 2021 Russia started to build up troops on the Ukraine border, it was obvious to everyone that they were going to invade. This along with the drop in oil and refining production caused the large rise in oil prices in 2021. In 2022 Russia invades Ukraine and you can see the price of oil spike again. What is also happening though is the oil industry, like every other industry, is having a labor and supply chain problem. The labor that they laid off in 2020 and 2021 is not returning in 2022. In addition it takes equipment and material to restart idle wells and that equipment and material is in short supply because of supply chain problems. Now then in addition Russian exports have received sanctions making them unavailable to sell in the countries that are issuing the sanctions. In response Russia has cut off oil and gas delivery to a number of European countries. Also the Nord Stream II pipeline that was expect to enter service delivering natural gas to Europe has not been started. Is it partially Putin's fault, yes, is partially because we are still in a pandemic and supply chains are still messed up, yes. Is it easy and politically expedient to blame it all on Biden or Putin, yes. Do people want to blame someone for a complex problem that has no solution, yes.

wxnook

Is Biden's Student Loan Forgiveness Plan Regressive?

I read a washington post op/ed saying that Biden's new loan forgiveness plan is regressive and mostly helps higher earning individuals. Is that the case? If it really is a regressive policy, why does it seem that its mostly left leaning progressives that are celebrating it?

AskEconomics

The argument is about people who *after* finishing college will be well enough off that financial assistance becomes questionable. Finishing college comes with a huge earnings premium. The average college graduate earns roughly *double* in their lifetime compared to the average highschool graduate. https://www.brookings.edu/policy2020/votervital/who-owes-all-that-student-debt-and-whod-benefit-if-it-were-forgiven/ https://www.clevelandfed.org/newsroom-and-events/publications/economic-commentary/economic-commentary-archives/2012-economic-commentaries/ec-201210-the-college-wage-premium.aspx So, people who attend college are on average much better off than those who don't. And of course people who don't attend college don't have student loans and therefore don't benefit from student loan forgiveness. Because of that, it's seen as a handout to at least the rich*er* part of the population. Of course that doesn't mean you can't make an argument for student loan forgiveness for the part of the population who have student loan debt and don't earn substantially more than highschool grads. Also, there are at least some caps. People with incomes above 125k don't benefit. But then, that's still over 3x as much as the median personal income. Handing $10000 to someone who earns 100k a year is still regressive. Not to mention that it's an argument about *future* earnings as well. Maybe you're still in College, earning like 10k a year at some shitty sidegig, but if you *will* earn 100k+ a few years down the line, handing you student loan forgiveness is still regressive. >If it really is a regressive policy, why does it seem that its mostly left leaning progressives that are celebrating it? Because it's mostly politics and arguments tend to be rather dumb. Blanket student loan forgiveness is regressive. That doesn't mean that nobody is struggling or that you can't make an argument for those who could actually benefit from some help. But ultimately these discussions tend to be either slapfights or circlejerks, people aren't discussing the nuances of for which people it does and doesn't make sense.

ia5f37

Former investment bank FX trader: some thoughts

Hi guys, I have been using reddit for years in my personal life (not trading!) and wanted to give something back in an area where i am an expert. I worked at an investment bank for seven years and joined them as a graduate FX trader so have lots of professional experience, by which i mean I was trained and paid by a big institution to trade on their behalf. This is very different to being a full-time home trader, although that is not to discredit those guys, who can accumulate a good amount of experience/wisdom through self learning. When I get time I'm going to write a mid-length posts on each topic for you guys along the lines of how i was trained. I guess there would be 15-20 topics in total so about 50-60 posts. Feel free to comment or ask questions. **The first topic is Risk Management and we'll cover it in three parts** **Part I** * Why it matters * Position sizing * Kelly * Using stops sensibly * Picking a clear level # Why it matters The first rule of making money through trading is to ensure you do not **lose** money. Look at any serious hedge fund’s website and they’ll talk about their first priority being “preservation of investor capital.”  You have to keep it before you grow it. Strangely, if you look at retail trading websites, for every one article on risk management there are probably fifty on trade selection. This is completely the wrong way around. The great news is that this stuff is pretty simple and process-driven. Anyone can learn and follow best practices. Seriously, avoiding mistakes is one of the most important things: there's not some holy grail system for finding winning trades, rather a routine and fairly boring set of processes that ensure that you are profitable, despite having plenty of losing trades alongside the winners. # Capital and position sizing The first thing you have to know is how much capital you are working with. Let’s say you have $100,000 deposited. This is your maximum trading capital. Your trading capital is not the leveraged amount. It is the amount of money you have deposited and can withdraw or lose. Position sizing is what ensures that a losing streak does not take you out of the market. A rule of thumb is that one should risk no more than 2% of one’s account balance on an individual trade and no more than 8% of one’s account balance on a specific theme. We’ll look at why that’s a rule of thumb later. For now let’s just accept those numbers and look at examples. So we have $100,000 in our account. And we wish to buy EURUSD. We should therefore not be risking more than 2% which $2,000.  We look at a technical chart and decide to leave a stop below the monthly low, which is 55 pips below market. We’ll come back to this in a bit. So what should our position size be?  We go to the calculator page, select Position Size and enter our details. There are many such calculators online - just google "Pip calculator". ​ https://preview.redd.it/y38zb666e5h51.jpg?width=1200&format=pjpg&auto=webp&s=26e4fe569dc5c1f43ce4c746230c49b138691d14 So the appropriate size is a buy position of 363,636 EURUSD. If it reaches our stop level we know we’ll lose precisely $2,000 or 2% of our capital.  You should be using this calculator (or something similar) on every single trade so that you know your risk. Now imagine that we have similar bets on EURJPY and EURGBP, which have also broken above moving averages. Clearly this EUR-momentum is a theme. If it works all three bets are likely to pay off. But if it goes wrong we are likely to lose on all three at once. We are going to look at this concept of correlation in more detail later. The total amount of risk in our portfolio - if all of the trades on this EUR-momentum theme were to hit their stops - should not exceed $8,000 or 8% of total capital. This allows us to go big on themes we like without going bust when the theme does not work.  As we’ll see later, many traders only win on 40-60% of trades. So you have to accept losing trades will be common and ensure you size trades so they cannot ruin you. Similarly, like poker players, we should risk more on trades we feel confident about and less on trades that seem less compelling. However, this should always be subject to overall position sizing constraints. For example before you put on each trade you might rate the strength of your conviction in the trade and allocate a position size accordingly: ​ https://preview.redd.it/q2ea6rgae5h51.png?width=1200&format=png&auto=webp&s=4332cb8d0bbbc3d8db972c1f28e8189105393e5b To keep yourself disciplined you should try to ensure that no more than one in twenty trades are graded exceptional and allocated 5% of account balance risk. It really should be a rare moment when all the stars align for you.  Notice that the nice thing about dealing in percentages is that it scales. Say you start out with $100,000 but end the year up 50% at $150,000. Now a 1% bet will risk $1,500 rather than $1,000. That makes sense as your capital has grown. It is extremely common for retail accounts to blow-up by making only 4-5 losing trades because they are leveraged at 50:1 and have taken on far too large a position, relative to their account balance.  Consider that GBPUSD tends to move 1% each day. If you have an account balance of $10k then it would be crazy to take a position of $500k (50:1 leveraged). A 1% move on $500k is $5k.  Two perfectly regular down days in a row — or a single day’s move of 2% — and you will receive a margin call from the broker, have the account closed out, and have lost all your money.  Do not let this happen to you. Use position sizing discipline to protect yourself. ​ # Kelly Criterion If you’re wondering - why “about 2%” per trade? - that’s a fair question. Why not 0.5% or 10% or any other number? The Kelly Criterion is a formula that was adapted for use in casinos. If you know the odds of winning and the expected pay-off, it tells you how much you should bet in each round. This is harder than it sounds. Let’s say you could bet on a weighted coin flip, where it lands on heads 60% of the time and tails 40% of the time. The payout is $2 per $1 bet. Well, absolutely you should bet. The odds are in your favour. But if you have, say, $100 it is less obvious how much you should bet to avoid ruin.  Say you bet $50, the odds that it could land on tails twice in a row are 16%. You could easily be out after the first two flips.  Equally, betting $1 is not going to maximise your advantage. The odds are 60/40 in your favour so only betting $1 is likely too conservative. The Kelly Criterion is a formula that produces the long-run optimal bet size, given the odds. Applying the formula to forex trading looks like this: *Position size % = Winning trade % - ( (1- Winning trade %) / Risk-reward ratio* If you have recorded hundreds of trades in your journal - see next chapter - you can calculate what this outputs for you specifically. If you don't have hundreds of trades then let’s assume some realistic defaults of **Winning trade %** being 30% and **Risk-reward ratio** being 3. The 3 implies your TP is 3x the distance of your stop from entry e.g. 300 pips take profit and 100 pips stop loss. So that’s  0.3 - (1 - 0.3) / 3 = 6.6%. Hold on a second. 6.6% of your account probably feels like a LOT to risk per trade.This is the main observation people have on Kelly: whilst it may optimise the long-run results it doesn’t take into account the pain of drawdowns. It is better thought of as the rational maximum limit. You needn’t go right up to the limit! With a 30% winning trade ratio, the odds of you losing on four trades in a row is nearly one in four. That would result in a drawdown of nearly a quarter of your starting account balance. Could you really stomach that and put on the fifth trade, cool as ice? Most of us could not. Accordingly people tend to reduce the bet size. For example, let’s say you know you would feel emotionally affected by losing 25% of your account. Well, the simplest way is to divide the Kelly output by four. You have effectively hidden 75% of your account balance from Kelly and it is now optimised to avoid a total wipeout of just the 25% it can see. This gives 6.6% / 4 = 1.65%. Of course different trading approaches and different risk appetites will provide different optimal bet sizes but as a rule of thumb something between 1-2% is appropriate for the style and risk appetite of most retail traders. Incidentally be very wary of systems or traders who claim high winning trade % like 80%. Invariably these don’t pass a basic sense-check: * How many live trades have you done? *Often they’ll have done only a handful of real trades and the rest are simulated backtests, which are overfitted. The model will soon die.*  * What is your risk-reward ratio on each trade? *If you have a take profit $3 away and a stop loss $100 away, of course most trades will be winners. You will not be making money, however!* In general most traders should trade smaller position sizes and less frequently than they do. If you are going to bias one way or the other, far better to start off too small. # How to use stop losses sensibly Stop losses have a bad reputation amongst the retail community but are absolutely essential to risk management. No serious discretionary trader can operate without them.  A stop loss is a resting order, left with the broker, to automatically close your position if it reaches a certain price. For a recap on the various order types visit this chapter. The valid concern with stop losses is that disreputable brokers look for a concentration of stops and then, when the market is close, whipsaw the price through the stop levels so that the clients ‘stop out’ and sell to the broker at a low rate before the market naturally comes back higher. This is referred to as ‘stop hunting’. This would be extremely immoral behaviour and the way to guard against it is to use a highly reputable top-tier broker in a well regulated region such as the UK. Why are stop losses so important? Well, there is no other way to manage risk with certainty. You should always have a pre-determined stop loss before you put on a trade. Not having one is a recipe for disaster: you will find yourself emotionally attached to the trade as it goes against you and it will be extremely hard to cut the loss. This is a well known behavioural bias that we’ll explore in a later chapter. Learning to take a loss and move on rationally is a key lesson for new traders. *A common mistake is to think of the market as a personal nemesis. The market, of course, is totally impersonal; it doesn’t care whether you make money or not.* *Bruce Kovner, founder of the hedge fund Caxton Associates* There is an old saying amongst bank traders which is “losers average losers”. It is tempting, having bought EURUSD and seeing it go lower, to buy more. Your average price will improve if you keep buying as it goes lower. If it was cheap before it *must* be a bargain now, right? Wrong. Where does that end? Always have a pre-determined cut-off point which limits your risk. A level where you know the reason for the trade was proved ‘wrong’ ... and stick to it strictly. If you trade using discretion, use stops. # Picking a clear level Where you leave your stop loss is key.  Typically traders will leave them at big technical levels such as recent highs or lows. For example if EURUSD is trading at 1.1250 and the recent month’s low is 1.1205 then leaving it just below at 1.1200 seems sensible.  ​ [If you were going long, just below the double bottom support zone seems like a sensible area to leave a stop](https://preview.redd.it/y7cs0cn1f5h51.png?width=1200&format=png&auto=webp&s=81639093b28c5ed778f293f6ab47c25c7aa7d139) You want to give it a bit of breathing room as we know support zones often get challenged before the price rallies. This is because lots of traders identify the same zones. You won’t be the only one selling around 1.1200.  The “weak hands” who leave their sell stop order at exactly the level are likely to get taken out as the market tests the support. Those who leave it ten or fifteen pips below the level have more breathing room and will survive a quick test of the level before a resumed run-up. Your timeframe and trading style clearly play a part. Here’s a candlestick chart (one candle is one day) for GBPUSD. ​ https://preview.redd.it/moyngdy4f5h51.png?width=1200&format=png&auto=webp&s=91af88da00dd3a09e202880d8029b0ddf04fb802 If you are putting on a trend-following trade you expect to hold for weeks then you need to have a stop loss that can withstand the daily noise. Look at the downtrend on the chart. There were plenty of days in which the price rallied 60 pips or more during the wider downtrend.  So having a really tight stop of, say, 25 pips that gets chopped up in noisy short-term moves is not going to work for this kind of trade. You need to use a wider stop and take a smaller position size, determined by the stop level. There are several tools you can use to help you estimate what is a safe distance and we’ll look at those in the next section. There are of course exceptions. For example, if you are doing range-break style trading you might have a really tight stop, set just below the previous range high.  ​ https://preview.redd.it/ygy0tko7f5h51.png?width=1200&format=png&auto=webp&s=34af49da61c911befdc0db26af66f6c313556c81 Clearly then where you set stops will depend on your trading style as well as your holding horizons and the volatility of each instrument.  Here are some guidelines that can help: 1. Use technical analysis to pick important levels (support, resistance, previous high/lows, moving averages etc.) as these provide clear exit and entry points on a trade. 2. Ensure that the stop gives your trade enough room to breathe and reflects your timeframe and typical volatility of each pair. See next section. 3. Always pick your stop level first. Then use a calculator to determine the appropriate lot size for the position, based on the % of your account balance you wish to risk on the trade. So far we have talked about price-based stops. There is another sort which is more of a fundamental stop, used alongside - not instead of - price stops. If either breaks you’re out. For example if you stop understanding why a product is going up or down and your fundamental thesis has been confirmed wrong, get out. For example, if you are long because you think the central bank is turning hawkish and AUDUSD is going to play catch up with rates … then you hear dovish noises from the central bank and the bond yields retrace lower and back in line with the currency - close your AUDUSD position. You already know your thesis was wrong. No need to give away more money to the market. # Coming up in part II [EDIT: part II here](https://www.reddit.com/r/Forex/comments/ibd24i/former_investment_bank_fx_trader_risk_management/) Letting stops breathe When to change a stop Entering and exiting winning positions Risk:reward ratios Risk-adjusted returns # Coming up in part III Squeezes and other risks Market positioning Bet correlation Crap trades, timeouts and monthly limits ​ \*\*\* *Disclaimer:This content is not investment advice and you should not place any reliance on it. The views expressed are the author's own and should not be attributed to any other person, including their employer.*

Forex

This is awesome, thank you so much for sharing your knowledge.. I will definitely read every post, and it would be terrific if you would consider having a full PDF downloadable link for a printable hardcopy version because you sum up and get to the facts so well 😉👍 Including a risk calculator!

q6793e

I have started earning 18 LPA in hand salary. How should I invest?

I am 25 years old and just started earning 18 lpa in hand. My location will be gurgaon and I think I will be able to live in 50,000 rs per month. That leaves me with 1 lakh rs to spare every month. I already have a sip of 28000 per month. I don’t want to do debt investment as I am already investing 2 LPA in epf (deducted from my ctc of 22.5 lpa). Should I stick to mutual funds or try direct stocks ? Edit: I am a Software Engineer from a Tier 2 college, many people are asking.

IndiaInvestments

Step 1: Emergency Fund: Before doing anything else, start with 6-12 months of expenses (50k x 12) and stash it away in an absolutely liquid investment - liquid meaning one that is near instantly convertible into cash - something like an FD. One additional point - this has to be separated from your regular savings account, so that you are not tempted to spend it unless it is a true emergency. The idea of the emergency fund is to give you freedom. Let’s say your job turns crappy and you want to leave. If you are dependent on the salary, you can’t just up and leave. But if you have 12 months stashed away, you know you can take the time to breathe and search for a job that you truly like. Next, think of the power it gives you in a salary negotiation. You walk in not needing the job that instant. You are not stressed about your expenses and relying on whatever the HR of the new company throws at you. Instead, you have the ultimate power to walk away from the negotiation if you have to. Finally, it benefits you in case, god forbid, you lose your job for whatever reason. The emergency fund is the last you draw from and first you refill. Remember, if you ever draw your emergency fund down, your first priority is to fill it back up. Step 2: now that you have an emergency fund, you can start to think of investments. First up, tax saving ones - Section 80C. Google this to know more but my suggestion here is ELSS. Maximize the annual limit of 1.5 lakh in one or more ELSS schemes to claim this tax benefit. Step 3: Now, you are getting close to investing, but you aren’t there yet. Think of massive unexpected expenses that you cannot cover out of pocket and insure against them - health insurance, life insurance, term life insurance etc. Health insurance is a must, but the others depend on your needs, and the needs of your dependents if any. Step 4: we made it to investing land! Do you fancy losing half your money tomorrow and taking 7 years to get back to the original principal while losing value to inflation? If your answer is no, and it should be, then you should diversify. Again, you are young, so you can afford to take more risk, but it should still be diversified. The exact allocation is up to you, but consider equities (stocks), bonds (corporate, government), commodities, precious metals, real estate etc. Remember to save fees wherever possible, 1% fee compounded over decades will destroy returns - ex: choose direct mutual funds instead of regular. The investments in this step are long-term, long-term meaning until retirement or next milestone (marriage - please invite only 50 people and get married on the cheap - no one cares these days and if they do, that’s on them; house, whatever other expense but at least a decade time horizon). You check on Step 4 investments annually and adjust (rebalance) to bring the allocation back to your target allocation + change the target allocation itself to go more conservative as you age. Step 5: Some fun money! This is the fun part. What’s the new thing? Solano? NFTs? DeFi? Options trading? Something else? This category is to satisfy your craving to be in on the action. Remember that you have stashed away a majority of your money towards long-term goals in Step 4. So this is the small amount that’s left that you are willing to lose in its entirety but also willing to take the risk to see if it pans out. Step 5 isn’t just a gimmick. Psychologically, having a small amount of your portfolio to play with for high-risk active investing makes you far less likely to touch the rest of your portfolio than if you had none at all. If you have zero allocated to this category, you become tempted to gamble (yes, most of those, regardless of what anyone says, are risky gambles) with your large savings. That’s it my friend. Most of this stuff is on autopilot, you get to have your fun on the weekends, focus on your life and career and not worry everyday because you have a plan and you are sticking to it. Good luck to the both of us! I am 2 years older than you are 😅

rlv3qj

What is the expected economic impact of Santa's global distribution of toys made with magic and free elf labor?

I assume Santa uses magic to conjure up the materials needed to manufacture the various toys. I also assume his elves work for free (maybe they get some room and board, but that too is provided via magic), and they can perform specialist tasks, like forging microchips for game systems, etc. His reindeer also serve as a super efficient global distribution network, so he doesn't need to hire any deliverymen or procure any delivery services. With all these presents being delivered to Christmas trees around the world without contributing anything at all to the global economy, what economic impacts can we expect? Mass unemployment? Commodity crashes? Deflationary pressure? Inverted yield curves? How bad is it going to be?

AskEconomics

Santa drives the price of toys and manufacturing labor down each Christmas. So the supply curve shifts right. Christmas however temporarily increases demand, so there are higher goods supplied at the same price point. Since Christmas has been going on for years predictably the market expects it and corrects itself in small increments, so there are no large changes to the market. After Christmas demand for toys goes down, and the labor supply from the elves will not be seen till the next year. This is a bit hard to track how much they are paid because it appears Santa collects payment in milk andcookies. We need more research and need to index cookie prices. Further we would need to take into account store bought vs home made, the amount of cookies supplied per household, and type of cookie.

cdu8k5

32, Black Woman, Single Mom, Raised in Hood, Drug Addicted & Absentee Parents, Once Was Homeless & Preggo Just Crossed 100K Net Worth Living in NY

As the title states.... ​ I've been a long time lurker and just crunched the numbers tonight and wanted to share. I am so happy. I did it. Brings tears to my eyes. ​ I'm 32, African American and a single mom of 1 teenager. I was born and raised in a true "hood", long ago, before gentrification came along. My parents were a part of the 80s crack epidemic that wiped out many families, especially African American families. I ended up in foster care and remained there my entire childhood until being emancipated and left to fend for myself in the streets of NYC at 15 years old in the early 2000s. I was a homeless and pregnant teen and immediately became a single mom. ​ Through this turmoil and the crippling depression and feeling of hopelessness that came along with the "humble beginnings" of my life, I was able to graduate school early, find a job, saved just enough money to go to a trade school (it was $700 back then and every single dime that I had.) Through HARD work and insane grit and perseverance, I obtained all of my certifications and began my career at age 19. I've never looked back. ​ I discovered the FIRE and personal finance community nearly 3 years ago and its been a God send. I am rewriting my families wealth tree and I couldn't be prouder. ​ I am navigating the world solo (no biological family besides my son) yet I've found the will to succeed, despite all of the trials, tribulations and abandonments. ​ At 12:15am on 7/16/19, 32 years of age, 13 years into my career, 1 teen son, and a LOT OF PRAYERS along the way....later.. my NET WORTH is $103,408! ​ A MIXTURE of 457, 457 Roth, 401K, 529, smaller investment portfolio and pension. I will be retiring at age 45 with a full pension and God willing a MILLION DOLLAR portfolio. ​ This is the most I'm willing to share. Please don't nit-pick, pry more or be passive aggressive. Just wanted to inspire someone somewhere who may not have as many or ANY resources to succeed. ​ Long Story Short: No one thought I'd make it out from under the shitty hand I was dealt. I did and just surpassed a $100K Net Worth! ​ EDIT #1: Some of you are super triggered. LOL. I don't see this type of responses on other more "traditional" postings. Y'all do know I have thick skin and come from a place where nightmares are made of...right?! I also have worked in a very AGGRESSIVE fast pace career interacting with strangers during their absolute worst moments for 13 yrs +.... read: they are with the shxts and so am I.... LOL....you do know your typed "insults" don't hurt...right?! ​ EDIT #2: If I did not a THING else I would STILL be retiring with a FULL PENSION of nearly 50K + health insurance. Yes, at age 45. 25 years of service and that's it. Not 25 years of service + age requirement. ​ EDIT #3: Yes, a 1 million dollar portfolio is lofty for some and not lofty for others. For me, it's just an idealistic number...really... ​ EDIT #4: 20-30K + investments I'll continue to have yearly for the next 14 years. I am currently at 26K invested this year and we are only in July. I am nearly 3 years in to saving this aggressively at 50%+ (had it at nearly 70% for months and just lowered my percentages. It's not a race.) ​ EDIT #4: I am a Paramedic. I also clean apartments as a side gig. My current career has no overtime cap. I have coworkers making 100% OVER their salary. EDIT #5: I live on 30K in NYC (by choice: frugal minimalist). I invest ALL OF THE REST. I do NOT have to invest this aggressively. God covered me and I made a great choice in trade/career and the medical field knows no recession especially in NYC. I am BLACK AND PROUD of what I am doing, no plans to stop. Thank you for ALL the comments. Positive, neutral and negative. I learned a long time ago that SUCCESS can't be denied. I will surely be back with updates. EDIT #6: WAKANDA FOREVER‼️ EDIT #7: I can’t give clues on this post about my social media (sorry for the rule violation!) Im replying to everyone who’s inboxed me. Im STILL doing my best to reply back to those who were kind enough to write me. Wow so many of you! I’m so appreciative. You all are awesome! Thank you so much!

financialindependence

I cried when I read this. Well fucking done. My upbringing wasn't nearly as tough as yours, but it was tougher than many, and my god I have fought to be where I am. I'm not there yet, but I'm close to having a deposit for a house, and after that I'll focus on savings for retirement. I feel so inspired by your story. Thanks so much for sharing

wn0266

What’s a financial decision you’ve watched someone make that made you scream inside?

I’ll preface this with - I didn’t say anything negative to her, I just screamed internally. One of my friends and her husband (both 33) rent a nice 3 bedroom place. They’ve said many times that they’re struggling to save enough money for a deposit on a house and have said that their combined income is roughly $90k. I had lunch with my friend recently and she was saying they were going to buy a Spa. We started talking about what they were getting, features, it’s top of the line and all that jazz. Then, she says that they’ve decided to use their savings to buy it. I tried to clarify that she still has an emergency fund, still has their house deposit savings etc.. She said no. They don’t have an emergency fund, they don’t have an account for house deposit savings. They have one savings account and they’re using it all on a Spa. I asked what they were planning to do RE buying a house and she said that they’re still saving. So I thought phew! They’re not literally using all of it. But, then she says “we’re just starting again is all”. It’s okay because “we’ll still have about $400 left”.

AusFinance

Let me zag on you. I went to a funeral during the week for a colleague who dropped in his mid 40s. You can plan all you want but will never change the plans that life has for you. Run your own race. If someone wants to watch MAFS, sitting in their spa while scrolling instagram all day and it makes them content, maybe that’s their ‘Flight of the Valkyries’?

wxdje9

The canceling of student loan debt has greatly helped me and my family.

I’ve read a lot of post about the outrage and how unjust this decision was. I wonder if I am alone in feeling this is the first time the government has directly helped me as a citizen. I’m 32 years old went to college and nursing school, have a modest house and two children. I have worked as a registered nurse for 8 years now. I personally have cared for thousands of individuals on some of the worst days of their lives, and still make just enough money to buy groceries and pay bills. I have felt that essentially I’ve never been directly helped my government and often felt they were out to make my life harder. The amount of money that comes from my check, I pay in property taxes , school taxes , tax on everything I purchase, ect. It appears people are disgusted by this decision. I still will have 40,000 debt from my schooling after this assistance. But this will greatly improve the life of my family and the dread of student loan payments when looking at the ability to pay for everyday things. Clothes for my children, groceries, gas. I haven’t found a lot of things to be excited about recently. If you turn on the news it’s quite literally depressing. But today I felt some hope. Is there anybody else out there that feels this way? Or is it just people that think we are freeloaders and don’t deserve assistance?

economy

I’m the same age, paid off all my schooling debt and have no house. I should have bought a house with the money instead of paying it off. School should be free. It’s just annoying the system is so arbitrary.

71c0w4

[UPDATE] I found out that a coworker in the same position, with the same education, experience, workload, etc. is making almost twice what I make

[Original Post](https://www.reddit.com/r/personalfinance/comments/6t8hme/i_found_out_that_a_coworker_in_the_same_position/?st=J7T77MXH&sh=810eb4d6) For those of you who read my original post, I just wanted to update. Everyone was so encouraging and supportive, I really did not expect it! After making my post, I met with my boss in order to inform her that I needed a raise. She told me she would submit a pay raise request. 1 week later she called me into her office. She absolutely berated me for thinking I could move into the coordinator position for which I was already doing the work, and complained about my work performance. Last month I had an evaluation, and received very high praise for my performance, and there has not ever been complaints about my performance in the past. All in all, I assume she was making excuses not to increase my pay. Fast forward a bit, and I received a text from the wife of one of my boyfriend's friends, offering me a job at a rehab facility. I interviewed for the job, and they offered me the position at $20 an hour ($6 more an hour than my current job). In the meantime, my boss called me into her office AGAIN, and informed me that I was VERY fortunate, as corporate had approved my pay increase. She stated that she "truly shot for the stars when submitting my new pay" and that corporate had "gone above and beyond" anything she ever thought I would receive: $17 an hour. Still $7 less than my coworker. I accepted the new job, and put in my two weeks notice. My boss was absolutely side swept. She could not believe that I was quitting. She waited a day, and called me into her office yet again, and asked me what they were offering me that was so great that I would choose to leave. I told her $20 an hour. She said, "If I can offer you that, will you stay?" Wow. And here I thought $17 was above and beyond what they could ever offer me. I told her I would think about it. In the meantime, I contacted my new employer and informed them that my current employer was offering to match their offer to keep me, and got an even bigger offer from them. I start next Monday!! Thank you r/personalfinance for all your support and advice! I can't wait to start my new job :)

personalfinance

You just found out the reason that employers don't want employees discussing wages, and tell employees it's illegal or that they'll get fired. They certainly didn't want you to know your coworker was making double, they certainly didn't want you shopping around for a better job, and when the got called on the carpet, didn't want you using their counter to do even better. It must have felt like a slap in the face sitting there being told that they did sooooo much for you to get a raise to $17. Honestly, this is so satisfying. You did well!

j9o0b4

Megathread: 2020 Nobel Prize in Economics awarded to Paul Milgrom and Robert B. Wilson

### The Royal Swedish Academy of Sciences has decided to award the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2020 to Paul R. Milgrom and Robert B. Wilson “for improvements to auction theory and inventions of new auction formats”. #### Nobel Prize Committee * [Video announcement](https://www.youtube.com/watch?v=XIl-OBg1jmg) * [Summary](https://www.nobelprize.org/prizes/economic-sciences/2020/summary/) * [Press release](https://www.nobelprize.org/prizes/economic-sciences/2020/press-release/) * [Popular science background: The quest for the perfect auction](https://www.nobelprize.org/uploads/2020/09/popular-economicsciencesprize2020.pdf) * [Scientific Background: Improvements to auction theory and inventions of new auction formats](https://www.nobelprize.org/uploads/2020/09/advanced-economicsciencesprize2020.pdf) #### News Coverage * [CNN: Nobel Prize in economics awarded to Paul Milgrom and Robert Wilson ](https://edition.cnn.com/2020/10/12/business/nobel-prize-economics/index.html) * [CNBC: Nobel Economics Prize awarded to Paul Milgrom and Robert Wilson for work on commercial auctions](https://www.cnbc.com/2020/10/12/nobel-economics-prize-awarded-to-paul-milgrom-and-robert-wilson.html) * [Washington Post: Nobel Prize in economics awarded to Paul Milgrom and Robert B. Wilson for their work improving auction theory](https://www.washingtonpost.com/business/2020/10/12/nobel-prize-economics-awarded-paul-milgrom-robert-b-wilson-their-work-improving-auction-theory/) This page will be expanded with additional news coverage and commentary as the day progresses. Please direct all Nobel discussion here.

Economics

Why auctions? If you find it odd that auctions could be so important, think of auctions as devices used to allocate resources or goods and services. A well designed auction will result in a price and quantity where the good/service is provided by the sellers with the lower cost and/or bought by the buyers with the highest valuation, and both sides are satisfied with the outcome. This is relevant because, even in the absence of competitive markets, it's possible to find an efficient price and quantity. It could also reduce the incentives to collude. That's one of the reasons auction theory is so important for other economic theory but also for real world applications. And I don't mean only for cattle or ebay auctions, a famous example is the UK electric power auction. There's a lot more to it, but you could find more details and more examples in the linked articles in the OP.

mr8835

I have a gambling addiction. Don't fucking t+2 if you can't afford it.

The highs, oh the fucking highs of it paying off, and the stress when it doesn't. At the start of the year I took the 5k available in my redraw out of my homeloan, I thought I was smart and could invest and earn more than I was going to save in interest. I was wrong, because I'm an idiot, with no self control. For a few weeks it was going great, I was having some wins and some losses and overall I'd made about 2k by the start of March. It fell apart. I made some bad moves, I started losing money on t+2, my worst was a 6k loss. I stopped for a few weeks, I regained my composure I started t+2ing again. It went from bad to worse, I had to apply for 3k pay day loan to get myself out of hot water. I didn't learn my lesson. I went in again, my final move, I t+2d on QEM at 2.45 on Thursday the 25th. I was a dickhead. I was an even bigger dickhead when I didn't sell out at 2.4 on Monday around 3pm. A bigger dickhead again when I still hadn't sold by 11:13 on Wednesday the 10th. Tommie sold my shares for 3k loss. He took the $800 sitting in my bank account. A week later, I'm in negotiations with Tommy for a payment plan. My account is being closed. I've lost 11k, maybe more with the little top ups I did when things were good. IF YOU DONT HAVE THE MONEY DON'T DO IT. I haven't slept in weeks, I've gotten a second job to get back to where I was, don't be dickhead. **EDIT** Tommie has spared my knee caps and is giving me an interest free payment plan. I had to cry to 4 people to achieve this. My account is closed and I'm not welcome back.

ASX_Bets

Thanks for bringing forward a cautionary tale. This shit still hurts to read. I've had to deal with a loved one who had a full blown gambling addiction. They didn't even realise how much money they were losing until I had to go through their bank statements and add it all up. It didn't change anything until they lost more than they could manage. Warning for everyone - the dopamine rush is addictive. You might not realise how deep you are until you get a very nasty surprise. It's far too easy to see stock money as paper/play money.

q8xq3i

I shared my seed phrase with my wife and I quickly regretted it… Gonna change my wallet.

I have 3 very beautiful children that I would do anything for. And in the case I die suddenly I want my kids to be able to benefit from my cryptos. ​ Now I shared my phrase with my wife about two months ago and after that our marriage quickly started declining due to a couple issues. I always get this feeling that she might do me bad. I’m gonna have to change my wallet now and maybe use a crypto inheritance service. Something like Vault 12 should do, I read a lot about it. What’s bothering me is that this mistake will now cost me a lot to transfer my money to another wallet

CryptoMarkets

Pro tip: go to a lawyer, draft up a will and living will. Include seed phrase in sealed documents along with instructions on how to access and use cold wallet. If they don't do you dirty before you die, they get what you left for them. If they do, you still have your money. "I trust my enemies more than my loved ones. For at least I know the intentions of my enemies." -me

91a4kj

U.S. Breaks Up Fake I.R.S. Phone Scam Operation -- 21 people sentenced for up to 20 yrs, 32 in India indicted

[Some good news](https://www.nytimes.com/2018/07/23/business/irs-phone-scams-jeff-sessions.html) for those who have experienced this scam or know people who have been duped by the same: >With stiff sentences for 21 conspirators last week in the United States and a round of indictments in India, the Justice Department says it has broken up what appeared to be the nation’s first large-scale, multinational telephone fraud operation. >Over four years, more than 15,000 victims in the United States lost “hundreds of millions” of dollars to the sophisticated scam, and more than 50,000 individuals had their personal information misused, the department said Friday. The money was routed through call centers in India back to the ringleaders in eight states. >The fraudulent calls came suddenly and frequently while the scam was active from 2012 to 2016, according to court documents. A person posing as an Internal Revenue Service or immigration official was on the phone, threatening arrest, deportation or other penalties if the victims did not immediately pay their debts with prepaid cards or wire transfers. >In an announcement on Friday, the department said 21 people living in eight states — Illinois, Arizona, Florida, California, Alabama, New Jersey and Texas — were sentenced last week in Houston to prison for up to 20 years for their role in the scheme. >In addition, 32 contractors in India involving five call centers in Ahmedabad, a city in western India, have been indicted on wire fraud, money laundering and other conspiracy charges as part of the operation, the department said. As always, remain vigilant about supposed IRS claims, and never accept or believe any calls from people purporting to be the IRS. The IRS never demands immediate payment (e.g. wire transfers or gift cards), or threatens to bring in the police, immigration officers or other law-enforcement. Communication always begins over snail mail. Hopefully these arrests will serve as a warning to others trying to prey on vulnerable populations.

personalfinance

Wow this makes me so happy to hear that they're sending people to prison for this. Edit: PSA/reminder, the IRS won't call you. They'll send letters asking for info/clarification, not immediate payment.

lqciwr

Truth about successful algo traders. They dont exist

Now that I got your attention. What I am trying to say is, for successful algo traders, it is in their best interest to not share their algorithms, hence you probably wont find any online. Those who spent time but failed in creating a successful trading algo will spread the misinformation of 'it isnt possible for retail traders' as a coping mechanism. Those who ARE successful will not share that code even to their friends. I personally know someone (who knows someone) that are successful as a solo algo trader, he has risen few million from his wealthier friends to earn more 2/20 management fee. It is possible guys, dont look for validation here nor should you feel discouraged when someone says it isnt possible. You just got to keep grinding and learn. For myself, I am now dwelling deep in data analysis before proceeding to writing trading algos again. I want to write an algo that does not use the typical technical indicators at all, with the hypothesis that if everyone can see it, no one can profit from it consistently.. if anyone wanna share some light on this, feel free :)

algotrading

I see so many introduce themselves here as engineers, computer scientists, etc. and wanting to get into algo trading but IMO that’s like someone saying they want to become a restaurant owner because they eat lunch everyday. The code for my algos is so simple a 12 year old can program it. But the logic behind what to code takes an understanding of the markets you won’t have until you’re 1000+ hours in. If you’re a developer who wants to build the infrastructure, that’s fine, but it’s either a hobby or a SaaS business - unless you’re investing 12+ hours a day looking at charts and learning about markets I think your success rate with actual algo trading will be very low. The reason why so many discretionary and algo traders fail isn’t because it’s rocket science but because the barrier to entry is so low. Everybody knows you can’t spend 5 mins to sign up online as a surgeon and make extra income doing heart transplants but beginner traders tend to think they can with trading.

l7mym2

The criminals that took GME down 371 points (77%) with only 8 million shares should rot in jail

Who was pulling the strings on multiple brokers to ban clients from buying $GME and causing panic selling as well as margin liquidations? By locking out investors, brokers took away the bid for the stock. The market makers then orchestrated a drop of 371 points, 77% with ONLY 8 million shares traded triggering multiple trading halts. It was brutal, especially, when GME only moved 10-20 points on similar volume on previous trading days. A full comprehensive investigation is necessary. Also investigators must take a close look at what happened to the options during that time. These criminals should rot in jail. Edit: This video shows how they brought $GME down 371 points (77%) and also how they brought down the $GME options. It’s a must see. https://youtu.be/YKNIf2PHvf4

options

robinhood and other brokers were ok with the tsla gamma squeeze but gme gamma squeeze is not ok? and now they wanted to protect the investors? but fuck tsla investors? market makers pulled the stock down like you said, how many hit stop losses and couldnt get back in. all these brokerages have investments from companies like citadel and d1 who had a vested interest in gme going down. This should be the easiest investigation ever. throw them all in jail!

k9ahz7

A Gentle Reminder about Life

I certainly don't want to deter people from saving and thinking about their future. Just remember that there is life now too. I just got done diagnosing Alzheimer's in a woman in her early 60's. Her and her husband were looking forward to travel and leisure and life, all these things they forbade themselves in the prospect of "enjoying it later." Now they are likely looking at assisted living if not a nursing home. Balance. Be wise about your future, but don't get caught up in the rat race. Enjoy your life now, but don't forget about rainy days. Thank you guys for the wonderful advice on this subreddit. Edit: IDK how many of these awards cost real money. But if they do, give it to a charity and post a link on here instead! Thanks y'all!

FinancialPlanning

We've been smart and had adventures while saving. That said, we haven't had ALL of our adventures yet. And I (F59) have just been diagnosed with a brain tumor. Hopefully, it's benign, but as the neurosurgeon said, "there are no good brain surgeries." I booked an Antarctic cruise for 1 year from now. I need a new goal that's not money related!

r5z5c1

Death Claim process experience after losing my parents

I am a 33 years old female. Unfortunately, lost my father in 2010 and my mother in Sept this year. Both died unexpectedly.  While the focus in general when someone dies is on "emotional grieving", I cannot explain how much "financial grieving" we have had to go through to just get the claims processed. My father was 58, was working as a senior manager in a Govt organization. Unfortunately, all the assets were in single name, no nominee. We had just got a house on loan (that had no insurance, in single name). My mother's name in Pension nominee was not correct. Our accounts were frozen, plus pension amounts were not released till a year. I can describe in detail how much running around we had to do, but long story short, we could got everything sorted only after 1-2 years and after going through Hiership process. My mother and I learnt from the mistakes, and ensured everything had a nominee or was in joint account. After my mother passed away, I was like - "it will be better than what we faced during my father's time". But, no - I was wrong.  Even though things have moved online, so many of the processes remain same.  One would not believe, but my mother's favourite bank (India nationalized bank ofcourse), has not processed the claim since last 2 months despite me being the nominee for the accounts. Their response is - "The bank account has more than 2 lakhs, so you need to get indemity, affidavit, my brother (legal heirs' pan and aadhar). And what they have done is to freeze all the accounts (including the ones that are joint). So, I cannot even get the money from the joint accounts.  I can go on and on for each bank, insurance company, mutual fund, pension office, demat and trading account but I hope you all are getting the point.  Why am I writing this? 1. My parents were both scientists, and I am an MBA+Engineer by profession. We have had fairly decent understanding of finance, but we still suffered. After going through the same churn twice, I realized I would not be alone. There should be so many others going through the same cycle without questioning the hardships or the processes. 2. I feel I am lucky enough to be in the "net positive" zone that I do not really need the money immediately. What about others who would be needing the money but they would be in so much distress? Especially after Covid. 3. All these fancy new apps like - Groww, Scripbox etc, just focus on the account opening and getting the money. And there is no concept of Nominee (or at least I could not find it out there on the app). There would be so many people (like me) who have invested, but when they pass away, their relatives would be in distress. And I am not even talking about cryptocurrency here. What I think should be done? 1. Death Claim processes should be easier, faster and online. Point blank. This should be across banks, Insurance corporations, Property, mutual funds, demat and trading accounts etc. We can get food in 30 min in India, but a death claim takes more than a month typically. And in my case, it has taken 1-2 years for my father's assets to get sorted. 2. There needs to be a directive from RBI to make sure banks follow a common and simple procedure (and not harass people). RBI should mention the list of documents in case of nominee, no nominee cases. It should not be bank/financial institution dependent. While I saw a RBI directive, it was a 2005 directive - and I do not see it being actioned well. Reserve Bank of India - Notifications (rbi.org.in) 3. Nominee should be made compulsory across banks, Insurance corporations, Property, mutual funds, demat and trading accounts etc. Just like PAN to Aadhar linkage :) 4. The whole process for hiership certificate and 6-8 months long period should be shortened. 5. Financial planning should also involve education about death claim process. Suggestions are most welcome on how can we solve this. Beyond doubt, I cannot do this alone, and I am looking for help for the broader community.   Lastly, for youngsters and for oldies who are reading this - I want to make sure that my grief helps you in some way. Please get your finances fixed. It is okay for the money to grow at 4%, but not okay if your family cannot access it after you are gone.   This is a 4 am rant so if you do not find it useful, please ignore. thanks

IndiaInvestments

I am so sorry for your loss. Faced something similar with banks specifically when I lost my mother to covid last year. I can relate how red tapeism and the sheer amount of followups you have to do hampers the emotional grieving part. Learning from the experience has been the following - 1. Make request for closure of account in writing or over mail, make sure to drop death certificate copies via speed post or registered post to the branch you are dealing with 2. RBI has a mandate to have the closure of accounts in case of death of primary holder and disbursement of claims. Reach out to the bank's redressal officer's mail address in case nothing happens within two weeks of request. 3. After two weeks of intimating the grievance officer, you are free to reach out to banking ombudsman. This is what would actually move their asses and make them work on having everything sorted asap. I was myself asked for affidavits from remaining heirs, NOCs and what not but I pulled a document from bank's own website claiming that in case of joint account which is in nature of either or survivor, there is no need of all this and it is actually punishable if the officials harass for such documents. Filed an rti using that doc and lo and behold, the branch manager called me the next day and asked me how would I want the funds out - Cheque or bank transfer and came home personally to hand over the cheque and how to explain that they did everything they could to get it sorted in time.

lhvlv7

50,000 members!

We did it! Not bad for a sub that didn't exist 12 months ago. Edit: To commemorate the special event, the next 'does asx_bets affect your mental health' post should get a trillion day ban.

ASX_Bets

More doesn't equal better, I actually unsubscribed from WSB because it's basically complete garbage now with the same drones of GME bag holders telling everyone they like the stock. What makes this place different is the quality of the moderation. Praise be to the mod team.

l807am

"Wealthsimple Inc., a commission-free Canadian online brokerage with more than 350,000 clients, is warning traders about the risks of investing in certain highly speculative stocks, but isn’t planning to halt trading in those shares."

(Bloomberg) -- Wealthsimple Inc., a commission-free Canadian online brokerage with more than 350,000 clients, is warning traders about the risks of investing in certain highly speculative stocks, but isn’t planning to halt trading in those shares. Wealthsimple, whose motto is “get rich slow,” doesn’t offer riskier investment choices such as options trading or margin accounts, and has sent clients emails reminding them about the dangers of speculation, Chief Executive Officer Mike Katchen said in an interview with BNN Bloomberg Television Friday. It also embedded in-app notifications for users looking at certain stocks. The firm doesn’t plan to restrict trading on those shares the way Robinhood Markets Inc. and other brokerages have done in recent days, Katchen said. “If people are taking calculated risks and want to join in on the fun, but are doing it in a responsible way with an amount of their portfolio that they can effectively lose if and when these stock prices do come down, that’s OK,” Katchen said. “But we want to make sure that people are being responsible, and we’re trying to be as proactive as we can about that messaging.” The recent frenzy of retail trading has spurred a surge in interest even in the tamer platform of Wealthsimple, which touts passive investing in ETFs and is building out cash, checking, insurance and mortgage products. The company, owned by Power Corp. of Canada financial conglomerate, saw sign-ups increase more than 50% from a week earlier and daily volume more than double, Katchen said. That surge in interest could be a good thing if handled properly, he said. ‘Fine Line’ “We have to walk that fine line of using this opportunity to bring more and more people into the capital markets and into the opportunity of investing,” he said. “But let’s also remember that investment carries risks, and it does require thoughtfulness and long-term thinking.” Katchen would like to see investors use individual stock-picking and cryptocurrencies such as Bitcoin, which his firm does allow trading in, as part of a “play money” account on the margins of their larger, core, long-term investing strategy. He also doesn’t see options and margin accounts as inherently wrong, but said they can be dangerous when used by new investors who don’t understand them. “The gamification of these highly risky tools is problematic and could result in some very bad outcomes for people, and we don’t want to be a part of that,” Katchen said. https://www.bnnbloomberg.ca/canada-s-answer-to-robinhood-warns-traders-but-won-t-halt-stocks-1.1556216

CanadianInvestor

I'm fine with setting warnings, and you could argue they have a responsibility to their users to inform them when they're doing risky things, but this is the stock market. That's the game we're playing. I can't believe Robinhood can keep a straight face when they say "we're just looking out for our clients" when they have been happy to let new clients automatically start trading on margin with literally no warning or disclaimer about what that entailed. Happy to let WSB bros blow up margin accounts to -50k and go bankrupt in risky triple-leveraged option plays for the past 3 years, but suddenly when those same WSB bros are making 2.5mil simply buying stock, now suddenly it's too risky and "we gotta look out for the little guy". It's a fucking joke and I really hope Robinhood goes bankrupt once the dust settles. They deserve it for breaching the trust of their users and manipulating the market in such a nefarious way.

s2a8fh

THEY STILL HAVENT TOLD YOU

Sup Apes, Full disclaimer before I go on, another APE posted the link to this document last week, I have searched for the post but cant find it. If you know who it was, please send me their name so I can give them the credit for finding it. The below document was written by Bruce Knuteson and published to [https://arxiv.org/abs/2201.00223](https://arxiv.org/abs/2201.00223) where you can download a pdf copy if needed. The link looks sus so I think this flew under the radar the first time it was posted. I have copied each page to image below so you can view without downloading the PDF. The site is actually fine and is an open access distributor for scholarly articles and seems to be owned by Cornell University. brief synopsis: ​ https://preview.redd.it/vwpcptxj7ab81.png?width=642&format=png&auto=webp&s=03aff8e030b4705ff330090c8a19ba31b0e7002f Basically the author provides evidence that a large hedgefund (or hedgefunds) are using fuckery to generate their returns in the period of market close to market open. This practice could explain the usual dip we see at open. The manipulation is clear and SEC is either wilfully ignorant or incompetent. I read this before last weeks AH fuckery and keep going back to it. The article looks at overnight and intraday returns across the market and also GME and the SEC report that followed, ripping it to pieces and pointing out the numerous flaws : *"Footnote 78 (and specifically its penultimate sentence) says the SEC does not know who all was short GameStop’s stock. If you established a huge short position in GameStop on December 15, 2020 and did not trade GameStop for the next month, the SEC’s analysis thinks you have no position in the stock because the SEC’s analysis is ignorant of everything that happened before December 24, 2020. The title of the SEC’s plot should more accurately be “buying activity of some traders with large short positions in GameStop,” with a note clearly admitting they don’t really know what “some” means and therefore their orange histogram should be bigger and they don’t really know how much bigger. Since the point of the plot is that there isn’t much orange, the fact that there really should be more orange and the reader doesn’t have any sense of how much more orange there should be sort of defeats the point of the plot. Beginning the second to last sentence of footnote 78 with “Note that” – as though reminding you of a minor caveat they have previously mentioned rather than telling you for the first time a detail that undermines their entire analysis – comes across as particularly slimy. Not providing the number of shares that ended up being the threshold for “large” does little to increase the feeling of transparency. "* ​ **TLDR: A large hedgefund (or hedgefunds) have been manipulating the market for at least 14 years to generate overnight returns whilst keeping intraday gains low or flat. The SEC continues to ignore the issue. Given most retail are locked out of trading out of hours, this affects us all.** ​ edit: As many apes in the comments have noticed, this document is actually the most recent instalment of a series dating back to 2016. see this post for part 1: [https://www.reddit.com/r/Superstonk/comments/s2w1xn/information\_impact\_ignorance\_illegality\_investing/](https://www.reddit.com/r/Superstonk/comments/s2w1xn/information_impact_ignorance_illegality_investing/) ​ https://preview.redd.it/zr00qdhh4ab81.png?width=959&format=png&auto=webp&s=112f5b566586ebcc68086cf9e8c16b2da719041e ​ https://preview.redd.it/el561drl4ab81.png?width=957&format=png&auto=webp&s=02f7c97eadda4b7bc13a83daf4a540c609a99d34 ​ https://preview.redd.it/rarcviro4ab81.png?width=958&format=png&auto=webp&s=2d8c8599aae07f0c74e9a043ee5a221e7b003e45 ​ https://preview.redd.it/szl3f2vr4ab81.png?width=953&format=png&auto=webp&s=1bb51912a912c24b97c9e0ed6afe04166a5470e3 ​ https://preview.redd.it/ed5p6mut4ab81.png?width=953&format=png&auto=webp&s=b1ad3ecfb2f842759d560158c9906ad827bde048 ​ https://preview.redd.it/rm1c3nlv4ab81.png?width=956&format=png&auto=webp&s=c257c37537ab94af28b63a7a73e09cdc84459113 ​ https://preview.redd.it/cn4d3s8x4ab81.png?width=955&format=png&auto=webp&s=76db71181e09b0a98f6b41772bf0539f9f95f41a ​ https://preview.redd.it/9urctqbz4ab81.png?width=955&format=png&auto=webp&s=939a9d63b7c4458f44c7686fca18ba85c6f5fe01 ​ https://preview.redd.it/fo40d3p45ab81.png?width=955&format=png&auto=webp&s=f7c428a00adb56d4195144d46ffa65d985cf4072 ​ https://preview.redd.it/641cdxk65ab81.png?width=956&format=png&auto=webp&s=1591e6dbd23ba5722162843fb8404e0cd6668631 ​ https://preview.redd.it/zfq8js685ab81.png?width=952&format=png&auto=webp&s=70a45667f5e36887edb1ece8e1c36ef443ccb0d2 ​ https://preview.redd.it/2rubna8a5ab81.png?width=951&format=png&auto=webp&s=8586ad71c8666ebe0487380d00e54694baedd2ee

Superstonk

as someone in the scientific community, this should be the one thing everyone (the general public) should see and be aware of. To me, this is the single-most obvious proof of large scale manipulation that exists. We have been in a system that sets us up for failure, and it seems like no one in a position of power is doing anything to change it. And so I hold.

zsnpol

Crazy 1bed aprt. inspection, rental market in Sydney.

Tiny tiny apartment, 1bed $525pw in inner city Sydney. Lift had already made a few trips up, about 30 more people upstairs... I guess this was undervalued by about $75-100.

AusFinance

All I see here is the hours of time these poor people lost filling out seperate convoluted applications everytime they apply with a difffent REA. Ive started listing "collecting REA rejection letters" under hobbys.

rv4axv

A News Blackout on the Fed’s Naming of the Banks that Got Its Emergency Repo Loans; Some Journalists Appear to Be Under Gag Orders

Final edit at bottom. If you are on new Reddit or the standard app, a screenshot from the final update may appear here, when it is supposed to appear at the bottom. I’m not sure why this screenshot shows at the top of the post, when it isn’t at the top, so I’ll just write here to let you know, it goes with the final link in the final update from 10JAN21, at the bottom. 🤷‍♂️ Alternatively, view this post by opening it in old Reddit: https://old.reddit.com/r/Superstonk/comments/rv4axv/a_news_blackout_on_the_feds_naming_of_the_banks/ ___ Second attempt to try to post this...will post the link in the comments below. Intro: > Four days ago, the Federal Reserve released the names of the banks that had received $4.5 trillion in cumulative loans in the last quarter of 2019 under its emergency repo loan operations for a liquidity crisis that has yet to be credibly explained. Among the largest borrowers were JPMorgan Chase, Goldman Sachs and Citigroup, three of the Wall Street banks that were at the center of the subprime and derivatives crisis in 2008 that brought down the U.S. economy. That’s blockbuster news. But as of 7 a.m. this morning, not one major business media outlet has reported the details of the Fed’s big reveal. ___ Edit: This appears to be the dataset used: https://www.newyorkfed.org/markets/OMO_transaction_data.html#rrp *(Also, thank you for the awards - I’m just glad this got some attention. The real awards should go to the authors, Pam Martens and Russ Martens, but that’s another matter, and I am not allowed to directly link the WSOP site here in the post, despite the site having an incredibly reputable, fact-based reputation for several decades now. Regardless, the link is in the comments (odd, site-wide rule, huh?). Here is what I will add: Please read the full article, I know it’s tempting to just read a headline, but this is kind of a serious matter in my personal opinion. And, if you would like this to gain more attention, please consider reaching out to your state’s representatives, consider sharing the article with those outside of reddit, etc.)* ___ Edit 2: The site was given the ol’ Reddit hug o’ death - I emailed the author, Pam Martens, explained (and apologized). I don’t think she was aware of where all the traffic was coming from. She said they’re working on a server fix, and was thankful for us bringing this “assault on press freedom” (her exact words) to the attention of Reddit users. She also has no idea why they’re banned from Reddit, as they post articles 5 days a week and have no time for a social media presence. Nice job Reddit! :) *RIP inbox, gonna take some time to sort through this* ___ **Edit 3:** How can we petition (?) Reddit admins to unban links to WSOP? No idea why it was actually originally banned, and it makes no sense. The site is great and there’s simply no reasonable, logical reason it should be banned at a site-wide level. It doesn’t seem to be subreddit specific. That in itself is insane to me. Kinda mirrors what the article is talking about, actually. This seems to go to the top (the Reddit admins), not the mods here. If the mods or anyone has any experience with appealing a ban like that, I welcome your help. *shrug* ___ **Edit 4:** Today’s article, “Redditors Raged Against the News Blackout of the Fed’s Bailout – Then All Hell Broke Loose When They Learned the Wall Street Banks Literally Own the New York Fed” was just posted. wallstreetonparade dot com/2022/01/redditors-raged-against-the-news-blackout-of-the-feds-bailout-then-all-hell-broke-loose-when-they-learned-the-wall-street-banks-literally-own-the-new-york-fed/ (Site may take a couple of tries to load) Archived version if that doesn’t work: https://archive.is/zYcb9 *(And, upon seeing a few requests, I’ve updated the flair from News -> Due Diligence. Hope this helps.)* **Nice job everyone!** ___ **final edit - Today, 10Jan22, ~10PM ET, I was permanently banned, without warning, from news sub for trying to post the following article from bettermarkets.org:** https://bettermarkets.org/newsroom/vice-chairman-claridas-resignation-confirms-there-is-an-epidemic-of-ethical-and-legal-violations-at-the-highest-levels-of-the-federal-reserve/ I’m not sure why, as this is not a political issue, and better markets is a nonpartisan, nonprofit group. Further, I was given no warning, and was told I was banned because my account had an “agenda.” I replied that my only “agenda” was exposing corruption. Here is the conversation. (*The “blank spot” in my final message to them was simply a link to wallstreetonparade’s article. The Apollo app has a bug right now where it sometimes doesn’t show the links you send in messages.*) ___ Convo: > https://imgur.com/a/nntFVwe/ If they decide to unban me I will update this, but so far they have not responded. More and more, it seems that information distribution online cannot be trusted to be fair.

Superstonk

I have to chop up the URL now because reddit is shadowbanning the URL. Wow. Wallstreetonparade dot com /2022/01/theres-a-news-blackout-on-the-feds-naming-of-the-banks-that-got-its-emergency-repo-loans-some-journalists-appear-to-be-under-gag-orders/ I’m not going to snip images from their site as they A) take no money from outside sources and B) kindly request permission prior to reusing their content. Edit - reddit is currently putting some stress on the site (oops moass, my bad), which I do actually feel kind of bad about. The site *will load* if you give it a minute or so.

qnkuks

Is there a legitimate bull case for Gamestop (GME)?

*Disclaimer: I do not own GME, nor do I intend to.* A friend of mine bought in to GME at around the $80 mark and has done well for himself. We met up recently and he is still very bullish on it, doesn't think it's a meme stock anymore, and believes it will continue to go up during corrections and crashes due to market forces. I'm worried that he will be caught off guard and lose a lot of money, but at the same time think that he should learn from his risky strategies.

CanadianInvestor

GameStop is a thesis. It is a hypothesis that financial players on wallstreet have been committing crimes for decades and in doing so they are robbing the general public. A certain individual on reddit noticed that this stock had more shares shorted than were ever issued. A following was started. In January of 2021, the thesis was all but "proved" when we saw the price squeeze from a few dollars to over 500$ in less than a couple of days. The thesis was all but proved!! Since that time, there is enough evidence to show that the amount of shares sold short are even greater than last January. The new thesis since that time is that crimes were committed by shutting off the buying of this stock but the financial powers that be, rather than taking their loss, decided to double down. Increasing their short position and opening themselves up to an infinite loss of money. You friend is playing the odds. He is not looking at this as an investment based on earnings, PE ratios, etc...He is looking at it as once in a lifetime opportunity to be a part of an infinite gain of money. January 2021 cannot be denied. It happened and we all saw the industry shut retail out from unimaginable gains. THey didnt do this because they were sour. They did it because if they hadn't they would have incurred infinite losses. We already know this to be true. Major Wallstreet execs have admitted to this. We were there as it happened. In the end, any individual NOT holding GME is making the mistake. There has never been a greater opportunity to be a part of an infinite money glitch than there is now. Everyone holding GME is aware that this may not play out exactly as they want. They are all prepared to lose. If your friend made as much money as I did back in Jan...then he is playing with house money so it's even better. One thing is for sure...if you think we are all nuts. Fine! Bt it doesnt matter because as an investment...Gamestop is one of the most promising companies out there.

mkzt1f

I have a secret to share - shhhhh

After first 2-3 millions, a paid off home and a good car, there is no difference In qualify of life between you and Jeff Bezos. Both of you have limited amount of time on earth - you have twice if not more than Jeff, so you are richer than him. A cheese burger is a cheese burger whether a billionaire eats or you do. Money is nothing but a piece of paper or a number in your app. Real life is outdoors. Become financially independent that’s usually 2-3 M. Have good food. Enjoy the relations. Workout and enjoy sex. Sleep well. Call your parents. That’s all there is to life. Greed has no end. Repeat after me. Time is the currency of life. Money is not. Sooner you figure this out, happier you will be. Agree/Disagree ? Edit - CEO of Twitch confirming this mindset. https://youtu.be/yzSeZFa2NF0

fatFIRE

Really depends on your desired lifestyle. I want to travel, like a month here, a couple of weeks there, ect. I want homes all over the world and to only cook or clean when I feel like it, so I will need a private chef and cleaner available at all homes. Plus I have two kids and they are expensive as hell. 2-3 mil will not get me there. But eventually, the NW will support my dreams and then it becomes, what else am I working toward? Or is it “enough?”

lxzwnf

[Serious] This Subreddit has such recency bias that goldfish look like they have photographic memory.

In light of all of the "should I sell posts" I have to speak up a bit. 2 weeks ago you look at any rate my portfolio post and nearly everyone is recommending every high-risk ETF you could name. ARKK, ARKG, ARKW, ARKQ, ICLN, YOLO, MOON, TAN, LIT, I can keep going. And these were all recommended knowing damn well that a correction was due. And nearly unanimously every person would say something along the lines of "Buy and don't sell", "Cathie Wood could sell me on immortality at this point", "There'll be a correction I'm sure, but don't sell." Now the second a "correction appears to happen" you all panic. The market will bounce back, bottom line. It's like people forgot about the horrible drop when the pandemic happened. Now looking back, everyone wishes they bought more stock around then. Go ahead and sell, it not my portfolio and I don't lose sleep over your decisions. But let me double-check how far this correction has been so far. Yep.. checking ... the S&P is down to where we were all the way back to... exactly one month ago. Yep. The NASDAQ100 is down to ... 3 months ago. Incredible. ARKK is down slightly where it was in January 1... 2 months ago. But disregard all of that. Maybe the moral of the story is that Reddit shouldn't be defining your portfolio because no one knows what they're doing. The swarm of ARK followers has sort of disappeared. I haven't seen a single renewable energies ETF post that sounds like they're keeping it. Don't just "hear what's good" and then buy it and then the second "you hear what's bad", sell it. Jack Bogle said it best. There's nothing wrong with the ETF (with regards to TIFs), as long as you don't trade it. ​ Second bottom line. 100 VT or VTI/VXUS. Never worry about this shit again. Do some flash cards and build that memory back up.

ETFs

I dumped over 100k into just about every ETF you mentioned above plus BETZ, BLOK, GIGE, KOMP, PRNT and more at the absolute fucking top. Couldn't get enough. I'm down $20,000. Using what little cash I have left to average down now. This terrible entry point will make very little difference in 5 to 10 years....which is how long everyone should be planning to hold ETFs anyway.

vr7ork

Are we overstretching ourselves with a house purchase?

Our combined take home income is at around £7700 per month, the house we're looking at is 550k. That gets us four decently sized bedrooms and an okay sized garden (since it's a new build, we're not exactly getting tons of land with it). It's in a nice area that we know we like. We'll go with either 5 or 10% deposit as we'd like to keep as much of our savings in ISAs if possible, so the mortgage payments would be slightly over 2000 with the current interest rates, which makes it more than the 25% rule would allow. We live in a tiny house I purchased a few years ago, we've clearly outgrown it and we want something that we won't need to 'upgrade' from in a few years. We could get the same bedroom count for less but the rooms would be smaller and since we both work from home we'd really like to have some space. We think we could comfortably afford the payments even if the interest rates rose significantly and we wouldn't be using all of our savings now so there's an emergency fund as well. It's a bigger house than we *need* but it's not that extravagant either (we think?). We just want enough space for a potential family and for our current family / friends to be able to visit since we're moving pretty far away. With the way the property prices are going, we might not be able to afford a house like this in a couple of years. Our spreadsheets add up, I'm just looking for validation, would you go for it, or too risky?

UKPersonalFinance

Let's run some numbers to validate whether you better off keeping your money in index funds, or taking a mortgage with a lower LTV. If you take a 90% LTV mortgage: * You need £55k deposit and a £495k mortgage * According to MSE's best buy comparison, the best rate available from a mainstream lender for this mortgage is 2.5% * That means you would be paying **£12,375 a year in interest** If you take a 85% LTV mortgage: * You need a £82.5k deposit and £467.5k mortgage * According to MSE's best buy comparison, the best rate available from a mainstream lender for this mortgage is 2.14% * That means you would be paying **£10,004 a year in interest** The difference between the deposits is £27.5k, and the difference in interest is £2,371 per year. £2,371 on £27,500 is 8.6%. Therefore, by selling your ISAs to get a 15% mortgage, **you are getting a guaranteed return of 8.6%** on the additional money you are putting into your house deposit. Remember that lowering the LTV brings the cost of the entire mortgage down - not just the cost of the additional deposit. This return is **guaranteed, risk free** and is **higher than the long term average** of 7-8% that has historically been generated by the global stock markets. I conclude that you will be better off selling down more of your ISAs and increasing your house deposit to at least 85% LTV - when compared with taking a 90% LTV mortgage and keeping your ISAs. Personally I would put money into the house until you get down to 80% LTV. After that, you start getting competitive mortgage rates and the returns diminish, so that's the time to focus on your S&S ISA again. EDIT: Wow, this is my most upvoted post ever. Thanks for the upvotes and awards everyone!

7p0rmh

I still have not received my $27000 wire reversal from GDAX and it's been almost 40 days.

I wired $27000 to GDAX, and it was declined due to a name mismatch. They said they would reverse the funds, and that it would take up to 7 days. It's now been 40 days, and I have tried everything. I've made multiple cases, I've tried to reach out to them on Twitter, sent messages to random employees on LinkedIn. I've contacted their bank, and their bank in NY said that Coinbase has not replied to any of their emails inquiring about the reversal, and that the money was received by Coinbase but that they have still not put in a reversal on the money. Please upvote for support. Case ID #: 3361542 UPDATE: GDAX has reached out to me and are helping me to fix the issue. Thanks for upvoting for support. Feeling relieved. Update 2: Wire still not reveived, and GDAX has gone no-contact again. Update 3: Received! Finally. On 1/22/18, and the wire was supposed to be reversed on 12/1/2017.

CryptoCurrency

Have you tried to hire an attorney who specializes in these things to contact them on your behalf? You might not have to sue. Sometimes a letter from a lawyer politely warning about future action is enough to get the right people's attention on it to clear it up.

lze18v

Lost 500k recently and now trying to recover slowly, need some advice.

I am already down don’t keep kicking me down. Anyway I learned from my mistakes and will ensure it never happens again by hedging and position sizing. I have a very small account left now and was wondering if trading options that expire at the end of December was a a good idea instead of day trading. Let’s say I buy 1 x PLTR at the strike money call Option for Expiry in December and sell it after it rises few dollars in a week or two. I was thinking about day trading shares but it seems as I would have to constantly guess short term price action which is harder then swing trading. How would theta affect me if I plan to hold ATM strike only for a week or two and sell them after as soon as price moves in my direction. Thank you for taking time to respond and let me know if this strategy is okay or not. I don’t plan to trade more then 1 or 2 calls per ticker at a time and diversify between different sectors/tickers. The goal of buying options is to tie up less equity at any given time.

options

Hey man. I've seen you posting around various threads looking for help. That's a lot of money to lose and I understand you're struggling to cope with it. The real advice I see you're asking for is "how do I make this money back the fastest?" This is called chasing your losses. It's a symptom of a gambling addiction and is an emotional impediment that makes you a danger to yourself when trading. Others have already recommended taking time off and paper trading, but I think you are too eager to see some immediate upside to take that advice. So here is my recommendation: move into common shares for awhile. You're currently gambling with options, and are now asking whether you should buy LEAPS on a company that's up 150% since they direct listed in September at $10. I understand you want to leverage your remaining capital as much as possible, but over leveraging yourself in calls is what caused the loss in the first place. If you believe PLTR will go up (which is why you are considering buying long dated ATM Call options) then buy shares in increments of 100. From there sell Covered Calls. Yes you limit your upside, but this the kind of risk management you need right now. This gives you time to watch and learn from the stock. You'll be able to predict it's movements better over time. This allows you to trade on it and not simply "bet it all on red". Good luck man, and remember: there are millions of once in a lifetime opportunities in the markets every day.

7q7imt

Why need to stand up to Bittrex. PLEASE PLEASE PLEASE UPVOTE. Help 1000s of people. Missing 1000s of dollars. With support MIA for months.

I just finished a scan of reddit and twitter, searching for Bittrex support issues. It's ridiculous to read about some clients of theirs who have been waiting 4+ months for a response, let alone a resolution. This just isn't right. They happily accepted our deposits to trade. That's an agreement that our issues should be dealt with in good faith, in a timely manner and with open communication. The backlog excuse, I've heard it many, many, many times before. That's not our problem. It's theirs. And whatever they have to do to resolve and lessen the backlog, do it. No more excuses. Hire more staff. Change the resolution process. Increase shifts. Overtime. So many options. God doesn't need to tell us you're rolling in crypto right now. I'm sure the funds are there to implement whatever possible improvements are necessary and give people back their money. Do you think support is this tough with the largest traditional stock brokerage sites? Or banks? Not even a chance. After a 10 minute call, issues are rectified. And that includes waiting on hold for five minutes. This is from their twitter account on December 14, 2017... "We have turned off user registration for a DB upgrade due to a large spike in new user sign ups." What about support upgrades? That's great about your new DB but seems like your tickets are only going to increase now by being able to handle more sign-ups. More congestion. More waiting. I currently have over $15,000 in support tickets with them. I know I'm not the only one. But if there is no fire under their ass, nothing will get done in a timely manner. POST YOUR ISSUES HERE AT REDDIT.COM/R/BITTREXSUPPORTLOGS. They are not listening on twitter anymore so here's another way for us to voice and let them know we won't tolerate the way they're handling OUR money. Subscribe. Post. Upvote other posts. Comment. That's the only way we'll get this rolling. And if you haven't had to file a support ticket, lucky you. I hope you'll never have to. But help us out anyway.

CryptoMarkets

Here's a question How many people read your post and are STILL pissed they cannot sign up for a Bittrex account right fucking now? My guess is ALL of them without a Bittrex account. Point of that question is, no matter how much you complain, there are thousands of sheep waiting in line to pour their savings into an unregulated exchange with no laws governing redress. Welcome to the Wild West   As an aside, you HAVE to know the whole exchange thing could end badly with the owners/founders of the exchange laughing at us while laying on a beach in some non extradition country right? If you want to light fires under anyone's ass, best to find a lawyer, or form a class action suit against the exchange in question.

p7cc6r

Survived a Credit Card fraud today. Sharing my experience for an educational purpose.

I hold an RBL Bank Credit Card along with a couple of others. Today, I got a call from a mobile number 6391504865. The person was speaking fluent English and claimed to be from the RBL Bank. He asked me - at the time of getting the card whether I was told if this card is lifetime free or there will be a joining fee. Then he asked if I was actually given the credit limit which I was told. Till this point, I answered the questions. Then he told me that the bank is offering me a credit limit increase of 1 lakh if I want. And then asked - "Please confirm if the PAN number I am telling is correct." Then he told me my correct PAN number. He further proceeded saying that he was sending an OTP which should be shared with him for authorisation of this limit increase. Here comes the scary part. I received an OTP from the legit RBL messaging service (VK-RBLBNK) from which I usually receive the transaction messages. The content of this SMS was as following: “234567 is OTP (one time password) for updating your RBL Bank Credit Card settings.” Just to ensure that this is indeed a fraud, I asked him to tell me my existing card limit before I share the OTP. He couldn't answer it well and started beating around the bush. I told him unless the SMS mentions that this OTP is for credit card limit increase, I will not share the OTP. I asked him to send me an email from his RBL email id about this. He said yes and hung up the phone. *** From my personal experience of credit cards in the past, whenever there is credit limit increase offer, the banks usually let you know this by 1) SMS - Then they ask us to send YES/NO in some format to a specified number to accept/reject the offer. 2) The net banking/mobile banking account displays the alert about the offer. Then you yourself accept or reject the offer. 3) If you yourself call the customer support helpline for some issue and you get to know that there is an offer for credit limit increase. Even on the phone if they have never asked for an OTP. Till date, I have never needed to share an OTP for a credit card limit increase. To further confirm that it was a fraud, I called the RBL Customer Support and connected with the fraud department. They told me that there is no offer on your card and the call which I received was definitely a fraud call. So this caller was a sophisticated caller/hacker who had access to my RBL Bank Credit Card data by which he was able to tell me the correct PAN and able to generate the OTP -possibly for a fraudulent withdrawal transaction from my card. Truecaller showed the number’s location as Uttar Pradesh. On extensive googling around this, I was able to locate this article which elaborates the exact same fraud which I experienced. The victim was also an RBL card holder. [Chandigarh cyber cell arrests 2 hackers for stealing credit card details](https://nationnews.in/chandigarh-cyber-cell-arrests-2-hackers-from-delhi-ncr-for-stealing-credit-card-details-credit-card-and-payment-gateway-recovered-from-their-possession/) *** Please beware of the calls you receive from people claiming from banks. Reverse check with the caller by asking them if they know your additional details. If they are unable to answer it, then it’s definitely a fraud. The best safety is to never share any kind of OTP with anyone. P.S. 1) There is a series called [Jamtara](https://www.youtube.com/watch?v=GoXd_sESBBI) on Netflix which explored such scamming and phishing which takes place in India. Jamtara is a city from Jharhand. It is nicknamed the phishing capital of India. It got this title because there were numerous incidents of phishing across country whose centre point was this small town. 2) **Just to ensure full safety and peace of mind, when I was talking to the fraud department of the customer support, with their help, I immediately blocked the credit card and requested a replacement.**

IndiaInvestments

I had something similar happen with my ICICI bank debit card years back. They called supposedly to upgrade my card. They had many of my details, so I believed them until they asked me for my address to send me the updated card, which sent my alarm bells ringing. If they were from the bank, that is the first thing they would have. I started questioning him, and his story broke down just like in your case. My rule nowadays when it comes to any card/payment-related issues is. Send me an official email(be careful here also, this can be spoofed although it has reduced a lot nowadays) or I will call up the helpline or come to the branch. I will not do anything over the phone. There are way too many data leaks in India. And there is virtually no protection if you get scammed, so it is better to lose out on a good offer rather than get scammed.

ia5f37

Former investment bank FX trader: some thoughts

Hi guys, I have been using reddit for years in my personal life (not trading!) and wanted to give something back in an area where i am an expert. I worked at an investment bank for seven years and joined them as a graduate FX trader so have lots of professional experience, by which i mean I was trained and paid by a big institution to trade on their behalf. This is very different to being a full-time home trader, although that is not to discredit those guys, who can accumulate a good amount of experience/wisdom through self learning. When I get time I'm going to write a mid-length posts on each topic for you guys along the lines of how i was trained. I guess there would be 15-20 topics in total so about 50-60 posts. Feel free to comment or ask questions. **The first topic is Risk Management and we'll cover it in three parts** **Part I** * Why it matters * Position sizing * Kelly * Using stops sensibly * Picking a clear level # Why it matters The first rule of making money through trading is to ensure you do not **lose** money. Look at any serious hedge fund’s website and they’ll talk about their first priority being “preservation of investor capital.”  You have to keep it before you grow it. Strangely, if you look at retail trading websites, for every one article on risk management there are probably fifty on trade selection. This is completely the wrong way around. The great news is that this stuff is pretty simple and process-driven. Anyone can learn and follow best practices. Seriously, avoiding mistakes is one of the most important things: there's not some holy grail system for finding winning trades, rather a routine and fairly boring set of processes that ensure that you are profitable, despite having plenty of losing trades alongside the winners. # Capital and position sizing The first thing you have to know is how much capital you are working with. Let’s say you have $100,000 deposited. This is your maximum trading capital. Your trading capital is not the leveraged amount. It is the amount of money you have deposited and can withdraw or lose. Position sizing is what ensures that a losing streak does not take you out of the market. A rule of thumb is that one should risk no more than 2% of one’s account balance on an individual trade and no more than 8% of one’s account balance on a specific theme. We’ll look at why that’s a rule of thumb later. For now let’s just accept those numbers and look at examples. So we have $100,000 in our account. And we wish to buy EURUSD. We should therefore not be risking more than 2% which $2,000.  We look at a technical chart and decide to leave a stop below the monthly low, which is 55 pips below market. We’ll come back to this in a bit. So what should our position size be?  We go to the calculator page, select Position Size and enter our details. There are many such calculators online - just google "Pip calculator". ​ https://preview.redd.it/y38zb666e5h51.jpg?width=1200&format=pjpg&auto=webp&s=26e4fe569dc5c1f43ce4c746230c49b138691d14 So the appropriate size is a buy position of 363,636 EURUSD. If it reaches our stop level we know we’ll lose precisely $2,000 or 2% of our capital.  You should be using this calculator (or something similar) on every single trade so that you know your risk. Now imagine that we have similar bets on EURJPY and EURGBP, which have also broken above moving averages. Clearly this EUR-momentum is a theme. If it works all three bets are likely to pay off. But if it goes wrong we are likely to lose on all three at once. We are going to look at this concept of correlation in more detail later. The total amount of risk in our portfolio - if all of the trades on this EUR-momentum theme were to hit their stops - should not exceed $8,000 or 8% of total capital. This allows us to go big on themes we like without going bust when the theme does not work.  As we’ll see later, many traders only win on 40-60% of trades. So you have to accept losing trades will be common and ensure you size trades so they cannot ruin you. Similarly, like poker players, we should risk more on trades we feel confident about and less on trades that seem less compelling. However, this should always be subject to overall position sizing constraints. For example before you put on each trade you might rate the strength of your conviction in the trade and allocate a position size accordingly: ​ https://preview.redd.it/q2ea6rgae5h51.png?width=1200&format=png&auto=webp&s=4332cb8d0bbbc3d8db972c1f28e8189105393e5b To keep yourself disciplined you should try to ensure that no more than one in twenty trades are graded exceptional and allocated 5% of account balance risk. It really should be a rare moment when all the stars align for you.  Notice that the nice thing about dealing in percentages is that it scales. Say you start out with $100,000 but end the year up 50% at $150,000. Now a 1% bet will risk $1,500 rather than $1,000. That makes sense as your capital has grown. It is extremely common for retail accounts to blow-up by making only 4-5 losing trades because they are leveraged at 50:1 and have taken on far too large a position, relative to their account balance.  Consider that GBPUSD tends to move 1% each day. If you have an account balance of $10k then it would be crazy to take a position of $500k (50:1 leveraged). A 1% move on $500k is $5k.  Two perfectly regular down days in a row — or a single day’s move of 2% — and you will receive a margin call from the broker, have the account closed out, and have lost all your money.  Do not let this happen to you. Use position sizing discipline to protect yourself. ​ # Kelly Criterion If you’re wondering - why “about 2%” per trade? - that’s a fair question. Why not 0.5% or 10% or any other number? The Kelly Criterion is a formula that was adapted for use in casinos. If you know the odds of winning and the expected pay-off, it tells you how much you should bet in each round. This is harder than it sounds. Let’s say you could bet on a weighted coin flip, where it lands on heads 60% of the time and tails 40% of the time. The payout is $2 per $1 bet. Well, absolutely you should bet. The odds are in your favour. But if you have, say, $100 it is less obvious how much you should bet to avoid ruin.  Say you bet $50, the odds that it could land on tails twice in a row are 16%. You could easily be out after the first two flips.  Equally, betting $1 is not going to maximise your advantage. The odds are 60/40 in your favour so only betting $1 is likely too conservative. The Kelly Criterion is a formula that produces the long-run optimal bet size, given the odds. Applying the formula to forex trading looks like this: *Position size % = Winning trade % - ( (1- Winning trade %) / Risk-reward ratio* If you have recorded hundreds of trades in your journal - see next chapter - you can calculate what this outputs for you specifically. If you don't have hundreds of trades then let’s assume some realistic defaults of **Winning trade %** being 30% and **Risk-reward ratio** being 3. The 3 implies your TP is 3x the distance of your stop from entry e.g. 300 pips take profit and 100 pips stop loss. So that’s  0.3 - (1 - 0.3) / 3 = 6.6%. Hold on a second. 6.6% of your account probably feels like a LOT to risk per trade.This is the main observation people have on Kelly: whilst it may optimise the long-run results it doesn’t take into account the pain of drawdowns. It is better thought of as the rational maximum limit. You needn’t go right up to the limit! With a 30% winning trade ratio, the odds of you losing on four trades in a row is nearly one in four. That would result in a drawdown of nearly a quarter of your starting account balance. Could you really stomach that and put on the fifth trade, cool as ice? Most of us could not. Accordingly people tend to reduce the bet size. For example, let’s say you know you would feel emotionally affected by losing 25% of your account. Well, the simplest way is to divide the Kelly output by four. You have effectively hidden 75% of your account balance from Kelly and it is now optimised to avoid a total wipeout of just the 25% it can see. This gives 6.6% / 4 = 1.65%. Of course different trading approaches and different risk appetites will provide different optimal bet sizes but as a rule of thumb something between 1-2% is appropriate for the style and risk appetite of most retail traders. Incidentally be very wary of systems or traders who claim high winning trade % like 80%. Invariably these don’t pass a basic sense-check: * How many live trades have you done? *Often they’ll have done only a handful of real trades and the rest are simulated backtests, which are overfitted. The model will soon die.*  * What is your risk-reward ratio on each trade? *If you have a take profit $3 away and a stop loss $100 away, of course most trades will be winners. You will not be making money, however!* In general most traders should trade smaller position sizes and less frequently than they do. If you are going to bias one way or the other, far better to start off too small. # How to use stop losses sensibly Stop losses have a bad reputation amongst the retail community but are absolutely essential to risk management. No serious discretionary trader can operate without them.  A stop loss is a resting order, left with the broker, to automatically close your position if it reaches a certain price. For a recap on the various order types visit this chapter. The valid concern with stop losses is that disreputable brokers look for a concentration of stops and then, when the market is close, whipsaw the price through the stop levels so that the clients ‘stop out’ and sell to the broker at a low rate before the market naturally comes back higher. This is referred to as ‘stop hunting’. This would be extremely immoral behaviour and the way to guard against it is to use a highly reputable top-tier broker in a well regulated region such as the UK. Why are stop losses so important? Well, there is no other way to manage risk with certainty. You should always have a pre-determined stop loss before you put on a trade. Not having one is a recipe for disaster: you will find yourself emotionally attached to the trade as it goes against you and it will be extremely hard to cut the loss. This is a well known behavioural bias that we’ll explore in a later chapter. Learning to take a loss and move on rationally is a key lesson for new traders. *A common mistake is to think of the market as a personal nemesis. The market, of course, is totally impersonal; it doesn’t care whether you make money or not.* *Bruce Kovner, founder of the hedge fund Caxton Associates* There is an old saying amongst bank traders which is “losers average losers”. It is tempting, having bought EURUSD and seeing it go lower, to buy more. Your average price will improve if you keep buying as it goes lower. If it was cheap before it *must* be a bargain now, right? Wrong. Where does that end? Always have a pre-determined cut-off point which limits your risk. A level where you know the reason for the trade was proved ‘wrong’ ... and stick to it strictly. If you trade using discretion, use stops. # Picking a clear level Where you leave your stop loss is key.  Typically traders will leave them at big technical levels such as recent highs or lows. For example if EURUSD is trading at 1.1250 and the recent month’s low is 1.1205 then leaving it just below at 1.1200 seems sensible.  ​ [If you were going long, just below the double bottom support zone seems like a sensible area to leave a stop](https://preview.redd.it/y7cs0cn1f5h51.png?width=1200&format=png&auto=webp&s=81639093b28c5ed778f293f6ab47c25c7aa7d139) You want to give it a bit of breathing room as we know support zones often get challenged before the price rallies. This is because lots of traders identify the same zones. You won’t be the only one selling around 1.1200.  The “weak hands” who leave their sell stop order at exactly the level are likely to get taken out as the market tests the support. Those who leave it ten or fifteen pips below the level have more breathing room and will survive a quick test of the level before a resumed run-up. Your timeframe and trading style clearly play a part. Here’s a candlestick chart (one candle is one day) for GBPUSD. ​ https://preview.redd.it/moyngdy4f5h51.png?width=1200&format=png&auto=webp&s=91af88da00dd3a09e202880d8029b0ddf04fb802 If you are putting on a trend-following trade you expect to hold for weeks then you need to have a stop loss that can withstand the daily noise. Look at the downtrend on the chart. There were plenty of days in which the price rallied 60 pips or more during the wider downtrend.  So having a really tight stop of, say, 25 pips that gets chopped up in noisy short-term moves is not going to work for this kind of trade. You need to use a wider stop and take a smaller position size, determined by the stop level. There are several tools you can use to help you estimate what is a safe distance and we’ll look at those in the next section. There are of course exceptions. For example, if you are doing range-break style trading you might have a really tight stop, set just below the previous range high.  ​ https://preview.redd.it/ygy0tko7f5h51.png?width=1200&format=png&auto=webp&s=34af49da61c911befdc0db26af66f6c313556c81 Clearly then where you set stops will depend on your trading style as well as your holding horizons and the volatility of each instrument.  Here are some guidelines that can help: 1. Use technical analysis to pick important levels (support, resistance, previous high/lows, moving averages etc.) as these provide clear exit and entry points on a trade. 2. Ensure that the stop gives your trade enough room to breathe and reflects your timeframe and typical volatility of each pair. See next section. 3. Always pick your stop level first. Then use a calculator to determine the appropriate lot size for the position, based on the % of your account balance you wish to risk on the trade. So far we have talked about price-based stops. There is another sort which is more of a fundamental stop, used alongside - not instead of - price stops. If either breaks you’re out. For example if you stop understanding why a product is going up or down and your fundamental thesis has been confirmed wrong, get out. For example, if you are long because you think the central bank is turning hawkish and AUDUSD is going to play catch up with rates … then you hear dovish noises from the central bank and the bond yields retrace lower and back in line with the currency - close your AUDUSD position. You already know your thesis was wrong. No need to give away more money to the market. # Coming up in part II [EDIT: part II here](https://www.reddit.com/r/Forex/comments/ibd24i/former_investment_bank_fx_trader_risk_management/) Letting stops breathe When to change a stop Entering and exiting winning positions Risk:reward ratios Risk-adjusted returns # Coming up in part III Squeezes and other risks Market positioning Bet correlation Crap trades, timeouts and monthly limits ​ \*\*\* *Disclaimer:This content is not investment advice and you should not place any reliance on it. The views expressed are the author's own and should not be attributed to any other person, including their employer.*

Forex

Good post overall. Cant disagree more with the idea of splitting the amounts you risk depending on your 'conviction' on any given trade though. The market doesnt give a rats about that. If you have a particular setup you are willing to risk a ridiculous amount on (ie 5%), then you should only be trading that setup and not the others. If an ideology I see floating around the subreddit way too much and it just boils down to traders thinking they know wtf the market is upto. You dont, dont pretend you do, risk your 1% or lower and take the best entries you can. Not 3 different ones where you risk different amounts per entry. Our job here is to control risk. I dont see why someone would open themselves upto potentially winning 3 x 1% trades and losing 1 x 5% trade to wipe out all their gains because they have more 'conviction' on 1 relative to the other 3. I mean you can argue that and say that you lose 3 x 1% and win the 1 x 5%, but again... our job is to manage risk, not hope for wins. The concept, and why its popular, boggles the mind tbh.

l70vrq

Robinhood just blocked several stocks from being bought. They locked the buy button when it suited them. Don't buy Bitcoin on Robinhood. Ever.

Anyone following the WSB drama this morning will see that several brokers have blocked only the 'Buy' button to prevent GME, AMC etc being purchased. People can still sell. Don't let this happen to your bitcoin. Don't buy bitcoin on Robinhood.

Bitcoin

Hahaha. Just as we have always warned you only to be called conspiracy theorists and paranoid and worse. NOT YOUR FUCKING KEYS NOT YOUR FUNDS ! Do not rely on 3rd party if you don't have to! Withdraw your money from Revolut/RobinHood/PayPal and other fuckers and put it in BTC and hold your own key so NOONE can pull shit like this on you. That's what bitcoin has always been about.

omf9q5

This sub has no integrity if red and madie remain as mods. Upvote if you agree. Downvote is you disagree. Let the people speak

Tried to make a poll but it didn't allow me. Let's try it this way. Feel free to add you opinions on the matter in the comments. My personal opinion - Get the fuck out of here with your highschool drama. You had your chance. You broke the rules. Plenty of other very capable individuals ready to step up. Update: 30.0k upvotes and on the front page. Do the right thing guys. There are millions of dollars worth of GME stock held by members of this sub. Your responsibility and loyalty is to them, and not to your fellow mods. u/broccaaa u/luridess u/jsmar18 u/atobitt

Superstonk

I keep seeing mods say, "Madie is really great and misunderstood" who gives a fuck. None of us matter. We are not a group. This is not an organization with "leadership" we just like a stock. I don't care if madie is a all-star mlb pitcher with a 200 iq and a full aircraft carrier in her back yard. I don't come here for "sick daily update posts" or to bathe in the glory of mods. I just want the DD.

l7mym2

The criminals that took GME down 371 points (77%) with only 8 million shares should rot in jail

Who was pulling the strings on multiple brokers to ban clients from buying $GME and causing panic selling as well as margin liquidations? By locking out investors, brokers took away the bid for the stock. The market makers then orchestrated a drop of 371 points, 77% with ONLY 8 million shares traded triggering multiple trading halts. It was brutal, especially, when GME only moved 10-20 points on similar volume on previous trading days. A full comprehensive investigation is necessary. Also investigators must take a close look at what happened to the options during that time. These criminals should rot in jail. Edit: This video shows how they brought $GME down 371 points (77%) and also how they brought down the $GME options. It’s a must see. https://youtu.be/YKNIf2PHvf4

options

The venn diagram of people who can go to jail, and people who can manipulate markets like this, share no overlap. So the fact that they've pulled this off means that they cannot go to jail. There is no Justice system, only a Legal system.

l6i4t3

Wallstreet Bets Set to Private Megathread

The moderators there have made that sub private before. That’s why this sub was created. It’ll probably open back up soon. Calm down. Edit: It's open again. Told you guys.

Wallstreetbetsnew

Mass purge of all the bot posts and shit after 1m+ joined today lol everything will be okay. Discord for banned for hate speech apparently however. Specifically not for anything relating to financial fraud.

ttab4w

Today is fat-fire day for me

6.5M net-work, most of that liquid. Did it the slow and steady route. Spent my career as a SW engineer, mostly at biotechs. In exactly half an hour I will be logging off from work. No big plans at the moment other than more mountain biking and going out to some good restaurants. We do plan to do slow travel for the next year, or up until we feel ready to settle down again. I've thought about this day for a long time; but feels a bit weird now that the day has arrived.

fatFIRE

Congratulations! I just did this last month, in a very similar situation as you. Everyone will expect you to do something huge now (a trip around the world, immediately starting a new hobby or volunteering activity, etc). Don't worry about their expectations; enjoy the mountain biking and restaurants. As a very wise person told me when I felt pressure to have big plans in place before FAT-firing: "You know when you'll have time and energy to make big plans? After you FATfire!"

wp44iq

Mark Cuban's Cost Plus Drugs is going to lift me out of living paycheck to paycheck.

I spend around $300 per month on various medications. Based my income and my other costs of living, I have essentially been breaking even for the past 6 years. I just signed up for Cost Plus Drugs and had my prescriptions moved over. It's going to cost me around $30 to get all my prescriptions shipped to me via this site. That means that I just went from breaking even to saving almost $300 per month. LOL retirement here I come!!!

povertyfinance

I really admire what he's trying to do here. I still assume he's got a profit motive in there somewhere but, given all the ways he could be making money, I admire that he chose one that will help a lot of people.

wp44iq

Mark Cuban's Cost Plus Drugs is going to lift me out of living paycheck to paycheck.

I spend around $300 per month on various medications. Based my income and my other costs of living, I have essentially been breaking even for the past 6 years. I just signed up for Cost Plus Drugs and had my prescriptions moved over. It's going to cost me around $30 to get all my prescriptions shipped to me via this site. That means that I just went from breaking even to saving almost $300 per month. LOL retirement here I come!!!

povertyfinance

This pharmacy not only saves people money but potentially will save lives. Gleevec is a chemotherapy drug used to treat leukemia and other types of cancer. A single dose usually costs about $2500…CPD is dispensing it for $14.40 plus the $3 fee and $5 to ship. Regardless of Cuban’s motives he is changing lives…

l6uva1

Companies try to prevent people from trading GME and AMC

Not sure about the other trading apps but Trading212 prevents people now from buying shares. Quote: - Warning! In the interest of mitigating risk for our clients, we have temporarily placed GameStop and AMC Entertainment in reduce-only mode as highly unusual volumes have led to an unprecedented market environment. New positions cannot be opened, existing ones can be reduced or closed. - Not sure if they are really concerned about their customers, or they've been lobbied by hedge funds to prevent ordinary people from destroying them. I don't care about GME and AMC, I have no position, but now I am angry for this decision. They always go against the poor individuals and let the billionaires save their asses. No one saves us when we go bankrupt by them. Let that sink in Edit: thank you for all the rewards and comments! What a great community we are!

stocks

Oh cool, more manipulation. Haven't seen that a whole 2 hours. Imagine rigging a game, basically writing its rules to your advantage and still manage to start losing. Of course you'd try and find any and all means to end the success of anyone else.

yaxkjj

What do economists know now that they didn't 50 years ago?

i.e. What have economists discovered in the last 50 years? A lot has happened since the 1970s, like the two oil shocks, US stagflation, fall of the Soviet Union, 1997 Asian financial crisis, and the 2008 financial crisis. Has economics undergone any fundamental shifts over this period of time? Has there been any breakthroughs or major shifts of thought?

AskEconomics

Probably the biggest advancements in economics over that time period would be developments in computation which have allowed for development of more advanced data methods. Economic data is very plentiful in the 21st century and new methods emerging to leverage that data have also followed suit and resulted in their own developments. The growth of the industrial optimization field is a good example of how both data and method have evolved with computational ability to expand knowledge of industrial methods. Another major growth area has been behavioral economics. A lot of new research in this field has emerged since the 1990s and especially in the 21st century, and although doesn't originate in the past 50 years (some behavioral economics can be found as earlier as Adam Smith), much of the current literature is based on findings that have only emerged in the last 30 or so years. Finally, changes to the structure of the global economy, especially the end of the Bretton-Woods system in the early 1970s, has resulted in all sorts of advancements and modernization in finance and currency. Financial markets look nothing like they did 50 years ago, and floating exchange rates have also resulted in a bunch of emergent areas of study as well (exchange rate pass through, currency markets and arbitrage, etc.). For the most part though, computation may arguably one of the biggest contributors to facilitating modern advancements as far as I'm aware.

p3c6us

What do you do that you earn six figures?

It seems like a lot of people make a lot of money and it seems like I’m missing out on something. So those of you that do, whats your occupation that pays so well?

financialindependence

Union Elevator mechanic, it has its ups and downs. Also I walk a lot of stairs Edit: for everyone asking how to get into the trade go visit [NEIEP](https://www.neiep.org/Careers.aspx)and see when there is a recruitment near you, [CEIEP](https://ceiep-program.com/)for those in Canada. Also check out r/elevators for more info

nlwqyv

House of Cards - Part 3

***Prerequisite DD:*** 1. [Citadel Has No Clothes](https://www.reddit.com/r/GME/comments/m4c0p4/citadel_has_no_clothes/) 2. [The EVERYTHING Short](https://www.reddit.com/r/GME/comments/mgucv2/the_everything_short/) 3. [The House of Cards – Part 1](https://www.reddit.com/r/Superstonk/comments/mvk5dv/a_house_of_cards_part_1/) 4. [The House of Cards - Part 2](https://www.reddit.com/r/Superstonk/comments/nlwaxv/house_of_cards_part_2/) \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ **TL;DR-** **No freaking way I can do that.** **\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_** **Continuing from HOC Part II...** **4.** **Slimy…** If you watched the [AMA with Wes Christian](https://www.youtube.com/watch?v=2rJujnpKiqM), he talks about the number of occurrences where the actual short interest is severely understated based on the data his firm obtained for legal proceedings. According to his numbers, in most cases the short interest is 50% - 150% **MORE** than what is reported by the SEC *(starting at 14:30).* The objective isn’t to address the issue: it’s to keep the issue hidden. Firms that underreport their short interest are gaming the system by taking advantage of how the short interest calculation is done. When the SEC relies on reports that broker-dealers provide, and FINRA takes YEARS to reveal the lies within those reports, the broker-dealer can lie without immediately facing the consequences. It allows these firms to operate in a high-risk environment without exposing just HOW big their risk-appetite is. Another example that Wes mentioned was [Merrill Lynch](https://www.sec.gov/news/pressrelease/2016-128.html). Merrill was fined [$415,000,000](https://files.brokercheck.finra.org/firm/firm_16139.pdf) *(violation 3)* in 2016 for using securities held in their customer’s accounts to cover their own trades. Check out this screenshot I took from that case: https://preview.redd.it/v9625j8wek171.jpg?width=1115&format=pjpg&auto=webp&s=85d43bc351fbda75e347bd33a1a550b67dda970e Remember when we mentioned [SEA 15c3-3](https://www.finra.org/sites/default/files/SEA.Rule_.15c3-3.pdf) in the case with Apex? They were asking customers to book short positions to either a cash account or a short margin account. [SEA 15c3-3](https://www.finra.org/sites/default/files/SEA.Rule_.15c3-3.pdf) protects those customers from allowing brokers to lend out the securities within their cash accounts… Well Merrill Lynch knocked that one right out of the f\*cking park… ​ https://preview.redd.it/s3zok5wyek171.jpg?width=1129&format=pjpg&auto=webp&s=815e5344912234ceba846dc0d45c8b8b488b82c4 Merrill made it seem like the required deposit in their customer reserve account was much lower than it truly was. They wouldn’t have been able to use that cash if it reduced the amount below the minimum capital requirement, so they found a way to fudge the numbers. In doing so, they managed to prevent a CODE RED while reaping the benefits of a high-risk ‘opportunity’. Should Merrill have filed bankruptcy during that time, those customers would have been completely blindsided. In the case of short selling, the *true* exposure of short interest is unknown… and I’m not just talking about the short sale indicator. When a firm fails to deliver securities that were sold short, there’s a pretty good indication that they’ve exposed themselves to a bit of a problem.. Now imagine a case where the FTDs start piling up and they STILL continue to short sell that same security.. think I’m joking? Check out the [Royal Bank of Canada](https://files.brokercheck.finra.org/firm/firm_31194.pdf): https://preview.redd.it/u6yl6tj2fk171.png?width=812&format=png&auto=webp&s=1e44cc507247db1e28c00a213f90054b9abdaa6a Again… I was pretty shocked at that one. However, nothing rang-the-bell quite like this one from [Goldman Sachs](https://files.brokercheck.finra.org/firm/firm_361.pdf): https://preview.redd.it/5f408er6fk171.png?width=1031&format=png&auto=webp&s=38b9ad83d2a07360af5b5cd99d834a8771b66c93 Goldman had 68 occasions in 4 months where they didn’t close a failure-to-deliver… In 45 occasions, they CONTINUED to accept customer short sale orders in securities which it had an active failure-to-deliver… When a firm is really starting to sweat, they pull certain tricks out of their ass to quell the situation. Again, this is nothing but smoke and mirrors because that’s all they can really do. Just as Merrill Lynch artificially lowered their customer reserve deposit, other firms make it look like they cover their short positions. One of the ways they do this is by short selling a SH\*T load of shares right before a buy-in… Since we’re talking about Goldman Sachs, this seems like a great time to showcase their experience with this.. https://preview.redd.it/zhf1hr1afk171.png?width=1049&format=png&auto=webp&s=f704c3722ae287480057ce3e01c561a28b77cf4c I promise… It really is as dumb as it sounds… So the perception here is when Goldman’s client has a FTD and they find out a buy-in is coming, the required buy-in would obviously be too extreme for the client to handle.. So they begin to buy those shares while simultaneously shorting AT LEAST the same amount they were required to purchase… Have you ever failed to repay a loan so you went to another bank and got a loan to cover the first one? Well that’s exactly what this is… I know what you’re probably thinking… “didn’t that just kick the can down the road?”. The answer is YES: it didn’t actually solve anything.. There’s still one more citation that Goldman received which truly represents the pinnacle of *no-sh\*ts-given.* After I cover this, I don’t know how anyone could argue the systematic risks that exist within the securities lending business.. Check it out: https://preview.redd.it/0md200bdfk171.png?width=940&format=png&auto=webp&s=cf5e8310fbcbd73699e3593b2ab5dab418055ab0 For 5 years, Goldman relied on a team of 10-12 individuals to locate shares to be used by its clients for short selling. This group was known as the “demand team”. Naturally, as the number of requests coming in the door started to increase, it became difficult for the team to properly document all of them. The volume peaked at 20,000 requests PER DAY, but the number of individuals that handled this job stayed the same. Obviously, this became too much for them to handle so they opted out of the manual process and found another solution- the F3 key…. Yes- the F3 key… This button activated an autofill system which completed **98% of Goldman’s orders to locate shares** https://preview.redd.it/exqzge3gfk171.png?width=964&format=png&auto=webp&s=ed9c8b740974dad01db69460332c56df81a8d768 The problem with Goldman’s autofill system was that it used the number of shares available to borrow at the beginning of that day, which had already been accounted for. After using the auto-locate feature, the demand team didn’t even verify the accuracy of the autofill feature or document which method was used to locate the shares for each order… and this happened for 5 years.. Just goes to show how dedicated firms like Goldman Sachs truly are to the smallest of details, you know? Great f\*cking work, guys. By the way, I have to show one of Goldman’s short sale indicator violations… It’s too good to pass up. https://preview.redd.it/5iuhlkcjfk171.png?width=1082&format=png&auto=webp&s=f4e2fa1f106e78b9d282b60c3cee9944e919ea82 At some point, you just have to laugh at these ass clowns… I mean seriously… one violation for a 4 year period involving over 380,000,000 short interest positions… they have plenty of other short interest violations, I just laughed at how the magnitude of this one was summarized by FINRA with 10 lines and roughly 4 minutes... whoever wrote that one must have been late for lunch.. The last thing I’d like to note here is the way in which short sellers use options to “cover” their positions. Wes gave a great overview of this in the AMA *(starting at 6:25)*. Basically, one group will buy puts and another group buys calls. This creates a synthetic share that is only provided if the option is activated. Regardless, short sellers will use that synthetic share to cover their short position and the regulators actually accept it… However, as Wes points out, most of those options expire without being activated which means the share is never delivered. This expiration can be set months down the road and allows the short seller to keep kicking the can. I doubt I need to say this, but we all remember the wild options activity that was happening shortly after GameStop spiked in January. u/HeyItsPixel was one of the first to point this out. While a lot of that activity was on the retail front, I suspect a lot of it was done by short sellers to cover those positions. \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ **5.** **Hedgies are f\*cked…** I’m officially +20 pages deep and there’s still so much I’d like to say. It’s best saved for another time and another post, I suppose. So I guess I’ll wrap all of this up with some of the best news I can possibly provide… It all started with a [73 page PDF](https://www.sec.gov/comments/s7-08-08/s70808-318.pdf) that was published in 2005 by a silverback named John D. Finnerty. John was a Professor of Finance at Fordham University when he published *“short selling, death spiral convertibles, and the profitability of stock manipulation”*. The document is loaded with sh\*t that’s incredibly relevant today, especially when it comes to naked short selling. He dives into the exact formula that short sellers use, which is far beyond what my wrinkled brain can interpret, alone… ..However, when firms are naked shorting a company with the goal of bankrupting them, they leave footprints which are only explained by this event. The proof is in the pudding, so to speak.. https://preview.redd.it/ax7u0r4wfk171.jpg?width=1072&format=pjpg&auto=webp&s=1828755bfe49c47ca178d960f91dfd21d8b0d680 Any of this sound familiar?? *“The manipulator can not drive the share price close to zero unless he can naked short an extraordinary number of shares…* *this form of manipulation would result in… unusually heavy trading volume, and unusually large and persistent fails to deliver at the NSCC”.* Anyone else remember the volume in GME during the run-up in January? The total volume traded between **1/31/2021 and 2/5/2021 was 1,508,793,439** **shares**, or an average daily trade volume of **88,752,555 shares.** On 1/22/2021, the volume reached 197,157,946… that’s roughly 3x the number of shares that exist.. if this doesn’t sound like unusual volume then I’m not sure what is. Furthermore, the FTD report on GameStop was through the roof during this time: ​ https://preview.redd.it/brz98nbzfk171.jpg?width=1625&format=pjpg&auto=webp&s=83ae877853acd2ec65fa73f57216f00b708a7eab ​ https://preview.redd.it/zlla3ak0gk171.jpg?width=1038&format=pjpg&auto=webp&s=c5d4a1331f8c9d97b5338cc55a37310a95c9559b Notice the statement where the manipulator will be relieved of its obligation to cover **IF** the firm’s shares are cancelled in bankruptcy? Did you happen to see footnotes 65 & 66 in the first screenshot of his PDF? It references a company that he used for his analysis… https://preview.redd.it/zdp3at43gk171.jpg?width=997&format=pjpg&auto=webp&s=8508c9d0c869544f0ccd3a15477abfd64d38897c Charter Communications had a whopping **241.8% short float in 2005**… **The ONLY way the manipulator could have escaped this was by bankrupting the company and relieving the obligation to repurchase those shares…** Guess what happened to Charter? They filed for [bankruptcy](https://abcnews.go.com/Business/story?id=7189668&page=1) in 2009… However, unlike John’s example where naked short sellers were driving down the price without opposition, GameStop had extremely high demand from retail investors to counter this activity. As I have discussed with Dr. T and Carl Hagberg, the run-up in volume during January and February was largely conducted by naked short sellers in an attempt to suppress the share price. As I have shown in the example with Goldman Sachs, firms will short sell during a buy-in for the same exact reason. To stabilize the price, you must stabilize supply and demand. …You know what Charter didn’t have? AN ARMY OF APES TO HODL THE STONK ​ DIAMOND. F\*CKING. HANDS

Superstonk

So what you're saying is-- It took four years to short Charter into bankruptcy, past the 241.8% float in 2005. BUT there was no ape army to hold, SO they can't short it to bankruptcy and will continue to bleed as long as we hold -- and eventually they will be margin called when their collateral has dried up. Was I close? HODL! I like the stock. This is not financial advice. EDIT: Thanks for the awards and upvotes. Don't panic today -- always expect fuckery. Just HODL!

wn0266

What’s a financial decision you’ve watched someone make that made you scream inside?

I’ll preface this with - I didn’t say anything negative to her, I just screamed internally. One of my friends and her husband (both 33) rent a nice 3 bedroom place. They’ve said many times that they’re struggling to save enough money for a deposit on a house and have said that their combined income is roughly $90k. I had lunch with my friend recently and she was saying they were going to buy a Spa. We started talking about what they were getting, features, it’s top of the line and all that jazz. Then, she says that they’ve decided to use their savings to buy it. I tried to clarify that she still has an emergency fund, still has their house deposit savings etc.. She said no. They don’t have an emergency fund, they don’t have an account for house deposit savings. They have one savings account and they’re using it all on a Spa. I asked what they were planning to do RE buying a house and she said that they’re still saving. So I thought phew! They’re not literally using all of it. But, then she says “we’re just starting again is all”. It’s okay because “we’ll still have about $400 left”.

AusFinance

I’ve got a couple My Mother in Law (MIL): * has two $1million dollar properties, with interest only loans. Never paid principle on each $500k loan, and is now retired. She has apparently spent all her super as well. * Chooses not to rent out either property because she likes to be able to impulsively go on holidays. If she had rented one of them she would have completely paid off the mortgage * Spends all her money on fad diets, premium furniture, and fun gadgets. Does not have a working oven at either house because she apparently doesn’t have money * Blew up at us because she wants us to buy her a waterfront 3 bed house in Cronulla. No joke. Not sure why she thinks we are that loaded because we are most certainly not. My friends bf: * Went on the dole because he “morally disagrees” with working * Received a $30K inheritance and blew it on a holiday * Attempted to not pay rent because he “morally disagrees” with paying for shelter. Was almost evicted * Lost his license for not paying numerous road tolls because he “morally disagrees” with paying to use the road * Bonus story: he spends all his time “philosophising” and developing his philosophy. It’s about how greed, vanity, and money are the cause of all evil, and take us away from connecting with people. Apparently he used to have money and gambled it away, so therefore all money tempts us. Hilariously, if he was to tell others about this theory, it would bring attention and money to him, so he can’t tell people because it will corrupt him. Also he got kicked out of a course to be a counsellor because he “morally disagreed” with being assessed and also because he wanted to indoctrinate his clients into his theory My dads stepbrother: * My dads mother remarried to a multimillionaire. Dads step siblings apparently each get $250-500k per year from a family trust. * One of his step siblings consistently blows 100% of that money on drugs A friends father also has apparently spent over 10 years and over $1million of family money on building a packing machine that does not work

7p0rmh

I still have not received my $27000 wire reversal from GDAX and it's been almost 40 days.

I wired $27000 to GDAX, and it was declined due to a name mismatch. They said they would reverse the funds, and that it would take up to 7 days. It's now been 40 days, and I have tried everything. I've made multiple cases, I've tried to reach out to them on Twitter, sent messages to random employees on LinkedIn. I've contacted their bank, and their bank in NY said that Coinbase has not replied to any of their emails inquiring about the reversal, and that the money was received by Coinbase but that they have still not put in a reversal on the money. Please upvote for support. Case ID #: 3361542 UPDATE: GDAX has reached out to me and are helping me to fix the issue. Thanks for upvoting for support. Feeling relieved. Update 2: Wire still not reveived, and GDAX has gone no-contact again. Update 3: Received! Finally. On 1/22/18, and the wire was supposed to be reversed on 12/1/2017.

CryptoCurrency

Whenever I read posts like this; I get scared shitless. People getten frozen out of their accounts, funds getting lost, people's wallets drained, or exchanges fucking over traders. That's why I keep my entire portfolio in a ledger hardware wallet in a vault that I don't plan on touching until 2020. I don't trust any of these software exchanges.

ldzd8u

WSB ruined investment based subs on Reddit.

You cant even post about moderate gains without some fanatic or social justice warrior trying to tell you that you are a "paper handed bitch" or that you "turned your back on the movement". What fucking movement?! Stocks are not a movement. What happened with the meme stocks is not a movement. It's a bunch of idiots who got too greedy and in turn attracted a larger group of idiots who think putting $100 into a fractional share is going to bankrupt all the large players and change the way capital is dispersed to the people. Get your head out of your ass. You didn't even bankrupt 1 hedge fund. You just forced them to close their position and borrow from their friends. I hope these people go back to r/charity or r/socialjustice or where ever they usually bitch and moan about not knowing how to make money. r/investing r/stocks r/stockmarket are for investing and trading not for furthering your cause or political beliefs. That's it. GL making that paper guys. Edit: For those who are upset about my inclusion of r/socialjustice and r/charity I will admit It was an uncalled for jab at them and I do appreciate the work they do. I am actually upset about those false, fake, or wannabee, sjw's acting like this is a movement we are all a part of or even wanted to be involved in when they really just wanted to see meme stocks get them rich quick. Edit 2: For anyone who is new to trading and looking to learn more I would like to direct you to the following educational sources:-Most Brokers have excellent educational resources on their platforms when it comes to the basics.-Investopedia has articles and educational resources on most charts, technical analysis, trading strategies, and techniques. [https://www.investopedia.com/](https://www.investopedia.com/)The subs bot also provided me with these: [https://github.com/ckz8780/market-toolkit#getting-started](https://github.com/ckz8780/market-toolkit#getting-started) Edit 3: Hey all, This was really fun chatting and arguing with you all. I tried to answer every comment and now I'm gonna call it because at this point most of the comments are just angry kids yelling at me for being paper handed or a whiney bitch. So have a great day & good luck on your future trades! Disclaimer: None of my comments should be considered financial advice.

StockMarket

I'm fairly new to investing, was lucky to get 4 shares of Apple at 91 because it was all I could afford. I decided to sub to WSB and watched some good DD turn into an emotional nightmare. Didn't buy any GME at the ridiculous prices, and watched as the entire sub turned into a never-ending GME promo. Soon thereafter left and joined this sub.

r8tyri

(CODENAME: S.O.C.K.) Mod Team was approached by several news agencies. We don’t feel comfortable speaking on your behalf. So we have a mission for you, should you choose to accept it… ***cue Mission Impossible music***

Alright good afternoon my wrinkle wizards and smoothbrain boners, we’ve got a situation on our hands and things are looking…spicy. [HODL ON!!!! \(don’t try this at home\)](https://i.redd.it/6dl9q3os3k381.gif) So over the past couple months, we’ve had the Mainstream Media (MSM) reach out to the Mod Team for interviews. We told them all no, we can’t do interviews. For transparency purposes, these news agencies are Reuters, Market Watch, Wall Street Journal, & CBC (Canadian Broadcast Company). Hell, we even had a possible connection to a US Senator lol. We haven’t done anything with them other than some initial back and forth to find out what they want. It’s not our place to speak on behalf of the Apes. We do not represent Apes, we do not speak for Apes, and we sure as hell aren’t gonna try. Recently, we’ve had an uptick in outside agencies reaching out and if we’re honest, we think SuperStonk and the Apes are gonna be dealing with a lot more of the press/politicians as we get closer to MOASS. As such, the Mods have felt we need to collaborate with you guys on a game plan for dealing with these agencies, together as a community, because it’s gonna be a bumpy ride. [\(for real, don’t try this at home\)](https://i.redd.it/mvexvi9u3k381.gif) So here’s what we know: We received modmail with requests for interviews, we asked about what, some have responded, some have not, and here we are. One of them had a focus on why we were so adamant about Computershare and what changes we’ve noticed since moving our shares into our names. We expect that soon, others will reach out and want us to say something. Especially when we start seeing the stock price add some commas 😉. Until the subreddit figures out how to proceed, we’re gonna leave them on “Read.” How do you guys think we should proceed with the news? Should we engage? If so, how? Do you want to directly talk to them? Or should we tell them to fuck off? We want to hear your thoughts and ideas. The Mods do have an option to manually approve reporters if you wish to invite them to the subreddit to ask their questions. It’s a lot of ground we need to cover. And because of how open ended this situation is, the Mods would like to pitch an idea to you. [\(this can be tried at home\)](https://preview.redd.it/x2xfnf8v3k381.jpg?width=1908&format=pjpg&auto=webp&s=0eef10eaf8d09cc19d9488f625b7f5867435f091) …is band together and use the combined skills of the community to develop and create the first Superstonk Official Communications Kit (S.O.C.K.) to give to reporters when they come knocking. [CODE NAME: S.O.C.K.](https://preview.redd.it/qnno9yzv3k381.png?width=504&format=png&auto=webp&s=94681587b08248abc9f427cae7769413ab5a99b3) [\(definitely don’t try this at home\)](https://preview.redd.it/nr368rkw3k381.jpg?width=432&format=pjpg&auto=webp&s=b5a79f3ca1844f2ab911c94d87d4375242fa87e4) [\(you’ve already tried this at home\)](https://preview.redd.it/yxrzwv0x3k381.jpg?width=480&format=pjpg&auto=webp&s=5dbbe80c241e4005bf1685271235729e0791ea6f) The SOCK would ideally have some basic stuff that says who we are and what we’re about. What do we like? What do we not like? Something to give the MSM a clear picture of what it means to be an Ape of Superstonk. It would need to be a polished document that is fact checked and peer reviewed and yes, it needs to look “presentable” to the outside world. Or you can just say fuck that idea lmao. It totally doesn’t matter. The Mods are putting the power of our representation to the world in your diamond hands. However you guys want to decide this, whether it be a committee, or an election, or whatever, you guys just come up with the idea and the Mods will watch and support you beautiful Apes along the way (we will still moderate the subreddit lmayo you can’t break rules for this). I’m a firm believer that when enough critical thinkers get together, then any problem can be solved and we just so happen to have an entire network of people asking the right questions. We don’t speak on your behalf, so we present you with this mission, and *should you choose to accept it*, we will let you go and do your thing. We want this to be a community driven effort. By the Apes, For the Apes. Some pointers up front: you guys are gonna figure out how tricky it is to maneuver this size of a group. Sometimes it’ll be a delicate dance with a rope and floor and gravity. [\(I'd be impressed if you could try this at home, but don't try this at home\)](https://i.redd.it/2u15f92y3k381.gif) You’ll need to use your wrinkles and your wits. And don’t go full smoothbrain 😂 \- - OH WAIT IT’S PROBABLY MORE LIKE THIS - - [\(SAFELY try this at home and make a Superstonk meme lol\)](https://i.redd.it/3uolo1jy3k381.gif) So now you guys know basically what we know and I’m fascinated to see how you’re going to react. From here, the Mods will liaison and support where necessary. Ball’s in your court. Godspeed, Ape. THIS MESSAGE WILL SELF DESTRUCT IN 5…4…3…2…1… [\(can you even try this at home? lol please don’t try\)](https://i.redd.it/gjcihmez3k381.gif) lol jk there’s no destruction # XOXO the Superstonk Mods 🦍💎✋🚀🌕🐳🚽🦙🐸🍦 ​ # TA;DR: The mod team is seeing an uptick in inquiries from MSM outlets requesting interviews and questions. The mod team does not speak for you. So, this is your chance. Do you want us to tell them to fuck off? Or do you want to talk to them? Or maybe, as a community, you could put together the S.O.C.K. (Superstonk Official Communications Kit) to give to reporters? You decide! Time to speak up!

Superstonk

No. MSM will spin our personal voices and opinions to fit their narrative. Shilling101 --> infiltrate the enemies base and destroy from within.... Hell nah, to the nah nah no. Hell to the no. My investment strategy is that of my own. It is risky and not suited for others. This is not financial advice. We are not corroborating or colluding. We are individual investors who share personal expressions about a particular stock.....thats it.

rsf5n9

The older I get, the more I realize a lot of people are successful because of their parents.

I love my parents. But they were absent for most of the major decisions I made. I started working under the table at 12 to help make ends meet and have been working ever since. I’ve never gotten any help from them financially. They never taught me how to budget or look for jobs. I don’t blame them and never expected this from them. But I can see the opposite for a lot of my friends. I worked for someone who is lauded as a business owner, but if you hear the full story, you find that her mom funded and helped with her business, and her parents bought her a house to live in so she didn’t have to pay rent when she first started her business. I have many friends who have the jobs they have, the cars they have, the house they have, because their parents knew someone or their parents bought it for them or paid for a down payment. I know this because they have told me. Anyway, I’m just venting. But I can’t help but wonder how my life would be different if I had been blessed with parents who had money or degrees or nice jobs, or even who just didn’t have severe depression and could have taught me more about how to succeed in life. Editing to add: I’m not saying your success is based on your parents. You can have awesome parents and still manage to fuck up your life and you can have bad parents and get out of it. But at the same time, I used to think there was something inherently wrong with me because others I knew were successful or had things I didn’t. But as I get older, it’s easier for me to see that not everyone who I assumed was just better at life than me are really that way, some have had a lot of help that I’ve never had. And that’s okay. If anything, it makes me feel less like a loser because I’ve figured things out on my own instead of consistently having help from family. But still doesn’t mean I could potentially be better off had I had support growing up.

povertyfinance

As I’ve gotten older, I’ve realized it’s little things I never thought about before. Example: Two guys I went to high school with developed drug problems. One came from money. One didn’t. They both got clean about the same time and both worked really hard to be in a better place. The guy who came from $ went to rehab and came back to his apartment b/c his family covered the treatment, his rent and recovery time. The guy who didn’t come from $ got clean in a hospital and lost his apartment. He was strapped with medical bills and an eviction. It took him years to just find stable housing. The guy who came from $ is seen as a success story by others. The guy who didn’t come from $ is seen as having wasted his life. The only difference was the support they got to get clean.

mxvwnt

Quant developer believes all future prices are random and cannot be predicted

This really got me confused unless I understood him incorrectly. The guy in the video ([https://www.youtube.com/watch?v=egjfIuvy6Uw&](https://www.youtube.com/watch?v=egjfIuvy6Uw&)) who is a quant developer says that future prices/direction cannot be predicted using historical data because it's random. He's essentially saying all prices are random walks which means you can't apply any of our mathematical tools to predict future prices. What do you guys think of this quant developer and his statement (starts at around 4:55 in the video)? I personally believe prices are not random walks and you can apply mathematical tools to predict the direction of prices since trends do exist, even for short periods (e.g., up to one to two weeks).

algotrading

Don't confuse predicting price with predicting direction. There is a difference between saying ticker XYZ is going to be $25.36 on Wednesday and saying there is a 53% chance that XYZ will be higher on Wednesday then it is now.

l9k2pl

NEW RULE: Anyone found pumping stocks or bringing attention to individual tickers will be perma-banned. We are not WSB. This is an algo trading subreddit.

Title says it all. The amount of comments and posts I've had to remove over the last few days that were just telling people to buy random low liquidity ticker symbols or meme stocks is silly. Be warned, we are not WSB. If you post something off-topic to algo trading, such as pumping a MEME stock, you will be perma-banned.

algotrading

Love this not because I don’t support the movement but because people are seriously karma whoring off of it... the stockmarket subreddit turned into a meme subreddit. Really upsetting. Please don’t let this happen here. If you need an extra hand I am moderator in another subreddit with a fair bit of traffic so I wouldn’t mind lending a hand.

9zq05a

Swachhcoin roadmap

Successful Project always has a purpose to reach. these points can be read easily on a roadmap to track every progress will be through on the project. easily shown on the roadmap to track the progress of the project. As you can see following below, the Roadmap of SWACHHCOIN projects looks very clear and informing. the team has planned in detail the big amount of tasks to be done and to be through. just looks the roadmap truly promising.

crypto_currency

Swachhcoin will be collecting waste through its specially created SWBins, which are specialized waste disposal units that will be placed on various locations for easy accessibility to its users. This will work towards effective waste collection from households, which usually generate food and material waste on a daily basis.

opye2f

A Guide To Value Investing For Novice Investors

Hi all. * I wrote a **simple guide for novice value investors**. It takes things step-by-step so you don't get lost: [http://lucid-finance.com/2021/07/17/a-complete-guide-to-value-investing-for-novice-investors/](http://lucid-finance.com/2021/07/17/a-complete-guide-to-value-investing-for-novice-investors/) * **Want quick, digestible summaries of market news + occasional value picks?** Go to [https://johanlunau.substack.com](https://johanlunau.substack.com). 560+ subscribers. I hope these help you on your journey. This community is fantastic if you avoid the hive mind, and feel free to get in touch!

ValueInvesting

Security Analysis Study Guide : This is a great text book that every value investor should read. It is divided into 7 sections. In total, it contains 52 chapters and 851 pages. It can be a daunting task to understand all the principles laid down in this book. I created a study aid that has Quiz questions which would help any investor assess how much he/she has understood from the book. After studying all the 52 chapters, have come up with 232 quiz questions that cover all the major topics. https://www.safemultiple.com/Security-Analysis-Study-Guide.pdf

mh19f3

Deliveroo tumbles 30% in London debut

The shares plummeted as low as 271p within the first 20 minutes of trading, according to Refinitiv data. The company had on Tuesday set its opening share price at the bottom of its target range at 390p, citing choppy market conditions and following a backlash from some large British investors over corporate governance. The initial public offering had given Deliveroo an opening valuation of around £7.6bn, the highest in London since resources group Glencore’s 2011 IPO, according to Dealogic data. Deliveroo sold shares worth £1.5bn in the offering, raising gross proceeds of around £1bn for the company to invest in new growth initiatives such as its Editions network of delivery kitchens, while existing investors will cash in to the tune of £500m. https://www.ft.com/content/5028437e-accf-4624-8ecd-2b502d04743d

UKInvesting

* 2020 peak demand due to COVID, will struggle to repeat that growth * Still loss making in 2020 despite the best possible operating conditions * Existing shareholders cashing out including Amazon * Not a no. 1 in any market (the 2nd/3rd largest in most markets) * More concentrated than peers towards certain brands e.g. Nandos * Tough industry where everyone is fighting to maximise customer numbers which means rampant discounting (the amount of 50% off vouchers I get from Uber Eats is crazy) * Prospectus shows they reduced sales & marketing employees by 75% in 2020 - odd for a 'growth' business * Prospectus didn't even mention competitors Just Eat Takeway and Uber * Ongoing legal risks e.g. Italy demanding EUR733m in fines from food delivery platforms * Aggressively pushing to retail investors with their app * IPO priced ~30% above Doordash on a comparable basis

l6omry

An Open Letter to Melvin Capital, CNBC, Boomers, and WSB

**Mods do not delete, this is important to me, please read** ​ I was in my early teens during the '08 crisis. I vividly remember the enormous repercussions that the reckless actions by those on Wall Street had in my personal life, and the lives of those close to me. I was fortunate - my parents were prudent and a little paranoid, and they had some food storage saved up. When that crisis hit our family, we were able to keep our little house, but we lived off of pancake mix, and powdered milk, and beans and rice for a year. Ever since then, my parents have kept a food storage, and they keep it updated and fresh. Those close to me, my friends and extended family, were not nearly as fortunate. My aunt moved in with us and paid what little rent she could to my family while she tried to find any sort of work. Do you know what tomato soup made out of school cafeteria ketchup packets taste like? My friends got to find out. Almost a year after the crisis' low, my dad had stabilized our income stream and to help out others, he was hiring my friends' dads for odd house work. One of them built a new closet in our guest room. Another one did some landscaping in our backyard. I will forever be so proud of my parents, because in a time of need, even when I have no doubt money was still tight, they had the mindfulness and compassion to help out those who absolutely needed it. To Melvin Capital: you stand for everything that I hated during that time. You're a firm who makes money off of exploiting a company and manipulating markets and media to your advantage. Your continued existence is a sharp reminder that the ones in charge of so much hardship during the '08 crisis were not punished. And your blatant disregard for the law, made obvious months ago through your (for the Melvin lawyers out there: alleged) illegal naked short selling and more recently your obscene market manipulation after hours shows that you haven't learned a single thing since '08. And why would you? Your ilk were bailed out and rewarded for terrible and illegal financial decisions that negatively changed the lives of millions. I bought shares a few days ago. I dumped my savings into GME, paid my rent for this month with my credit card, and dumped my rent money into more GME (which for the people here at WSB, I would not recommend). And I'm holding. This is personal for me, and millions of others. You can drop the price of GME after hours $120, I'm not going anywhere. You can pay for thousands of reddit bots, I'm holding. You can get every mainstream media outlet to demonize us, I don't care. I'm making this as painful as I can for you. To CNBC: you must realize your short term gains through promoting institutions' agenda is just that - short term. Your staple audience will soon become too old to care, and the millions of us, not just at WSB but every person affected by the '08 crash that's now paying attention to GME, are going to remember how you stuck up for the firms that ruined so many of us, and tried to tear down the little guys. I know for sure I'll remember this. In response, here is a [list of CNBC sponsors and partners](https://www.cnbcevents.com/sponsors/). They include, but are not limited to, **IBM**, **Cisco**, **TMobile**, **JPMorgan**, **Oracle**, and **ZipRecruiter**. Their parent company is [NBCUniversal](https://en.wikipedia.org/wiki/NBCUniversal), owned by **Comcast** and **GE**. To the boomers, and/or people close to that age, just now paying attention to these "millennial blog posts": you realize that, even if you weren't adversely effected by the '08 crash, your children and perhaps grandchildren most likely were? *We're not enemies, we're on the same side*. Stop listening to the media that's making us out to be market destroyers, and start rooting for us, because we have a once in a lifetime opportunity to punish the sort of people who caused so much pain and stress a decade ago, and we're taking that opportunity. Your children, your grandchildren, might have suffered as I described because of the institutions that we're fighting against. You really want to choose them, over your own family and friends? We're not asking you to risk your 401k or retirement fund on a single GME bet. We're just asking you to be understanding, supportive, and to not support the people that caused so much suffering a decade ago. To WSB: you all are amazing. I imagine that I'm not the only one that this is personal for. I've read myself so many posts on what you guys went through during the '08 crash. Whether you're here for the gains, to stick it to the man as I am, or just to be part of a potentially market changing movement - thank you. Each and every one of you are the reason that we have this chance. I've never felt this optimistic about the future before. This is life changing amounts of money for so many of you, and to be part of a rare instance of a wealth distribution from the rich to the poor is just incredible. I love you all. ​ ​ Note: I can't seem to get a hold of mods and they keep fucking removing the post. I have no idea how to get this to stick and its important to me that the people I'm addressing read it.

wallstreetbets

**OP Please Read And Know We Are With You** Well said my man or woman. No regaling with tales of poor childhood or struggles. I think at this point this is a common denominator for the majority in on the movement. The 1% truly do not understand the movement. They are using the same old tactics and are convinced we will be scared. The more they say I am stupid, and the more they say I will not win, only gives me more resolve. I have been told that I will fail more times than I can count. Alot of us have watched for decades and felt cheated, deceived, or outright manipulated. Whether that is via stocks, pay structure in jobs, exclusivity, does not matter. There is and has been a ruling class whose sole purpose is to retain power. They gaslight us into thinking they know what is best for us. 1% knows better than 99%. This is not stocks, this is a financial revolution never seen before. And let's be honest, the outcome will be a governing revolution. I yolo'd $54k yesterday, and set a buy order for another $12k **(Look at my history)**. I am not a money man, I lost my job in February last year and used my severance and took a risk. Thanks to my military service and entering the market in the middle of the COVID shit I am fortunate enough to be in my last semester for a Chemistry degree. I don't want to live the life of Wallstreet. I just want to live my life. My kids will learn the value of hard work and honesty; hopefully, with less pitfalls than I have experienced. Prior to this I invested for personal gain. This YOLO money I am truly willing to lose in pursuit of changing the system. I will hold beyond the peak, not because I am stupid, but because I know we have a better chance of breaking the system if we force the shorts to cover everything. Every last fucking cent. I fucking mean it. I LOVE THIS STONK. $PEOPLE all in. Edit: Spelling, and I'm Just a Believer $GME, The Idea

zsnpol

Crazy 1bed aprt. inspection, rental market in Sydney.

Tiny tiny apartment, 1bed $525pw in inner city Sydney. Lift had already made a few trips up, about 30 more people upstairs... I guess this was undervalued by about $75-100.

AusFinance

Haymarket is the heart of Chinatown, for Chinese people looking for places via Mandarin apps, they will see places in this area, the buildings are nice but there aren't that many. If you look at the photo you will see almost everyone is Chinese here, these are the reasons there are so many people here. One of the only inspections I have been to that had heaps of people was in the same building a year ago. This amount of people absolutely does not reflect the rest of the rental market.

utf5u

Where has all the money in the world gone?

Honest question. Where is all the money? I hear nothing but bad news about financial crisis all over the world, and it seems that there is a shortage of cash - like it is some sort of natural resource. People haven't stopped buying stuff. They still need food, clothing, medicine, shelter. Taxes are still collected. Fines are still levied. So where is all the money? I mean, labor has been produced to make things and wages paid to the laborers. The things are purchased by other laborers, who were paid for producing goods or services, etc. It's a closed loop, right? Can someone explain it like I'm five or something?

finance

Here's some way of thinking about it, and I'm not really sure if it's completely correct, but sometimes we oversimplify when trying to tell a five year old :) Say there are two people in the world. You and me. We both have $100. A total of $200 in the world. Suddenly, a wild bank appears. I deposit my $100 in the bank. I still have $100 and you still have $100. Now you want to buy something from me that costs $150. You go to the bank to loan money. The bank has $100 available so gives you $50. You give me $150. Now I have $250 and you are $50 in debt. I deposit the $150 in the bank. We do this again and again, until I have $1000 on my bank account, and you are $900 in debt. I want to buy a house of $500 and go to my bank, demanding to take out $500. But there is only $200 in the whole world so the bank can only give me $200. "Money" has been created out of thin air, but it's actually you who are in debt. If you go bankrupt, the bank has a big debt it won't get back, and is in deep shit when I come around to demand my money back. At that point governments step in to loan the bank money for cheap, because if the bank fails, I will lose all my pension savings I put into that bank, as well as my companies and a lot of my employees. And other banks loaned this bank money, so if this bank fails, the other banks will be in the exact same position and will also fail, because then they will also have debts that won't be paid back. There are regulations minimizing this - i.e. a bank is required to keep a percentage of the amount of money on its accounts, so there's a maximum limit of "money created".

x86uml

I was asked why Africa didn't have rich nations despite having many resources.

I honestly didn't know how to answer the question (despite my family from being from there). I had a couple go to answers such as corruption, exploitation, and bad leaders. But why is it that countries with a lot of resources and donations can perpetually be poor?

AskEconomics

A professor of Economics at Oxford tried to answer this question, and wrote the book called [The bottom billion](https://en.wikipedia.org/wiki/The_Bottom_Billion). He highlighted a few points: * Conflict trap * Natural resource trap * Bad Neighbours * Landlocked Countries * Bad Governance (you might put corruption in here) Collier uses a lot of data to support his arguments, but of course, using correlative data to assign causal meaning is always going to run into trouble. The book has it's critics, but also it's supporters.

l3otq5

All right WTF is going on with GME

I hang with you guys, not the YOLO's at r/WSB, but I'm reading tonight and they're all convinced that the crazy run on GME is just starting (they're also high on BB). Maybe I'm just feeling a little FOMO, but I have some FU money and thinking about throwing some money at GME and BB next week just for the rush. Anyone else thinking about it?

investing

What is going on: there are more shares of GME shorted than actually exist. That means that if the stock goes up for *any* reason, short sellers come under pressure to buy shares to close their short positions. But when the first short seller cracks and buys shares (taking a loss) they inadvertently drive the price up further, adding to the pressure on the other short sellers. Soon it’s a race to buy shares, but there simply aren’t enough to go around, so the price skyrockets before falling back down as shareholders finally take profits and sell. This is called a “short squeeze”. The only way a short squeeze is averted is if the stock price drops for some reason (like bad news from the company). GME is at ATH right now so it’s very unlikely that the short sellers will get out alive. It’s a matter of *when* they start to crack, not *if*. By all accounts they haven’t cracked yet, so the short squeeze hasn’t actually started. What happened Friday was a “gamma squeeze”, which is unrelated to a short squeeze, but happens when call options are being bought extremely fast and the stock price is rising, which indirectly causes market makers to buy massive volumes of shares to hedge, driving the price higher, and so on. The high probability of a massive short squeeze caused retail traders to plow money into shares and calls on Friday, which in then caused a gamma squeeze, causing the stock price to go higher, making the short squeeze even *more* likely. If you have gambling money and you want to take part in this unique event, you either buy shares or call options. Shares are safer (since no matter when the squeeze occurs, you’re ready, while calls expire) but calls give you leverage. Calls, even far OTM and short expiry calls, are likely to be very expensive. Everybody knows this is going down, it’s been covered on major news, and retail money is flooding in as people try to get onboard before the shorts crack. Edit: either pony up for gold so I don’t have to look at ads or save your money for GME shares Monday morning

w8l7pf

$26 Should Be The Minimum Wage According to MIT (read)

Feel free to check your area's Living wage; this is the same [calculator](https://livingwage.mit.edu/) used in "The Fight for $15", which started in 2012. [CHECK RENTS HERE](https://www.huduser.gov/portal/datasets/fmr/fmrs/FY2022_code/select_Geography.odn) \*\* Adjusting for [inflation](https://www.bls.gov/data/inflation_calculator.htm) in 2012, $15 is about $19.40 today. However, the cost of housing and other expenses has outpaced inflation and wage growth. [Productivity](https://fred.stlouisfed.org/series/OPHNFB) has tripled since 1970, yet we have lower living standards, and the [birth rate is plummeting as a result](https://en.wikipedia.org/wiki/Demographics_of_the_United_States). [Living Wage Calculation for New York-Newark-Jersey City, NY](https://livingwage.mit.edu/metros/35620) \- I live in Manhattan, so the $26 is the minimum for me, but in an area with over 15 million people, it is still well above $20/hr [Living Wage Calculation for Bronx County, New York](https://livingwage.mit.edu/counties/36005) \- I grew up here, In one of the poorest areas in the united states; a one-bedroom now costs $2,000/mo. Without social safety nets, an individual can't support oneself or live within a two-hour commute of the city center. How is this economic model sustainable? If you use the inflation [calculator](https://www.bls.gov/data/inflation_calculator.htm) and this [data](https://www.huduser.gov/portal/datasets/fmr/fmrs/histsummary.odb?inputname=5600.0*New+York%2C+NY+PMSA) and compare it with [this](https://www.huduser.gov/portal/datasets/fmr/fmrs/FY2022_code/select_Geography.odn), you can see rent has outpaced inflation. MIT Research states explicitly: >[The living wage model does not allow for what many consider the basic necessities enjoyed by many Americans. It does not budget funds for pre-prepared meals or those eaten in restaurants. It does not include money for unpaid vacations or holidays. Nor does it provide money income to cover unexpected expenses such as a sudden illness, a major car repair, or the purchase of a household appliance such as a refrigerator. Lastly, it does not provide a financial means for planning for the future through savings and investment or for the purchase of capital assets (e.g. provisions for retirement or home purchases).](https://livingwage.mit.edu/resources/Living-Wage-Users-Guide-Technical-Documentation-2022-05-10.pdf) This is literally only enough money to not be homeless, starve or die from preventable disease. The barest of the bare minimums.

economy

Limited housing supply is a huge driver of cost of living, especially in HCOL areas. More wages cannot fix this problem because housing is a fixed supply and rents will just rise to cancel out the higher wages. We desperately need to change laws and create tax incentives to encourage building as much new housing supply as possible. Where I live in California, they have been making some changes such as relaxing zoning requirements, but the response has been sluggish at best. We really need more aggressive programs to support faster building.

zsnpol

Crazy 1bed aprt. inspection, rental market in Sydney.

Tiny tiny apartment, 1bed $525pw in inner city Sydney. Lift had already made a few trips up, about 30 more people upstairs... I guess this was undervalued by about $75-100.

AusFinance

Apparently migration and int student numbers have surged back, blowing away even treasuries forecasts and we are set for the largest year of migration in Oz history, nuking the previous ath of 300k in 2009. But that's not what this is and this level of demand isn't going to effect prices in any way at all. Everyone knows that migration has no effect on rents or house prices. Everyone. Ive been told over and over again by the right people with the right opinion about it so what you're seeing here never ever leads to higher prices. It must lead to lower prices then hey guys.

nb378m

Beyond Protocol?

***Trigger warning: This will likely be the "deepest" post ever in /CryptoMoonShots*** I fully expect to get /rekt and flamed for posting this here, but I like to think there are some intelligent people here trying to make $$ This project has been talked a lot about over the past week (website here: [https://beyond.link](https://beyond.link/)). They claim to be able to use blockchain to make hacks "probabilistically impossible," and from there, allow us to feel comfortable about allowing our devices to "open up." Developers can then build never-before-possible apps on top of the growing universe of newly opened devices. The App Store gave us Uber and Instacart. Beyond Protocol's Mega App Store will give us a world of use cases we would never have thought to create. If their claims are legitimate, they are truly stewarding us to technological singularity. In their Telegram group last night, a community member named Alex posed a question about why the project bills itself as the "ethical language of machines." He mentioned how a puppy or child has more of a sense of morality than the smartest AI, so how could machines be ethical? Here's what Jonathan Manzi, Beyond Protocol's CEO, said (\*epiphany moment\*): >We often think about how distributed ledger technology is a perfect defense against dystopian/rogue AI. Blockchain would allow for a consensus to be reached before AI takes a destructive developmental turn. So what do you think? Is this the most meaningful application of blockchain technology yet? It was asked on this subreddit whether Beyond Protocol would be the next top 3 coin. I wonder, will this be the loom which weaves together the new world.

CryptoMoonShots

Give me a compelling reason why all these shitcoins use Telegram. Because until I get a better reason, I'm going with: secure encrypted chat that makes it hard for lawyers to conduct discovery when the shitcoin folds and takes all of your money. Real products don't use telegram to make announcements.

lgjsz2

Braille Energy Systems Inc. ($BES.V )

Braille Battery is a battery-manufacturing and energy storage company that I believe is overlooked and undervalued. **BACKGROUND** * The company offers battery storage solutions to various industries including, but not limited to, motorsport, transportation and UAVs. * The leader in ultra-lightweight Lithium-Ion high-performance batteries. * Sold the world’s first and only AGM carbon fibre race batteries. The entire selection is also part of their “Green Start” line of Eco-minded batteries. * Used exclusively in Indycar, DTM and more. They also are a supplier to top teams in NASCAR, Formula 1, etc. * The products are available through a variety of online distributors in the U.S., overseas and at some specialty retail outlets. Shop now: [https://braillebattery.com/](https://braillebattery.com/) **THE NUMBERS** * Current price: 0.3650 * 47.76M shares outstanding * Market cap: 17.3M * Announced on February 3 that the company has entered into debt settlement agreements. * Announced today the grant of 3,000,000 incentive stock options to its directors, officers, and consultants at an exercise price of $0.23625 per share and expire on February 8, 2026. * 2020 fiscal was their best year with a 85% improvement in their bottomline and 20% increased revenues with margins projected to grow in 2021. **CATALYST** * Rumoured that there will be a TESLA partnership. * Personally, I believe they will be powering the future. The company wants to expand into a wider range of market segments with its industry-leading products which I think will set them apart from their competitors —which in my opinion, they have none—. As well, they already have an impressive list of clients and distributors. All of this will be reflected in their share price and I'm excited to see what will happen. Let me know what you guys think but this is a long-term hold for me. **SOURCE:** [http://www.brailleenergysystemsinc.com/index.html](http://www.brailleenergysystemsinc.com/index.html) **EDIT:** 1,428 shares @ 0.35

Canadapennystocks

Is it odd that the majority of the comments so far are from accounts that are less than 3 days old? Maybe it’s just me being sceptical of people trying to pump stocks after the last month of activity in the markets and on reddit?

lag8zs

How To Become a Consistent Profitable Trader (My Favourite Set Up)

Hey guys, I’ve had a few comments on reddit and instagram to explain the ATH (all time high) breakout trades I take on a daily basis and so here it is. I’m a full time trader and I hope you guys find this helpful. To explain this in great detail would take hours upon hours however I’ve wrote up a simplified description to make it digestible. “We do not trade ideas we trade set ups” As professional traders you should not be trading ideas, you should be trading sets ups. Something that you can measure, replicate, improve upon and learn from. Not random events. Here’s an example of how a novice traders mind may work: You see an article pop up about a Tesla car that was on auto pilot and crashed into a stationary car causing injury to both the driver and the passenger. Your instant thoughts are “This could effect Tesla’s stock price” and you put it on your watchlist for the day. Now the issue with this is this the specific event Is not measurable. The way in which the stock reacts will be random and you won’t be able to use the stats for any other trades. Making the event a coin flip and therefore a gamble. Focus on set ups not ideas. It’s ok to have an idea for the set up but the set up HAS TO BE THERE. Now lets get straight to it. What is an all time high breakout? 1. The answer is simple. This is when a stock breaks out into a new ATH. Why is this such a good set up to take? 1. Because everybody who’s EVER brought the stock is now in the GREEN “no reason to sell” and everybody who’s shorting the stock is now red “May look to cover” Here’s how it works: A lot of professional traders, myself included, love the all time high break outs for many reasons. The main being the explosive moves it can often provide. Due to this a lot of day traders, swing traders, investors, funds and algorithms will monitor the market for these potential plays. Meaning they’re often on the buying side. This is why you can see what appears to be a stock doing very little yet the moment it trickles over it’s previous ATH high it can rally for days. It’s called “buying the breakout” You see the market is run on mostly Human emotion, we know this but very few understand how that works. The reason most people lose money in the market is they are untrained and do not have the discipline to handle their own barbaric emotions. Here’s why that’s important. For this example we’ll call the company $STONKS it’s been on the market for 3 years and it’s current all time high is $10. Some bad news comes out and the stock gaps down to $8 causing people to panic sell and the stock to drop even further. Over the next 12 months it drops to a low of $5 until finally reclaiming to today at $9.90. It’s been consolidating between $9 and $9.90 for 10 days. For the past year there has been a lot of people bag holding. Those who brought at the previous all time high have seen their investment drop by 50% and slowly recover. In between this time a lot of people have cut their loses, some have averaged down, new investors have “brought the dip” and we’re now back to where we was a year ago. Now we have a few things at play here. 1. Those who rode through the entire year, the 50% drop and who haven’t sold now at break even clearly have no intention to sell. 2. Out of those who brought the dip some will have sold and some and still holding onto their shares even though the price has been stagment the past 10 days. 3. For the past 10 days people have been buying consistently and have been paying $9 or above for the stock. Showing a growing interest and price acceptance at these prices. 4. People who shorted the stock are now either at break even or at a loss. 5. Anybody new who wants to purchase some shares has currently got to pay all time high prices. The longer we consolidate at these price the more powerful the move can become, why you ask? Because it has more chance of the float being rotated. Understand that the first time $STONKS went up to $10 1 year ago the average price paid by an investor may have been $3 which meant a lot of profit taking occurred. When the bad news hit a lot of those investors jumped ship. Causing more supply than demand and therefore the price to drop. Fast forward to today and the longer it consolidates above $9 the high the AVG price held will be. When this happens the buyers are literally sitting on basically no loss nor no gain giving them no reason to sell. For those unaware, if you short a stock the only way to get out for a loss is to cover your position. This in turn means “buying the stock”. Creating more buying pressure. Short positions will often risk in this scenario the all time high. Meaning if it breaks they start to cover. If they start to cover it increases buying pressure and with buying pressure increasing the stock moves up (extremely simple explanation). So we as traders recognise the stock is setting up for an ATH breakout and here’s what we do. We decide we want to risk $2,000 in the stock. We buy $500 worth at 9.20 known as a starter position and we wait. A week goes by and it’s still chopping between this range. A press release then comes out (a bullish catalyst). The market opens are $STONKS see’s a huge 15 minute candle at open. The largest amount of volume it’s seen in months. On that volume it breaks $10 and instantly jumps to $10.50. We managed to get our other $1,500 in at $10.20 bringing our average to roughly $9.90 a share. We move our stop loss to below the previous ATH with some breathing room AKA $9.50/share. Everybody who now has shares in this stock prior to today is in the green, they’re estactic. Those who held through the entire past year and refused to sell are now mentioning how they’re in profit on an investment they made to work colleagues. Short positions are now aware there’s no resistance and start covering “buying shares”. FOMO buyers who are “trading the news” (not a set up ;) ) are now buying in. Professional swing traders are buying the break out, day traders are buying the opening drive. Everybody is buying.. The stock closes at $12 marking a 25% daily gain. Barrons, CNBC, MSN all post above how $STONKS rallied into ATH due to X,Y,Z The following morning the stock gaps up. People are hyped, pre market goes wild and opens at $16. We instantly sell half… The stock is extremely extended as new investors flurry in, we sell them some more. There’s now 25% left of our original investment. We move our stop loss under PM support and go to focus on the next set up. The same set up. Something we can measure. Something we take day in day out. If the stock goes to 20 then we don’t get annoyed we could have missed out on further profits as it wasn’t our trade. The stock taps 20, massive selling occurs and settles around 14. Where it stays for months, consolidationg. Meanwhile, we’re just waiting for it to once again set up. So how do I find these trades? I use trading view, I create a list of sectors such as EVs, Solar, Tech, AI etc etc and I scan through each day. Literally just flick through. Is the stock near it’s ATH? If not, I go to the next and the next. My indicators are as follows. Volume Profile, RSI (for the daily only) That’s it. If you master just this single set up you can make money consistently. Why? Because it’s measurable, you can improve upon it. You can learn from each event but most importantly you have a set plan where the market is in your favour for the outcome to work. Never under estimate human emotion. I post all my trades on Instagram at the moment but I’ll look into posting my watchlist here too if it’ll help you guys. Feel free to ask questions.

Daytrading

Yes, this is a good method, and is also known as a base breakout. "The longer the base, the higher in space" What I'm curious to know is how you handle false breakouts. Stock goes up, gets met with huge resistance and comes back down. I find it actually happens quite often. How do you navigate this?

r5z5c1

Death Claim process experience after losing my parents

I am a 33 years old female. Unfortunately, lost my father in 2010 and my mother in Sept this year. Both died unexpectedly.  While the focus in general when someone dies is on "emotional grieving", I cannot explain how much "financial grieving" we have had to go through to just get the claims processed. My father was 58, was working as a senior manager in a Govt organization. Unfortunately, all the assets were in single name, no nominee. We had just got a house on loan (that had no insurance, in single name). My mother's name in Pension nominee was not correct. Our accounts were frozen, plus pension amounts were not released till a year. I can describe in detail how much running around we had to do, but long story short, we could got everything sorted only after 1-2 years and after going through Hiership process. My mother and I learnt from the mistakes, and ensured everything had a nominee or was in joint account. After my mother passed away, I was like - "it will be better than what we faced during my father's time". But, no - I was wrong.  Even though things have moved online, so many of the processes remain same.  One would not believe, but my mother's favourite bank (India nationalized bank ofcourse), has not processed the claim since last 2 months despite me being the nominee for the accounts. Their response is - "The bank account has more than 2 lakhs, so you need to get indemity, affidavit, my brother (legal heirs' pan and aadhar). And what they have done is to freeze all the accounts (including the ones that are joint). So, I cannot even get the money from the joint accounts.  I can go on and on for each bank, insurance company, mutual fund, pension office, demat and trading account but I hope you all are getting the point.  Why am I writing this? 1. My parents were both scientists, and I am an MBA+Engineer by profession. We have had fairly decent understanding of finance, but we still suffered. After going through the same churn twice, I realized I would not be alone. There should be so many others going through the same cycle without questioning the hardships or the processes. 2. I feel I am lucky enough to be in the "net positive" zone that I do not really need the money immediately. What about others who would be needing the money but they would be in so much distress? Especially after Covid. 3. All these fancy new apps like - Groww, Scripbox etc, just focus on the account opening and getting the money. And there is no concept of Nominee (or at least I could not find it out there on the app). There would be so many people (like me) who have invested, but when they pass away, their relatives would be in distress. And I am not even talking about cryptocurrency here. What I think should be done? 1. Death Claim processes should be easier, faster and online. Point blank. This should be across banks, Insurance corporations, Property, mutual funds, demat and trading accounts etc. We can get food in 30 min in India, but a death claim takes more than a month typically. And in my case, it has taken 1-2 years for my father's assets to get sorted. 2. There needs to be a directive from RBI to make sure banks follow a common and simple procedure (and not harass people). RBI should mention the list of documents in case of nominee, no nominee cases. It should not be bank/financial institution dependent. While I saw a RBI directive, it was a 2005 directive - and I do not see it being actioned well. Reserve Bank of India - Notifications (rbi.org.in) 3. Nominee should be made compulsory across banks, Insurance corporations, Property, mutual funds, demat and trading accounts etc. Just like PAN to Aadhar linkage :) 4. The whole process for hiership certificate and 6-8 months long period should be shortened. 5. Financial planning should also involve education about death claim process. Suggestions are most welcome on how can we solve this. Beyond doubt, I cannot do this alone, and I am looking for help for the broader community.   Lastly, for youngsters and for oldies who are reading this - I want to make sure that my grief helps you in some way. Please get your finances fixed. It is okay for the money to grow at 4%, but not okay if your family cannot access it after you are gone.   This is a 4 am rant so if you do not find it useful, please ignore. thanks

IndiaInvestments

I am sorry for your loss. Because of this very reason, my parents have given me all details to their bank accounts and they have kept copies of signed cheques in the safe which I can use to withdraw all money if this thing happens with the banks. For assets, I am the nominee.

n7rl2y

You hear about the kid who put in $500 into a memecoin and made 100k, but you don't hear about the hundreds who put $1000 and are left with $0.1

You hear about the kid who put in $500 into a memecoin and made 100k, but you don't hear about the hundreds who put $1000 and are left with $0.1 You also don't hear about the guys who put $10,000 but cant cash out because these memecoins have no liquidity. Don't beat yourself up for missing out. Survivorship bias is a dangerous thing.

CryptoCurrency

The need to “Win more” (greed) is a weird quirk of humanity. I didn’t buy into BTC until 28k. I passed on every opportunity when it was $1, $5, $100, etc... because I didn’t really understand what was happening. I was around when 4chan users were tipping each other in BTC. I sold my BTC at $50k. I could’ve bought in sooner and I could’ve held longer, but I DOUBLED MY INVESTMENT in a very short period of time. That’s the DREAM in most investments. Think about a traditional investment. If you make 20% in a year on a stock, that’s a really amazing stock. Take your profits and move on. Don’t agonize over how much you could’ve made with a different decision. I think it’s because with cryptos, people are investing very small amounts. $50-$100 at a time and expecting $1000 or more in profit. If you put in $100 and get $120 out, you’ve done VERY well compared to almost anything else.

p7cc6r

Survived a Credit Card fraud today. Sharing my experience for an educational purpose.

I hold an RBL Bank Credit Card along with a couple of others. Today, I got a call from a mobile number 6391504865. The person was speaking fluent English and claimed to be from the RBL Bank. He asked me - at the time of getting the card whether I was told if this card is lifetime free or there will be a joining fee. Then he asked if I was actually given the credit limit which I was told. Till this point, I answered the questions. Then he told me that the bank is offering me a credit limit increase of 1 lakh if I want. And then asked - "Please confirm if the PAN number I am telling is correct." Then he told me my correct PAN number. He further proceeded saying that he was sending an OTP which should be shared with him for authorisation of this limit increase. Here comes the scary part. I received an OTP from the legit RBL messaging service (VK-RBLBNK) from which I usually receive the transaction messages. The content of this SMS was as following: “234567 is OTP (one time password) for updating your RBL Bank Credit Card settings.” Just to ensure that this is indeed a fraud, I asked him to tell me my existing card limit before I share the OTP. He couldn't answer it well and started beating around the bush. I told him unless the SMS mentions that this OTP is for credit card limit increase, I will not share the OTP. I asked him to send me an email from his RBL email id about this. He said yes and hung up the phone. *** From my personal experience of credit cards in the past, whenever there is credit limit increase offer, the banks usually let you know this by 1) SMS - Then they ask us to send YES/NO in some format to a specified number to accept/reject the offer. 2) The net banking/mobile banking account displays the alert about the offer. Then you yourself accept or reject the offer. 3) If you yourself call the customer support helpline for some issue and you get to know that there is an offer for credit limit increase. Even on the phone if they have never asked for an OTP. Till date, I have never needed to share an OTP for a credit card limit increase. To further confirm that it was a fraud, I called the RBL Customer Support and connected with the fraud department. They told me that there is no offer on your card and the call which I received was definitely a fraud call. So this caller was a sophisticated caller/hacker who had access to my RBL Bank Credit Card data by which he was able to tell me the correct PAN and able to generate the OTP -possibly for a fraudulent withdrawal transaction from my card. Truecaller showed the number’s location as Uttar Pradesh. On extensive googling around this, I was able to locate this article which elaborates the exact same fraud which I experienced. The victim was also an RBL card holder. [Chandigarh cyber cell arrests 2 hackers for stealing credit card details](https://nationnews.in/chandigarh-cyber-cell-arrests-2-hackers-from-delhi-ncr-for-stealing-credit-card-details-credit-card-and-payment-gateway-recovered-from-their-possession/) *** Please beware of the calls you receive from people claiming from banks. Reverse check with the caller by asking them if they know your additional details. If they are unable to answer it, then it’s definitely a fraud. The best safety is to never share any kind of OTP with anyone. P.S. 1) There is a series called [Jamtara](https://www.youtube.com/watch?v=GoXd_sESBBI) on Netflix which explored such scamming and phishing which takes place in India. Jamtara is a city from Jharhand. It is nicknamed the phishing capital of India. It got this title because there were numerous incidents of phishing across country whose centre point was this small town. 2) **Just to ensure full safety and peace of mind, when I was talking to the fraud department of the customer support, with their help, I immediately blocked the credit card and requested a replacement.**

IndiaInvestments

I remember I got a call from Axis Bank and the girl claimed to be my RM. I haven't been touch with my Axis Bank RM since I only use online banking platform. She said she needs my answer on some portfolio survey they're doing for customers free of cost. She even mailed me the template. It was via Axis bank mail only. She told me to send 'yes' via my registered number. Luckily my number was out of the recharge period and message didn't get sent. Till this day, I haven't been able to find out if it was a scam call or not. My bank balance has still be intact though.

l6omry

An Open Letter to Melvin Capital, CNBC, Boomers, and WSB

**Mods do not delete, this is important to me, please read** ​ I was in my early teens during the '08 crisis. I vividly remember the enormous repercussions that the reckless actions by those on Wall Street had in my personal life, and the lives of those close to me. I was fortunate - my parents were prudent and a little paranoid, and they had some food storage saved up. When that crisis hit our family, we were able to keep our little house, but we lived off of pancake mix, and powdered milk, and beans and rice for a year. Ever since then, my parents have kept a food storage, and they keep it updated and fresh. Those close to me, my friends and extended family, were not nearly as fortunate. My aunt moved in with us and paid what little rent she could to my family while she tried to find any sort of work. Do you know what tomato soup made out of school cafeteria ketchup packets taste like? My friends got to find out. Almost a year after the crisis' low, my dad had stabilized our income stream and to help out others, he was hiring my friends' dads for odd house work. One of them built a new closet in our guest room. Another one did some landscaping in our backyard. I will forever be so proud of my parents, because in a time of need, even when I have no doubt money was still tight, they had the mindfulness and compassion to help out those who absolutely needed it. To Melvin Capital: you stand for everything that I hated during that time. You're a firm who makes money off of exploiting a company and manipulating markets and media to your advantage. Your continued existence is a sharp reminder that the ones in charge of so much hardship during the '08 crisis were not punished. And your blatant disregard for the law, made obvious months ago through your (for the Melvin lawyers out there: alleged) illegal naked short selling and more recently your obscene market manipulation after hours shows that you haven't learned a single thing since '08. And why would you? Your ilk were bailed out and rewarded for terrible and illegal financial decisions that negatively changed the lives of millions. I bought shares a few days ago. I dumped my savings into GME, paid my rent for this month with my credit card, and dumped my rent money into more GME (which for the people here at WSB, I would not recommend). And I'm holding. This is personal for me, and millions of others. You can drop the price of GME after hours $120, I'm not going anywhere. You can pay for thousands of reddit bots, I'm holding. You can get every mainstream media outlet to demonize us, I don't care. I'm making this as painful as I can for you. To CNBC: you must realize your short term gains through promoting institutions' agenda is just that - short term. Your staple audience will soon become too old to care, and the millions of us, not just at WSB but every person affected by the '08 crash that's now paying attention to GME, are going to remember how you stuck up for the firms that ruined so many of us, and tried to tear down the little guys. I know for sure I'll remember this. In response, here is a [list of CNBC sponsors and partners](https://www.cnbcevents.com/sponsors/). They include, but are not limited to, **IBM**, **Cisco**, **TMobile**, **JPMorgan**, **Oracle**, and **ZipRecruiter**. Their parent company is [NBCUniversal](https://en.wikipedia.org/wiki/NBCUniversal), owned by **Comcast** and **GE**. To the boomers, and/or people close to that age, just now paying attention to these "millennial blog posts": you realize that, even if you weren't adversely effected by the '08 crash, your children and perhaps grandchildren most likely were? *We're not enemies, we're on the same side*. Stop listening to the media that's making us out to be market destroyers, and start rooting for us, because we have a once in a lifetime opportunity to punish the sort of people who caused so much pain and stress a decade ago, and we're taking that opportunity. Your children, your grandchildren, might have suffered as I described because of the institutions that we're fighting against. You really want to choose them, over your own family and friends? We're not asking you to risk your 401k or retirement fund on a single GME bet. We're just asking you to be understanding, supportive, and to not support the people that caused so much suffering a decade ago. To WSB: you all are amazing. I imagine that I'm not the only one that this is personal for. I've read myself so many posts on what you guys went through during the '08 crash. Whether you're here for the gains, to stick it to the man as I am, or just to be part of a potentially market changing movement - thank you. Each and every one of you are the reason that we have this chance. I've never felt this optimistic about the future before. This is life changing amounts of money for so many of you, and to be part of a rare instance of a wealth distribution from the rich to the poor is just incredible. I love you all. ​ ​ Note: I can't seem to get a hold of mods and they keep fucking removing the post. I have no idea how to get this to stick and its important to me that the people I'm addressing read it.

wallstreetbets

I feel this, I was a sophomore in high school when the 07-08’ crash. My mom lost her job and I watched her go through her life savings to support our house. I was always wondering when our family was going to get help and the help never came. To add insult to injury I saw ws get billion dollar bail outs and spin the story on poor people. This is the first time in my 30years of life I’ve ever seen ws feel the same pain and worry my mother felt. IM ALL IN TOMORROW. This is personal. The same children they robbed 13 years ago grew up and we have money now ourselves EDIT: IM NOT FUCKING SELLING

s555p5

Do scandinavian countries free-ride on innovation from the US?

So Daron Acemoglu (and 2 other economists) wrote a paper titled "Can't We All Be More Like Scandinavia" in which they argued that countries with "cuddly capitalism" (countries with generous welfare states) free ride on countries with "cutthroat capitalism" (countries that don't have very generous welfare states) because the latter has longer working hours and more incentives for innovation while the former has less. They essentially say that innovation from "cutthroat capitalist" countries has a positive externality that benefits "cuddly capitalist" countries. Their answer to the question overall is no, because (according to them) if everyone became like Scandinavia, then global growth rates would decrease due to less innovation. Here's their paper: https://scholar.harvard.edu/files/jrobinson/files/varieties_of_capitalism_april_9_2013.pdf Is this true? From what I know, voxeu responded to this paper and argued that Scandinavian countries may actually be MORE innovative when measuring triadic patents and other metrics like R&D, venture capital, researchers per 1000 people employed, etc. Here's their response: https://voxeu.org/article/nordic-innovation-cuddly-capitalism-really-less-innovative But if I'm being blunt, I'm a layman when it comes to economics and thus im not very smart in this field. I felt way out of my depth reading these 2. So I was hoping for your guys' insight because I'm not sure what the consensus is. Thank you very much ! :))

AskEconomics

They do free ride off American innovation, but so does basically every other country. America is the #1 innovator in absolute terms because it is the largest developed country. In per capita terms however, my personal view is that the Nordic countries *probably* are less innovative, but that this isn't necessarily due to their characteristics (higher taxes and redistribution). Its more that the USA is exceptional in some ways. The USA has a massive economies of scale advantage, being a single market the size of Europe, but far more integrated. Europe being damaged heavily after the two world wars allowed America to take the lead as a global power and establish itself as the global economic hub, the benefit of which is still seen today. As a result, the [USA has venture capital investment that dwarfs any European country](https://stats.oecd.org/Index.aspx?DataSetCode=VC_INVEST) despite having higher taxes on corporations and capital in some cases (think California having a 44% corporate tax rate before TCJA and a 32% capital gains tax rate, both of which are far higher than nordic rates). Its actually rather common to have companies start up elsewhere but eventually move to California for its established base of talent despite the burden of higher taxes. As a result of of these differences between the the nations, I think its somewhat flawed to present a simplistic and broad cross country comparison as evidence that "cuddly capitalism" would result in a decrease in innovation, considering that the USA actually has higher taxes on capital in its most innovative regions. To push back a bit on the technical side of Acemoglu's study though, I think his usage of patents as a proxy for innovation is somewhat flawed because the [USA has recently seen an explosion in the number of patents, but no such increase in total factor productivity](https://www.cbo.gov/sites/default/files/113th-congress-2013-2014/reports/49487-Innovation.pdf) (See page 34 specifically), implying that most of these patents likely aren't useful, making the number of patents a bad measure of innovation. As the [voxeu article you linked](https://voxeu.org/article/nordic-innovation-cuddly-capitalism-really-less-innovative) points out, different metrics of innovation do not support the claim that nordic countries are significantly less innovative. Its also worth noting that the [Global Innovation Index](https://www.globalinnovationindex.org/analysis-indicator) ranks Sweden (#2) ahead of the USA (#3), but I think the index is mostly garbage, so I wouldn't put much stock into it. TLDR; USA likely is more innovative, but that it is due to USA's unique characteristics, and I do not think becoming more like the nordic countries would result in a decrease in innovation.

m7dxnz

Today, at the age of 28, I became a millionaire

Obligatory: This is not to brag, but more a gratitude post for all the help over the years from people in this sub, and other mentors. Also, there are very few people in my circle outside of my wife and a few core friends that I'm able to share this with. Five years ago (2016), at the age of 23, I got my first taste of real estate. I purchased a single family home. A little 1300 sq. ft. house, with 4 bedrooms, and 2 bathrooms. I lived in the master suite, and rented out the three extra bedrooms to my buddies. I lived completely for free, which was a miracle as I was living paycheck-to-paycheck, and had a net worth of -$50k (student loans, CCs, and car loan). Little did I know that this even had a coined term -- "house hacking". Two years later, my life had changed quite a bit. I was getting married, and rather than keeping that home as a rental, my wife and I decided that we would kick out the roommates, and sell the house to pay off debt, and move into her home. When my house sold, I stood in awe, holding a check for $40k -- the same amount as my entire year's salary. Not only did I get to live completely for free for two years, I made $40k. I thought to myself, "I've got to do this again." That $40k paid off all of my remaining student loans, and all of my credit cards. With the money we had leftover ($25k), we rolled the remaining into our first rental property. We started attending our local REIA, networked, and made connections. The first rental rolled into a duplex. And then the duplex rolled into a fourplex. Then we snagged another single family property. We did our first BRRRR deal. Then we found a great deal on a commercial property. We tried GC'ing a home on our own. And then we tried an AirBnb. We've used every type of financing under the sun: FHA, Conventional, HELOC, Seller Financing, 401k Loans, Hard Money, and Cash-out Refi's. Little by little, just with consistency and patience, we've been able to build a nice little portfolio of 9 properties and 20 units. Our current NW consists of: Cash - $37k RE Equity - $889k Vehicles/Toys - $112k It's a really cool feeling to be able to say "I'm a millionaire." It's a fun milestone to hit, yet at the same time, feels very small now when I look at other investors with insane net worths. Regardless, I'm really pleased and grateful with what we've been able to achieve in just a few short years. We're on track to hit $1.2M or $1.3M by the end of the year. Of course, a lot of the credit goes to being privileged, as well. I realize that I won the lottery by being born into a white, middle-class family, in America. I never grew up hungry, and both of my parents were well-educated with college degrees. I'm grateful for my upbringing and know that this absolutely has attributed to our success. Anyway, I think the whole point of this post is to say that it's easy to look at others and compare and see what they have. But it's amazing how 4-5 years of consistency and hard work with laser focus can truly change your life. I have SO much to learn, but finally feel that I sort of have a decent "hang" of it. I love RE. I still work a 9-5 (mostly because it's easier to qualify for loans with a W2), but have a goal to quit by my 30th birthday. Onto the next million!

realestateinvesting

Well done, congrats. Each one gets easier, although you might find your risk tolerance and willingness to hustle change a little. Free reddit advice, be careful on that vehicle/toy : investments ratio. If you keep reinvesting your success the next 5-10 years, you'll be at $5-10M before you're 40. Also, schedule an insurance portfolio review w/your agent and confirm you're properly insured. I find it helps to make an org chart of sorts with ownership structures, asset values etc.

la34bh

It's fucking awful seeing the "Silver" misinformation campaign everywhere I look

⚠️⚠️⚠️ ***DON'T BUY SILVER, IT'S A TRAP***⚠️⚠️⚠️ They're talking on CNBC as if people on Reddit are actually squeezing silver. It's fucking absurd, they're practically encouraging it. They're like, "Wow, these redditors are squeezing silver, how cool" actually fucking encouraging it. Literally scum Edit: Should have mentioned, it's literally fucking impossible to squeeze silver. It's not shorted at all. Hedge funds and Citadel hold lots of Long positions in it, not shorts. Buying it would be playing right into their hands. Buying silver will make you likely lose money and absolutely give it to the hedge funds and Citadel. By Silver, I mean $SLV, *I know nothing about phisical silver*. For anybody confused Edit 2: If you bought $SLV months or years ago and made a profit, that's fantastic. This post is just saying that you should not buy silver right now. This isn't financial advice, I am mentally challenged

stocks

I got in with silver on April 1, 2020 at around $13. Didn't expect it to double, just wanted a hedge, but now I'm dumping it in my ira accounts. I'm mind of boned in my cash account if I sell, though, because of taxes :( Don't buy silver, imo, and if you have it sell into the spike.

7rp8of

My boss game me a $100 “Christmas bonus” and then took $100 advance out of my next check.

What? What if anything do I do about this? Honestly would’ve rather had the money stay in my check rather than frivolously spending 100 dollars I though was extra. Wtf? Not sure if this is the right sub but any suggestions on how I handle this would be appreciated.

personalfinance

You should ask your boss. Could just be a payroll mix-up. Employers are required to deduct taxes from any pay, even if it's a cash bonus. He could have told the finance/payroll person to "make sure to deduct that $100 from u/LouisSeaGays paycheck next week". He meant deduct the taxes, they heard deduct the whole amount off your check. So just call your boss. Say "hey, I really appreciate the bonus you gave me. I'm a little confused though. Last week I had $100 taken out of my paycheck and it said it was for an advance. Was the $100 you gave me supposed to be a bonus above my normal paycheck or an advance against my future paycheck"? He'll either say it was a bonus and fix it. Or he'll say it was an advance. In which case you can say something like "oh, well that's disappointing" and move on. You're not really going to be able to fight it - but now you know your employer isn't as cool as you thought before and maybe that will factor into whether or not you keep working there long term. Edit: well, this comment got a lot more attention than anticipated! And thank you kind stranger for the gold! Also, someone below mentioned it could be a simple payroll error or misreading of the paystub. They may have been paying the bonus in cash, adding an extra $100 to tax it appropriately and then removing the $100 to reconcile. So either way, simple. miscommunication/misunderstanding

m7dxnz

Today, at the age of 28, I became a millionaire

Obligatory: This is not to brag, but more a gratitude post for all the help over the years from people in this sub, and other mentors. Also, there are very few people in my circle outside of my wife and a few core friends that I'm able to share this with. Five years ago (2016), at the age of 23, I got my first taste of real estate. I purchased a single family home. A little 1300 sq. ft. house, with 4 bedrooms, and 2 bathrooms. I lived in the master suite, and rented out the three extra bedrooms to my buddies. I lived completely for free, which was a miracle as I was living paycheck-to-paycheck, and had a net worth of -$50k (student loans, CCs, and car loan). Little did I know that this even had a coined term -- "house hacking". Two years later, my life had changed quite a bit. I was getting married, and rather than keeping that home as a rental, my wife and I decided that we would kick out the roommates, and sell the house to pay off debt, and move into her home. When my house sold, I stood in awe, holding a check for $40k -- the same amount as my entire year's salary. Not only did I get to live completely for free for two years, I made $40k. I thought to myself, "I've got to do this again." That $40k paid off all of my remaining student loans, and all of my credit cards. With the money we had leftover ($25k), we rolled the remaining into our first rental property. We started attending our local REIA, networked, and made connections. The first rental rolled into a duplex. And then the duplex rolled into a fourplex. Then we snagged another single family property. We did our first BRRRR deal. Then we found a great deal on a commercial property. We tried GC'ing a home on our own. And then we tried an AirBnb. We've used every type of financing under the sun: FHA, Conventional, HELOC, Seller Financing, 401k Loans, Hard Money, and Cash-out Refi's. Little by little, just with consistency and patience, we've been able to build a nice little portfolio of 9 properties and 20 units. Our current NW consists of: Cash - $37k RE Equity - $889k Vehicles/Toys - $112k It's a really cool feeling to be able to say "I'm a millionaire." It's a fun milestone to hit, yet at the same time, feels very small now when I look at other investors with insane net worths. Regardless, I'm really pleased and grateful with what we've been able to achieve in just a few short years. We're on track to hit $1.2M or $1.3M by the end of the year. Of course, a lot of the credit goes to being privileged, as well. I realize that I won the lottery by being born into a white, middle-class family, in America. I never grew up hungry, and both of my parents were well-educated with college degrees. I'm grateful for my upbringing and know that this absolutely has attributed to our success. Anyway, I think the whole point of this post is to say that it's easy to look at others and compare and see what they have. But it's amazing how 4-5 years of consistency and hard work with laser focus can truly change your life. I have SO much to learn, but finally feel that I sort of have a decent "hang" of it. I love RE. I still work a 9-5 (mostly because it's easier to qualify for loans with a W2), but have a goal to quit by my 30th birthday. Onto the next million!

realestateinvesting

Hey man, congrats! what helped you pay off rental properties faster? Were you BRRRR’ing and using the profits to pay down your existing properties? Also, your equity is nice, what are you cash flowing on the properties?

opye2f

A Guide To Value Investing For Novice Investors

Hi all. * I wrote a **simple guide for novice value investors**. It takes things step-by-step so you don't get lost: [http://lucid-finance.com/2021/07/17/a-complete-guide-to-value-investing-for-novice-investors/](http://lucid-finance.com/2021/07/17/a-complete-guide-to-value-investing-for-novice-investors/) * **Want quick, digestible summaries of market news + occasional value picks?** Go to [https://johanlunau.substack.com](https://johanlunau.substack.com). 560+ subscribers. I hope these help you on your journey. This community is fantastic if you avoid the hive mind, and feel free to get in touch!

ValueInvesting

I really appreciate this, I am a beginner & I find Aswath's videos a little too fast and not too detailed. I am on the "Valuation" playlist. I was hoping if there were anything else to get practical formulas or a spreadsheet. Once I finish the playlist, I'm not sure how would I begin doing my research or using these formulas in the video. I mean there are so many pieces of this whole puzzle that I think are crucial but missing. Hoping to get some guidance here. Thanks

la34bh

It's fucking awful seeing the "Silver" misinformation campaign everywhere I look

⚠️⚠️⚠️ ***DON'T BUY SILVER, IT'S A TRAP***⚠️⚠️⚠️ They're talking on CNBC as if people on Reddit are actually squeezing silver. It's fucking absurd, they're practically encouraging it. They're like, "Wow, these redditors are squeezing silver, how cool" actually fucking encouraging it. Literally scum Edit: Should have mentioned, it's literally fucking impossible to squeeze silver. It's not shorted at all. Hedge funds and Citadel hold lots of Long positions in it, not shorts. Buying it would be playing right into their hands. Buying silver will make you likely lose money and absolutely give it to the hedge funds and Citadel. By Silver, I mean $SLV, *I know nothing about phisical silver*. For anybody confused Edit 2: If you bought $SLV months or years ago and made a profit, that's fantastic. This post is just saying that you should not buy silver right now. This isn't financial advice, I am mentally challenged

stocks

I saw a post on THIS SUB I believe about how silver is the “most shorted commodity” and everyone was praising him. Yall inconsistent as fuck. Edit: https://www.reddit.com/r/stocks/comments/l7o7sj/the_opportunity_for_a_massive_silver_rally_one_of/?utm_source=share&utm_medium=ios_app&utm_name=iossmf

ia5f37

Former investment bank FX trader: some thoughts

Hi guys, I have been using reddit for years in my personal life (not trading!) and wanted to give something back in an area where i am an expert. I worked at an investment bank for seven years and joined them as a graduate FX trader so have lots of professional experience, by which i mean I was trained and paid by a big institution to trade on their behalf. This is very different to being a full-time home trader, although that is not to discredit those guys, who can accumulate a good amount of experience/wisdom through self learning. When I get time I'm going to write a mid-length posts on each topic for you guys along the lines of how i was trained. I guess there would be 15-20 topics in total so about 50-60 posts. Feel free to comment or ask questions. **The first topic is Risk Management and we'll cover it in three parts** **Part I** * Why it matters * Position sizing * Kelly * Using stops sensibly * Picking a clear level # Why it matters The first rule of making money through trading is to ensure you do not **lose** money. Look at any serious hedge fund’s website and they’ll talk about their first priority being “preservation of investor capital.”  You have to keep it before you grow it. Strangely, if you look at retail trading websites, for every one article on risk management there are probably fifty on trade selection. This is completely the wrong way around. The great news is that this stuff is pretty simple and process-driven. Anyone can learn and follow best practices. Seriously, avoiding mistakes is one of the most important things: there's not some holy grail system for finding winning trades, rather a routine and fairly boring set of processes that ensure that you are profitable, despite having plenty of losing trades alongside the winners. # Capital and position sizing The first thing you have to know is how much capital you are working with. Let’s say you have $100,000 deposited. This is your maximum trading capital. Your trading capital is not the leveraged amount. It is the amount of money you have deposited and can withdraw or lose. Position sizing is what ensures that a losing streak does not take you out of the market. A rule of thumb is that one should risk no more than 2% of one’s account balance on an individual trade and no more than 8% of one’s account balance on a specific theme. We’ll look at why that’s a rule of thumb later. For now let’s just accept those numbers and look at examples. So we have $100,000 in our account. And we wish to buy EURUSD. We should therefore not be risking more than 2% which $2,000.  We look at a technical chart and decide to leave a stop below the monthly low, which is 55 pips below market. We’ll come back to this in a bit. So what should our position size be?  We go to the calculator page, select Position Size and enter our details. There are many such calculators online - just google "Pip calculator". ​ https://preview.redd.it/y38zb666e5h51.jpg?width=1200&format=pjpg&auto=webp&s=26e4fe569dc5c1f43ce4c746230c49b138691d14 So the appropriate size is a buy position of 363,636 EURUSD. If it reaches our stop level we know we’ll lose precisely $2,000 or 2% of our capital.  You should be using this calculator (or something similar) on every single trade so that you know your risk. Now imagine that we have similar bets on EURJPY and EURGBP, which have also broken above moving averages. Clearly this EUR-momentum is a theme. If it works all three bets are likely to pay off. But if it goes wrong we are likely to lose on all three at once. We are going to look at this concept of correlation in more detail later. The total amount of risk in our portfolio - if all of the trades on this EUR-momentum theme were to hit their stops - should not exceed $8,000 or 8% of total capital. This allows us to go big on themes we like without going bust when the theme does not work.  As we’ll see later, many traders only win on 40-60% of trades. So you have to accept losing trades will be common and ensure you size trades so they cannot ruin you. Similarly, like poker players, we should risk more on trades we feel confident about and less on trades that seem less compelling. However, this should always be subject to overall position sizing constraints. For example before you put on each trade you might rate the strength of your conviction in the trade and allocate a position size accordingly: ​ https://preview.redd.it/q2ea6rgae5h51.png?width=1200&format=png&auto=webp&s=4332cb8d0bbbc3d8db972c1f28e8189105393e5b To keep yourself disciplined you should try to ensure that no more than one in twenty trades are graded exceptional and allocated 5% of account balance risk. It really should be a rare moment when all the stars align for you.  Notice that the nice thing about dealing in percentages is that it scales. Say you start out with $100,000 but end the year up 50% at $150,000. Now a 1% bet will risk $1,500 rather than $1,000. That makes sense as your capital has grown. It is extremely common for retail accounts to blow-up by making only 4-5 losing trades because they are leveraged at 50:1 and have taken on far too large a position, relative to their account balance.  Consider that GBPUSD tends to move 1% each day. If you have an account balance of $10k then it would be crazy to take a position of $500k (50:1 leveraged). A 1% move on $500k is $5k.  Two perfectly regular down days in a row — or a single day’s move of 2% — and you will receive a margin call from the broker, have the account closed out, and have lost all your money.  Do not let this happen to you. Use position sizing discipline to protect yourself. ​ # Kelly Criterion If you’re wondering - why “about 2%” per trade? - that’s a fair question. Why not 0.5% or 10% or any other number? The Kelly Criterion is a formula that was adapted for use in casinos. If you know the odds of winning and the expected pay-off, it tells you how much you should bet in each round. This is harder than it sounds. Let’s say you could bet on a weighted coin flip, where it lands on heads 60% of the time and tails 40% of the time. The payout is $2 per $1 bet. Well, absolutely you should bet. The odds are in your favour. But if you have, say, $100 it is less obvious how much you should bet to avoid ruin.  Say you bet $50, the odds that it could land on tails twice in a row are 16%. You could easily be out after the first two flips.  Equally, betting $1 is not going to maximise your advantage. The odds are 60/40 in your favour so only betting $1 is likely too conservative. The Kelly Criterion is a formula that produces the long-run optimal bet size, given the odds. Applying the formula to forex trading looks like this: *Position size % = Winning trade % - ( (1- Winning trade %) / Risk-reward ratio* If you have recorded hundreds of trades in your journal - see next chapter - you can calculate what this outputs for you specifically. If you don't have hundreds of trades then let’s assume some realistic defaults of **Winning trade %** being 30% and **Risk-reward ratio** being 3. The 3 implies your TP is 3x the distance of your stop from entry e.g. 300 pips take profit and 100 pips stop loss. So that’s  0.3 - (1 - 0.3) / 3 = 6.6%. Hold on a second. 6.6% of your account probably feels like a LOT to risk per trade.This is the main observation people have on Kelly: whilst it may optimise the long-run results it doesn’t take into account the pain of drawdowns. It is better thought of as the rational maximum limit. You needn’t go right up to the limit! With a 30% winning trade ratio, the odds of you losing on four trades in a row is nearly one in four. That would result in a drawdown of nearly a quarter of your starting account balance. Could you really stomach that and put on the fifth trade, cool as ice? Most of us could not. Accordingly people tend to reduce the bet size. For example, let’s say you know you would feel emotionally affected by losing 25% of your account. Well, the simplest way is to divide the Kelly output by four. You have effectively hidden 75% of your account balance from Kelly and it is now optimised to avoid a total wipeout of just the 25% it can see. This gives 6.6% / 4 = 1.65%. Of course different trading approaches and different risk appetites will provide different optimal bet sizes but as a rule of thumb something between 1-2% is appropriate for the style and risk appetite of most retail traders. Incidentally be very wary of systems or traders who claim high winning trade % like 80%. Invariably these don’t pass a basic sense-check: * How many live trades have you done? *Often they’ll have done only a handful of real trades and the rest are simulated backtests, which are overfitted. The model will soon die.*  * What is your risk-reward ratio on each trade? *If you have a take profit $3 away and a stop loss $100 away, of course most trades will be winners. You will not be making money, however!* In general most traders should trade smaller position sizes and less frequently than they do. If you are going to bias one way or the other, far better to start off too small. # How to use stop losses sensibly Stop losses have a bad reputation amongst the retail community but are absolutely essential to risk management. No serious discretionary trader can operate without them.  A stop loss is a resting order, left with the broker, to automatically close your position if it reaches a certain price. For a recap on the various order types visit this chapter. The valid concern with stop losses is that disreputable brokers look for a concentration of stops and then, when the market is close, whipsaw the price through the stop levels so that the clients ‘stop out’ and sell to the broker at a low rate before the market naturally comes back higher. This is referred to as ‘stop hunting’. This would be extremely immoral behaviour and the way to guard against it is to use a highly reputable top-tier broker in a well regulated region such as the UK. Why are stop losses so important? Well, there is no other way to manage risk with certainty. You should always have a pre-determined stop loss before you put on a trade. Not having one is a recipe for disaster: you will find yourself emotionally attached to the trade as it goes against you and it will be extremely hard to cut the loss. This is a well known behavioural bias that we’ll explore in a later chapter. Learning to take a loss and move on rationally is a key lesson for new traders. *A common mistake is to think of the market as a personal nemesis. The market, of course, is totally impersonal; it doesn’t care whether you make money or not.* *Bruce Kovner, founder of the hedge fund Caxton Associates* There is an old saying amongst bank traders which is “losers average losers”. It is tempting, having bought EURUSD and seeing it go lower, to buy more. Your average price will improve if you keep buying as it goes lower. If it was cheap before it *must* be a bargain now, right? Wrong. Where does that end? Always have a pre-determined cut-off point which limits your risk. A level where you know the reason for the trade was proved ‘wrong’ ... and stick to it strictly. If you trade using discretion, use stops. # Picking a clear level Where you leave your stop loss is key.  Typically traders will leave them at big technical levels such as recent highs or lows. For example if EURUSD is trading at 1.1250 and the recent month’s low is 1.1205 then leaving it just below at 1.1200 seems sensible.  ​ [If you were going long, just below the double bottom support zone seems like a sensible area to leave a stop](https://preview.redd.it/y7cs0cn1f5h51.png?width=1200&format=png&auto=webp&s=81639093b28c5ed778f293f6ab47c25c7aa7d139) You want to give it a bit of breathing room as we know support zones often get challenged before the price rallies. This is because lots of traders identify the same zones. You won’t be the only one selling around 1.1200.  The “weak hands” who leave their sell stop order at exactly the level are likely to get taken out as the market tests the support. Those who leave it ten or fifteen pips below the level have more breathing room and will survive a quick test of the level before a resumed run-up. Your timeframe and trading style clearly play a part. Here’s a candlestick chart (one candle is one day) for GBPUSD. ​ https://preview.redd.it/moyngdy4f5h51.png?width=1200&format=png&auto=webp&s=91af88da00dd3a09e202880d8029b0ddf04fb802 If you are putting on a trend-following trade you expect to hold for weeks then you need to have a stop loss that can withstand the daily noise. Look at the downtrend on the chart. There were plenty of days in which the price rallied 60 pips or more during the wider downtrend.  So having a really tight stop of, say, 25 pips that gets chopped up in noisy short-term moves is not going to work for this kind of trade. You need to use a wider stop and take a smaller position size, determined by the stop level. There are several tools you can use to help you estimate what is a safe distance and we’ll look at those in the next section. There are of course exceptions. For example, if you are doing range-break style trading you might have a really tight stop, set just below the previous range high.  ​ https://preview.redd.it/ygy0tko7f5h51.png?width=1200&format=png&auto=webp&s=34af49da61c911befdc0db26af66f6c313556c81 Clearly then where you set stops will depend on your trading style as well as your holding horizons and the volatility of each instrument.  Here are some guidelines that can help: 1. Use technical analysis to pick important levels (support, resistance, previous high/lows, moving averages etc.) as these provide clear exit and entry points on a trade. 2. Ensure that the stop gives your trade enough room to breathe and reflects your timeframe and typical volatility of each pair. See next section. 3. Always pick your stop level first. Then use a calculator to determine the appropriate lot size for the position, based on the % of your account balance you wish to risk on the trade. So far we have talked about price-based stops. There is another sort which is more of a fundamental stop, used alongside - not instead of - price stops. If either breaks you’re out. For example if you stop understanding why a product is going up or down and your fundamental thesis has been confirmed wrong, get out. For example, if you are long because you think the central bank is turning hawkish and AUDUSD is going to play catch up with rates … then you hear dovish noises from the central bank and the bond yields retrace lower and back in line with the currency - close your AUDUSD position. You already know your thesis was wrong. No need to give away more money to the market. # Coming up in part II [EDIT: part II here](https://www.reddit.com/r/Forex/comments/ibd24i/former_investment_bank_fx_trader_risk_management/) Letting stops breathe When to change a stop Entering and exiting winning positions Risk:reward ratios Risk-adjusted returns # Coming up in part III Squeezes and other risks Market positioning Bet correlation Crap trades, timeouts and monthly limits ​ \*\*\* *Disclaimer:This content is not investment advice and you should not place any reliance on it. The views expressed are the author's own and should not be attributed to any other person, including their employer.*

Forex

Your write up is brilliant. I thoroughly enjoyed it and I find it making more sense to me then most of the articles and "gurus" I've come across... I was hesitant to trade due to my lack of knowledge on the stop loss and risk management but I can honestly say your write up has given me clarity... Thank you!

n7rl2y

You hear about the kid who put in $500 into a memecoin and made 100k, but you don't hear about the hundreds who put $1000 and are left with $0.1

You hear about the kid who put in $500 into a memecoin and made 100k, but you don't hear about the hundreds who put $1000 and are left with $0.1 You also don't hear about the guys who put $10,000 but cant cash out because these memecoins have no liquidity. Don't beat yourself up for missing out. Survivorship bias is a dangerous thing.

CryptoCurrency

My buddy (who's a successful business person with a few Ms) put 2300 in doge four or five months ago, he just cashed out 1.2m. Meanwhile I'm sitting here poking my LTC with a stick saying "do something"

ldhl0y

Thetagang should start removing gains photos from members using RH as their trading app. This is a company that would leave their clients bag holding purposefully.

Doesn't matter where you go, I'm not going to suggest any brokers. However, there are a number of brokers you can find who didn't stop or limit trading on stocks. Having people post gains on the RH app gives new users a reason to give money to those scum thinking its the preferred app. When they gain new members and you own a stock like GME at a good broker it still fucks you in the end when they limit their clients ability to buy. Allowing RH posts is a negative for everyone, they can manipulate the market more and more the larger they get while knowing full well the SEC won't do a thing. I wasn't in on GME but it's a slippery slope.

thetagang

Personally I don't care if it's from RH, even if I downvote immediately when I see RH photos, but I think we should remove gain photos in general, IF they don't have some addition about a strategy or any interesting data to discuss.

lag8zs

How To Become a Consistent Profitable Trader (My Favourite Set Up)

Hey guys, I’ve had a few comments on reddit and instagram to explain the ATH (all time high) breakout trades I take on a daily basis and so here it is. I’m a full time trader and I hope you guys find this helpful. To explain this in great detail would take hours upon hours however I’ve wrote up a simplified description to make it digestible. “We do not trade ideas we trade set ups” As professional traders you should not be trading ideas, you should be trading sets ups. Something that you can measure, replicate, improve upon and learn from. Not random events. Here’s an example of how a novice traders mind may work: You see an article pop up about a Tesla car that was on auto pilot and crashed into a stationary car causing injury to both the driver and the passenger. Your instant thoughts are “This could effect Tesla’s stock price” and you put it on your watchlist for the day. Now the issue with this is this the specific event Is not measurable. The way in which the stock reacts will be random and you won’t be able to use the stats for any other trades. Making the event a coin flip and therefore a gamble. Focus on set ups not ideas. It’s ok to have an idea for the set up but the set up HAS TO BE THERE. Now lets get straight to it. What is an all time high breakout? 1. The answer is simple. This is when a stock breaks out into a new ATH. Why is this such a good set up to take? 1. Because everybody who’s EVER brought the stock is now in the GREEN “no reason to sell” and everybody who’s shorting the stock is now red “May look to cover” Here’s how it works: A lot of professional traders, myself included, love the all time high break outs for many reasons. The main being the explosive moves it can often provide. Due to this a lot of day traders, swing traders, investors, funds and algorithms will monitor the market for these potential plays. Meaning they’re often on the buying side. This is why you can see what appears to be a stock doing very little yet the moment it trickles over it’s previous ATH high it can rally for days. It’s called “buying the breakout” You see the market is run on mostly Human emotion, we know this but very few understand how that works. The reason most people lose money in the market is they are untrained and do not have the discipline to handle their own barbaric emotions. Here’s why that’s important. For this example we’ll call the company $STONKS it’s been on the market for 3 years and it’s current all time high is $10. Some bad news comes out and the stock gaps down to $8 causing people to panic sell and the stock to drop even further. Over the next 12 months it drops to a low of $5 until finally reclaiming to today at $9.90. It’s been consolidating between $9 and $9.90 for 10 days. For the past year there has been a lot of people bag holding. Those who brought at the previous all time high have seen their investment drop by 50% and slowly recover. In between this time a lot of people have cut their loses, some have averaged down, new investors have “brought the dip” and we’re now back to where we was a year ago. Now we have a few things at play here. 1. Those who rode through the entire year, the 50% drop and who haven’t sold now at break even clearly have no intention to sell. 2. Out of those who brought the dip some will have sold and some and still holding onto their shares even though the price has been stagment the past 10 days. 3. For the past 10 days people have been buying consistently and have been paying $9 or above for the stock. Showing a growing interest and price acceptance at these prices. 4. People who shorted the stock are now either at break even or at a loss. 5. Anybody new who wants to purchase some shares has currently got to pay all time high prices. The longer we consolidate at these price the more powerful the move can become, why you ask? Because it has more chance of the float being rotated. Understand that the first time $STONKS went up to $10 1 year ago the average price paid by an investor may have been $3 which meant a lot of profit taking occurred. When the bad news hit a lot of those investors jumped ship. Causing more supply than demand and therefore the price to drop. Fast forward to today and the longer it consolidates above $9 the high the AVG price held will be. When this happens the buyers are literally sitting on basically no loss nor no gain giving them no reason to sell. For those unaware, if you short a stock the only way to get out for a loss is to cover your position. This in turn means “buying the stock”. Creating more buying pressure. Short positions will often risk in this scenario the all time high. Meaning if it breaks they start to cover. If they start to cover it increases buying pressure and with buying pressure increasing the stock moves up (extremely simple explanation). So we as traders recognise the stock is setting up for an ATH breakout and here’s what we do. We decide we want to risk $2,000 in the stock. We buy $500 worth at 9.20 known as a starter position and we wait. A week goes by and it’s still chopping between this range. A press release then comes out (a bullish catalyst). The market opens are $STONKS see’s a huge 15 minute candle at open. The largest amount of volume it’s seen in months. On that volume it breaks $10 and instantly jumps to $10.50. We managed to get our other $1,500 in at $10.20 bringing our average to roughly $9.90 a share. We move our stop loss to below the previous ATH with some breathing room AKA $9.50/share. Everybody who now has shares in this stock prior to today is in the green, they’re estactic. Those who held through the entire past year and refused to sell are now mentioning how they’re in profit on an investment they made to work colleagues. Short positions are now aware there’s no resistance and start covering “buying shares”. FOMO buyers who are “trading the news” (not a set up ;) ) are now buying in. Professional swing traders are buying the break out, day traders are buying the opening drive. Everybody is buying.. The stock closes at $12 marking a 25% daily gain. Barrons, CNBC, MSN all post above how $STONKS rallied into ATH due to X,Y,Z The following morning the stock gaps up. People are hyped, pre market goes wild and opens at $16. We instantly sell half… The stock is extremely extended as new investors flurry in, we sell them some more. There’s now 25% left of our original investment. We move our stop loss under PM support and go to focus on the next set up. The same set up. Something we can measure. Something we take day in day out. If the stock goes to 20 then we don’t get annoyed we could have missed out on further profits as it wasn’t our trade. The stock taps 20, massive selling occurs and settles around 14. Where it stays for months, consolidationg. Meanwhile, we’re just waiting for it to once again set up. So how do I find these trades? I use trading view, I create a list of sectors such as EVs, Solar, Tech, AI etc etc and I scan through each day. Literally just flick through. Is the stock near it’s ATH? If not, I go to the next and the next. My indicators are as follows. Volume Profile, RSI (for the daily only) That’s it. If you master just this single set up you can make money consistently. Why? Because it’s measurable, you can improve upon it. You can learn from each event but most importantly you have a set plan where the market is in your favour for the outcome to work. Never under estimate human emotion. I post all my trades on Instagram at the moment but I’ll look into posting my watchlist here too if it’ll help you guys. Feel free to ask questions.

Daytrading

Thanks for the info. Very helpful for a beginner like me. My question is: once you've creating a list based on volume, RSI and proximity to ATH, how do you parce out the stocks worth taking a risk on? Or how do you judge how big a risk a stock is worth?

utf5u

Where has all the money in the world gone?

Honest question. Where is all the money? I hear nothing but bad news about financial crisis all over the world, and it seems that there is a shortage of cash - like it is some sort of natural resource. People haven't stopped buying stuff. They still need food, clothing, medicine, shelter. Taxes are still collected. Fines are still levied. So where is all the money? I mean, labor has been produced to make things and wages paid to the laborers. The things are purchased by other laborers, who were paid for producing goods or services, etc. It's a closed loop, right? Can someone explain it like I'm five or something?

finance

To summarize, the money never existed. The best example I can give is the housing bubble. Houses were being bought on credit worthiness and this pushed the house prices and values up as if the houses had been bought with real money. When people couldn't make their payments, the house prices crashed. The boom and bust cycle is simply credit being overextended (boom) and when there is not enough money in the system for everyone to repay all their debts it crashes (bust). The real question that people should be asking is not "Where did all the money go?", but "Why is money issued by private banks?" Money is a social invention to facilitate trade. Should it not be like a public water utility? Counterfeiting is illegal except when a private bank does it. Money should not be variable in value and economics will never be a science if the measurement of value is not standardized. All natural sciences have standards of measurement like meters, joules, degrees, etc. Money must decrease in value constantly because all money is issued at interest. We essentially pay rent on all money that isssued and the interest can only be repaid if more money is created, once again at interest. This is why economists generally say some inflation is good. Finance has told them interest is a given on the issue of money when in reality, money is just an IOU that requires no such interest payment for it's issue. Interest should be made if a loan is issued against savings, but not for the simple issuance of money. There should be public banks that issue the money and private banks for investment. You can read more about this from reading about Arthur Kitson. In this way, the public controls the value of it's money, not private bankers that use the issue of money to transfer wealth to an idle financial class. If you want to get into the differences between wealth and debt, read the work of Frederick Soddy. It's off topic from this thread but really interesting to see how he relates real science to economics and how our current economic system is not scientific in the least. Wealth is subject to the laws of thermodynamics while debt is an invention of the human will. Debt never rots or degrades with time and can expand exponentially through compound interest - nothing in the natural world does this.

opye2f

A Guide To Value Investing For Novice Investors

Hi all. * I wrote a **simple guide for novice value investors**. It takes things step-by-step so you don't get lost: [http://lucid-finance.com/2021/07/17/a-complete-guide-to-value-investing-for-novice-investors/](http://lucid-finance.com/2021/07/17/a-complete-guide-to-value-investing-for-novice-investors/) * **Want quick, digestible summaries of market news + occasional value picks?** Go to [https://johanlunau.substack.com](https://johanlunau.substack.com). 560+ subscribers. I hope these help you on your journey. This community is fantastic if you avoid the hive mind, and feel free to get in touch!

ValueInvesting

I have little to no financial background but I’m interested in investing. I am hoping to use this guide to learn as much as I can. Hopefully I can make good use of this post and increase my knowledge and eventually my finances. Thanks in advanced.

lxd6d5

It's crazy that I almost thought about monetizing this, rather than giving it for free. It's time to realize and the real flaw of money--it makes people selfish. I want to end that and make people care about each other again. Here is my year long TradingView project, for free. I keep the code tho :)

Make sure you backtest this baby to learn how it works, but god damn has it improved my winrate drastically. I love retail traders. But to hell with the institutions that manipulate this game in their favor and take advantage of people like us only trying to earn a nice life for our families. Here is my hard-work, and I'm giving it to you all to look out for the little guy, like the stupidly wealthy of society fail and refuse to do. [https://www.tradingview.com/script/dBpudiCE-Volume-Strength-Indicator/](https://www.tradingview.com/script/dBpudiCE-Volume-Strength-Indicator/) Comment below any questions regarding the use of this indicator and I will try to answer as many as I can. I wish everyone a sincere, honest luck with the markets. May we all master them one day and earn the lives we can only dream of. Btw I will be starting a Youtube series to educate people on how to make their own market edge. If that is something there is a lot of interest for, be sure to let me know, and I can get started on it ASAP. Thanks and love you guys, T. EDIT: Due to some overwhelming demand I will be releasing a short tutorial video on YouTube to go over some uses I have found with this unique indicator. I will update with the link when it's live.

Trading

you got a twitter or something? I am willing to follow I would love to see a youtube video. I am brand new too this (Only like 4 months in total but using a real broker, Thinkorswim, I am brand new this will be really helpful!) Thank you

nlwaxv

House of Cards - Part 2

***Prerequisite DD:*** 1. [Citadel Has No Clothes](https://www.reddit.com/r/GME/comments/m4c0p4/citadel_has_no_clothes/) 2. [The EVERYTHING Short](https://www.reddit.com/r/GME/comments/mgucv2/the_everything_short/) 3. [The House of Cards – Part 1](https://www.reddit.com/r/Superstonk/comments/mvk5dv/a_house_of_cards_part_1/) \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ **TL;DR-** **No freaking way I can do that.** **\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_** **1.** **Pilot** I wasn’t looking into GameStop when all of this began. Most of my time was spent researching the pandemic’s impact on the economy. I’m talking about the economic steam engine that employs people and puts food on their tables. Especially the small businesses that were executively steamrolled by COVID lockdowns. It was scary how fast they had to close their doors. I spent a lot of time looking at companies like GameStop. Brick-n-mortar businesses were basically running out of bricks to sh\*t. Frankly, GameStop looked a lot like the next Blockbuster and it just seemed like a matter of time before they went under. Had DFV not done his homework, it's possible we wouldn’t have a rocket to HODL or a story to TODL. Whoever has/had a short position with GameStop was probably thinking the same thing. The number of shares that can be freely traded on a daily basis is referred to as “the float”. GameStop has 70,000,000 shares outstanding, but 50,000,000 shares represented “the float”. With a small float like this, a [short position of 20% becomes significant](https://bullishbears.com/vw-short-squeeze/). Heck, Volkswagen got squozed with just a [12.8%](https://bullishbears.com/vw-short-squeeze/) short position. So let’s use little numbers to walk through an example of how this works. Assume VW has 100 shares outstanding. If 12.8% of the company has been sold short, then 12.8 shares (let’s just say 13) must be available to purchase at a later date (assuming VW doesn’t go bankrupt). However, VW had a float of 45% which meant there was no real strain to cover that 12.8% short position at any moment. However, when Porsche announced they wanted to increase their position in VW, they invested HEAVILY. *“The kicker was that Porsche owned 43% of VW shares, 32% in options, and the government owned 20.2%.... In plain terms, it meant that the actual available float went from 45% down to 1% of outstanding shares” (bullishbears.com/vw-short-squeeze/).* Let’s revisit our scenario. With 100 shares outstanding and 13 shares sold short, what happens if only 1 share was available to cover instead of 45? Well….. THIS: ​ https://preview.redd.it/c1n24ypq5k171.jpg?width=348&format=pjpg&auto=webp&s=2401d50c3ec1197e08564be1ffbd643558e52b6a \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ GameStop is/was the victim of price suppression through short selling. I discussed this topic with [Dr. T](https://www.youtube.com/watch?v=fGVY2Kco8ng) and [Carl Hagberg](https://www.youtube.com/watch?v=KHnpPfWdf78) in [our AMAs.](https://www.youtube.com/watch?v=KHnpPfWdf78) Every transaction has two sides- a buy and a sell. Short selling artificially increases the *supply* of shares and causes the price to decline. When this happens, the price can only increase if *demand* exceeds the increase in supply. I started looking closely at GameStop after confirming their reported short position of [140%](https://www.reuters.com/article/us-retail-trading-congress-shorting/short-selling-under-spotlight-in-gamestop-hearing-idUSKBN2AJ026). It’s important for me explain this why this is so much different than the VW example… 140% of GameStop’s FLOAT was sold short. There were 50,000,000 shares in that float, so 140% of this was equal to the 70,000,000 shares the company has outstanding. This means AT LEAST 100% of their outstanding shares has been sold short. Now compare that to VW where the short position was only 12.8%... Simply put, it is mathematically impossible to cover more than 100% of a company’s outstanding stock. The *peak* of the VW squeeze was reached when the demand for shares became surpassed by the supply of those shares. Here, demand represents 12.8% of their stock which must be available to close the short position. With only 1% of shares available, this guaranteed a squeeze until the number of shares available to trade could satisfy the remaining short interest. When a company has a short position with more than 100% of total shares outstanding, the preceding argument is thrown out the window. Supply cannot surpass demand because the company can only issue 100% of itself at any given time. Therefore, the additional 40% could only be explained by multiple people claiming ownership of the same share... Surely this is a mistake.. right? I thought this level of short selling was impossible.. ..Until I saw the number of short selling violations issued by FINRA.. As we go through these FINRA reports, there are a few things to keep in mind: 1. **FINRA is not a part of the government.** FINRA is a non-profit entity with [regulatory powers set by congress](https://www.finra.org/about). This makes FINRA the largest self-regulatory organization (SRO) in the United States. The SEC is responsible for setting rules which protect individual investors; FINRA is responsible for overseeing most of the brokers (collectively referred to as members) in the US. As an SRO, FINRA sets the rules by which their members must comply- **they are not directly regulated by the SEC** 2. FINRA investigates cases at their own pace. When looking at the “*Date Initiated”* on their reports, it is not synonymous with “*date of occurrence”.* Many times, FINRA will not say when a problem occurred, just resolved. It can be YEARS after the initial occurrence. The [DTC participant report](https://www.dtcc.com/-/media/Files/Downloads/client-center/DTC/alpha.pdf) is littered with cases that were initiated in 2019 but occurred in 2015, etc. Many of the violations occurring today will take years to discover 3. FINRA can issue a violation for each occurrence using a 1:1 format. When it comes to violations like short selling, however, these “occurrences” can last months or even years. When this happens, FINRA issues a violation for multiple occurrences using a 1:MANY format. I discussed this event in [Citadel Has No Clothes](https://www.reddit.com/r/GME/comments/m4c0p4/citadel_has_no_clothes/) where one violation represented FOUR YEARS of market f\*ckery. What’s sh\*tty is that FINRA doesn’t tell you which violations are which. You have to read each line and see if they mention a date range of occurrence within each record. If they don’t, you must assume it was for one event… BRUTAL 4. FINRA’s investment portfolio is held by the same entities they are issuing violations to… Let that sink in for a minute \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ **2.** **State your case…** Can you think of a reason why short sellers would want to understate their short positions? Put yourself in their situation and imagine you’re running a hedge fund… You operate in a self-regulated (SRO) environment and your records are basically private. If the SEC asks you to justify suspicious behavior, you really don’t have to provide it. The worst that could happen is a slap on the wrist. I wrote about this EXACT same thing in [Citadel Has No Clothes](https://www.reddit.com/r/GME/comments/m4c0p4/citadel_has_no_clothes/). They received a cease-and-desist order from the SEC on 12/10/2018 for failing to submit complete and accurate records. This ‘occurred’ from November 2012 through April 2016 and contained deficient information for over 80,000,000 trades. Their punishment… $3,500,000… So why even bother keeping an honest ledger? Now, suppose you short a bunch of shares into the market. When you report this to FINRA, they require you to mark the transaction with a short sale indicator. In doing so, FINRA builds a paper trail to your short selling activity. However… if you omit this indicator, FINRA can’t distinguish that transaction from a long sale. Who else would there be to hold you accountable for covering your position? This is especially true for self-clearing organizations like Citadel because there are less parties involved to hold you accountable with recordkeeping. If FINRA thinks you physically owned those shares and sold them (long sale), they have no reason to revisit that transaction in the future… You could literally pocket the cash and dump the commitment to cover. Another very important advantage is that it allows short sellers to artificially increase the supply of shares while understating the outstanding short interest on that security. The supply of shares being sold will drive down the price, while the short interest on the stock remains the same. So.. aside from paying a fine, how could you possibly lose by “forgetting” to mark that trade with a short sale indicator? It would seem the system almost incentivizes this type of behavior. I combed through the [DTC participant report](https://www.dtcc.com/-/media/Files/Downloads/client-center/DTC/alpha.pdf) and found enough dirt to fill the empty chasm that is Ken Griffin’s soul. Take a guess at what their most common short selling violation is.. I’m going to assume you said **“FAILING TO PROPERLY MARK A SHORT SALE TRANSACTION”.** For the record, I just want to say I called this in March when I wrote [Citadel Has No Clothes](https://www.reddit.com/r/GME/comments/m4c0p4/citadel_has_no_clothes/). Citadel has one of the highest concentrations of short selling violations in their FINRA report. At the time, I didn’t fully understand the consequences of this violation… After seeing how many participants received the same penalty, it finally made sense. There are roughly 240 participant account names on the DTC’s list. Sh\*t you not, I looked at every short selling violation that was published on [Brokercheck.finra.org](https://brokercheck.finra.org/). To be fair, I eliminated participants with only 1 or 2 violations related to short selling. There were PLENTY of bigger fish to fry. I literally picked the first participant at the top of the list and found three violations for short selling. \*cracks knuckles\* [ABN AMRO Clearing Chicago LLC](https://files.brokercheck.finra.org/firm/firm_14020.pdf) (AACC) is the 3rd largest bank in the Netherlands. They got popped for three short selling violations, one of which included a failure-to-deliver. In total, they have 78 violations from FINRA. Several of these are severe compared to their violations for short selling. However, the short selling violations revealed a MUCH bigger story: https://preview.redd.it/3t5ylyfz5k171.jpg?width=1055&format=pjpg&auto=webp&s=f961999d09eeee7fbe42364700cbc727869f9e3f So… ABN AMRO submitted an inaccurate short interest position to the NYSE and FINRA and lacked the proper supervisory systems to comply with… practically everything… In 2014, AMRO forked over $95,000 to settle this and didn’t even say they were sorry. In these situations, it’s easy to think *“meh, could have been a fluke event”*. So I took a closer look and found violations by the same participants which made it much harder to argue their case of sheer negligence. Here are a couple for AMRO: https://preview.redd.it/vir299076k171.jpg?width=1079&format=pjpg&auto=webp&s=e17e6ceff040a4be0113c1bc4e435f29fb5ce0a6 ABN AMRO got slapped with a $1,000,000 fine for understating capital requirements, failing to maintain accurate books, and failing to supervise employees. If you mess up once or twice but end up fixing the problem- GREAT. When your primary business is to clear trades and you fail THIS bad, there is a much bigger problem going on. It gets hard to defend this as an accident when every stage of the trade recording process is fundamentally flawed. The following screenshot came from the same violation: https://preview.redd.it/mnpm2gz96k171.jpg?width=733&format=pjpg&auto=webp&s=7e5c66293566b7ca2329f20bcdb634c35395943f [Warehouse receipts](https://www.investopedia.com/terms/w/warehousereceipt.asp#:~:text=A%20warehouse%20receipt%20is%20used,well%20as%20provide%20inventory%20management.) are like the receipts you get after buying lumber online. You can print these out and take them to Home-Depot, where you exchange them for the ACTUAL lumber in the store. Instead of trading the actual goods, you can trade a warehouse receipt instead… so yeah… since this ONE record allowed AMRO to meet their customer’s margin requirement, it seems EXTREMELY suspicious that they didn’t appropriately remove it once they were withdrawn. Do I think this was an accident? F\*ck no. Because FINRA reported them 8 years later for doing the SAME F\*CKING THING: https://preview.redd.it/sv0v5igw6k171.jpg?width=1071&format=pjpg&auto=webp&s=02f17082135c702fad6bbc064073ae031151cee7 Once again, AMRO got caught understating their margin requirements. Last time, they used the value of withdrawn warehouse receipts to meet their margin requirements. Here, they’re using securities which weren’t eligible for margin to meet their margin requirements.. You can paint apple orange, but it’s still an apple.. The bullsh\*t I read about in these reports doesn’t really shock me anymore. It’s actually the opposite.. You begin to *expect* bigger fines as they set higher benchmarks for misconduct. When I find a case like AMRO, I’ll usually put more time into it because certain citations represent puzzle pieces. Once you find enough pieces, you can see the bigger picture. So believe me when I say I was genuinely shocked by the [detail report](https://www.finra.org/sites/default/files/fda_documents/2016049875801%20ABN%20AMRO%20Clearing%20Chicago%20LLC%20CRD%2014020%20AWC%20va%20%282019-1572740384682%29.pdf) on this case… https://preview.redd.it/4lgyti547k171.jpg?width=844&format=pjpg&auto=webp&s=633a928d28caef8cc6719873532aef60f271cefb **This has been going on for 8 F\*CKING YEARS!?** Without a doubt, this is a great example of a violation where the misconduct supposedly *ended* in 2015 but took another 4 years for FINRA to publish the d\*mn report. If my math is correct, the 8 year “relevant period” plus the 4 years FINRA spent… I don’t know… reviewing?... yields a total of 12 years. In other words, from the time this problem started to the time it was publicized by FINRA, the kids in 1st grade had graduated high school… Does anyone else think these self-regulatory organizations (SROs) are doing a terrible job self-regulating…? How we can trust these situations are appropriately monitored if it takes 12 years for a sh\*t blossom to bloom? …OH! I almost forgot… After understating their margin requirements in 22 accounts for over 8 years, ABN AMRO paid a $150,000 fine to settle the dust… \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ I know that was a sh\*t load of information so let me summarize it for you: One of the most common citations occurs when a firm “accidently” marks a short sale as long, or misreports short interest positions to FINRA. When a short sale occurs, that transaction should be marked with a short sale indicator. Despite this, many participants do it to avoid the borrow requirements set by Regulation SHO. If they mark a short sale as long, they are not required to locate a borrow because FINRA doesn’t know it’s a short sale. This is why so many of these FINRA violations include a statement about the broker failing to locate a borrow along with the failure to mark a short sale indicator on the transaction. It literally means the broker was naked short selling a stock and telling FINRA they physically owned that share.. Suddenly, a “small” violation had much bigger implications. The number of short shares that have been excluded from the short interest calculation is directly related to these violations… and there are HUNDREDS of them. Who knows how many companies have under reported short interest positions.. To be clear, I did NOT choose them based on the amount of ‘dirt’ they had. AMRO’s violations were like grains of sand on a beach and It’s going to take A LOT of dirt to fill the bottomless pit that is Ken Griffin’s soul. Frankly, ABN AMRO wouldn’t get us there with 10,000 FINRA violations. So without further ado, let’s get dirty.. \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ **2.** **Call em’ out…** When FINRA publishes one of their reports, the granular details like numbers and dates are often left out. This makes it impossible to determine how systematic a particular issue might be. For example, if you know that *“XYZ failed to comply with FINRA’s short interest reporting requirements”* your only conclusion is that the violation occurred. However, if you know that *“XYZ failed to comply with FINRA’s short interest reporting requirements on 15,000 transactions during 2020”* you can start investigating the magnitude of that violation. If XYZ only completed 100,000 transactions in 2020, it means 15% of their transactions failed to meet requirements. This represents a major systematic risk to XYZ and the parties it conducts business with. I spent some time analyzing [Apex Clearing Corporation](https://files.brokercheck.finra.org/firm/firm_13071.pdf) after I left ABN AMRO. Apex is 8th on the list and the 2nd participant I found with an evident short selling problem. In 2019, FINRA initiated a case against Apex for doing the same sh\*t as ABN AMRO. However, the magnitude of this violation really put things into perspective: I got a small taste of how f\*cked this house of cards truly is.. https://preview.redd.it/u1b4zh6m7k171.jpg?width=1076&format=pjpg&auto=webp&s=0f14f5fa49e73dad79ff605464fc1c64fa73f5bd This is practically a template of the first ABN AMRO violation we discussed. To see the difference, we need to look at their [letter of Acceptance, Waiver and Consent](https://www.finra.org/sites/default/files/fda_documents/2016049448301%20Apex%20Clearing%20Corporation%20CRD%2013071%20AWC%20va%20%282019-1573777189509%29.pdf) (AWC).. https://preview.redd.it/zaiywobp7k171.jpg?width=938&format=pjpg&auto=webp&s=7fe2d2323e757efcdedf2ab22aa1ff34e10d7d55 Let’s break this down step-by-step… Apex had an issue for 47 months where certain customers recorded their short positions in an account which was NOT being sent to FINRA. It only takes a few wrinkles on the brain to realize this is a problem. The sample data tells us just how bad that problem is.. When you see the term “*settlement days”,* think “[T+2](https://www.schwab.com/resource-center/insights/content/stock-settlement-why-you-need-to-understand-t2-timeline#:~:text=the%20seller's%20account.-,When%20does%20settlement%20occur%3F,would%20typically%20settle%20on%20Wednesday.)”. Apex follows the T+2 settlement period for both [cash accounts and margin accounts](https://www.apexclearing.com/wp-content/uploads/2020/01/Apex-Customer-Information-Brochure-2019.pdf) which means the trade *should* clear 2 days after the original trade date. When you buy stock on a Monday, it should settle by Wednesday. Ok.. quick maff… There are roughly [252 trading days](https://therobusttrader.com/how-many-trading-days-are-there-in-a-year/) in one year after removing weekends and holidays. Throughout the 47 month “review period”, we can safely assume that **Apex had roughly 987** ((252/ 12) \* 47) **settlement dates**… **In other words: 256 misstated reports over 47 months is more than 1 misstatement / week for nearly 4 years.** Tell me again how this is *trivial?* The wording of the “sample settlement” section is a bit ambiguous… It doesn’t clarify if those were the only 2 settlement dates they sampled, or if they were the only settlement dates with reportable issues. Honestly, I would be shocked if it was the latter because auditors don’t examine every record, but I can’t be certain… Anyway… FINRA discovered 256 short interest positions, consisting of 481,195 shares, were *incorrectly* excluded from their short interest report. In addition, they understated the share count by 879,321 in 130 separate short interest positions. Together, this makes 1,360,516 shares that were excluded from the short interest calculation. When you realize nearly 1.5 million ‘excluded’ shares were discovered in just 2 settlement periods and there were almost 1,000 dates to choose from, it seriously dilates the imagination… Once again… FINRA wiped the slate clean for just $140,000… I want to talk about one last thing before we jump to the next section. Did you happen to notice the different account types that Apex discussed in their [letter of Acceptance, Waiver and Consent](https://www.finra.org/sites/default/files/fda_documents/2016049448301%20Apex%20Clearing%20Corporation%20CRD%2013071%20AWC%20va%20%282019-1573777189509%29.pdf) ? They specifically instructed their customers to book short positions into a TYPE 1 (CASH) account, or TYPE 5 (SHORT MARGIN) account. A short margin account is just a margin account that holds short positions. The margin requirement for short positions are more strict than regular margin accounts, so I can see the advantage in separating them. In the [AMA with Wes Christian](https://www.youtube.com/watch?v=2rJujnpKiqM) *(starting at 7:30)*, he specifically discussed how a broker-dealer’s margin account is used to locate shares for short sellers. However, the margin account contains shares that were previously pledged to another party. Given the lack of oversight in securities lending, the problem keeps compounding each time a new borrower claims ownership of that share. Now think back to the situation with Apex.. They asked their customers to book short positions to a short-margin account or a cash account. The user agreement with a margin account allows Apex to continue lending those securities at any time. As discussed with Dr. T and Carl Hagberg, the broker collects interest for lending your margin shares and doesn’t pay you anything in return. When multiple locates are authorized for the same share, the broker collects multiple lending fees on the same share. In contrast, the cash account falls under the protection of [SEA 15c3-3](https://www.finra.org/sites/default/files/SEA.Rule_.15c3-3.pdf) and consists of shares that have not been leveraged- or lent- like the margin-short account. According to Wes *(starting at 8:30)*, these shares are segregated and cannot be touched. The broker cannot encumber-or restrict- them in any way. However, according to Wes, this is currently happening. He also explained how Canada has legalized this and currently allows broker-dealers to short sell your cash account shares against you. \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ Alright…. I’ll stop beating the dead horse regarding short sale indicators & inaccurate submissions of short interest positions. Given the volume of citations we haven’t discussed, I’ll summarize some of my findings, below. Keep in mind these are ONLY for **“FAILURE TO REPORT SHORT INTEREST POSITIONS”** or **“FAILURE TO INDICATE A SHORT SALE MODIFIER”**. If the violations contain additional information, it’s because that citation actually listed additional information. **It does NOT represent an all-inclusive list of short selling violations for these participants.** …You wanted to know how systematic this problem is, so here you go... *(EACH BROKER-DEALER NAME IS HYPERLINKED TO THEIR FINRA REPORT)* 1. [Barclays](https://files.brokercheck.finra.org/firm/firm_19714.pdf) | Disclosure 36 – “SUBMITTED 86 SHORT INTEREST POSITIONS TOTALING 41,100,154 SHARES WHEN THE ACTUAL SHORT INTEREST POSITION WAS 44,535,151 SHARES.. FAILED TO REPORT 8 SHORT INTEREST POSITIONS TOTALING 1,110,420 SHARES” a. $10,000 FINE 2. [Barclays](https://files.brokercheck.finra.org/firm/firm_19714.pdf) | Disclosure 54 – “SUBMITTED AN INACCURATE SHORT INTEREST POSITION TO FINRA AND FAILED TO REPORT ITS SHORT INTEREST POSITIONS IN 835 POSITIONS TOTALING 87,562,328 SHARES” a. $155,000 FINE 3. [BMO Capital Markets Corp](https://files.brokercheck.finra.org/firm/firm_16686.pdf) | Disclosure 23 – “SUBMITTED SHORT INTEREST POSITIONS TO FINRA THAT WERE INCORRECT AND FAILED TO REPORT TO FINRA ITS SHORT INTEREST POSITIONS TOTALING OVER 72 MILLION SHARES FOR 11 MONTHS” a. $90,000 FINE 4. [BNP Paribas Securities Corp](https://files.brokercheck.finra.org/firm/firm_15794.pdf) | Disclosure 53 – “FAILED TO REPORT TO FINRA ITS SHORT INTEREST IN 2,509 POSITIONS TOTALING 6,051,974 SHARES” a. $30,000 FINE 5. [BNP Paribas Securities Corp](https://files.brokercheck.finra.org/firm/firm_15794.pdf) | Disclosure 9 – “ON 35 OCCASIONS OVER A FOUR-MONTH PERIOD, A HEDGE FUND SUBMITTED SALE ORDERS MARKED “LONG” TO BNP FOR CLEARING. FOR EACH OF THOSE “LONG” SALES, ON THE MORNING OF SETTLEMENT, THE HEDGE FUND DID NOT HAVE THE SHARES IN IT’S BNP ACCOUNT TO COVER THE SALE ORDER. IN ADDITION, BNP WAS ROUTINELY NOTIFIED THAT THE HEDGE FUND WOULD NOT BE ABLE TO COVER. NEVERTHELESS, WHEN EACH SETTLEMENT DATE ARRIVED AND THE HEDGE FUND WAS UNABLE TO COVER, BNP LOANED THE SHARES TO THE HEDGE FUND. IN TOTAL, BNP LOANED MORE THAN 8,000,000 SHARES TO COVER THESE PURPORTED “LONG” SALES” a. $250,000 FINE 6. [Cantor Fitzgerald & Co](https://files.brokercheck.finra.org/firm/firm_134.pdf) | Disclosure 1 - (literally came out on 5/6/2021) – “THE FIRM SUBMITTED INACCURATE SHORT INTEREST POSITIONS TO FINRA. THE FIRM OVERREPORTED NEARLY [55,000,000 SHORT SHARES](https://www.finra.org/sites/default/files/fda_documents/2018059464001%20Cantor%20Fitzgerald%20%26%20Co.%20CRD%20134%20AWC%20va.pdf) WHICH WERE CUSTODIED WITH AND ALREADY REPORTED BY ITS CLEARING FIRM, WITH WHICH CANTOR MAINTAINS A FULLY DISCLOSED CLEARING AGREEMENT” a. $250,000 FINE 7. [Cantor Fitzgerald & Co](https://files.brokercheck.finra.org/firm/firm_134.pdf) | Disclosure 31 - “…THE FIRM EXECUTED NUMEROUS SHORT SALE ORDERS AND FAILED TO PROPERLY MARK THE ORDERS AS SHORT… THE FIRM, ON NUMEROUS OCCASIONS, ACCEPTED SHORT SALE ORDERS IN AN EQUITY SECURITY FROM ANOTHER PERSON, OR EFFECTED A SHORT SALE FROM ITS OWN ACCOUNT WITHOUT BORROWING THE SECURITY…” a. $53,500 FINE 8. [Cantor Fitzgerald & Co](https://files.brokercheck.finra.org/firm/firm_134.pdf) | Disclosure 33 - “…EXECUTED SHORT SALE ORDERS AND FAILED TO PROPERLY MARK THE ORDERS AS SHORT. THE FIRM HAD FAIL-TO-DELIVER POSITIONS AT A REGISTERED CLEARING AGENCY IN THRESHOLD SECURITIES FOR 13 CONSECUTIVE SETTLEMENT DAYS… FAILED TO IMMEDIATELY CLOSE OUT FTD POSITIONS… ACCEPTED SHORT SALE ORDERS FROM ANOTHER PERSON, OR EFFECTED A SHORT SALE FROM ITS OWN ACCOUNT, WITHOUT BORROWING THE SECURITY OR HAVING REASONABLE GROUNDS TO BELIEVE THAT THE SECURITY COULD BE BORROWED…” a. $125,000 FINE 9. [Canaccord Genuity Corp](https://files.brokercheck.finra.org/firm/firm_1020.pdf) | Disclosure 17 - “THE FIRM EXECUTED SALE TRANSACTIONS AND FAILED TO REPORT EACH OF THESE TRANSACTIONS TO THE FINRA/NASDAQ TRADE REPORTING FACILITY AS SHORT” a. $57,500 FINE 10. [Canaccord Genuity Corp](https://files.brokercheck.finra.org/firm/firm_1020.pdf) | Disclosure 20 - “THE FIRM EXECUTED SHORT SALE ORDERS AND FAILED TO PROPERLY MARK THE ORDERS AS SHORT” a. $27,500 FINE 11. [Canaccord Genuity Corp](https://files.brokercheck.finra.org/firm/firm_1020.pdf) | Disclosure 31 - “…SUBMITTED TO NASD MONTHLY SHORT INTEREST POSITION REPORTS THAT WERE INACCURATE” a. $85,000 FINE 12. Citadel Securities LLC | [Citadel Has No Clothes](https://www.reddit.com/r/GME/comments/m4c0p4/citadel_has_no_clothes/) – LITERALLY ALL I TALK ABOUT IN THAT POST. GO READ IT 13. [Citigroup Global Markets](https://files.brokercheck.finra.org/firm/firm_7059.pdf) | Disclosure 10 – “THE FIRMS TRADING PLATFORM FAILED TO RECOGNIZE THAT THE FIRM WAS SELLING SHORT WHEN IT WAS ACTING AS THE CONTRA PARTY TO A CUSTOMER TRADE. AS A RESULT, THE FIRM ERRONEOUSLY REPORTED SHORT SALES TO A FINRA TRADE REPORTING FACILITY AS LONG SALES… EFFECTING SHORT SALES FROM ITS OWN ACCOUNT WITHOUT BORROWING THE SECURITY…” a. $225,000 FINE 14. [Citigroup Global Markets](https://files.brokercheck.finra.org/firm/firm_7059.pdf) | Disclosure 59 – “…THE FIRM RECORDED 203,653 SHORT SALE EXECUTIONS ON ITS BOOKS AND RECORDS AS LONG SALES, SUBMITTED INACCURATE ORDER ORIGINATION CODES AND ACCOUNT TYPE CODES TO THE AUDIT TRAIL SYSTEM FOR APPROXIMATELY 2,775,338 ORDERS… “ a. $300,000 FINE 15. [Citigroup Global Markets](https://files.brokercheck.finra.org/firm/firm_7059.pdf) | Disclosure 76 – “…FAILED TO PROPERLY MARK APPROXIMATELY 9,717,875 SALE ORDERS AS SHORT SALES… FINDINGS ALSO ESTIMATED THAT THE FIRM ENTERED **55 MILLION ORDERS** INTO THE NASDAQ MARKET CENTER THAT IT FAILED TO CORRECTLY INDICATE AS SHORT SALES…” a. $2,250,000 FINE 16. [Cowen and Company LLC](https://files.brokercheck.finra.org/firm/firm_7616.pdf) | Several Disclosures – almost every other disclosure is for failing to mark a sale with the appropriate indicator, including short AND long sale indicators 17. [Credit Suisse Securities LLC](https://files.brokercheck.finra.org/firm/firm_816.pdf) | Disclosure 34 – “NEW ORDER REPORTS WERE INACCURATELY ENTERED INTO ORDER AUDIT TRAIL SYSTEM (OATS) AS LONG SALES BUT WERE TRADE REPORTED WITH A SHORT SALE INDICATOR” a. $50,000 FINE 18. [Credit Suisse Securities LLC](https://files.brokercheck.finra.org/firm/firm_816.pdf) | Disclosure 95 – “BETWEEN SEPTEMBER 2006 AND JUNE 2008, CREDIT SUISSE FAILED TO SUBMIT ACCURATE PERIODIC REPORTS WITH RESPECT TO SHORT POSITIONS…” a. $40,000 FINE 19. [Deutsche Bank Securities INC.](https://files.brokercheck.finra.org/firm/firm_2525.pdf) | Disclosure 50 – “THE FIRM FAILED TO REPORT SHORT INTEREST POSITIONS IN DUALLY-LISTED SECURITIES” a. $200,000 FINE 20. [Deutsche Bank Securities INC.](https://files.brokercheck.finra.org/firm/firm_2525.pdf) | Disclosure 52 – “THE FIRM… EXPERIENCED MULTIPLE PROBLEMS WITH ITS BLUE SHEET SYSTEM THAT CAUSED IT TO SUBMIT INACCURATE BLUE SHEETS TO THE SEC AND FINRA… INCORRECTLY REPORTED LONG ON ITS BLUE SHEET TRANSACTIONS WHEN CERTAIN TRANSACTIONS SHOULD HAVE BEEN MARKED SHORT” a. $6,000,000 FINE (SEVERAL OTHER ISSUES REPORTED IN ADDITION TO SHORTS) 21. [Deutsche Bank Securities INC.](https://files.brokercheck.finra.org/firm/firm_2525.pdf) | Disclosure 58 – “BETWEEN JANUARY 2005 AND CONTINUING THROUGH NOVEMBER 2015, THE FIRM IMPROPERLY INCLUDED THE AGGREGATION OF NET POSITIONS IN CERTAIN SECURITIES OF A NON-US BROKER AFFILIATE… IN ADDITION… DURING THE PERIOD BETWEEN APRIL 2004 AND SEPTEMBER 2012, THE FIRM INAPPROPRIATELY REPORTED CERTAIN SHORT INTEREST POSITIONS ON A NET, INSTEAD OF GROSS, BASIS..” a. $1,400,000 FINE 22. [Goldman Sachs & Co. LLC](https://files.brokercheck.finra.org/firm/firm_361.pdf) | Disclosure 32 – “THE FIRM REPORTED SHORT SALE TRANSACTIONS TO FINRA TRADE REPORTING FACILITY WITHOUT THE REQUIRED SHORT SALE MODIFIER” a. $260,000 FINE (SEVERAL OTHER ISSUES REPORTED IN ADDITION TO SHORTS) 23. [Goldman Sachs & Co. LLC](https://files.brokercheck.finra.org/firm/firm_361.pdf) | Disclosure 54 – “FAILED TO ACCURATELY APPEND THE SHORT SALE INDICATOR TO FINRA/NASDAQ TRADE REPORTING FACILITY REPORTS… INACCURATELY MARKED SELL TRANSACTIONS ON ITS TRADING LEDGER” a. $55,000 FINE 24. [Goldman Sachs & Co. LLC](https://files.brokercheck.finra.org/firm/firm_361.pdf) | Disclosure 63 – “…SUBMITTED TO FINRA AND THE SEC BLUE SHEETS THAT INACCURATELY REPORTED CERTAIN SHORT SALE TRANSACTIONS AS LONG SALE TRANSACTIONS WITH RESPECT TO THE FIRM SIDE OF CUSTOMER FACILITATION TRADES… THE FIRM REPORTED SHORT SALES AS LONG SALES ON ITS BLUE SHEETS WHEN THE TRADING DESK USED A PARTICULAR MIDDLE OFFICE SYSTEM…” a. $1,000,000 FINE 25. [Goldman Sachs & Co. LLC](https://files.brokercheck.finra.org/firm/firm_361.pdf) | Disclosure 150 – “GOLDMAN SACHS & CO. FAILED TO REPORT SHORT INTEREST POSITIONS FOR FOREIGN SECURITIES AND NUMEROUS SHARES ONE MONTH… THE FIRM REPORTED SHORT INTEREST POSITIONS IN SECURITIES TOTALING SEVERAL MILLION SHARES EACH TIME WHEN THE ACTUAL SHORT INTEREST POSITIONS IN THE SECURITIES WERE ZERO SHARES… ACCEPTING A SHORT SALE ORDER IN AN EQUITY SECURITY FROM ANOTHER PERSON, OR EFFECTED A SHORT SALE FROM ITS OWN ACCOUNT, WITHOUT BORROWING THE SECURITY OR BELIEVING THE SECURITY COULD BE BORROWED ON THE DATE OF DELIVERY…” a. $120,000 FINE 26. [Goldman Sachs & Co. LLC](https://files.brokercheck.finra.org/firm/firm_361.pdf) | Disclosure 167 – “…THE FIRM FAILED TO REPORT TO THE NMC THE CORRECT SYMBOL INDICATING THAT THE TRANSACTION WAS A SHORT SALE FOR TRANSACTIONS IN REPORTABLE SECURITIES…” a. $600,000 FINE (SEVERAL OTHER ISSUES REPORTED IN ADDITION TO SHORTS) 27. [HSBC Securities (USA) INC.](https://files.brokercheck.finra.org/firm/firm_19585.pdf) | Disclosure 26 – “FIRM EXECUTED SHORT SALE TRANSACTIONS AND FAILED TO MARK THEM AS SHORT… HSBC SECURITIES HAD A FAIL-TO-DELIVER SECURITY FOR 13 CONSECUTIVE SETTLEMENT DAYS AND FAILED TO IMMEDIATELY CLOSE OUT THE FTD POSITION… THE FIRM CONTINUED TO HAVE A FTD IN THE SECURITY AT A CLEARING AGENCY ON 79 ADDITIONAL SETTLEMENT DAYS…” a. $65,000 FINE \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ I’m going to stop at ‘H’ because I’m tired of writing. Hopefully, you all understand the point so far. We’re only 8 letters into the alphabet and have successfully buried Ken to his waist. The system that is used to mark the proper transaction type (sell, buy, short sell, short sell exempt, etc.) is obviously broken… There, I said it.. the system is INDUBITABLY, UNDOUBTEDLY, INEVITABLY F\*CKED.. Regardless of the cause- fraud or negligence- there are too many firms failing to accomplish a seemingly simple task. The consequences of which are creating far more shares than we can imagine. It’s a gigantic domino effect. If you fail to properly mark 1,000,000 short shares and a year goes by without catching the problem, it’s already too late. They’re like the f\*cking replicators from Stargate.. In each of the examples listed above, the short interest on the stock was understated by the number of shares excluded… and that was just a handful.. Knowing this, how can someone look at the evidence and say it’s *trivial….?* No one really knows HOW systematic this issue is because it is so deeply incorporated in the market that it has BECOME the system itself. Therefore, there is obviously something much deeper going on, here.. How does one argue against the severity of these problems after reading this? There are FAR too many things that don’t make sense and FAR too many people turning a blind eye.. The only conclusion I keep coming back to is that the people with money know what’s going on and are desperately trying to keep it under wraps.. ..So…. In an effort to prove this, I looked for violations that showed their desperation to protect this f\*cked up system. ..Buckle up.. \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ ***HOUSE OF CARDS - PART 3 (I'm uploading it now; will link ASAP)***

Superstonk

Well done, u/atobitt. And thank you to u/dlauer and Dr. T for their diligent and continuous contribution to this glorious community of apes. 👏👏👏 Now, more than ever: Profit to the People. Power to the Players 💎✊

nrc7cg

Stop feeling sympathetic for those that lost their $ on naked AMC/GME Calls

I understand it sucks to see people losing their life savings, but we have been telling you not to sell naked calls on meme stocks FOR 6 FUCKING MONTHS. That’s more than enough time to grasp the fact that the premium on meme stock options are high for a reason. I have absolutely no sympathy for any of you. To the ones who sold covered calls, I also have no sympathy. You made max profit. Stop bitching about missed gains because it could have just as easily gone the opposite way. Be grateful and move your capital to another stock Edit: why is this doing numbers? It’s a shitpost. Thank you for the awards though lmao

thetagang

Yeah, while selling calls (especially naked) on these stocks it can be easy for it to appear at first like free money... until your first crush when you realize its the same as being in r/wsb buying weekly otm call options Edit: cheap, AND dangerous. Both sides of the crackrock smoked often by thetagang and wsb : the crackrock of the market, I would never imply that any folk on here use actual drugs mmk

9ec4q4

Security of Pigzbe App

The Pigzbe DApp is designed to have an extremely limited attack surface. It will support high scalability to meet the demands of a consumer-facing product. A family’s Wollo tokens are always stored in the public, distributed ledger and are not accessible by the Pigzbe organisation, and they can can be transferred or exchanged without the use of the Pigzbe app by using existing wallet software.

crypto_currency

Enabled by the Wollo Token, the Pigzbe experience (Token + App) is designed to replace physical money normally stored in a traditional piggy-bank with a digital alternative that caters to modern globalised families.

wfo9w6

I have come to realize that everything I knew about money has changed.

When I (27M) was growing up my father made about 100k/ year working in a mine. He had multiple houses big boats. I have always tried to follow in his footsteps by always being the hardest working, and taking hard jobs most won’t do that will pay more but it isn’t enough. Now people are getting wealthy from the easiest jobs like sitting on your computer or whatever. I would really appreciate some advice because I honestly don’t know what to do at this point. I have had a family for a couple years and we are barely getting by. I make 26 an hour right now but with inflation I had to get sent money for gas just to get to work today. I have been full time at my job for 2 years. I try to budget and I can’t remember the last time I actually got myself anything. I feel like a failure to my family and I’m doing the best I can. I need to learn modern ways of making money, this is not how I want to spend my life. TLDR: old ways of making money are dead please show me the way.

Money

Go to indeed and search remote jobs. If you don't know where to start search for customer service. Pay is 20+ per hour and you can work from your living room. This is an easy way to get your foot in the door somewhere and with your attitude you'll have no problem climbing the corporate ladder and make 100k per year before you know it.

64q201

United Airlines stock down over 5% premarket trading

http://www.marketwatch.com/story/uniteds-stock-is-set-to-fall-5-and-wipe-1-billion-off-the-airlines-market-cap-2017-04-11 UAL is set to lose over 1 billion in market capitalization after violently dragging a passenger off its airplane. Edit: United Airlines recovered most of its early losses later on into the day, posing a daily loss of just over one percent but trailing behind other major airlines that were mostly green.

investing

One reason it didn't fall at all during trading yesterday but dropped after hours might [be this](http://www.cnn.com/2017/04/11/asia/united-passenger-dragged-off-china-reaction/), although I'm speculating The discrimination angle could in fact hurt their bottom line. A chinese boycott would be pretty severe.

lrcksp

Since when did a all equity etf/blue chip portfolio become a "boomer" portfolio?

31 yo/ here. 100% in equity. 50% etfs & 50% blue chips. This sub seems to be have a alarming amount of people with high risk, highly speculative portfolios. I get the feeling that some of these people feel this market rally will never come to an end. Suddenly a portfolio that is not heavy with US tech or speculative small caps is suddenly a "boomer" portfolio. I get enough US tech exposure through my s&p500 etf. I dont believe getting greedy or going "all in" on high risk bets is a sustainable investing strategy. Call me old fashioned but I still think a globally diversified portfolio is the best way to get stable, & sustainable returns.

CanadianInvestor

The problem is growth vs maintance. When you don't have a lot of capital, growing the capital is primarily the goal. When you have a lot of capital, maintaining it in steady increments is the goal. If I have 1000$. There isn't much incentive to get that 5% a year increase. Rather I would want to increase it at a higher rate with riskier trades. However, if I have 50,000$. That 5% a year + dividend off blue chips makes sure that I not only have peace of mind knowing it's secure, but that steady increment is paying off in a big way. So a lot of new investors don't see the value of etf/blue chips because they don't have a lot of capital.

nlwaxv

House of Cards - Part 2

***Prerequisite DD:*** 1. [Citadel Has No Clothes](https://www.reddit.com/r/GME/comments/m4c0p4/citadel_has_no_clothes/) 2. [The EVERYTHING Short](https://www.reddit.com/r/GME/comments/mgucv2/the_everything_short/) 3. [The House of Cards – Part 1](https://www.reddit.com/r/Superstonk/comments/mvk5dv/a_house_of_cards_part_1/) \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ **TL;DR-** **No freaking way I can do that.** **\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_** **1.** **Pilot** I wasn’t looking into GameStop when all of this began. Most of my time was spent researching the pandemic’s impact on the economy. I’m talking about the economic steam engine that employs people and puts food on their tables. Especially the small businesses that were executively steamrolled by COVID lockdowns. It was scary how fast they had to close their doors. I spent a lot of time looking at companies like GameStop. Brick-n-mortar businesses were basically running out of bricks to sh\*t. Frankly, GameStop looked a lot like the next Blockbuster and it just seemed like a matter of time before they went under. Had DFV not done his homework, it's possible we wouldn’t have a rocket to HODL or a story to TODL. Whoever has/had a short position with GameStop was probably thinking the same thing. The number of shares that can be freely traded on a daily basis is referred to as “the float”. GameStop has 70,000,000 shares outstanding, but 50,000,000 shares represented “the float”. With a small float like this, a [short position of 20% becomes significant](https://bullishbears.com/vw-short-squeeze/). Heck, Volkswagen got squozed with just a [12.8%](https://bullishbears.com/vw-short-squeeze/) short position. So let’s use little numbers to walk through an example of how this works. Assume VW has 100 shares outstanding. If 12.8% of the company has been sold short, then 12.8 shares (let’s just say 13) must be available to purchase at a later date (assuming VW doesn’t go bankrupt). However, VW had a float of 45% which meant there was no real strain to cover that 12.8% short position at any moment. However, when Porsche announced they wanted to increase their position in VW, they invested HEAVILY. *“The kicker was that Porsche owned 43% of VW shares, 32% in options, and the government owned 20.2%.... In plain terms, it meant that the actual available float went from 45% down to 1% of outstanding shares” (bullishbears.com/vw-short-squeeze/).* Let’s revisit our scenario. With 100 shares outstanding and 13 shares sold short, what happens if only 1 share was available to cover instead of 45? Well….. THIS: ​ https://preview.redd.it/c1n24ypq5k171.jpg?width=348&format=pjpg&auto=webp&s=2401d50c3ec1197e08564be1ffbd643558e52b6a \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ GameStop is/was the victim of price suppression through short selling. I discussed this topic with [Dr. T](https://www.youtube.com/watch?v=fGVY2Kco8ng) and [Carl Hagberg](https://www.youtube.com/watch?v=KHnpPfWdf78) in [our AMAs.](https://www.youtube.com/watch?v=KHnpPfWdf78) Every transaction has two sides- a buy and a sell. Short selling artificially increases the *supply* of shares and causes the price to decline. When this happens, the price can only increase if *demand* exceeds the increase in supply. I started looking closely at GameStop after confirming their reported short position of [140%](https://www.reuters.com/article/us-retail-trading-congress-shorting/short-selling-under-spotlight-in-gamestop-hearing-idUSKBN2AJ026). It’s important for me explain this why this is so much different than the VW example… 140% of GameStop’s FLOAT was sold short. There were 50,000,000 shares in that float, so 140% of this was equal to the 70,000,000 shares the company has outstanding. This means AT LEAST 100% of their outstanding shares has been sold short. Now compare that to VW where the short position was only 12.8%... Simply put, it is mathematically impossible to cover more than 100% of a company’s outstanding stock. The *peak* of the VW squeeze was reached when the demand for shares became surpassed by the supply of those shares. Here, demand represents 12.8% of their stock which must be available to close the short position. With only 1% of shares available, this guaranteed a squeeze until the number of shares available to trade could satisfy the remaining short interest. When a company has a short position with more than 100% of total shares outstanding, the preceding argument is thrown out the window. Supply cannot surpass demand because the company can only issue 100% of itself at any given time. Therefore, the additional 40% could only be explained by multiple people claiming ownership of the same share... Surely this is a mistake.. right? I thought this level of short selling was impossible.. ..Until I saw the number of short selling violations issued by FINRA.. As we go through these FINRA reports, there are a few things to keep in mind: 1. **FINRA is not a part of the government.** FINRA is a non-profit entity with [regulatory powers set by congress](https://www.finra.org/about). This makes FINRA the largest self-regulatory organization (SRO) in the United States. The SEC is responsible for setting rules which protect individual investors; FINRA is responsible for overseeing most of the brokers (collectively referred to as members) in the US. As an SRO, FINRA sets the rules by which their members must comply- **they are not directly regulated by the SEC** 2. FINRA investigates cases at their own pace. When looking at the “*Date Initiated”* on their reports, it is not synonymous with “*date of occurrence”.* Many times, FINRA will not say when a problem occurred, just resolved. It can be YEARS after the initial occurrence. The [DTC participant report](https://www.dtcc.com/-/media/Files/Downloads/client-center/DTC/alpha.pdf) is littered with cases that were initiated in 2019 but occurred in 2015, etc. Many of the violations occurring today will take years to discover 3. FINRA can issue a violation for each occurrence using a 1:1 format. When it comes to violations like short selling, however, these “occurrences” can last months or even years. When this happens, FINRA issues a violation for multiple occurrences using a 1:MANY format. I discussed this event in [Citadel Has No Clothes](https://www.reddit.com/r/GME/comments/m4c0p4/citadel_has_no_clothes/) where one violation represented FOUR YEARS of market f\*ckery. What’s sh\*tty is that FINRA doesn’t tell you which violations are which. You have to read each line and see if they mention a date range of occurrence within each record. If they don’t, you must assume it was for one event… BRUTAL 4. FINRA’s investment portfolio is held by the same entities they are issuing violations to… Let that sink in for a minute \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ **2.** **State your case…** Can you think of a reason why short sellers would want to understate their short positions? Put yourself in their situation and imagine you’re running a hedge fund… You operate in a self-regulated (SRO) environment and your records are basically private. If the SEC asks you to justify suspicious behavior, you really don’t have to provide it. The worst that could happen is a slap on the wrist. I wrote about this EXACT same thing in [Citadel Has No Clothes](https://www.reddit.com/r/GME/comments/m4c0p4/citadel_has_no_clothes/). They received a cease-and-desist order from the SEC on 12/10/2018 for failing to submit complete and accurate records. This ‘occurred’ from November 2012 through April 2016 and contained deficient information for over 80,000,000 trades. Their punishment… $3,500,000… So why even bother keeping an honest ledger? Now, suppose you short a bunch of shares into the market. When you report this to FINRA, they require you to mark the transaction with a short sale indicator. In doing so, FINRA builds a paper trail to your short selling activity. However… if you omit this indicator, FINRA can’t distinguish that transaction from a long sale. Who else would there be to hold you accountable for covering your position? This is especially true for self-clearing organizations like Citadel because there are less parties involved to hold you accountable with recordkeeping. If FINRA thinks you physically owned those shares and sold them (long sale), they have no reason to revisit that transaction in the future… You could literally pocket the cash and dump the commitment to cover. Another very important advantage is that it allows short sellers to artificially increase the supply of shares while understating the outstanding short interest on that security. The supply of shares being sold will drive down the price, while the short interest on the stock remains the same. So.. aside from paying a fine, how could you possibly lose by “forgetting” to mark that trade with a short sale indicator? It would seem the system almost incentivizes this type of behavior. I combed through the [DTC participant report](https://www.dtcc.com/-/media/Files/Downloads/client-center/DTC/alpha.pdf) and found enough dirt to fill the empty chasm that is Ken Griffin’s soul. Take a guess at what their most common short selling violation is.. I’m going to assume you said **“FAILING TO PROPERLY MARK A SHORT SALE TRANSACTION”.** For the record, I just want to say I called this in March when I wrote [Citadel Has No Clothes](https://www.reddit.com/r/GME/comments/m4c0p4/citadel_has_no_clothes/). Citadel has one of the highest concentrations of short selling violations in their FINRA report. At the time, I didn’t fully understand the consequences of this violation… After seeing how many participants received the same penalty, it finally made sense. There are roughly 240 participant account names on the DTC’s list. Sh\*t you not, I looked at every short selling violation that was published on [Brokercheck.finra.org](https://brokercheck.finra.org/). To be fair, I eliminated participants with only 1 or 2 violations related to short selling. There were PLENTY of bigger fish to fry. I literally picked the first participant at the top of the list and found three violations for short selling. \*cracks knuckles\* [ABN AMRO Clearing Chicago LLC](https://files.brokercheck.finra.org/firm/firm_14020.pdf) (AACC) is the 3rd largest bank in the Netherlands. They got popped for three short selling violations, one of which included a failure-to-deliver. In total, they have 78 violations from FINRA. Several of these are severe compared to their violations for short selling. However, the short selling violations revealed a MUCH bigger story: https://preview.redd.it/3t5ylyfz5k171.jpg?width=1055&format=pjpg&auto=webp&s=f961999d09eeee7fbe42364700cbc727869f9e3f So… ABN AMRO submitted an inaccurate short interest position to the NYSE and FINRA and lacked the proper supervisory systems to comply with… practically everything… In 2014, AMRO forked over $95,000 to settle this and didn’t even say they were sorry. In these situations, it’s easy to think *“meh, could have been a fluke event”*. So I took a closer look and found violations by the same participants which made it much harder to argue their case of sheer negligence. Here are a couple for AMRO: https://preview.redd.it/vir299076k171.jpg?width=1079&format=pjpg&auto=webp&s=e17e6ceff040a4be0113c1bc4e435f29fb5ce0a6 ABN AMRO got slapped with a $1,000,000 fine for understating capital requirements, failing to maintain accurate books, and failing to supervise employees. If you mess up once or twice but end up fixing the problem- GREAT. When your primary business is to clear trades and you fail THIS bad, there is a much bigger problem going on. It gets hard to defend this as an accident when every stage of the trade recording process is fundamentally flawed. The following screenshot came from the same violation: https://preview.redd.it/mnpm2gz96k171.jpg?width=733&format=pjpg&auto=webp&s=7e5c66293566b7ca2329f20bcdb634c35395943f [Warehouse receipts](https://www.investopedia.com/terms/w/warehousereceipt.asp#:~:text=A%20warehouse%20receipt%20is%20used,well%20as%20provide%20inventory%20management.) are like the receipts you get after buying lumber online. You can print these out and take them to Home-Depot, where you exchange them for the ACTUAL lumber in the store. Instead of trading the actual goods, you can trade a warehouse receipt instead… so yeah… since this ONE record allowed AMRO to meet their customer’s margin requirement, it seems EXTREMELY suspicious that they didn’t appropriately remove it once they were withdrawn. Do I think this was an accident? F\*ck no. Because FINRA reported them 8 years later for doing the SAME F\*CKING THING: https://preview.redd.it/sv0v5igw6k171.jpg?width=1071&format=pjpg&auto=webp&s=02f17082135c702fad6bbc064073ae031151cee7 Once again, AMRO got caught understating their margin requirements. Last time, they used the value of withdrawn warehouse receipts to meet their margin requirements. Here, they’re using securities which weren’t eligible for margin to meet their margin requirements.. You can paint apple orange, but it’s still an apple.. The bullsh\*t I read about in these reports doesn’t really shock me anymore. It’s actually the opposite.. You begin to *expect* bigger fines as they set higher benchmarks for misconduct. When I find a case like AMRO, I’ll usually put more time into it because certain citations represent puzzle pieces. Once you find enough pieces, you can see the bigger picture. So believe me when I say I was genuinely shocked by the [detail report](https://www.finra.org/sites/default/files/fda_documents/2016049875801%20ABN%20AMRO%20Clearing%20Chicago%20LLC%20CRD%2014020%20AWC%20va%20%282019-1572740384682%29.pdf) on this case… https://preview.redd.it/4lgyti547k171.jpg?width=844&format=pjpg&auto=webp&s=633a928d28caef8cc6719873532aef60f271cefb **This has been going on for 8 F\*CKING YEARS!?** Without a doubt, this is a great example of a violation where the misconduct supposedly *ended* in 2015 but took another 4 years for FINRA to publish the d\*mn report. If my math is correct, the 8 year “relevant period” plus the 4 years FINRA spent… I don’t know… reviewing?... yields a total of 12 years. In other words, from the time this problem started to the time it was publicized by FINRA, the kids in 1st grade had graduated high school… Does anyone else think these self-regulatory organizations (SROs) are doing a terrible job self-regulating…? How we can trust these situations are appropriately monitored if it takes 12 years for a sh\*t blossom to bloom? …OH! I almost forgot… After understating their margin requirements in 22 accounts for over 8 years, ABN AMRO paid a $150,000 fine to settle the dust… \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ I know that was a sh\*t load of information so let me summarize it for you: One of the most common citations occurs when a firm “accidently” marks a short sale as long, or misreports short interest positions to FINRA. When a short sale occurs, that transaction should be marked with a short sale indicator. Despite this, many participants do it to avoid the borrow requirements set by Regulation SHO. If they mark a short sale as long, they are not required to locate a borrow because FINRA doesn’t know it’s a short sale. This is why so many of these FINRA violations include a statement about the broker failing to locate a borrow along with the failure to mark a short sale indicator on the transaction. It literally means the broker was naked short selling a stock and telling FINRA they physically owned that share.. Suddenly, a “small” violation had much bigger implications. The number of short shares that have been excluded from the short interest calculation is directly related to these violations… and there are HUNDREDS of them. Who knows how many companies have under reported short interest positions.. To be clear, I did NOT choose them based on the amount of ‘dirt’ they had. AMRO’s violations were like grains of sand on a beach and It’s going to take A LOT of dirt to fill the bottomless pit that is Ken Griffin’s soul. Frankly, ABN AMRO wouldn’t get us there with 10,000 FINRA violations. So without further ado, let’s get dirty.. \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ **2.** **Call em’ out…** When FINRA publishes one of their reports, the granular details like numbers and dates are often left out. This makes it impossible to determine how systematic a particular issue might be. For example, if you know that *“XYZ failed to comply with FINRA’s short interest reporting requirements”* your only conclusion is that the violation occurred. However, if you know that *“XYZ failed to comply with FINRA’s short interest reporting requirements on 15,000 transactions during 2020”* you can start investigating the magnitude of that violation. If XYZ only completed 100,000 transactions in 2020, it means 15% of their transactions failed to meet requirements. This represents a major systematic risk to XYZ and the parties it conducts business with. I spent some time analyzing [Apex Clearing Corporation](https://files.brokercheck.finra.org/firm/firm_13071.pdf) after I left ABN AMRO. Apex is 8th on the list and the 2nd participant I found with an evident short selling problem. In 2019, FINRA initiated a case against Apex for doing the same sh\*t as ABN AMRO. However, the magnitude of this violation really put things into perspective: I got a small taste of how f\*cked this house of cards truly is.. https://preview.redd.it/u1b4zh6m7k171.jpg?width=1076&format=pjpg&auto=webp&s=0f14f5fa49e73dad79ff605464fc1c64fa73f5bd This is practically a template of the first ABN AMRO violation we discussed. To see the difference, we need to look at their [letter of Acceptance, Waiver and Consent](https://www.finra.org/sites/default/files/fda_documents/2016049448301%20Apex%20Clearing%20Corporation%20CRD%2013071%20AWC%20va%20%282019-1573777189509%29.pdf) (AWC).. https://preview.redd.it/zaiywobp7k171.jpg?width=938&format=pjpg&auto=webp&s=7fe2d2323e757efcdedf2ab22aa1ff34e10d7d55 Let’s break this down step-by-step… Apex had an issue for 47 months where certain customers recorded their short positions in an account which was NOT being sent to FINRA. It only takes a few wrinkles on the brain to realize this is a problem. The sample data tells us just how bad that problem is.. When you see the term “*settlement days”,* think “[T+2](https://www.schwab.com/resource-center/insights/content/stock-settlement-why-you-need-to-understand-t2-timeline#:~:text=the%20seller's%20account.-,When%20does%20settlement%20occur%3F,would%20typically%20settle%20on%20Wednesday.)”. Apex follows the T+2 settlement period for both [cash accounts and margin accounts](https://www.apexclearing.com/wp-content/uploads/2020/01/Apex-Customer-Information-Brochure-2019.pdf) which means the trade *should* clear 2 days after the original trade date. When you buy stock on a Monday, it should settle by Wednesday. Ok.. quick maff… There are roughly [252 trading days](https://therobusttrader.com/how-many-trading-days-are-there-in-a-year/) in one year after removing weekends and holidays. Throughout the 47 month “review period”, we can safely assume that **Apex had roughly 987** ((252/ 12) \* 47) **settlement dates**… **In other words: 256 misstated reports over 47 months is more than 1 misstatement / week for nearly 4 years.** Tell me again how this is *trivial?* The wording of the “sample settlement” section is a bit ambiguous… It doesn’t clarify if those were the only 2 settlement dates they sampled, or if they were the only settlement dates with reportable issues. Honestly, I would be shocked if it was the latter because auditors don’t examine every record, but I can’t be certain… Anyway… FINRA discovered 256 short interest positions, consisting of 481,195 shares, were *incorrectly* excluded from their short interest report. In addition, they understated the share count by 879,321 in 130 separate short interest positions. Together, this makes 1,360,516 shares that were excluded from the short interest calculation. When you realize nearly 1.5 million ‘excluded’ shares were discovered in just 2 settlement periods and there were almost 1,000 dates to choose from, it seriously dilates the imagination… Once again… FINRA wiped the slate clean for just $140,000… I want to talk about one last thing before we jump to the next section. Did you happen to notice the different account types that Apex discussed in their [letter of Acceptance, Waiver and Consent](https://www.finra.org/sites/default/files/fda_documents/2016049448301%20Apex%20Clearing%20Corporation%20CRD%2013071%20AWC%20va%20%282019-1573777189509%29.pdf) ? They specifically instructed their customers to book short positions into a TYPE 1 (CASH) account, or TYPE 5 (SHORT MARGIN) account. A short margin account is just a margin account that holds short positions. The margin requirement for short positions are more strict than regular margin accounts, so I can see the advantage in separating them. In the [AMA with Wes Christian](https://www.youtube.com/watch?v=2rJujnpKiqM) *(starting at 7:30)*, he specifically discussed how a broker-dealer’s margin account is used to locate shares for short sellers. However, the margin account contains shares that were previously pledged to another party. Given the lack of oversight in securities lending, the problem keeps compounding each time a new borrower claims ownership of that share. Now think back to the situation with Apex.. They asked their customers to book short positions to a short-margin account or a cash account. The user agreement with a margin account allows Apex to continue lending those securities at any time. As discussed with Dr. T and Carl Hagberg, the broker collects interest for lending your margin shares and doesn’t pay you anything in return. When multiple locates are authorized for the same share, the broker collects multiple lending fees on the same share. In contrast, the cash account falls under the protection of [SEA 15c3-3](https://www.finra.org/sites/default/files/SEA.Rule_.15c3-3.pdf) and consists of shares that have not been leveraged- or lent- like the margin-short account. According to Wes *(starting at 8:30)*, these shares are segregated and cannot be touched. The broker cannot encumber-or restrict- them in any way. However, according to Wes, this is currently happening. He also explained how Canada has legalized this and currently allows broker-dealers to short sell your cash account shares against you. \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ Alright…. I’ll stop beating the dead horse regarding short sale indicators & inaccurate submissions of short interest positions. Given the volume of citations we haven’t discussed, I’ll summarize some of my findings, below. Keep in mind these are ONLY for **“FAILURE TO REPORT SHORT INTEREST POSITIONS”** or **“FAILURE TO INDICATE A SHORT SALE MODIFIER”**. If the violations contain additional information, it’s because that citation actually listed additional information. **It does NOT represent an all-inclusive list of short selling violations for these participants.** …You wanted to know how systematic this problem is, so here you go... *(EACH BROKER-DEALER NAME IS HYPERLINKED TO THEIR FINRA REPORT)* 1. [Barclays](https://files.brokercheck.finra.org/firm/firm_19714.pdf) | Disclosure 36 – “SUBMITTED 86 SHORT INTEREST POSITIONS TOTALING 41,100,154 SHARES WHEN THE ACTUAL SHORT INTEREST POSITION WAS 44,535,151 SHARES.. FAILED TO REPORT 8 SHORT INTEREST POSITIONS TOTALING 1,110,420 SHARES” a. $10,000 FINE 2. [Barclays](https://files.brokercheck.finra.org/firm/firm_19714.pdf) | Disclosure 54 – “SUBMITTED AN INACCURATE SHORT INTEREST POSITION TO FINRA AND FAILED TO REPORT ITS SHORT INTEREST POSITIONS IN 835 POSITIONS TOTALING 87,562,328 SHARES” a. $155,000 FINE 3. [BMO Capital Markets Corp](https://files.brokercheck.finra.org/firm/firm_16686.pdf) | Disclosure 23 – “SUBMITTED SHORT INTEREST POSITIONS TO FINRA THAT WERE INCORRECT AND FAILED TO REPORT TO FINRA ITS SHORT INTEREST POSITIONS TOTALING OVER 72 MILLION SHARES FOR 11 MONTHS” a. $90,000 FINE 4. [BNP Paribas Securities Corp](https://files.brokercheck.finra.org/firm/firm_15794.pdf) | Disclosure 53 – “FAILED TO REPORT TO FINRA ITS SHORT INTEREST IN 2,509 POSITIONS TOTALING 6,051,974 SHARES” a. $30,000 FINE 5. [BNP Paribas Securities Corp](https://files.brokercheck.finra.org/firm/firm_15794.pdf) | Disclosure 9 – “ON 35 OCCASIONS OVER A FOUR-MONTH PERIOD, A HEDGE FUND SUBMITTED SALE ORDERS MARKED “LONG” TO BNP FOR CLEARING. FOR EACH OF THOSE “LONG” SALES, ON THE MORNING OF SETTLEMENT, THE HEDGE FUND DID NOT HAVE THE SHARES IN IT’S BNP ACCOUNT TO COVER THE SALE ORDER. IN ADDITION, BNP WAS ROUTINELY NOTIFIED THAT THE HEDGE FUND WOULD NOT BE ABLE TO COVER. NEVERTHELESS, WHEN EACH SETTLEMENT DATE ARRIVED AND THE HEDGE FUND WAS UNABLE TO COVER, BNP LOANED THE SHARES TO THE HEDGE FUND. IN TOTAL, BNP LOANED MORE THAN 8,000,000 SHARES TO COVER THESE PURPORTED “LONG” SALES” a. $250,000 FINE 6. [Cantor Fitzgerald & Co](https://files.brokercheck.finra.org/firm/firm_134.pdf) | Disclosure 1 - (literally came out on 5/6/2021) – “THE FIRM SUBMITTED INACCURATE SHORT INTEREST POSITIONS TO FINRA. THE FIRM OVERREPORTED NEARLY [55,000,000 SHORT SHARES](https://www.finra.org/sites/default/files/fda_documents/2018059464001%20Cantor%20Fitzgerald%20%26%20Co.%20CRD%20134%20AWC%20va.pdf) WHICH WERE CUSTODIED WITH AND ALREADY REPORTED BY ITS CLEARING FIRM, WITH WHICH CANTOR MAINTAINS A FULLY DISCLOSED CLEARING AGREEMENT” a. $250,000 FINE 7. [Cantor Fitzgerald & Co](https://files.brokercheck.finra.org/firm/firm_134.pdf) | Disclosure 31 - “…THE FIRM EXECUTED NUMEROUS SHORT SALE ORDERS AND FAILED TO PROPERLY MARK THE ORDERS AS SHORT… THE FIRM, ON NUMEROUS OCCASIONS, ACCEPTED SHORT SALE ORDERS IN AN EQUITY SECURITY FROM ANOTHER PERSON, OR EFFECTED A SHORT SALE FROM ITS OWN ACCOUNT WITHOUT BORROWING THE SECURITY…” a. $53,500 FINE 8. [Cantor Fitzgerald & Co](https://files.brokercheck.finra.org/firm/firm_134.pdf) | Disclosure 33 - “…EXECUTED SHORT SALE ORDERS AND FAILED TO PROPERLY MARK THE ORDERS AS SHORT. THE FIRM HAD FAIL-TO-DELIVER POSITIONS AT A REGISTERED CLEARING AGENCY IN THRESHOLD SECURITIES FOR 13 CONSECUTIVE SETTLEMENT DAYS… FAILED TO IMMEDIATELY CLOSE OUT FTD POSITIONS… ACCEPTED SHORT SALE ORDERS FROM ANOTHER PERSON, OR EFFECTED A SHORT SALE FROM ITS OWN ACCOUNT, WITHOUT BORROWING THE SECURITY OR HAVING REASONABLE GROUNDS TO BELIEVE THAT THE SECURITY COULD BE BORROWED…” a. $125,000 FINE 9. [Canaccord Genuity Corp](https://files.brokercheck.finra.org/firm/firm_1020.pdf) | Disclosure 17 - “THE FIRM EXECUTED SALE TRANSACTIONS AND FAILED TO REPORT EACH OF THESE TRANSACTIONS TO THE FINRA/NASDAQ TRADE REPORTING FACILITY AS SHORT” a. $57,500 FINE 10. [Canaccord Genuity Corp](https://files.brokercheck.finra.org/firm/firm_1020.pdf) | Disclosure 20 - “THE FIRM EXECUTED SHORT SALE ORDERS AND FAILED TO PROPERLY MARK THE ORDERS AS SHORT” a. $27,500 FINE 11. [Canaccord Genuity Corp](https://files.brokercheck.finra.org/firm/firm_1020.pdf) | Disclosure 31 - “…SUBMITTED TO NASD MONTHLY SHORT INTEREST POSITION REPORTS THAT WERE INACCURATE” a. $85,000 FINE 12. Citadel Securities LLC | [Citadel Has No Clothes](https://www.reddit.com/r/GME/comments/m4c0p4/citadel_has_no_clothes/) – LITERALLY ALL I TALK ABOUT IN THAT POST. GO READ IT 13. [Citigroup Global Markets](https://files.brokercheck.finra.org/firm/firm_7059.pdf) | Disclosure 10 – “THE FIRMS TRADING PLATFORM FAILED TO RECOGNIZE THAT THE FIRM WAS SELLING SHORT WHEN IT WAS ACTING AS THE CONTRA PARTY TO A CUSTOMER TRADE. AS A RESULT, THE FIRM ERRONEOUSLY REPORTED SHORT SALES TO A FINRA TRADE REPORTING FACILITY AS LONG SALES… EFFECTING SHORT SALES FROM ITS OWN ACCOUNT WITHOUT BORROWING THE SECURITY…” a. $225,000 FINE 14. [Citigroup Global Markets](https://files.brokercheck.finra.org/firm/firm_7059.pdf) | Disclosure 59 – “…THE FIRM RECORDED 203,653 SHORT SALE EXECUTIONS ON ITS BOOKS AND RECORDS AS LONG SALES, SUBMITTED INACCURATE ORDER ORIGINATION CODES AND ACCOUNT TYPE CODES TO THE AUDIT TRAIL SYSTEM FOR APPROXIMATELY 2,775,338 ORDERS… “ a. $300,000 FINE 15. [Citigroup Global Markets](https://files.brokercheck.finra.org/firm/firm_7059.pdf) | Disclosure 76 – “…FAILED TO PROPERLY MARK APPROXIMATELY 9,717,875 SALE ORDERS AS SHORT SALES… FINDINGS ALSO ESTIMATED THAT THE FIRM ENTERED **55 MILLION ORDERS** INTO THE NASDAQ MARKET CENTER THAT IT FAILED TO CORRECTLY INDICATE AS SHORT SALES…” a. $2,250,000 FINE 16. [Cowen and Company LLC](https://files.brokercheck.finra.org/firm/firm_7616.pdf) | Several Disclosures – almost every other disclosure is for failing to mark a sale with the appropriate indicator, including short AND long sale indicators 17. [Credit Suisse Securities LLC](https://files.brokercheck.finra.org/firm/firm_816.pdf) | Disclosure 34 – “NEW ORDER REPORTS WERE INACCURATELY ENTERED INTO ORDER AUDIT TRAIL SYSTEM (OATS) AS LONG SALES BUT WERE TRADE REPORTED WITH A SHORT SALE INDICATOR” a. $50,000 FINE 18. [Credit Suisse Securities LLC](https://files.brokercheck.finra.org/firm/firm_816.pdf) | Disclosure 95 – “BETWEEN SEPTEMBER 2006 AND JUNE 2008, CREDIT SUISSE FAILED TO SUBMIT ACCURATE PERIODIC REPORTS WITH RESPECT TO SHORT POSITIONS…” a. $40,000 FINE 19. [Deutsche Bank Securities INC.](https://files.brokercheck.finra.org/firm/firm_2525.pdf) | Disclosure 50 – “THE FIRM FAILED TO REPORT SHORT INTEREST POSITIONS IN DUALLY-LISTED SECURITIES” a. $200,000 FINE 20. [Deutsche Bank Securities INC.](https://files.brokercheck.finra.org/firm/firm_2525.pdf) | Disclosure 52 – “THE FIRM… EXPERIENCED MULTIPLE PROBLEMS WITH ITS BLUE SHEET SYSTEM THAT CAUSED IT TO SUBMIT INACCURATE BLUE SHEETS TO THE SEC AND FINRA… INCORRECTLY REPORTED LONG ON ITS BLUE SHEET TRANSACTIONS WHEN CERTAIN TRANSACTIONS SHOULD HAVE BEEN MARKED SHORT” a. $6,000,000 FINE (SEVERAL OTHER ISSUES REPORTED IN ADDITION TO SHORTS) 21. [Deutsche Bank Securities INC.](https://files.brokercheck.finra.org/firm/firm_2525.pdf) | Disclosure 58 – “BETWEEN JANUARY 2005 AND CONTINUING THROUGH NOVEMBER 2015, THE FIRM IMPROPERLY INCLUDED THE AGGREGATION OF NET POSITIONS IN CERTAIN SECURITIES OF A NON-US BROKER AFFILIATE… IN ADDITION… DURING THE PERIOD BETWEEN APRIL 2004 AND SEPTEMBER 2012, THE FIRM INAPPROPRIATELY REPORTED CERTAIN SHORT INTEREST POSITIONS ON A NET, INSTEAD OF GROSS, BASIS..” a. $1,400,000 FINE 22. [Goldman Sachs & Co. LLC](https://files.brokercheck.finra.org/firm/firm_361.pdf) | Disclosure 32 – “THE FIRM REPORTED SHORT SALE TRANSACTIONS TO FINRA TRADE REPORTING FACILITY WITHOUT THE REQUIRED SHORT SALE MODIFIER” a. $260,000 FINE (SEVERAL OTHER ISSUES REPORTED IN ADDITION TO SHORTS) 23. [Goldman Sachs & Co. LLC](https://files.brokercheck.finra.org/firm/firm_361.pdf) | Disclosure 54 – “FAILED TO ACCURATELY APPEND THE SHORT SALE INDICATOR TO FINRA/NASDAQ TRADE REPORTING FACILITY REPORTS… INACCURATELY MARKED SELL TRANSACTIONS ON ITS TRADING LEDGER” a. $55,000 FINE 24. [Goldman Sachs & Co. LLC](https://files.brokercheck.finra.org/firm/firm_361.pdf) | Disclosure 63 – “…SUBMITTED TO FINRA AND THE SEC BLUE SHEETS THAT INACCURATELY REPORTED CERTAIN SHORT SALE TRANSACTIONS AS LONG SALE TRANSACTIONS WITH RESPECT TO THE FIRM SIDE OF CUSTOMER FACILITATION TRADES… THE FIRM REPORTED SHORT SALES AS LONG SALES ON ITS BLUE SHEETS WHEN THE TRADING DESK USED A PARTICULAR MIDDLE OFFICE SYSTEM…” a. $1,000,000 FINE 25. [Goldman Sachs & Co. LLC](https://files.brokercheck.finra.org/firm/firm_361.pdf) | Disclosure 150 – “GOLDMAN SACHS & CO. FAILED TO REPORT SHORT INTEREST POSITIONS FOR FOREIGN SECURITIES AND NUMEROUS SHARES ONE MONTH… THE FIRM REPORTED SHORT INTEREST POSITIONS IN SECURITIES TOTALING SEVERAL MILLION SHARES EACH TIME WHEN THE ACTUAL SHORT INTEREST POSITIONS IN THE SECURITIES WERE ZERO SHARES… ACCEPTING A SHORT SALE ORDER IN AN EQUITY SECURITY FROM ANOTHER PERSON, OR EFFECTED A SHORT SALE FROM ITS OWN ACCOUNT, WITHOUT BORROWING THE SECURITY OR BELIEVING THE SECURITY COULD BE BORROWED ON THE DATE OF DELIVERY…” a. $120,000 FINE 26. [Goldman Sachs & Co. LLC](https://files.brokercheck.finra.org/firm/firm_361.pdf) | Disclosure 167 – “…THE FIRM FAILED TO REPORT TO THE NMC THE CORRECT SYMBOL INDICATING THAT THE TRANSACTION WAS A SHORT SALE FOR TRANSACTIONS IN REPORTABLE SECURITIES…” a. $600,000 FINE (SEVERAL OTHER ISSUES REPORTED IN ADDITION TO SHORTS) 27. [HSBC Securities (USA) INC.](https://files.brokercheck.finra.org/firm/firm_19585.pdf) | Disclosure 26 – “FIRM EXECUTED SHORT SALE TRANSACTIONS AND FAILED TO MARK THEM AS SHORT… HSBC SECURITIES HAD A FAIL-TO-DELIVER SECURITY FOR 13 CONSECUTIVE SETTLEMENT DAYS AND FAILED TO IMMEDIATELY CLOSE OUT THE FTD POSITION… THE FIRM CONTINUED TO HAVE A FTD IN THE SECURITY AT A CLEARING AGENCY ON 79 ADDITIONAL SETTLEMENT DAYS…” a. $65,000 FINE \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ I’m going to stop at ‘H’ because I’m tired of writing. Hopefully, you all understand the point so far. We’re only 8 letters into the alphabet and have successfully buried Ken to his waist. The system that is used to mark the proper transaction type (sell, buy, short sell, short sell exempt, etc.) is obviously broken… There, I said it.. the system is INDUBITABLY, UNDOUBTEDLY, INEVITABLY F\*CKED.. Regardless of the cause- fraud or negligence- there are too many firms failing to accomplish a seemingly simple task. The consequences of which are creating far more shares than we can imagine. It’s a gigantic domino effect. If you fail to properly mark 1,000,000 short shares and a year goes by without catching the problem, it’s already too late. They’re like the f\*cking replicators from Stargate.. In each of the examples listed above, the short interest on the stock was understated by the number of shares excluded… and that was just a handful.. Knowing this, how can someone look at the evidence and say it’s *trivial….?* No one really knows HOW systematic this issue is because it is so deeply incorporated in the market that it has BECOME the system itself. Therefore, there is obviously something much deeper going on, here.. How does one argue against the severity of these problems after reading this? There are FAR too many things that don’t make sense and FAR too many people turning a blind eye.. The only conclusion I keep coming back to is that the people with money know what’s going on and are desperately trying to keep it under wraps.. ..So…. In an effort to prove this, I looked for violations that showed their desperation to protect this f\*cked up system. ..Buckle up.. \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ ***HOUSE OF CARDS - PART 3 (I'm uploading it now; will link ASAP)***

Superstonk

I feel like the worst part about this is that it's based on hard evidence and reviewed by field experts. This isn't some speculative "the shit is falling" post. We really are in a completely fraudulent system, and it's clear the system has failed to self regulate. If we sell before systemic change occurs we have failed.

fdlriy

You are not "family" to your company. If you have an opportunity to better yourself, take it. They will do the same when it comes to cutting ties with you.

People tend to feel a sense of guilt when it comes to leaving a job like they owe them or their coworkers something. That is because America preaches this "family" culture that we are such a strong team all working together. In reality, if they need to close your entire division, they will do it without hesitation. If they can outsource something cheaper, they will do it. You do not owe them anything and if you see a better opportunity for yourself or your family, please take it and make your own financial future.

personalfinance

As an owner of a small business I cannot agree with this more. I do my best for my employees but they owe me nothing. If you have the opportunity to better your living situation absolutely go for it. However I hope that my employees will be honest with me. If your unhappy please talk to me, if you feel you deserve more pay or if you have a family situation that needs some flexibility in your hours at least let me try to accommodate it before you start looking for something else. And if you need a change let me know sooner than the last moment so I can plan for the transition. But what ever you do even if you hated your time there leave on amicable terms. You never know when you might run into that person or deal with that company again. I've had multiple employees come back to us after working somewhere else for a bit you never know where life will take you and I was very glad to have them back. Edit: of course I comment about talking to your boss about wanting to see some change and this morning one of my lead hands asks for a meeting about concerns with the direction the company is heading.

8eavab

Three Million Eth Have Now Voted, 52% Are Against Restoring Parity’s Eth

The most intense vote in crypto history now has only 20 more hours to go before it finally closes after a week long running vote.[trustnodes.com](https://www.trustnodes.com/2018/04/23/three-million-eth-now-voted-52-restoring-paritys-eth)

ethtrader

This is worthless and could be totally and easily manipulated. For me it is quite simple: if bailouts for companies who have r*epeatedly* pushed out bad code becomes the norm, I will sell all of my ETH and all tokens immediately. Continuously destroying immutability will make ETH untrustworthy and worthless. I don't understand how anyone but trolls and Parity shills even think this is even a debate. Parity's problem is *their problem*, not mine. Not yours. Not the developers. Contract creators must recognized that they have a fiduciary responsibility that is not the burden of investors or developers. If they really want it then they are more than welcome to fork ETH to their own chain where they can erase their complete incompetence all they want. They don't require anyone's permission to do this.

lbf8w1

Stop picking on wsb

We are all on the same team. Everyone wants to make money in the end. It's a zero sum game. The difference is the risk-return tradeoff. There are many on this sub who use a combination of multiple strategies(buying & selling options). We all have gotten burned on crazy unexpected moves in several underlyings, when the other side won bigly or vice-versa. It's like making a good income on a 9-5 job but feeling jealous because someone made it big with the risk they took in their business or laughing at them when their business goes to shit. People acting as if their strategies as superior to others. This will just demotivate newcomers from learning

thetagang

See I would agree with you, I have been on WSBs for over a year now.... the problem is now it’s all about hurting the HFs. I don’t care about hurting hedge funds, or diamond hands or apes strong together. I just want to make money and right now WSBs seems more interested in making a scene in the media regardless of how much money they lose.

9w3rec

Sovren Platform

SVRN, which is its own token, has been assigned to be used for voting on projects that are listed on the platform. Thus, it will be valued as it will be able to use its own token more. In addition, the Company will be able to exchange all major crypto currencies such as BTC, ETH, and other major currencies, such as Euro, Dollar and Sterling, without any commissions, and transfer them to the stock exchanges. Payments can also be made in cash, debit cards or cash, so cold and warm wallets can be used together.

crypto_currency

Each client of the Sovren platform will be able to take a loan on the basis of their deposits and the total value of the portfolio. This will allow you to instantly receive cash equally investments. Assets such as bitcoin can be used to pay for consumer goods.

lbxwls

Not sure Reddit is worth the effort

I have been trading for 20+ years. I love smallcaps and I am addicted to options trading. I tried to create a side thread with details,, it was deleted? - I dunno,, maybe you pay for that ability..?? I don't run pump and dumps,, I use the same name everywhere. But twice after posting what I believe to be good stock picks I was verbally trashed instantly. Now i can understand trying to protect your community,, thats cool,,, but some of you need some social skills and patience before you instantly attack anyone. As i have noted, I am new to reddit,, but I'm not new to trading or other trader platforms,, so yeah you can actually go look me up. I came here because I am sick & tired of Twitter shaving off my followers every freaking week for over a year! I used to trade at thelion,, but got kicked off as well as years of dd about stocks for refusing to participate in what I believed to be a p&d. My style is if its a good company & the base is good,, buy it. I like penny stocks all the way up to $amzn I have an established history of pounding the table on quality stocks,, new traders should not have to start their trading careers buying canned spam when steak and lobster is available! Yeah, I am a little annoyed with the instant unwelcome Reddit users have,, for me & likely other traders. Technically I would like to find a trader community on a node,, not just "hanging out on the net". If anyone finds one,, hit me up at @gmail Anyway,, best of trading to all, and I am sorry about my rant.

Trading

There's some good stuff around, and I've definitely learned quite a bit. But I've found in the long run it's far better for me do my own research and not let myself be swayed by someone's sales pitch. My trading improved a lot once I blocked out all trading videos from YouTube except the pure 'how to do TA' type stuff

k8cvi8

My net-worth is now 5 million dollars. It was 7000 three days ago.

So, unfortunate circumstances have made me a millionaire over night at the age of 37. I remember stating that if I wasn’t a millionaire by age 40, i would blow my brains out. Be it as it may, my grandfather passed away from old age, and unbeknownst to me, he left me his mansion in the sweetest part of town, and a his childhood home which is about 2 hrs away; also in a prime location. My aunts and uncles screwed me and my mom out of everything when my grandmother passed away, since she left no will. All certificates were then modified to favor them. But now, as hard of a situation this is, the tables turned. I will not be selling my homes or any art of jewelry. I am not allowed to anyways, for 5 years. I have received 450k cash along with this. What’s the best way to work these 450 so I don’t have to sell my homes for millions of dollars. Thanks

Money

Typically what people do here is start with a capital allocation plan where they split up their money putting more of it into lower risk investments and smaller sums into higher risk ones. How much to put in each "basket" of risk depends on the individual but usually it'd be something like 300k into a low risk stable longer term return. 100K into a slightly more aggressive mid term sort of investment and then 50K (maybe split over 5\* 10K) high risk sort of investments that can either lose or hit you home runs. ​ The idea here is you exposure yourself to a lot of potential upside if things run well for you but limit the amount of downside since most of your money is in lower risk investments. If you do not have a lot of experience with investing you're going to want to spend a decent amount of time and effort into researching your lower risk/higher capital investments.

ul3oqg

Why were American, minimally-skilled, workers able to afford single family homes in the 1960s and 1970s, but now they can barely afford apartments for rent?

If my underlying assumption is incorrect, please elucidate me. That said, I know of several family members who worked as grocers and retail workers and they were able to buy their homes in the 70s and eventually paid them off. I, on the other hand, have a well-paying job, a graduate degree, and I’m also married to a partner with a great job. Yet, had it not been for inheriting the equity from my grocer and retail worker relatives, I would never have been able to affordably buy my townhouse. In contrast, similarly sized 2 or 3 bedroom apartments for rent in my area are now priced at about $3,500 a month. At $15 an hour, that would equate to 67% of a couple’s pre-tax income on housing alone.

AskEconomics

Not correct in aggregate. Homeownership rates are [higher than they were in the 1960’s and 1970’s](https://www2.census.gov/programs-surveys/decennial/tables/time-series/coh-owner/owner-tab.txt). Also remember that amenities and size of homes has changed over time. Today’s house is different than 1960’s homes.