![]() ![]() ![]() (There are spoilers ahead here, though a lot of them have already been spoiled by, you know, real life.) Dumb Money tells a fun, moving tale of an absolutely wild financial momentĭumb Money follows the contours of the real-life events of the GameStop short squeeze that took place in early 2021, when shares of the game retailer soared. Not to be cliché here, but GameStop didn’t exactly change the game. Wall Street is paying more attention to individual investors than it used to, but they’re not keeping CEOs up at night, either. The same goes for everyday investors - some won, some lost, and plenty were just in it for the casino-like ride. Some big names lost money on GameStop, but others made a bundle. Even the stories of some of the traders Dumb Money was based on, and who I talked to for this story, are far from cut and dried. Some GameStop traders may have won a temporary battle, but institutional investors are still winning the war. Wall Street types are pretty meh on the whole episode - one hedge funder I recently talked to told me the idea that the big guys are afraid when retail is in a stock is silly. It is also a Hollywood dramatization of something quite complicated - not just because markets are complicated, but because reality is. It was a true “holy fucking shit” moment, to quote the film. The movie is well executed, exhilarating, and captures the tenor of the times. This is all probably good to keep in mind when watching the movie Dumb Money, out in theaters nationwide on September 29.Įmily Stewart’s column exposes the ways we’re all being squeezed under capitalism. Nobody really knows what happened to Roaring Kitty. And two and a half years later, the overall GameStop story has become a whole lot messier. The sticking-it-to-the-man narrative has never been a clean one. It’s the kind of story I could have maybe told pretty soon after the phenomenon began, though it was never that clear-cut - plenty of normie retail investors were just out to make money, just like the people betting on sports and crypto. As for GameStop, well, there was still a lot to like about the stock. Congress held a high-profile hearing about the incident in which the major players in the saga were involved, and something was likely to come of it. The underdogs came out on top, the big bad rich guys wound up on the bottom, and in the process our heroes exposed many of the ways the financial system is rigged. This is the type of simple story I’d love to be able to tell about GameStop: In early 2021, a ragtag group of everyday traders, led by a Massachusetts dad going by - depending on your social media platform - Roaring Kitty or DeepFuckingValue, took on Wall Street titans and won. ![]()
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