- #FACEBOOK BETA ESTIMATE WALL STREET JOURNAL SOFTWARE#
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So how does Wallstreetbets fit in? The answer may simply be that American investors have an id, and that id needs to find an outlet. Last year, Richard Thaler, who helped design set-it-and-forget-it 401(k) options that improved retirement accounts for millions, won the Nobel Prize.
#FACEBOOK BETA ESTIMATE WALL STREET JOURNAL PROFESSIONAL#
So-called robo-advisors, which promise to manage money for a small fraction of what a human professional costs, have attracted billions. Wall Street firms once synonymous with trading or picking stocks tout their index funds. In the past few years, this kind of investing advice has seemed ascendant. Meanwhile, the spread of the Internet meant that detailed investment advice, once available only in the pages of the Wall Street Journal or the office of a financial advisor, was everywhere and free. Index funds, once a niche product favored by financial professionals, have steadily gained popularity over the past two decades, enabling individuals to own a broad swath of the market. Since then investors have seemed to get a lot savvier. To anyone old enough to remember, what happens at Wallstreetbets might sound a lot like day trading, particularly the feverish churning in tech stocks that became a fad in the waning days of the late-1990s bull market. Of course, investing isn't supposed to be like this, at least not anymore. It is a fusion of memes, bragging, bullying, hoodwinking, and the exuberant overconfidence of (mostly) young men. But "WSB," as the forum is known to its members, is more than just a place for traders to swap tips. There are now roughly as many Wallstreetbets members as there are Bloomberg terminal subscribers-over 300,000.
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Wallstreetbets, a message board, or subreddit, on the popular news and social site Reddit, has become a home for investors who want to make extremely risky bets on the stock market. "I would have preferred to have not lost ∼$185k in a day," Cao admitted.īelieve it or not (and maybe you shouldn't, at least not all of it), this is just your typical day on the Internet's craziest finance forum.
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"Post results like a man," responded one. He uploaded a new screenshot displaying his losses. worker earns in about three years-he had to give the crowd the spectacle it came for. Now that Cao's bets had indeed gone bad-quickly burning through what the average U.S. "Yeah I'm sick of the 'I just lost half of my $133 Robinhood account'" posts, wrote another.
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"THIS is why I sub to /r/wallstreetbets," wrote one user. "Facebook/Amazon/Twitter hit it out of the park and I am mega rich," he had bragged, hoping to impress fellow traders and the many rubberneckers who flock to the site for just this kind of all-or-nothing gamble.Ĭao's boast, which he backed up with what looked like screenshots of his account-to boost his credibility and also the drama of the moment-had succeeded in attracting attention.
#FACEBOOK BETA ESTIMATE WALL STREET JOURNAL SOFTWARE#
This summer, Dennis Cao logged on to Reddit with some big news to share: He had just lost more than $180,000.Ī few days before, the 24-year-old software engineer had gone onto a popular section of the site known as /r/wallstreetbets to claim he had just placed an enormous wager on several technology stocks, shortly before they would release their quarterly earnings.