General Investing and Economics Discussion - No Politics

[Lotta Booze]

This article quotes "his initial $745,991 investment"

YouTuber Roaring Kitty who disrupted Wall Street is Boston dad

The Youtuber known as 'Roaring Kitty' behind the Wall Street meltdown is a Boston father named Keith Gill, DailyMail.com can reveal.

www.dailymail.co.uk

The articles state he began buying in summer of 2019, when the stock was about $5 a share. Indeed, it was around $18 towards the end of this year. 3x $50k doesn't connect the dots. $45m / $50k is a 900-fold increase. That would equate to a $4500 stock.

He put a heck of a lot more in than the original stories implied.

Dude....

The WSJ article I posted references his $53k initial investment. The guy himself has posted monthly updates on his GME investments. Below is his screenshot from Sept. 2019 with a $53k initial investment. You can go to his profile and track his updates if you want.

He started trading in options contracts which allowed him the higher returns compared to simply buying shares.

 

[Ibeeballin]

Guy from my job quit and took some his retirement funds into GME

 

[Deleted member 2897]

Dude....

The WSJ article I posted references his $53k initial investment. The guy himself has posted monthly updates on his GME investments. Below is his screenshot from Sept. 2019 with a $53k initial investment. You can go to his profile and track his updates if you want.

He started trading in options contracts which allowed him the higher returns compared to simply buying shares.

I never disputed he started with $50k. I just noticed immediately the math was way off based on his current account balance. He's invested several hundred thousand additional dollars based on what his account shows and the reporting. Good to see confirming info coming out on that.

The big story I read out of these articles was that the new board chairman of GME invested $76m of his own money earlier this month. It will be extremely interesting if we find out a connection to a lot of this and him and GME corporate.

 

[Lotta Booze]

I never disputed he started with $50k. I just noticed immediately the math was way off based on his current account balance. He's invested several hundred thousand additional dollars based on what his account shows and the reporting. Good to see confirming info coming out on that.

The big story I read out of these articles was that the new board chairman of GME invested $76m of his own money earlier this month. It will be extremely interesting if we find out a connection to a lot of this and him and GME corporate.

Your math wasn't factoring in options contracts at all. That's why it was way off.

 

[Deleted member 2897]

Your math wasn't factoring in options contracts at all. That's why it was way off.

No, my math has been confirmed - he has invested significantly more money than his initial $50k. The press quoted a $750k initial investment. I doubt they made that up.

 

[Lotta Booze]

No, my math has been confirmed - he has invested significantly more money than his initial $50k. You just showed tables of it all through options contracts.

Dude, you are waaayyyy out of your element

 

[Deleted member 2897]

Dude, you are waaayyyy out of your element

I edited my comment. Take it up with the author of that article. I will quote again "Gill posted a screenshot which showed how his initial $745,991 investment was worth $47,973,298 million"

What is wrong with their reporting and screen shot of his account?

 

[Lotta Booze]

I edited my comment. Take it up with the author of that article. I will quote again "Gill posted a screenshot which showed how his initial $745,991 investment was worth $47,973,298 million"

What is wrong with their reporting and screen shot of his account?

The only thing I disagreed with was your portrayal, below.

Well turns out he didn't invest $50k, his investments in GME were worth $3.4m late last year.

Turns out its fat cats on both sides as we figured.

He did invest $50k and turned that into millions. You seem to be implying that he is secretly some "fat cat" when he's a dude who made a good $50k bet and turned that into more good bets on GameStop.

 

[JacketRacket]

Dude, you are waaayyyy out of your element

 

[Deleted member 2897]

The only thing I disagreed with was your portrayal, below.


He did invest $50k and turned that into millions. You seem to be implying that he is secretly some "fat cat" when he's a dude who made a good $50k bet and turned that into more good bets on GameStop.

So again, what is wrong with their reporting and the screen shot of his account? It shows and states he invested $750,000 of his own money. You've got to be pretty well off to have $750,000 in cash to invest in a single stock like that.

There certainly are fat cats on both sides though. We can disagree on how well off this guy is, but that wasn't the point I was trying to make. 2 main points. 1, this guy invested $750,000 not $50,000. And 2, the new chairman of the board at GME invested $76 million of his own money at the beginning of the year. I think there's a story there too.

Probably the single biggest thing I'm in awe about with this 1 smaller guy is that he stuck with this for a year and a half. That's a pretty damned strong emotional attachment and persistence.

 

[Lotta Booze]

So again, what is wrong with their reporting and the screen shot of his account? It shows and states he invested $750,000 of his own money. You've got to be pretty well off to have $750,000 in cash to invest in a single stock like that.

There certainly are fat cats on both sides though. We can disagree on how well off this guy is, but that wasn't the point I was trying to make. 2 main points. 1, this guy invested $750,000 not $50,000. And 2, the new chairman of the board at GME invested $76 million of his own money at the beginning of the year. I think there's a story there too.

Probably the single biggest thing I'm in awe about with this 1 smaller guy is that he stuck with this for a year and a half. That's a pretty damned strong emotional attachment and persistence.

Yeah, of course you're going to be pretty well off once you've turned $50k into $750k through GameStop bets

 

[Deleted member 2897]

Yeah, of course you're going to be pretty well off once you've turned $50k into $750k through GameStop bets

That's not what his account statement and the reporting states. So your contention and answer to my question is that his account statement is false and the reporting is false - he hasn't invested any extra of his money into GME since his initial investment of $53k in June of 2019?

 

[Lotta Booze]

That's not what his account statement and the reporting states. So your contention and answer to my question is that his account statement is false and the reporting is false - he hasn't invested any extra of his money into GME since his initial investment of $53k in June of 2019?

You are exhausting. It shouldn't be this hard to understand taking and reinvesting profits.
I linked to the month by month breakdown but I guess you don't feel like looking at that and would rather rely on one sentence by the friggin DailyMail. Not WSJ, DailyMail.

I already linked to how his $50k had increased to $140k in 2019. Here is $130k turning into over $1M in Nov 2020

Seems like he could find $750k amongst these profits. And see, even there he's sitting on $250k cash.

If you can't grasp this by now I'm done.

 

[Deleted member 2897]

You are exhausting. It shouldn't be this hard to understand taking and reinvesting profits.
I linked to the month by month breakdown but I guess you don't feel like looking at that and would rather rely on one sentence by the friggin DailyMail. Not WSJ, DailyMail.

I already linked to how his $50k had increased to $140k in 2019. Here is $130k turning into over $1M in Nov 2020
View attachment 9808

Seems like he could find $750k amongst these profits. And see, even there he's sitting on $250k cash.

If you can't grasp this by now I'm done.

Why are you so upset? Your answer to my question could simply be: “Yes, his account statement and the reporting on it are wrong if they showed he had invested $750k of his own money. The guy contends that $53k is all he started with and has continued reinvesting over time and hasn’t put anything additional in.”

It’s as simple as that.

 

[herb]

I never disputed he started with $50k. I just noticed immediately the math was way off based on his current account balance. He's invested several hundred thousand additional dollars based on what his account shows and the reporting. Good to see confirming info coming out on that.

The big story I read out of these articles was that the new board chairman of GME invested $76m of his own money earlier this month. It will be extremely interesting if we find out a connection to a lot of this and him and GME corporate.

go read the story on this. It is fascinating. As I understand it, he had bought in late last year. When he got a big enough percentage, he either forced his way onto the board or was invited or both. When word got out he was named to the board, the first big bounce happened in early January. This further squeezed the shorts and the race was on

 

[Deleted member 2897]

go read the story on this. It is fascinating. As I understand it, he had bought in late last year. When he got a big enough percentage, he either forced his way onto the board or was invited or both. When word got out he was named to the board, the first big bounce happened in early January. This further squeezed the shorts and the race was on

I wonder what his $76 million is worth now - did I read his investment is now worth over $1 billion?

 

[Deleted member 2897]

Good discussion from former regulators at the SEC for why some of the butthurt directed at Robinhood was misplaced. As we discussed here earlier, trading imbalances is a legitimate reason why trading can be halted. Its especially relevant when a lot of people are trading on margin.

Robinhood ‘didn’t change the rules’ on users amid market mayhem, former SEC economist explains

Tepper School of Business profesor and former SEC chief economist Chester Spatt explains how the goalposts weren't moved, but rather the financial system's plumbing and user agreements were not well understood.

finance.yahoo.com

 

[dtm1997]

 

[jpilgrim6]

Good discussion from former regulators at the SEC for why some of the butthurt directed at Robinhood was misplaced. As we discussed here earlier, trading imbalances is a legitimate reason why trading can be halted. Its especially relevant when a lot of people are trading on margin.

Robinhood ‘didn’t change the rules’ on users amid market mayhem, former SEC economist explains

Tepper School of Business profesor and former SEC chief economist Chester Spatt explains how the goalposts weren't moved, but rather the financial system's plumbing and user agreements were not well understood.

finance.yahoo.com

Just saying "Trading being halted" isn't fair to what Robinhood did though. They halted buying only but allowed people to sell. Which resulted in prices only being able to go down. And that's why people are mad at them.

 

[Deleted member 2897]

Just saying "Trading being halted" isn't fair to what Robinhood did though. They halted buying only but allowed people to sell. Which resulted in prices only being able to go down. And that's why people are mad at them.

Selling gets you money back. Buying, especially on margin can causes issues when a stock is performing with so much volatility. Buyers on margin are using the house’s money. That’s also why I said “part of the butthurt” though...they aren’t without criticism.