Financial markets and herd mentalities
Support for the little guys (and girls!) of retail investing has been encouraging to witness, but when it comes to GameStop, Wei-Shen wonders what the bigger picture shows.
Not since the collapse of Bear Stearns have the financial markets quaked quite like they did at the end of January. But the market disruption didn’t result from the demise of an outlaw investment bank. No, Wall Street shook because of the ascension of a bricks-and-mortar video game company called GameStop, all thanks to retail investors banding together through the social media platform Reddit.
On Dec. 31, 2020, GME was listed at $18.84 on the New York Stock Exchange. By Jan. 28, 2021, the
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