Today such commonsense wisdom is lost on many young traders in a toxic cocktail of greed, envy, anger, resentment, desperation, nostalgia (for dying brands like GameStop and AMC), techno-utopianism, historical revisionism and economic illiteracy. They see profit as loot stolen from the laborer by the entrepreneur: win-lose. The greater one’s net worth, the bigger the thief. Trading in packs and holding on for dear life (“HODL”) is a way to tilt the game in their favor and even the score. As Barron’s explains, “the bad guys are the short sellers, the market makers, and the Wall Street elites, in that order.”
~ Kevin Duffy, "Memecraft 2.0," The Coffee Can Portfolio, August 26, 2021
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