Julian's America II: Electric Boogaloo

vansmack wrote:

Julian, wrote:
All joking aside, my father bought a few thousand shares of AMC ten days ago and I had to explain to him why all this is happening and it went from $2.50 to $19.90 in a day. Literally just got off the phone with him.

Julian's America lets you manage your own money and not demand that you hire people to do that for you while you sip G&T's on a beach somewhere?

My father is retail investing. I don’t know from where in my story you got that I was managing my money?

My bad - I assumed your father was in your America.  Do you want to talk about it?

Julian, wrote:
All joking aside, my father bought a few thousand shares of AMC ten days ago and I had to explain to him why all this is happening and it went from $2.50 to $19.90 in a day. Literally just got off the phone with him.

did you tell him to sell ASAP?  if not, are you about to call back?

sweetcell wrote:

Julian, wrote:
All joking aside, my father bought a few thousand shares of AMC ten days ago and I had to explain to him why all this is happening and it went from $2.50 to $19.90 in a day. Literally just got off the phone with him.

did you tell him to sell ASAP?  if not, are you about to call back?

I could only convince him to put in a sell order at 19.5 for 75% for when the market opens. He wants to see if it goes higher on the other 25%.

I think his ego was a little hurt when I explained they were targeting shorted companies that experts advised against buying but I’m sure the $20k he stands to clear pre-tax will soothe what ills.

hot take: How Trumpism explains the GameStop stock surge

Julian, wrote: but I’m sure the $20k he stands to clear pre-tax will soothe what ills.

short term capital gains tax are a bitch

Likely would lose more by holding, so not worth the risk in this situation
but will eat a lot of the profits

Curious what made him get in 10 days ago?
that was for sure the time to get in


I will say this…if the US Gov't steps in to save some these Hedge Funds, I'm going to be livid
a number of hedge funds are in similar trouble that Melvin Capital saw in its GameStop $GME and may need to be bailed out.
they are gamblers pure and simple, if they lose they lose and that is the way of the sword

Loss-Porn-Hatch wrote:
short term capital gains tax are a real bitch

It’s just taxed as real income, which is exactly how a day trader should be taxed.  If Julians dad is retired it might not actually be that bad depending on how his retirement income is set up….

vansmack wrote:

Loss-Porn-Hatch wrote:
short term capital gains tax are a real bitch

It’s just taxed as real income, which is exactly how a day trader should be taxed.  If Julians dad is retired it might not actually be that bad depending on how his retirement income is set up….

I think we've learned to not take financial advice from $idecoin, right?

vansmack wrote:

Loss-Porn-Hatch wrote:
short term capital gains tax are a real bitch

It’s just taxed as real income, which is exactly how a day trader should be taxed.  If Julians dad is retired it might not actually be that bad depending on how his retirement income is set up….

Long term is 15% vs short term @real*
can be quite a different sum
But retired income could be fairly low income tax rate, so I didn’t take that into account
Fuck and I was hoping for a good Yelp review from Yada


*more complicated than that

There he goes again….

Loss-Porn-Hatch wrote:
Curious what made him get in 10 days ago?

Complete idiot luck. He is semi-retired (he retired but was bored so went back to agronomic sales) and retail invests on the side. He has a tendency to invest in outdated technologies. Like he's has a ton of Ford stock because he's sure American automotive is "coming back around." He bought in AMC because it was cratered because of the pandemic and (1) "no one wants to watch a new release on a TV at home" [side note: he personally has not stepped foot in a theatre in 15 years] and (2) "movie theatres will always exist because people need places to go on dates." He basically just effs around with like $150k of his retirement savings to have something to do.

He just got lucky. As I said, I had to explain to him why the stock was targeted for this kind of activity.

that is funny

Please tell me he sold it in the high teens…as it's already down to 7ish

Just checked and looks like Robinhood has removed GME and AMC from it's app?!
edit
https://www.cnet.com/personal-finance/robinhood-app-td-ameritrade-restrict-trading-of-gamestop-amc-stock/

Loss-Porn-Hatch wrote:
Please tell me he sold it in the high teens…as it's already down to 7ish

Nah. I got him back on the horn this morning and he was able to get out at like 11.5. Which is still pretty fair profit for buying at 2.45 or something 10 days ago.

Loss-Porn-Hatch wrote:
Just checked and looks like Robinhood has removed GME and AMC from it's app?!

This news is what prompted me to call him back and tell him to sell all the shares immediately for whatever he could get, that the bubble was bursting. He listened thankfully.

Julian, wrote:

Loss-Porn-Hatch wrote:
Please tell me he sold it in the high teens…as it's already down to 7ish

Nah. I got him back on the horn this morning and he was able to get out at like 11.5. Which is still pretty fair profit for buying at 2.45 or something 10 days ago.

sweet, he'll probably talk about this like a golfer regals in a hole-in-one story

Loss-Porn-Hatch wrote:

Julian, wrote:

Loss-Porn-Hatch wrote:
Please tell me he sold it in the high teens…as it's already down to 7ish

Nah. I got him back on the horn this morning and he was able to get out at like 11.5. Which is still pretty fair profit for buying at 2.45 or something 10 days ago.

sweet, he'll probably talk about this like a golfer regals in a hole-in-one story

He is still partially convinced that this was a super savvy "buy" despite not really understanding at all why these kids targeted AMC for this psuedo-pump-and-dump Ponzi scheme.

vansmack wrote:
"There's a new king in town and he sells Halo 3!"

Amazing.

Jay-Z and LVMH Pop the Cork in Champagne Tie-Up

Luxury-goods giant LVMH acquires 50% of Armand de Brignac as pandemic takes fizz out of Champagne sales


I've only had one bottle of Ace of Spades and rather enjoyed it, but not "I'm going to spend 3x more than Moet or 4x more than Veuve enjoyed it"

vansmack wrote:
I've only had one bottle of Ace of Spades and rather enjoyed it, but not "I'm going to spend 3x more than Moet or 4x more than Veuve enjoyed it"

This is the correct take.

So it seems JA has gone away from the Fat shaming…did something change or is that still a requirement?

well, looks like Candice wants in to JA

Candace Owens takes on fat people
https://twitter.com/mmfa/status/1364971187105849345