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Barstonk

A Boy Named Seo Jan 28 2021 01:07 PM

Cohen online defending himself from the shit-peddler that runs Barstool sports over Robinhood, Gamestop, etc. I think today seems a good day to avoid the website twitter dot com. https://twitter.com/StevenACohen2/status/1354871391779250182?s=20

Edgy MD Jan 28 2021 01:17 PM Re: Barstonk

MLB.com headline for slow news day: New Mets owner dismisses Portnoy's complaint

TransMonk Jan 28 2021 01:21 PM Re: Barstonk

Great thread title. Yeah, I've seen Cohen's investment toward Melvin labelled incorrectly as a "bailout" in many places on the interwebs. I believe Steve expects a nice return.

A Boy Named Seo Jan 28 2021 02:01 PM Re: Barstonk

Are We Having Fund Yet? Barstool Attacks Cohen Who Wants the Games to Stop

Willets Point Jan 28 2021 04:25 PM Re: Barstonk

Whoever wins in Barstool vs. Hedge Fund Managers, we lose.

batmagadanleadoff Jan 28 2021 11:08 PM Re: Barstonk Edited 1 time(s), most recently on Jan 29 2021 08:15 AM

There's another story brewing here. But first some background. So retail investors (that's regular investors like Main Street mom & pops and not the big boy institutions, only here it's a lot of 20somethings retail investors) on this relatively new investing app catering to young adults - RobinHood - organize to invest in GameStop to drive up the price of the company. Their goal is to stick it to institutional short investors who are betting that the price of GameStop will decline. The plan takes shape on a stock related chat forum on Reddit where these 20somethings organized. This is all perfectly legal. The 20someting's aren't trading on inside information and aren't in the business of providing stock tips, etc. They're just regular folks, young and probably not very sophisticated. And then the ploy works -- they buy enough GameStop stock so that it soars, creating a positive feedback news buzz loop where even more investors then pile on to get in on the action and the stock soars some more. And some of these institutional short investors are starting to lose their shirts. And these shirts cost about a billion dollars. So in comes Steve Cohen and he loans one of these shorts about a billion bucks to whether this storm. And Mets fans get pissed because this billionaire a dozen times over and then some more, plops about a billion dollars into this stock play but meanwhile, appears to be haggling over two million here and three million there (pennies relative to his wealth and this latest stock play) to avoid baseball's luxury tax while whiffing on Springer and Realmuto, the top prizes in this year's FA class. Whatever. It's Cohen's money and he can do what he wants with it. Did Mets fans think that Cohen would fold his hedge fund business after he purchased the Mets? Because that's what hedge funds do: they invest hundreds of millions of dollars in financial instruments. That's how Cohen made the money to buy the Mets in the first place. But here's where it gets interesting. And despicable as far as the little guy is concerned. RobinHood, where a lot of this GameStop action is playing out, puts a hold on the buying of GameStop stock. This move is guaranteed to put the kibosh on GameStop buying and sure to drive down the stock -- exactly what the big institutional shorts want. This is unprecedented and now the rumors are flying that maybe the big boys "did something" (wink, wink) secretly to influence RobinHood's decision to halt the buying of GameStop stock. Notably, RobinHood did not put a halt to the selling of GameStop stock or the closing out of positions in the stock. More to follow, for sure.

Johnny Lunchbucket Jan 29 2021 07:49 AM Re: Barstonk

Yeah this is a really interesting development in the markets. I never put anything past what a group of pissed off young people online can do. On the baseball side there's sort of a built-in pressure that owners play by the "rules" (the rules are their rules, after all). The poor-mouthed benefit to a degree in that violators give them money but seems like over the long term they'd prefer the tax do what's intended to and act as de facto salary cap and bring more cost certainty vs. one-time windfalls. So Cohen needs to consider whatever pressures that brings.

A Boy Named Seo Jan 29 2021 09:28 AM Re: Barstonk

And some of these institutional short investors are starting to lose their shirts. And these shirts cost about a billion dollars. So in comes Steve Cohen and he loans one of these shorts about a billion bucks to whether this storm. Is that the thing Cohen "unequivocally" denied to Barstool guy? It's wild. Yesterday, AOC called out Robinhood, Ted Cruz agreed with her (then AOC told Ted Cruz to go fuck himself). I have Robinhood and I notice they've opened up limited trading on AMC and Gamestop but I'm sure that 24 hours of lockdown allowed truckloads of money to swing directions. #freemarket

Frayed Knot Jan 29 2021 10:08 AM Re: Barstonk

I'm extremely indifferent to the details of this story.

Chad ochoseis Jan 29 2021 11:01 AM Re: Barstonk

But here's where it gets interesting. And despicable as far as the little guy is concerned. RobinHood, where a lot of this GameStop action is playing out, puts a hold on the buying of GameStop stock. This move is guaranteed to put the kibosh on GameStop buying and sure to drive down the stock -- exactly what the big institutional shorts want. This is unprecedented and now the rumors are flying that maybe the big boys "did something" (wink, wink) secretly to influence RobinHood's decision to halt the buying of GameStop stock. Notably, RobinHood did not put a halt to the selling of GameStop stock or the closing out of positions in the stock. More to follow, for sure. I'm not sure RobinHood is the first brokerage to shut down trading on a volatile stock. I suspect it's a lot less sinister than this. By now, I expect the big boys have cut their losses and no longer give a damn about GameStop; they're on to whatever scam it is that will be front page news in April. Now that the assholes on Reddit have beaten the assholes on Wall Street at their own game and have inflated the price of the stock beyond any reasonable valuation of its worth, their job is to keep the price inflated until they can pawn their shares off on unsuspecting investors who will be holding the bag when the price crashes. It helps that the Reddit guys can keep the "screw the hedge fund guys" narrative alive and inflate their own profits. I don't think it's the hedge funds that are getting screwed anymore, though. When the stock crashes, some sharp attorney can come up with some sharp legal theory under which RobinHood's board of directors is responsible for the whole mess. So RobinHood is getting out while the getting is good, and it's probably for the best.

LWFS Jan 29 2021 11:58 AM Re: Barstonk

And Mets fans get pissed because this billionaire a dozen times over and then some more, plops about a billion dollars into this stock play but meanwhile, appears to be haggling over two million here and three million there (pennies relative to his wealth and this latest stock play) to avoid baseball's luxury tax while whiffing on Springer and Realmuto, the top prizes in this year's FA class. Whatever. It's Cohen's money and he can do what he wants with it. Did Mets fans think that Cohen would fold his hedge fund business after he purchased the Mets? Because that's what hedge funds do: they invest hundreds of millions of dollars in financial instruments. That's how Cohen made the money to buy the Mets in the first place. People are getting annoyed over THIS aspect of things? Near as I can tell, most of the dyspeptic reactions I'd heard from Mets fans were over the perception that Point72's losses in this had plunged Cohen into a post-Madoff Wilponian sorta financial place. Also, there was some (rightful) gnashing and wailing about the reminder of how Uncle Steve makes his sausage, and the attendant reminder that he-- Twitter canoodling notwithstanding-- is far from "one of us" in many ways that matter more than wearing the same ballcap during the summer. (Kindasorta what faux-populist Portnoy was driving at, moreorless.)

ashie62 Jan 29 2021 12:02 PM Re: Barstonk

Robinhood only restricted some transactions in Gamestop. The SEC can halt trading in a stock, sometimes a couple of weeks, to make a diagnosis and then resume trading.

Fman99 Jan 30 2021 04:07 AM Re: Barstonk

Uncle Steve's closed out his Twitter account over this whole kerfuffle. OE: And possibly starting over with a new handle to ditch some haters? I dunno

stevejrogers Jan 30 2021 06:08 AM Re: Barstonk

OE: And possibly starting over with a new handle to ditch some haters? I dunno I doubt it, that account isn't following anyone and it doesn't have the “No financial advice” disclaimer that his blue check did. Never mind way too soon to “return.” Fairly certain Point72's compliance and broader legal team probably got to him once they realized their boss having a twitter war about the stock games with a twatwaffle was being mentioned on Fox News Channel. Plus, maybe not directed by Portnoy/Barstool, but his foundation account, and his family's accounts were getting targeted by harassers. Certainly a good time to pause the account until this leaves the news cycle, and Met related bullshit is the shot that he'll attract trolls over.

Edgy MD Jan 30 2021 08:17 AM Re: Barstonk

Not to make too much out of Website names, but doesn't "RobinHood.com" suggest getting over on the rich is part of the point?

ashie62 Jan 30 2021 12:19 PM Re: Barstonk

Uncle Steve's Twitter account had become a target. Personals threats towards him and family. Cohen is a financial predator who has become the hunted one. Steve has I believe zero cash position in any of this. He made an "investment" in Citadel Time for him to avoid twitter, good move for now.

MFS62 Jan 30 2021 01:25 PM Re: Barstonk

Edgy MD wrote: Not to make too much out of Website names, but doesn't "RobinHood.com" suggest getting over on the rich is part of the point? I heard on the news that is true. Later

RealityChuck Jan 30 2021 01:29 PM Re: Barstonk

I can't see how Cohen did anything wrong by shorting the stock. It's a perfectly legal strategy and has no effect on on Gamestock. People are shorting Gamestock because the company is losing money. The way for Gamestock to prevent this is to make a profit. They aren't: the company would be in serious trouble if it's shorted or not, and if you see it's about the fail, there's nothing wrong with betting against it. People who are worried about Gamestock going under should be purchasing things from them to help the bottom line. Driving up the stock prices does nothing to help them. Shorting their stock does no damage to the company. It merely recognizes the company is in trouble and finds a way to make money from that. It's no different from someone last April deciding to buy Zoom stock anticipating it would do well.

Edgy MD Jan 30 2021 01:37 PM Re: Barstonk

Edgy MD wrote: Not to make too much out of Website names, but doesn't "RobinHood.com" suggest getting over on the rich is part of the point? I heard on the news that is true. Later I have no idea. I just meant to note the possible impression.

MFS62 Jan 30 2021 01:56 PM Re: Barstonk

Just confirming your impression was correct. Later

ashie62 Jan 30 2021 03:34 PM Re: Barstonk

Gamestop loses $4 a share a year. It was on its way to 0 and will be one day. Those insiders who still hold stock made 6 million dollars a minute this week I have read and believe. This is a company that traded for 10 bucks a pop a few short months ago. You can max out the chart for a year here. [url]https://finance.yahoo.com/quote/GME?p=GME&.tsrc=fin-srch

Fman99 Jan 30 2021 03:39 PM Re: Barstonk

Uncle Steve's closed out his Twitter account over this whole kerfuffle. OE: And possibly starting over with a new handle to ditch some haters? I dunno Yeah that was a faker and has been removed. He released a statement. Good on him. Twitter is full of shitmouths.

ashie62 Jan 30 2021 03:41 PM Re: Barstonk

Fake parody accounts pop up everyday by shitmouths and cowards.

nymr83 Jan 31 2021 03:08 PM Re: Barstonk

Did Cohen even lose money here? that wasn't apparent from anything I read. What he DID do was make a massive investment (reportedly 750 million) in one of the firms that DID lose money, so he bought low in them (the losing short-position holder, not gamestop) to the likely benefit of himself and his investors. Why is anyone mad at that? i'd guess half the idiots complaining don't even understand what is going on.

Frayed Knot Jan 31 2021 04:41 PM Re: Barstonk

One problem is that too many sports fans are under the impression that team owners run their clubs out of the money in their personal bank accounts rather than on the revenues that the team itself generates. So I think what has some NYM fans carping about here is their fear that every dollar Cohen loses via some other venture will result in one fewer dollar to be spent on the Mets. I can already hear the crying when they learn of some piece of art he purchases and see that as the reason why we don't have a better second baseman. Yanqui fans used to do this with Steinbrenner all the time (at least during the years they were happy with him). They'd see a team like the Royals who, for a while anyway, were owned by WalMart heirs, and reasoned that the KCR payroll being lower than that of the Yanx was proof that those owners were pocketing money while George put his cash back into the club as if this were some sort of act of philanthropy on his part and that the huge disparities in revenues between the teams had nothing to do with the gap. Now Cohen's wealth certainly acts as a buffer which means he can take hits in any given year without having to scramble to cover shortfalls (a la the Wilpons - over the last decade especially) or even operate the club at a chosen degree of loss on a yearly basis if he so chooses. But most likely he's going to maintain a payroll based on the club's income and (short of some monumental calamity) his outside ventures will be completely irrelevant to the budget of the Mets.

stevejrogers Feb 01 2021 07:53 AM Re: Barstonk

Frayed Knot wrote: I can already hear the crying when they learn of some piece of art he purchases and see that as the reason why we don't have a better second baseman. I'm awaiting the “this would probably be a better defender” jokes about replacing the next error prone infielder with this guy https://www-artnews-com.cdn.ampproject.org/i/s/www.artnews.com/wp-content/uploads/2015/06/giacometti-pointing-man-christies-e1432833243667.jpg>