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Barry Ritholtz Profile picture
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2 Feb, 5 tweets, 2 min read
Good explainer as to why Robinhood, an underfunded broker, had to halt $GME trading -- they didn't have the capital to cover the trades

wsj.com/articles/why-b…
1/
Last week, we discussed why your trading platform and B/D looks like a form of Counter Party Risk:

ritholtz.com/2021/01/counte…
2/
And if you want a long form discussion of the history of $GME saga, this one is excellent via @davidjlynch

washingtonpost.com/business/2021/…
3/
Finally, I remain unconvinced this is a significant market structure issue.

It looks more like a made-for-TV one off, admittedly fascinating, and hence, the endless media coverage. Some smart academic should do a full analysis of the r/WallStreetBets stock picks + returns.

/End
Might as throw this in here:

I spoke with Tom Keene yesterday on Bloomberg Surveillance to the mechanics underneath the current trading issues

ritholtz.com/2021/02/a-mino…

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More from @ritholtz

Barry Ritholtz Profile picture
4 Feb
$573 Million to settle claims their advice to Purdue Pharma (+ others) led to the aggressive flooding of markets with opioids. It turned out to be damaging, even deadly advice.

Yet another reminder of who consulting giant McKinsey is…

wsj.com/articles/mckin…
1/
Note: A decade ago, I discussed my thesis the consultant always seems to be giving ethically compromised advice that leads to terrible societal outcomes.

Why is that? Is McKinsey & Co. the Root of All Evil ?

ritholtz.com/2011/03/is-mck…
2/
You can even trace the history of wealth inequality in part back to them.

Consider the rise of CEO-to-worker gap. That goes back to a 1951 McKinsey study of CEO compensation and stock options.

ritholtz.com/2013/08/is-mck…
3/
Read 7 tweets
Barry Ritholtz Profile picture
30 Jan
US Covid Deaths = 436,839 deaths out of 2,209,277 Global Deaths

USA, once 25% of Covid deaths with only 4% of world's population, has fallen to 19.8% of Covid-mortality.

We suck, just less a little less than we did when the pandemic began . . .

coronavirus.jhu.edu/map.html
And please, see if you can avoid making excuses for negligent mass homicide we witnessed in the USA
Here is the USA versus countries that managed their response well and versus others that did poorly: Cumulative confirmed COVID-19 deaths per million people

ourworldindata.org/coronavirus-da…
Read 5 tweets
Barry Ritholtz Profile picture
28 Jan
“Free" offered by for-profit companies must be approached warily for obvious reasons. Free is not without costs. Free has hidden charges, expenses. Free requires you to read the fine print, where buried on page 37, you learn free is very expensive. (2018)

ritholtz.com/2018/10/cheap-…
"In financial services, free is bullshit."
Do you doubt this truism, obvious but overlooked by so many in their rush to pay less? Do you for an instant believe that large for-profit companies price their services at “free” because they are kind-hearted and generous and only have your best interests at heart?
Read 4 tweets
Barry Ritholtz Profile picture
22 Jan
Country 2nd: Faux deficits hawks are shocked! shocked! to (re)discover that the deficit is rising!! via @crampell

washingtonpost.com/opinions/right…

1/
At one point deep int he past, both parties believed all of the the noise about deficits being disastrous. The past 40 years have taught us that obsession was misplaced and the underlying belief is bullshit.

ritholtz.com/2010/07/defici…

2/
We saw this debate after the GFC, when the Austerians won the battle but lost the war.

They crimped the Keynesian response, and ensured the post GFC recovery was the worst on record.

ritholtz.com/2010/06/auster…

3/
Read 10 tweets
Barry Ritholtz Profile picture
18 Jan
Now, this is getting interesting --

Most of the other people being threatened had no real assets. I wonder how quickly the My Pillow dude will drop.

nytimes.com/2021/01/18/us/…
I was giving this guy the benefit of the doubt assuming if he’s running a successful company he couldn’t possibly be that stupid.

But when the facts change...

axios.com/dominion-mike-…
Lindell told Axios, "I want Dominion to put up their lawsuit because we have 100% evidence that China and other countries used their machines to steal the election."
Read 5 tweets
Barry Ritholtz Profile picture
10 Jan
The insurrection was MUCH uglier than it looked. We are learning more about:

-Plans for grabbing Electoral College votes
-Participants with Police/Military background
-Taliban style videotape confessions / executions of Congress members

Not a bloodless Coup - its treason
The more we learn about this insurrection, the more it looks like a genuine attempted coup

businessinsider.com/trump-attempte…
Previously unreported:

The FBI and the New York Police Department passed information to the Capitol Police about the possibility of violence during the Jan. 6 protests against the ratification of the presidential election

nbcnews.com/news/crime-cou…
Read 37 tweets

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