Thread by @DougKass

@realmoney
The Unfortunate Aftermath of Speculation
* Novice traders will likely now flee the markets
For months I have argued (with fellow contributors and with the Twitter community) that the wanton speculation in worthless gewgaws would have profoundly negative consequences

for the markets.
I argued that the rapidly rising supply (of SPACs et al) would overcome demand (which would be soon sated).
I opined that many (especially of a retail-kind) would lose alot of money (while only a few traders will retain their trading profits).

But, most importantly, as a consequence of the senseless/obscene speculative wave, we will once again (as we did in late 2007 and in early 2000) lose legions of new investors who thought trading was a "game" that involved simply buying stocks based solely that their charts

embodied stock prices that moved from the lower left to the upper right.
And that is the most unfortunate aftermath of the speculation of 2020-1.
It is also unfortunate that many sober (and previously thoughtful market commentators on Fin TV and elsewhere) knowingly endorsed

and encouraged the likes of David Portnoy and the Robinhood crowd.
They should have learned from history.
They should have known better. @stoolpresidente @jimcramer @tomkeene @ferrotv @riskreversal @ScottWapnerCNBC @convertbond @lizclaman @davidfaber @guyadami @joeterranova

@MelissaLeeCNBC @SquawkCNBC @cnbcfastmoney @EpsilonTheory @threadreaderapp unroll