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The revolution that wasn't : GameStop, Reddit, and the fleecing of small investors / Spencer Jakab

Author
Jakab, Spencer
Additional Titles
Revolution that was not
Published
[New York, New York] : Portfolio/Penguin, [2022]
Physical Description
xvi, 300 pages : illustrations ; 24 cm

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Contents
Introduction -- Mr. Kitty goes to Washington -- September 8, 2019 -- Killer app -- Winter of 2019-2020 -- Race to the bottom -- April 2020 -- Get shorty -- Summer-fall 2020 -- Cheat code -- Holiday season 2020-2021 -- Poking the bear -- January 22, 2021 -- Rise of the apes -- January 26, 2021 -- The influencers -- January 27, 2021 -- LOL, nothing matters -- January 28, 2021 -- Men in tights -- January 29, 2021 -- How not to stick it to the man -- February 2021 -- The same old game -- Bonus round.
Summary
"From Wall Street Journal columnist Spencer Jakab, the real story of the GameStop squeeze-and the surprising winners of a rigged game. During one crazy week in January 2021, a motley crew of retail traders on Reddit's r/wallstreetbets forum had seemingly done the impossible-they had brought some of the biggest, richest players on Wall Street to their knees. Their weapon was GameStop, a failing retailer whose shares briefly became the most-traded security on the planet and the subject of intense media coverage. The Revolution That Wasn't is the riveting story of how the meme stock squeeze unfolded, and of the real architects (and winners) of the GameStop rally. Drawing on his years as a stock analyst at a major bank, Jakab exposes technological and financial innovations such as Robinhood's habit-forming smartphone app as ploys to get our dollars within the larger story of evolving social and economic pressures. The surprising truth? What appeared to be a watershed moment-a revolution that stripped the ultra-powerful hedge funds of their market influence, placing power back in the hands of everyday investors-only tilted the odds further in the house's favor. Online brokerages love to talk about empowerment and "democratizing finance" while profiting from the mistakes and volatility created by novice investors. In this nuanced analysis, Jakab shines a light on the often-misunderstood profit motives and financial mechanisms to show how this so-called revolution is, on balance, a bonanza for Wall Street. But, Jakab argues, there really is a way for ordinary investors to beat the pros: by refusing to play their game."--
Subject(s)
ISBN
9780593421154 hardcover
0593421159 hardcover
Bibliography Note
Includes bibliographical references (pages [267]-287) and index.
Endowment Note
Paterno Libraries Endowment
View MARC record | catkey: 36212269