“Let ’em come,” Cliff Asness told meme traders after revealing he was shorting their favourite stock, AMC. And come they did.
was almost done with a routine interview on CNBC when he summoned a demon that has terrorised and destroyed even Wall Street's best minds.
“Let ’em come. It's 12 basis points. They’re crazy people. I will not notice them. They can have their fun,” he told the CNBC anchor.Social media lit up, and even if AMC’s stock fell the following day, it marked the moment that meme stocks rose from the dead. Many traders are convinced that it was Asness’ comments that sparked the resurrection.
Other favourite shorts and stocks heavily owned by retail investors have run hard such as Imugene, Sayona Mining, and Kogan.Meme stocks may have been just a tiny position for Asness but others have certainly felt the pain. That includes Bronte Capital, which lagged the market in July by about 5 per cent after a strong run of returns.
A credible theory is that around the time Asness made his comments , a retail trading factor gathered steam.That in turn set off momentum triggers, which force hedge funds in crowded short trades to scramble for the exits, pushing up prices further.hurt value focused hedge funds that had short bets in what they believed to be excessively valued stocks loved by retail investors. Tesla was the stock of choice back then.and the pain migrated to the meme stock shorters.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Woman dies after waiting nine hours for hospital bed in TasmaniaA woman aged in her 70s has died after waiting nine hours for a bed at a Launceston hospital. 7NEWS
Read more »
GameStop 2.0: Aussie day traders join meme stock rally’s returnUS stocks Bed Bath & Beyond and AMC Entertainment Holdings were among the most heavily traded securities by customers of local investment platforms this week.
Read more »
Domino’s retreats from Italy having failed to conquer the home of pizzaAfter seven years and an ambitious plan to open 880 outlets, the US chain’s local franchise files for bankruptcy
Read more »
Grace Tame ‘having a swing for the sake of it’
Read more »
Two miners better than one say locals, as BHP chases OZHaving two large companies expanding the rich copper resources in northern South Australia will ensure they are fully developed and jobs are maximised, say locals.
Read more »
It’s time to tax mining and energy giants properly. Struggling Australians should share in their record profits | Richard DennissThe fact that an energy exporter like Australia is having a tough time when the prices of our energy exports are sky high shows just how broken our political debate has become.
Read more »