Tonight, Griffin, Youtube discussed on Recode Media
A different company but shorter that this in this exists entirely separately from game. Stop maybe you're sticking it to melvin capital or some other hedge fund but everyone else on wall street is making money off this trade It seems i feel very man saying it's just seems ridiculously naive to for folks to make that argument. Look but let me. I'm not going to push back on you. But i don't i think there's there's this argument for some again i. I'm not sure. Really wear the the true shareholders investors that are involved in this what they really think i could suspect mixed group but to the extent that there is a protests. Going on here. I think what they've done is say we have manipulated this stock. It's a symbol. It's a symbol that we have been able to manipulate the stock. We have been able to play this game and we have manipulated in the same way that hedge funds in wall street and the wealthy Have been manipulating the system forever. That's the sort of meta Take if you buy it. If buy and i imagine there's some people out there that do have that. I think there's other people who actually just wanted to make a profit by the way You know mr hello kitty when he started this. It wasn't a protest. it just wasn't it. Was he actually thought there was value game. Stop would run around youtube telling everybody anybody who would listen to him that the thing had values so it's very interesting to see sort of how this played out it's also unique because then you had people Famed shortsellers backing him. And of course if famous for being shortsellers talking about berry who was obviously a major character. The big short so that there's there's also disorder also two elements of hypocrisy involved in this situation so you wrote about fairness today and you want the you laid out some proposals and said by the way. I'm not sure that. I think these are good. Proposals at pros and cons. Can you walk us through. We'll have to do all six when you pay. What do you wanna highlight. Well look i think to the extent that this is symbolic of something if it is at all if you believe that the system is being manipulated and clearly the public does and i do think that if this demonstrated anything it is that the public has a deep distrust of wall street and a deep distrust of the idea that the stock market unto itself was fair. And i would not question that. I think that is hundred percent true and we should all be trying to figure out how to make the system more fair but what is what does that even mean. What is fairness mean when it comes to wall street and investing right if i can put money in an index fund. I can pay next to nothing for doing it. And i can get you know the same returns as anybody else who puts it in. We're all treated equally there clearly. I'm not being compensated. Like a hedge fund manager. But i can put my money in and i have reasonable Standards for expedition for return expectation. That money isn't getting it stolen. What what else do we need. I think it's a little different than i think that my grandmother doesn't have the same opportunity to for example. My grandmother can't can't participate in high frequency trading she can't make the profits that can griffin can make right You know she doesn't have high speed computers attached to the exchanges within you know a mile of them. She doesn't have access to data of where she's able to see water flows in all sorts of other things. She can't afford frankly to buy satellite shots of parking lots. I think there's a lot of people who look at this and say is it really fair. Is it really possible that the guy in there you know sitting home really has the same shot now. In some ways. I think that that migrant does have that and i think interestingly one of the things that you and i do others due to the central democratizing this is trying to try to bring people real information that they can they can try to think about the stuff with so but this idea that if if you had more tools more access better computers you could do as good a job as as a pro trader. Right the the issue there is the pro-trade irs don't beat the market for the most part. The raiders make their money. 'cause your grandma or whoever gives the money to manage. They charge her for managing it but they don't do better than the market on average You know if you wanna go. If if your argument is when i go to the casino my odds are not as good as other guy. Because he's got a better shot at understand he can count cards and i can't. That's one thing. But you're going to the casino totally. I'm not. I'm not going to disagree with you. In any way shape or form in that in that regard i just think that their issues about fairness and what what it appears that these folks are trying to say and maybe i'm not getting it right but i think that they're saying we should have the same opportunity to create wealth as anybody else. In fact one of the most unique aspects of this entire situation at least for me as a journalist tonight i very curious where you land. Is you know. We often talk about investor. Protection were often cautioning The public around company dump schemes and things of this sort and in this case the phrase investor protection is almost turned on its head because these investors oftentimes are saying no no.