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Odd Lots

How A Profane Subreddit Moved The Market

Odd Lots

Bloomberg

Business, News, News Commentary, Investing, Business News

4.52K Ratings

🗓️ 5 March 2020

⏱️ 61 minutes

🧾️ Download transcript

Summary

In recent weeks, before the stock market plunged, a page on reddit called r/WallStreetBets suddenly started exhibiting enormous influence on a handful of stocks. The emergence of online chat rooms making huge wagers in the market calls to mind the message boards of the dotcom era. But this page is taking it to a new level. On this week's episode, we're joined by Bloomberg News reporter Luke Kawa, who has been covering the page, as well as the page's founder, Jaime Rogozinski, who started it up in 2012.

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Transcript

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0:00.0

When you get your news from Bloomberg, you don't just get the story. You get the story behind the story.

0:07.0

How your Evie's battery may not be as green as it seems.

0:11.0

Why a decrease in global birth rates could send countries scrambling to increase immigration.

0:16.2

You get context.

0:17.6

And context changes how you see things, how you change things, because context changes everything. Go to

0:24.2

Bloomberg.com to get context. Hello and welcome to another episode of the Oddlots Podcast. I'm Tracy Alawatt's podcast. I'm Joe Wiesenthal.

0:46.0

And I'm Tracy Alaway.

0:48.0

Tracy, it really feels like from a market's perspective this is the closest we've been lately to

0:57.3

sort of 2008 financial crisis vibes well since the financial crisis wouldn't you say?

1:04.0

I would say so and I would certainly say the the statistics back you up biggest

1:09.2

weekly sell-off since the financial crisis we've just seen right right massive

1:14.0

sell-off in risk assets an extraordinary amount of re-pricing of expectations

1:21.0

for central banks all around the world to come in and intervene.

1:26.1

And we've had other periods of sort of semi-crisis since the great financial crisis during periods to say the Eurozone but it's just never felt as

1:37.6

extremely uncertain as it does right now.

1:40.3

I don't know I sort of remember late 2015. Yeah, I mean late 2015 you had all the issues

1:48.7

going on with credit and you had one big fund blow up.

1:52.6

So I'm still waiting.

1:54.6

I'm still waiting for the second order effects

1:57.2

of the market sell-off that we've seen to emerge.

2:00.3

That's true.

2:00.9

We haven't actually seen any sort of major liquidations or institutions of various size like truly go bust yet amid the volatility.

...

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