Lots More With Luke Kawa on Memestock Mania 2.0
Odd Lots
Bloomberg
4.5 • 2K Ratings
🗓️ 24 May 2024
⏱️ 31 minutes
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Summary
Remember GameStop? The poster-child for 2021's memestock mania recently surged almost 5x in a matter of days — and it was all catalyzed by a few tweets from Keith Gill, aka "Roaring Kitty." So what's going on? How similar and how different was this move to what captivated the world's attention three years ago? On this episode of Lots More, we speak with Luke Kawa, markets editor at Sherwood Media, who was one of the first to chronicle the world of WallStreetBets and memestocks for Bloomberg News. He breaks down what we just saw and the lessons we can take away from it.
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| 0:40.0 | Tracy, do you think the meme stock thing is like already over already? |
| 0:45.0 | I'm serious. |
| 0:46.0 | Well, you know what? I'm looking at the chart of Game Stop and it went up a lot and now it's coming |
| 0:51.1 | down a lot. The thing I think is kind of funny is if you view the entire meme |
| 0:54.9 | stock phenomenon from an efficient markets hypothesis you get really interesting questions like why didn't the market |
| 1:01.3 | already price in the risk or the possibility of roaring kitty coming back on Twitter and |
| 1:08.0 | tweeting a picture of a guy sitting up in a chair that should have been priced in? |
| 1:11.4 | Yeah, I totally agree as As you know, I am the world's |
| 1:14.9 | biggest believer in the efficient market hypothesis. It's always priced in all the time. And for the first time in my life at age 43 something has come along to |
| 1:26.0 | shake my faith and it is the fact that our |
| 1:30.9 | market did not price in apparently the possibility that after like |
| 1:34.9 | three years of radio silent we would get a tweet of a guy leaning forward from the |
| 1:41.6 | roaring kitty sending the stock high. |
| 1:43.4 | And then R.FK Jr. tweeting that he was investing in game stock. |
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