This Is What Happened to the Meme Stock Mania
Odd Lots
Bloomberg
4.5 • 2K Ratings
🗓️ 28 April 2022
⏱️ 57 minutes
🧾️ Download transcript
Summary
Spring of 2021 was peak meme mania. GameStop was going nuts. AMC was going nuts. And in general, the big cohort of traders that entered the market in early 2020 was riding high. Since then, though, things have turned south. Volumes have dipped significantly. The memes came back to Earth, and a lot of the growth stocks that were riding high have gotten absolutely killed. So where do things stand now, and what happened to all the new traders? On this episode, we speak to Lily Francus, director of quantitative research at Moody's Analytics, as well as Kyla Scanlon, a popular financial commentator across social media (as well as the founder of a new financial education company) to understand what happened, what's changed, and how the last two years have permanently altered financial markets as we know them.
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| 0:43.1 | Hello and welcome to another episode of the Odlots podcast. I'm Joe Wyzenthal. And I'm Tracy Alloway. |
| 1:01.2 | Tracy, you knew was really fun last year was game to stop. That was a really good time, wasn't it? |
| 1:07.9 | Yeah, plus a land war in Europe that we haven't seen for many, many decades. But yeah, retail |
| 1:14.6 | mania was this big thing that happened in early 2021. And I'm just looking at the chart of game |
| 1:21.7 | stop. That was sort of the flagship stock for media, stonk media, mania. And it looks like, |
| 1:29.3 | if you zoom out now, it kind of looks like an earthquake, which in some sense it kind of was. |
| 1:33.5 | Like it was this thing that just shook up the entire market. And people at the time were saying |
| 1:37.9 | that this was like the end of capitalism as we know it. Yeah, it does. It definitely feels like |
| 1:44.0 | so much has happened over the last year. I mean, we've had a pretty big cell of in areas of the |
| 1:48.5 | market that are really hot. It's been a long year. So many different things have happened over that |
| 1:54.2 | time. So many new narratives, obviously tons of focus these days on inflation and so forth. |
| 2:00.1 | That whole period, it really seems like ancient history. But honestly, it was really not that long ago. |
| 2:05.2 | I think Matt Levine has had some columns saying things that like, oh, if game stop is still trading |
| 2:10.8 | above 103 months, I have to retire because all of markets are broken. And I think it was still there |
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