Oh, in my opinion, we are having a black swan event, but I think that it is the pandemic.
However, I also believe that the recent trading in GME and others and the social upheaval that we have experienced over the last 10 years are indicating a major societal sea change brought on by the Internet and accelerating digital technology. The latest element is the influence of social media, but that is just the beginning.
If we need more market regulation, my preference would be to have all participants be subject to exactly the same rules so that the big players cannot dictate rule changes to pull themselves out of the fire. Admittedly things have been crazy lately, but I do not like to see trading halted so that the short sellers can avoid paying the full price of their lack of discipline. Short selling (and trading in general) incurs risks, and having rules about when to close out a position is a requirement for those who want to pile on to a company in trouble. To be honest, I feel that the short sellers who lost big in GME (and the other similar stocks) were simply idiots. Closing out a position for a moderate loss is part of the trading activity. Massive losses as a result of unforgivable errors is unfortunately how we learn things. Even Jesse Livermore learned some things to ensure that he could trade again in the future.
Please forgive the rant. However, I believe that we are living a massive Black Swan event and have been for the past year. This will continue to spawn weird events like the GME situation.
Good luck,
Tex
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However, I also believe that the recent trading in GME and others and the social upheaval that we have experienced over the last 10 years are indicating a major societal sea change brought on by the Internet and accelerating digital technology. The latest element is the influence of social media, but that is just the beginning.
If we need more market regulation, my preference would be to have all participants be subject to exactly the same rules so that the big players cannot dictate rule changes to pull themselves out of the fire. Admittedly things have been crazy lately, but I do not like to see trading halted so that the short sellers can avoid paying the full price of their lack of discipline. Short selling (and trading in general) incurs risks, and having rules about when to close out a position is a requirement for those who want to pile on to a company in trouble. To be honest, I feel that the short sellers who lost big in GME (and the other similar stocks) were simply idiots. Closing out a position for a moderate loss is part of the trading activity. Massive losses as a result of unforgivable errors is unfortunately how we learn things. Even Jesse Livermore learned some things to ensure that he could trade again in the future.
Please forgive the rant. However, I believe that we are living a massive Black Swan event and have been for the past year. This will continue to spawn weird events like the GME situation.
Good luck,
Tex
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