Short sellers are often the only sheriff on Wall Street, a crucial role in a rigged stock market – easy to forget after the furor over the “most shorted stocks.”
The historic short squeeze, engineered by a bunch of deeply cynical small traders, exposed just how rigged the market has been (transcript of my podcast).
“It’s really something to see Wall Streeters with a long history of treating our economy as a casino complain about a message board of posters also treating the market as a casino”: AOC
What a show! Smallish traders, by ganging together on Reddit, succeeded fabulously in what famed big short-sellers have done for years in the opposite direction. And it’s pump & dump for both.
“Not only have the last two months seen supply shortages develop at a pace not previously seen in the survey’s history, but prices have also risen due to the imbalance of supply and demand.”
