Quattro Securities trader and “Wall Street Genius” Peter Tuchman is one of the best-known faces on the floor of the New York Stock Exchange. He’s genuinely concerned about people investing in meme stocks like GameStop (GME). “It’s true that 90% of the people playing in this pond lose money and blow up their trading accounts,” he said on Opening Bid with Yahoo Finance Executive Editor Brian Sozzi, where he offered some sage advice and words of wisdom to new traders and market participants.
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Video Transcript
What do you say to the meme stock investors who continue to believe in GameStop?
This means that some of the messages you receive on X may be unpleasant.
what do i do?
I pressed the block.
They have no room for argument.
They have no idea what the company fundamentally does.
And if I posted this to X, I’d probably get a lot of flak.
First of all, is it irresponsible for the general public, new entrants into the market, to think that this is anything other than gambling?
It’s irresponsible for that person to post on Twitter, because when you look at the situation we find ourselves in, we’re at a crossroads for a lot of the young investors, a lot of the young traders that come to me, that have been buying GameStop shares at $480 since the initial debacle.
And now they’re back at the well and in trouble again.
But I don’t understand why that is the case or why it is the case.
Social media has created a platform for envy, jealousy, lust and greed.
That’s the conclusion.
And if you see someone lying around in the back of a Bugatti with a pile of $10,000.
They then said they bought GameStop shares for $2 and sold them for $400.
None of this is true.
ISM.
right.
Well, they will try to run it and stay with it.
It’s going to the moon and you know it.
And for me, it’s true that 90% of the people playing in this pond are losing money and bankrupting their trading accounts. Millions of trading accounts lost money and bankrupted on Friday because everyone locked in at $67 on Thursday night and closed at $26 on Friday.
What do you think? Do you think the popularity of Roaring Kitty will lead to the next generation of Roaring Kitties becoming even more influential in the market and causing people to lose a lot of money?
Now, did you know?
I have too much faith in human nature to think that’s possible.
