The Revolution That Wasn't: GameStop, Reddit, and the Fleecing of Small Investors

The Revolution That Wasn't: GameStop, Reddit, and the Fleecing of Small Investors by Spencer Jakab 0593421159 9780593421154
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ISBN: 0593421159

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The saga of GameStop and other meme stocks is revealed with the skill of a thrilling whodunit. Jakab writes with an anti-Midas touch. If he touched gold, he would bring it to life. --Burton G. Malkiel, author of A Random Walk Down Wall Street

From Wall Street Journal columnist Spencer Jakab, the real story of the GameStop squeeze--and the surprising winners of a rigged game.

During one crazy week in January 2021, a motley crew of retail traders on Reddits r/wallstreetbets forum had seemingly done the impossible--they had brought some of the biggest, richest players on Wall Street to their knees. Their weapon was GameStop, a failing retailer whose shares briefly became the most-traded security on the planet and the subject of intense media coverage.

The Revolution That Wasnt is the riveting story of how the meme stock squeeze unfolded, and of the real architects (and winners) of the GameStop rally. Drawing on his years as a stock analyst at a major bank, Jakab exposes technological and financial innovations such as Robinhoods habit-forming smartphone app as ploys to get our dollars within the larger story of evolving social and economic pressures. The surprising truth? What appeared to be a watershed moment--a revolution that stripped the ultra-powerful hedge funds of their market influence, placing power back in the hands of everyday investors--only tilted the odds further in the houses favor.

Online brokerages love to talk about empowerment and "democratizing finance" while profiting from the mistakes and volatility created by novice investors. In this nuanced analysis, Jakab shines a light on the often-misunderstood profit motives and financial mechanisms to show how this so-called revolution is, on balance, a bonanza for Wall Street. But, Jakab argues, there really is a way for ordinary investors to beat the pros: by refusing to play their game.      

Author: Spencer Jakab

Language: English

Binding: Hardcover

Pages: 320

Publisher: Portfolio

Publication Date: 2022-02-01

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