This Stock Jumped 74%?

Meme stocks are back

If you don’t know, yesterday something happened. Some of the meme stock jumped close to 80%

1. Gamestop (GME) up 74% (21% after market)

2. AMC Holdings (AMC) up 78% (23% after market)

3. Hertz Global (HTZ) up 12% (1% after market)

Why? Because Meme stock guru “Roaring Kitty” 😺 (yes that is his twitter name), the man who inspired the epic short squeeze of 2021, posted online for the first time in roughly three years.

GME has since been halted 9 times as the price movement was too much for the exchanges.

What is Meme Stock? 

What am I doing?

Nothing!

As someone who has lived through the previous short squeeze saga, while it was thrilling to watch. There were real people who were affected by the subsequent dump in share price and were left in great losses. There was even a documentary about it on Netflix.

Most of these stocks have no fundamentals at all. The only reason the share price was going up is manipulation, and many people ended up on the wrong side of the pump and dump and lost a lot of money.

So I am writing this to warn my followers to avoid participating in it. It is unlikely that retail investors will make money from this and even if you do profit out of luck, just take note that luck will eventually run out!

Instead I focus on companies that are boring but PROFITABLE! No pump and dump here, just good old cashflow 🫰 I updated my latest list of Stocks on Spotlight here and shared why I think the bull market is just starting.

Wishing you a profitable week ahead,

Pete
Invest with Pete

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