Heard on The Street

January 12, 2021 |

Zubin Al writes: 

Recently at a restaurant at lunch, two blue collar guys, one older, one
younger guy with a beard, both  in electricians uniforms sit down and  I
overhear the young guy explaining to the older guy about buying stocks,
and how if they double how much money he can make.  He says he doesn't
care how much it goes down, and that he will hold on.  The conversation
moves to Bitcoin, and the younger guy doesn't quite understand how it
works but that it keeps going up. To myself I'm thinking, "hmmm".  I
remember in late 1999 walking into the broker's office where I see a
young woman who I remember waiting tables there buying stocks.  I recall
taxi drivers during that same period talking stocks as conversation in
the cabs.

I wonder, is it different this time?

Dr Gangineni Dhananjhay writes: 

I have also got a similar experience in India. Near the brokerage
company where I regularly go to trade, I visit a Coffee stall. The
person running the coffee shop started giving stock advice. Which stocks
to buy and sell and general market opinion. I got afraid. Of course
this is an anecdotal evidence. I am seeing more of my relatives and
family members giving me stock advice. Time to be cautious ??

Jack Cook writes: 

For me, the Spring of 2001 'Aha Mr. Livermore, this is the top?  My
Masseuse was working on my lats and telling tales of retiring on all the
Cisco stock he had.

He is still my Masseuse.

Best in 2021


TikTok and Discord Are the New Wall Street Trading DesksCaitlin McCabe, Gunjan Banerji and Mischa Frankl-Duval-WSJ. A
new army of social media-enabled day traders is helping push stocks to
records and turning companies into market sensations. As trading by
individual investors boomed during the coronavirus pandemic, so has the
popularity of online communities where they gather. Platforms including
TikTok, Twitter, YouTube, Reddit, Instagram, Facebook and messaging
platform Discord have become the new Wall Street trading desks.
Individual investors gather to talk about hot stocks like Tesla Inc.,
boast of gains and commiserate about losses. These investors do more
than just talk, though. They piggyback on each others' ideas and trades,
helping fuel the momentum that has propelled some companies to
triple-digit or bigger gains in 2020.


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