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Reddit trading frenzy could cause ‘systemic event’ in markets, strategist says
The retail trading frenzy fueled by Reddit could pose a systemic risk to markets, according to Paul Gambles, co-founder of investment advisory firm MBMG Group. A flurry of retail buying led by Reddit thread WallStreetBets sent shares of heavily-shorted stocks like GameStop and AMC Entertainment skyrocketing last week, as investors looked to squeeze the short positions of Wall Street hedge funds. GameStop shares surged 1,625% in January and inflicted a mark-to-market loss of almost $20 billion to hedge funds with short positions against the stock, according to data from S3 Partners. The trend spilled over into metal ... (full story)
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