How do “meme stock” retail investors measure up to the Wall Street professionals today?
In a modern-day battle of David and Goliath on Wall Street, thousands of amateur retail investors banded together to bid up stocks in a handful of failing companies, most notably the nostalgic video game hub known as GameStop. Within days, the renegade traders sent stocks soaring and dealt heavy blows to hedge funds and other traditional professional investors who had bet against the companies. The “meme stock” phenomenon was born. But where does “revolution” stand a year later?
In this “Agree to Disagree,” the Wall Street Journal’s award-winning investment columnist Spencer Jakab, and Tom Sosnoff, founder and Co-Ceo of the tastytrade financial network, take on the meme stock debate head-to-head.