[todeen]

Originally Posted by Fred

Then you stop and consider the Game Stop short squeeze (early 2021) and the line of knucklehead investors reading/reacting to the Reddit blogs.

A lot of those Game Stop Reddit readers got burned, badly. The smart ones (probably a small percentage) got out at the right time because they understood the market and the ignorant ones lost quite a bit. Someone had to lose in that scam.

I bumped into an old acquaintance of mine -- hadn't seen him in 10 years. I asked what he was doing for work and he said it was a long story. He hated his healthcare job during COVID, but was considered essential. So he stayed on working. Then he met a guy who started teaching him day trading. He got a pay boost during COVID as part of the stimulus package to retain healthcare workers. So he started putting cash in the Robin Hood app, small stuff like that. He quit his job, because he was getting paid more to be unemployed than to continue working. Then he fell into the Reddit Crowd. He was too late for GameStop, but gambled on AMC Theaters and sold near the top of the hype. He made "Enough." Now he is a self-employed day trader. That's his job.

You also asked the demographic who was investing in cards? My doctor Bro-in-law is about 45 yrs old. He has the money to invest. He follows all sports, but doesn't buy cards. The only reason he did not invest was because he trusted me when I told him to wait it out, things were going bonkers and he could get burned. He was buying at the wrong time.