Jim Chanos, Founder and President of the Kynikos Associates hedge fund, has some harsh criticism for holders of AMC and other meme stocks:
What I see on Reddit, Twitter and elsewhere is the exact opposite. The communities have a strong determination to hold and often find the position deeply personal. One very popular Reddit post I saw said that hedge funds killed her father, in that her father fell into despair and substance abuse after the financial crisis, which hedge funds had a hand in:
For many AMC holders, it’s personal. And I don’t doubt the same is true for holders of other meme stocks.
Do they also want to make money? Sure. And I’m also pretty sure that Chanos didn’t start his hedge fund in order to save starving kittens.
In fact, this personalization of the position could be a liability for meme stock holders. As someone who invests for a living, I urge all investors to view an investment as an investment only. It helps you make clearer decisions.
In the future, I suggest listening to this song when you read Chanos’ tweets:
More on AMC:
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