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Melvin Capital Loses $1 Billion in 3 Weeks to Start 2022

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Badly burned in meme stocks a year ago, Melvin Capital Management LP has lost over $1 billion in 3 weeks to start 2022.

The Wall Street Journal reports a 17% percent loss over the period. Since Melvin began 2021 at $12.5 billion under management and lost 39% last year, this year’s 17% loss amounts to about $1.3 billion.

Given that (inexplicably) more people invested in Melvin last year and few redeemed, the losses could be even greater may have reached $2 billion.

Melvin seems to have learned little from its experience last January:


At the worst point in January 2021, Melvin Capital Management was losing more than $1 billion a day as individual investors on online forums such as Reddit banded together to push up prices of stocks Melvin was betting against. “We were in a terrible position. Stared death in the face,” Mr. Plotkin told employees in a Zoom meeting late that month. “But we’ve made it through.”


The damage, though, was severe. Melvin’s loss that month was 54.5%, or roughly $6.8 billion, one of the swiftest and steepest declines for a hedge fund since the financial crisis of 2008.

Despite the market turmoil, other hedge funds did far better, as did market indices:

For the full year, Melvin was down 39.3%, but far below the average 11.9% gain for stock-picking hedge funds, according to industry-research firm HFR. The total return of the S&P 500, in comparison, was 28.7%.

Would you rather pay high fees for Melvin to lose 40% of your money, or almost nothing for Vanguard to make you 30%?

Two other hedge fund kingpins, Ken Griffin of Citadel LLC and Steve Cohen of Point72 Asset Management LP have also been stung by these losses.

They invested $2.75 billion in Melvin last year for a piece of its fees. But those management fees are likely just $150-200 million a year in total currently, with no juicy performance fee.

Looks like they backed the wrong horse.

The bottom line is Gabe Plotkin is inept and has no business running other people’s money. To his investors, I suggest you get out while you still can.


There will be no blog on Monday. I have an acting gig!

See you on Tuesday, February 1st. Have a great weekend everyone! 🙂

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More on markets:

Engineering an AMC Short Squeeze in Dark Pools

Citadel Can’t Beat the S&P 500, Despite High Fees

Citadel Holding Nearly $500 Million in AMC Options

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Amazon Business American Express Card

You already shop on Amazon. Why not save $100?

If you’re approved for this card, you get a $100 Amazon gift card. You also get up to 5% back on Amazon and Whole Foods purchases, 2% on restaurants/gas stations/cell phone bills, and 1% everywhere else.

Best of all: No fee!

Fundrise

This platform lets me diversify my real estate investments so I’m not too exposed to any one market. I’ve invested since 2018 and returns have been great so far.

More on Fundrise in this post.

If you decide to invest in Fundrise, you can use this link to get your management fees waived for 90 days

Misfits Market

My wife and I have gotten organic produce shipped to our house by Misfits for over a year. It’s never once disappointed me.

Every fruit and vegetable is super fresh and packed with flavor.

I thought radishes were cold, tasteless little lumps at salad bars until I tried theirs! They’re peppery, colorful and crunchy!

I wrote a detailed review of Misfits here.

Use this link to sign up and you’ll save $10 on your first order. 

Engineering an AMC Short Squeeze in Dark Pools

It’s no secret that investors in meme stocks like AMC Entertainment Holdings, Inc. yearn to engineer a short squeeze. This vertiginous ascent in the stock’s price crushes short sellers, who must buy the shares to close their position and stop the bleeding.

It’s easiest to engineer a squeeze in a heavily shorted stock. Then, many shorts have to cover all at once, providing heavy demand for the shares and pushing the price higher.

If you look at the short interest in AMC shares, it doesn’t look particularly high, at 18%. But there’s another metric that tells a very different story.

AMC’s dark pool short interest is a whopping 51%…a majority of shares outstanding. If that figure were repeated in public markets, it would make AMC the #5 most shorted stock in existence.

The short sales may not show up on the NYSE, but they’re there. And in massive numbers.

So it may be a lot easier than it appears for retail traders to squeeze AMC shares.

Most retail orders go to dark pools. Since brokers tend to process their orders in the dark pools, retail traders could squeeze the short sellers even on this private platform.

To be clear, this is a high risk, speculative trade. I wouldn’t attempt it because the high risk bucket of my investments goes into tech startups.

But it just might work.

More on markets:

Citadel Holding Nearly $500 Million in AMC Options

How Did High Dividend Stocks Perform In the Last Crash?

Citadel Can’t Beat the S&P 500, Despite High Fees

Photo: “Nuts in a….” by ClawzCTR is licensed under CC BY-ND 2.0

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Save Money on Stuff I Use:

Amazon Business American Express Card

You already shop on Amazon. Why not save $100?

If you’re approved for this card, you get a $100 Amazon gift card. You also get up to 5% back on Amazon and Whole Foods purchases, 2% on restaurants/gas stations/cell phone bills, and 1% everywhere else.

Best of all: No fee!

Fundrise

This platform lets me diversify my real estate investments so I’m not too exposed to any one market. I’ve invested since 2018 and returns have been great so far.

More on Fundrise in this post.

If you decide to invest in Fundrise, you can use this link to get your management fees waived for 90 days

Misfits Market

My wife and I have gotten organic produce shipped to our house by Misfits for over a year. It’s never once disappointed me.

Every fruit and vegetable is super fresh and packed with flavor.

I thought radishes were cold, tasteless little lumps at salad bars until I tried theirs! They’re peppery, colorful and crunchy!

I wrote a detailed review of Misfits here.

Use this link to sign up and you’ll save $10 on your first order. 

85% of Hedge Funds Are Monitoring Retail Traders

Retail traders were once an afterthought in the stock market. Those days are over.

Anxious to know retail’s next move, nearly all hedge funds are monitoring retail traders on social media:

Fund managers who might have once derided small-time day traders as “dumb money” are scouring social-media posts for clues about where the herd might veer next. Some 85% of hedge funds and 42% of asset managers are now tracking retail-trading message boards, according to a survey by Bloomberg Intelligence.

J.P. Morgan is offering a product to top clients that helps them predict retail traders’ next move. Those high dollar clients are likely hedge funds:

Data shared with clients include the size of retail flows, the most discussed stocks on social media and companies that are likely to face a retail ‘squeeze’ — when small investors rush to a stock that hedge funds are betting against. 

This comes as retail traders form an ever-larger part of the market. From the WSJ:

Individual traders in 2021 purchased a net $292 billion of U.S. stocks and exchange-traded funds, according to Vanda Research’s VandaTrack platform, which tracks and sells data on the purchases of U.S. equities by individual investors. That is more than seven times the amount in 2019. Individual investors so far appear poised to continue similar levels of buying activity in 2022.

But it will be hard for retail traders to outmaneuver hedge funds if they always know retail’s next move. The solution may be to adopt a tool long used by crypto traders: encrypted messaging.

Applications like Signal, Telegram or Whatsapp make it easy to form groups and send encrypted messages. This could be a good way for retail traders to organize and coordinate trades.

After all, it’s much easier to burn hedge funds in a short squeeze when they don’t know you’re about to start buying the stock.

I’m curious to see if retail stock traders will adopt secure messaging technology as a weapon against hedge funds. In the mean time, remember: Big Brother is watching you.

More on markets:

Citadel Holding Nearly $500 Million in AMC Options

Solana Is the Most Popular Crypto of 2022

Citadel Can’t Beat the S&P 500, Despite High Fees

Photo: “Big Brother is watching you” by duncan is licensed under CC BY-NC 2.0

If you found this post interesting, please share it on Twitter/Facebook/etc. using the buttons at the bottom of the page. This helps more people find the blog! 

Save Money on Stuff I Use:

Amazon Business American Express Card

You already shop on Amazon. Why not save $100?

If you’re approved for this card, you get a $100 Amazon gift card. You also get up to 5% back on Amazon and Whole Foods purchases, 2% on restaurants/gas stations/cell phone bills, and 1% everywhere else.

Best of all: No fee!

Fundrise

This platform lets me diversify my real estate investments so I’m not too exposed to any one market. I’ve invested since 2018 and returns have been great so far.

More on Fundrise in this post.

If you decide to invest in Fundrise, you can use this link to get your management fees waived for 90 days

Misfits Market

My wife and I have gotten organic produce shipped to our house by Misfits for over a year. It’s never once disappointed me.

Every fruit and vegetable is super fresh and packed with flavor.

I thought radishes were cold, tasteless little lumps at salad bars until I tried theirs! They’re peppery, colorful and crunchy!

I wrote a detailed review of Misfits here.

Use this link to sign up and you’ll save $10 on your first order. 

Citadel Funds Vaccine, Election Conspiracy Platform

I came across some truly bizarre information today. Hedge fund Citadel LLC is a major funder of Rumble, a video website known for promoting conspiracies on vaccines and elections:

A simple search for the word “vaccine” on Rumble’s homepage returned three times more videos with misinformation than accurate claims, according to research published in Wired Magazine. Rumble’s presentation and distribution of video content amplified misinformation about vaccines and elections more than any other topics, according to the study’s findings.

Citadel is deeply involved:

When Rumble went public on December 1st, 2021, it did so with significant financial backing of Ken Griffin’s Chicago-based hedge fund, Citadel Advisers. The Chicago-based hedge fund pooled together funds in February of 2021 to form a a special-purpose acquisition company or “SPAC” (CF Acquisition Corp. VI VI). The Griffin-backed shell company officially “merged” with Rumble. It holds 826,864 shares in Rumble, which are now worth $8,028,849 and amounts to the fifth largest holding position in Rumble.

Sure enough, when I searched “vaccine” on Rumble just now, unproven conspiracies dominated the results:


If Citadel is anything like most hedge funds, its investors are almost all institutions: university endowments, pension funds, charitable endowments, etc. The last thing they want is controversy.

Citadel is seriously jeopardizing its reputation and investor base by being involved in a company like this. Even as someone who only invests his own capital, I wouldn’t touch Rumble.

This comes in addition to CEO Ken Griffin personally funding lawmakers like Devin Nunes who refused to certify the election.

If you’re one of the richest men in the country, you already have a target on your back. If you use those billions to fund conspiracy theorists and get your investors involved without their consent, you’re asking for trouble.

Expect to see politicians and investors piling on Citadel in ever greater numbers.

What do you think of Citadel investing in Rumble? Leave a comment at the bottom and let me know!

This is the last blog for this week. See you Monday and have a great weekend!

More on markets:

Citadel Can’t Beat the S&P 500, Despite High Fees

How Solana Could Wipe Out Visa and MasterCard

AMC Fails to Deliver Soar Past 400,000

Photo: Citadel LLC CEO Kenneth Griffin

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Save Money on Stuff I Use:

Amazon Business American Express Card

You already shop on Amazon. Why not save $100?

If you’re approved for this card, you get a $100 Amazon gift card. You also get up to 5% back on Amazon and Whole Foods purchases, 2% on restaurants/gas stations/cell phone bills, and 1% everywhere else.

Best of all: No fee!

Fundrise

This platform lets me diversify my real estate investments so I’m not too exposed to any one market. I’ve invested since 2018 and returns have been good so far. More on Fundrise in this post.

If you decide to invest in Fundrise, you can use this link to get your management fees waived for 90 days. With their 1% management fee, this could save you $250 on a $100,000 account.

Misfits Market

My wife and I have gotten organic produce shipped to our house by Misfits for over a year. It’s never once disappointed me. Every fruit and vegetable is super fresh and packed with flavor. I thought radishes were cold, tasteless little lumps at salad bars until I tried theirs! They’re peppery, colorful and crunchy! I wrote a detailed review of Misfits here.

Use this link to sign up and you’ll save $10 on your first order. 

Citadel Can’t Beat the S&P 500, Despite High Fees

Citadel LLC trailed the S&P 500 in 2021, returning 26.3% to the market’s 29%.

Citadel charges as much as 5% or more of the fund’s assets every year, in addition to 20% of all gains. These fees are among the highest of any investment fund.

Why should investors pay such massive fees when the Vanguard S&P 500 Index Fund Admiral fund (which I own) charges a mere 0.04% of assets with no performance fee?

The only possible justification would be returns that are consistently far higher than the market’s. While Citadel’s Wellington fund has outperformed the market in some years, such as 2020, its performance is inconsistent.

Few hedge funds have consistently beat the market. Jim Simon’s Medallion fund has returned 39% a year net of fees annually since 1988, but is closed to new investors.

Perhaps this underperformance is why Citadel is trying to make it harder for investors to withdraw their money.

Unless a fund can consistently beat the market by a wide margin, high fees will make it a losing investment. Hedge funds sound mysterious and awesome, but you may do better with boring old Vanguard!

More on markets:

AMC Fails to Deliver Soar Past 400,000

How Solana Could Wipe Out Visa and MasterCard

Citadel Holding Nearly $500 Million in AMC Options

Photo: Citadel LLC CEO Kenneth Griffin

If you found this post interesting, please share it on Twitter/Facebook/etc. using the buttons at the bottom of the page. This helps more people find the blog! 

Save Money on Stuff I Use:

Amazon Business American Express Card

You already shop on Amazon. Why not save $100?

If you’re approved for this card, you get a $100 Amazon gift card. You also get up to 5% back on Amazon and Whole Foods purchases, 2% on restaurants/gas stations/cell phone bills, and 1% everywhere else.

Best of all: No fee!

Fundrise

This platform lets me diversify my real estate investments so I’m not too exposed to any one market. I’ve invested since 2018 and returns have been good so far. More on Fundrise in this post.

If you decide to invest in Fundrise, you can use this link to get your management fees waived for 90 days. With their 1% management fee, this could save you $250 on a $100,000 account.

Misfits Market

My wife and I have gotten organic produce shipped to our house by Misfits for over a year. It’s never once disappointed me. Every fruit and vegetable is super fresh and packed with flavor. I thought radishes were cold, tasteless little lumps at salad bars until I tried theirs! They’re peppery, colorful and crunchy! I wrote a detailed review of Misfits here.

Use this link to sign up and you’ll save $10 on your first order. 

AMC Fails to Deliver Are a Massive Outlier

Fails to deliver in shares of AMC Entertainment Holdings, Inc. passed 400,000 in data just released by the SEC yesterday. But what does that actually mean?

To put the number in perspective, I pulled the fails to deliver for the 10 largest US companies by market capitalization. As you can see, at the end of the reporting period (December 14), AMC’s fails to deliver dwarf them all.

Combined.

Am I the only one who finds this a little odd? Why would this comparatively tiny company, at a $13 billion market cap, have more shares failing to clear than companies valued in the trillions?

If this high level of fails to deliver were unprecedented, I’d think nothing of it. But massive numbers of AMC shares failing to clear has been common for many months (see this, this and this).

Sometimes fails to deliver have a benign explanation, like clerical errors. But why would there be a colossal number of mistakes in AMC shares and not in Apple?

And why would that be repeated for much of 2021?

I suspect a more nefarious explanation: naked short selling. In this usually illegal trade, a trader sells short shares he does not own.

The shares are never delivered because they never existed. Meanwhile, the trader can push down the share price without limitation.

When will the SEC act on its own data?

There will be no blog tomorrow. I have an acting gig in the city! See you Thursday!

More on markets:

AMC Fails to Deliver Soar Past 400,000

How Elrond Could Take Over Payments Worldwide

AMC Blows Up Hedge Fund with Sordid Past

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Save Money on Stuff I Use:

Amazon Business American Express Card

You already shop on Amazon. Why not save $100?

If you’re approved for this card, you get a $100 Amazon gift card. You also get up to 5% back on Amazon and Whole Foods purchases, 2% on restaurants/gas stations/cell phone bills, and 1% everywhere else.

Best of all: No fee!

Fundrise

This platform lets me diversify my real estate investments so I’m not too exposed to any one market. I’ve invested since 2018 and returns have been good so far. More on Fundrise in this post.

If you decide to invest in Fundrise, you can use this link to get your management fees waived for 90 days. With their 1% management fee, this could save you $250 on a $100,000 account.

Misfits Market

My wife and I have gotten organic produce shipped to our house by Misfits for over a year. It’s never once disappointed me. Every fruit and vegetable is super fresh and packed with flavor. I thought radishes were cold, tasteless little lumps at salad bars until I tried theirs! They’re peppery, colorful and crunchy! I wrote a detailed review of Misfits here.

Use this link to sign up and you’ll save $10 on your first order. 

AMC Fails to Deliver Soar Past 400,000

They’re baaaack.

After bouncing around at mostly low levels in November, December saw AMC Entertainment Holdings, Inc. fails to deliver soar to over 400,000.

AMC registered 405,523 shares as failed to deliver as of December 14th, the last day in the data set just released by the SEC. This represents a nearly 70-fold increase from the last reporting period.

Shares fail to deliver when a trade is not closed out properly. This can happen for benign reasons, like administrative errors.

But when there is a persistent pattern of high fails to deliver, as we saw through much of 2021, they can be a sign of something more nefarious. Naked short selling, or selling short shares one does not own, can cause huge fails to deliver.

The shares are never delivered because they never existed in the first place! This illegal trade is a powerful way to push down a stock’s price.

Sure enough, as fails to deliver mounted in the first half of December, we see a steady decline in AMC’s share price. Shares fell 14% in less than 2 weeks.

AMC’s fails to deliver are completely out of line compared to other stocks. Much larger companies like Amazon (43), Apple (36,407) and Microsoft (0) had only a tiny fraction as many fails to deliver at the end of the reporting period.

Maybe nothing inappropriate is happening here. But I’d like to see the SEC investigate it and find out, rather than just releasing the same shocking data month after month with a shrug.

More on markets:

AMC, GameStop Volumes Plummet as Investors Move to Computershare

How Solana Could Wipe Out Visa and MasterCard

Citadel Holding Nearly $500 Million in AMC Options

If you found this post interesting, please share it on Twitter/Facebook/etc. using the buttons at the bottom of the page. This helps more people find the blog! 

Save Money on Stuff I Use:

Amazon Business American Express Card

You already shop on Amazon. Why not save $100?

If you’re approved for this card, you get a $100 Amazon gift card. You also get up to 5% back on Amazon and Whole Foods purchases, 2% on restaurants/gas stations/cell phone bills, and 1% everywhere else.

Best of all: No fee!

Fundrise

This platform lets me diversify my real estate investments so I’m not too exposed to any one market. I’ve invested since 2018 and returns have been good so far. More on Fundrise in this post.

If you decide to invest in Fundrise, you can use this link to get your management fees waived for 90 days. With their 1% management fee, this could save you $250 on a $100,000 account.

Misfits Market

My wife and I have gotten organic produce shipped to our house by Misfits for over a year. It’s never once disappointed me. Every fruit and vegetable is super fresh and packed with flavor. I thought radishes were cold, tasteless little lumps at salad bars until I tried theirs! They’re peppery, colorful and crunchy! I wrote a detailed review of Misfits here.

Use this link to sign up and you’ll save $10 on your first order. 

AMC Blows Up Hedge Fund with Sordid Past

AMC Entertainment Holdings, Inc. has blown up another prominent hedge fund to close out 2021:

The New York-based hedge fund Anchorage Capital Group has shut down after more than 18 years of capital management.

Anchorage Capital had 4 million put options on AMC, which accounted for 17.8% of its portfolio.

Anchorage Capital Group had the second-largest short position against AMC stock.


The hedge fund’s founder, Kevin Ulrich, has a sordid past. From Bloomberg:

Last year, a woman sued Ulrich, accusing him of sexual battery in a Manhattan hotel in 2019 — a complaint that was later withdrawn. Institutional Investor, citing an Anchorage client, reported in November 2020 that Ulrich settled with the accuser and that clients were displeased by the firm’s failure to disclose the allegations after they became a matter of public record.

Perhaps Ulrich was a little too busy with the rape allegations to mind his portfolio.

Anchorage compounded their misfortune with massive put option bets on other meme stocks like GameStop Corp. and Bed Bath & Beyond, Inc. The $7.4 billion fund will now be liquidated.

Anchorage’s returns had been lackluster for years, and its assets under management had shrunk by half from their peak. Indeed, Bloomberg reports it had been “trying to shrink.”

I’m sure AMC shareholders were happy to give them some help with that.

There will be no blog tomorrow. See you on Monday and happy new year!

More on markets:

AMC, GameStop Volumes Plummet as Investors Move to Computershare

How Did High Dividend Stocks Perform In the Last Crash?

Ken Griffin to Spend $300 Million to Defeat Governor

Photo: “Fruit of the fireball machine” by SiamEye is licensed under CC BY-NC-ND 2.0

If you found this post interesting, please share it on Twitter/Facebook/etc. using the buttons at the bottom of the page. This helps more people find the blog! 

Save Money on Stuff I Use:

Amazon Business American Express Card

You already shop on Amazon. Why not save $100?

If you’re approved for this card, you get a $100 Amazon gift card. You also get up to 5% back on Amazon and Whole Foods purchases, 2% on restaurants/gas stations/cell phone bills, and 1% everywhere else.

Best of all: No fee!

Fundrise

This platform lets me diversify my real estate investments so I’m not too exposed to any one market. I’ve invested since 2018 and returns have been good so far. More on Fundrise in this post.

If you decide to invest in Fundrise, you can use this link to get your management fees waived for 90 days. With their 1% management fee, this could save you $250 on a $100,000 account.

Misfits Market

My wife and I have gotten organic produce shipped to our house by Misfits for over a year. It’s never once disappointed me. Every fruit and vegetable is super fresh and packed with flavor. I thought radishes were cold, tasteless little lumps at salad bars until I tried theirs! They’re peppery, colorful and crunchy! I wrote a detailed review of Misfits here.

Use this link to sign up and you’ll save $10 on your first order. 

AMC, GameStop Volumes Plummet as Investors Move to Computershare

Today, the hottest name among meme stock investors may not be AMC Entertainment Holdings, Inc. or GameStop Corp., but an obscure Australian stock transfer company.

Investors in meme stocks have been moving their shares to Computershare in massive numbers since summer. The Australian company allows investors to hold shares directly, rather than through a broker.

A Seismic Shift

As investors began to hold their shares directly for the long term, volumes in AMC and GameStop have plummeted:

AMC traded nearly 800 million shares a day in early June and is down to under 50 million now. GameStop was trading over 20 million a day in June, but now fewer than a million shares trade hands in a typical day.

Why Computershare?

Many investors are concerned that their shares are being loaned out to hedge funds to sell short. This can drive down the price of the stock.

Brokerages insist they only lend out shares that were bought on margin. But many investors are skeptical.

Even if brokerages are telling the truth, there’s another compelling reason to use Computershare: Robinhood’s January trading curbs.

In January, Robinhood made it impossible to buy shares of GameStop, AMC, and other meme stocks. This cratered demand for the shares and they fell substantially.

With Computershare, investors can buy shares directly. However, unlike many brokerages, there are fees for buying and selling with Computershare.

Whether you want to go to the extra trouble to hold shares directly will depend on the person. But direct ownership is a valuable tool in the investor’s kit, and I’m glad it’s becoming better known!

Do you own shares directly or via a broker, and why? Let me know in the comments below.

More on markets:

GameStop Now Accepting Dozens of Cryptocurrencies

How Did High Dividend Stocks Perform In the Last Crash?

Citadel Holding Nearly $500 Million in AMC Options

Photo: “papa gorilla” by leamaimone is licensed under CC BY-NC-SA 2.0

If you found this post interesting, please share it on Twitter/Facebook/etc. using the buttons at the bottom of the page. This helps more people find the blog! 

Save Money on Stuff I Use:

Amazon Business American Express Card

You already shop on Amazon. Why not save $100?

If you’re approved for this card, you get a $100 Amazon gift card. You also get up to 5% back on Amazon and Whole Foods purchases, 2% on restaurants/gas stations/cell phone bills, and 1% everywhere else.

Best of all: No fee!

Fundrise

This platform lets me diversify my real estate investments so I’m not too exposed to any one market. I’ve invested since 2018 and returns have been good so far. More on Fundrise in this post.

If you decide to invest in Fundrise, you can use this link to get your management fees waived for 90 days. With their 1% management fee, this could save you $250 on a $100,000 account.

Misfits Market

My wife and I have gotten organic produce shipped to our house by Misfits for over a year. It’s never once disappointed me. Every fruit and vegetable is super fresh and packed with flavor. I thought radishes were cold, tasteless little lumps at salad bars until I tried theirs! They’re peppery, colorful and crunchy! I wrote a detailed review of Misfits here.

Use this link to sign up and you’ll save $10 on your first order. 

GameStop Now Accepting Dozens of Cryptocurrencies

GameStop Corp. is now accepting dozens of cryptocurrencies including Bitcoin and Dogecoin, per a report from Investor Place yesterday.

These cryptocurrencies can be used at any one of GameStop’s locations or online. GameStop is using the Flexa network, which supports a wide variety of cryptocurrencies.

This comes shortly after AMC Entertainment Holdings, Inc. began accepting crypto payments, including Bitcoin and Ethereum.

Meme stocks trying to draw in the adjacent crypto community is a wise move. All marketing costs money, but accepting crypto provides a bunch of press attention for the minimal cost of joining the Flexa network.

Flexa appears quite robust, with tens of thousands of retail locations on its platform. It reminds me of a Square for crypto; easy payment acceptance for merchants.

If GameStop ever delivers streaming games on its own platform, crypto payments could be particularly useful. Unlike with credit cards, customers from all over the world could purchase access with no foreign exchange fees.

Will accepting crypto payments make or break GameStop or AMC’s business? Of course not.

But for businesses that rely on foot traffic, anything that builds buzz at low cost is a huge win!

What do you think of GameStop and AMC accepting crypto payments? And who do you think will be next?

Let me know in the comments below.

This is the last blog for this week. I’ll see you again on Monday.

Merry Christmas!

More on markets:

Hedge Fund Paid Researcher to Write Misleading Reports on Seeking Alpha

Parody Site Sues Citadel to Stop Shutdown

How Did High Dividend Stocks Perform In the Last Crash?

Photo: Photo: “Retail GameStop” by ccPixs.com is licensed under CC BY 2.0

If you found this post interesting, please share it on Twitter/Facebook/etc. using the buttons at the bottom of the page. This helps more people find the blog! 

Save Money on Stuff I Use:

Amazon Business American Express Card

You already shop on Amazon. Why not save $100?

If you’re approved for this card, you get a $100 Amazon gift card. You also get up to 5% back on Amazon and Whole Foods purchases, 2% on restaurants/gas stations/cell phone bills, and 1% everywhere else.

Best of all: No fee!

Fundrise

This platform lets me diversify my real estate investments so I’m not too exposed to any one market. I’ve invested since 2018 and returns have been good so far. More on Fundrise in this post.

If you decide to invest in Fundrise, you can use this link to get your management fees waived for 90 days. With their 1% management fee, this could save you $250 on a $100,000 account.

Misfits Market

My wife and I have gotten organic produce shipped to our house by Misfits for over a year. It’s never once disappointed me. Every fruit and vegetable is super fresh and packed with flavor. I thought radishes were cold, tasteless little lumps at salad bars until I tried theirs! They’re peppery, colorful and crunchy! I wrote a detailed review of Misfits here.

Use this link to sign up and you’ll save $10 on your first order.