Tag Archives: Stonks

AMC Fails to Deliver Surge Past 500,000

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Fails to deliver in shares of AMC Entertainment Holdings, Inc. surged in February, reaching over 500,000 in the latest data released yesterday by the SEC.

This compares to nearly 200,000 shares that failed to clear in the last report two weeks ago, itself a very high number.

AMC’s fails to deliver are completely out of line when compared with other stocks. Let’s look at the fails to deliver for some of the biggest stocks in the market at the end of the latest report:

Alphabet Inc: 0

Apple Inc: 21,410

Amazon.com Inc: 4,000

Microsoft Corp: 328,810

Tesla Inc: 143

Keep in mind that these stocks have market caps orders of magnitude larger than AMC’s.

And yet, this little theater company has more failed trades than all of them. Combined.

Why are so many trades failing? Sometimes trades fail for benign reasons, like clerical errors.

But when a stock has a prolonged pattern of huge fails to deliver, it often indicates naked short selling. This mostly illegal practice involves selling short shares you never borrowed.

The trade can’t clear because the shares never existed in the first place. And you can short an unlimited amount because you need not find shares to borrow.

This is a powerful way to push down a stock’s price.

I strongly suspect illegal naked shorting by hedge funds in AMC. But with the FBI and SEC circling, they’d better be careful.

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More on markets:

FBI Raids Short Sellers

Melvin Capital Under Federal Investigation

How Solana Could Wipe Out Visa and MasterCard

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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. 

AMC Fails to Deliver Skyrocket 9X

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Fails to deliver in shares of AMC Entertainment Holdings, Inc. skyrocketed more than nine-fold, per data released today by the SEC.

Shares failing to clear numbered nearly 190,000 at the end of January, the most recent reporting period. Fails to deliver even neared 400,000 at one point in the data set, a staggering number.

This is a massive increase from 20,000 just two weeks prior.

Huge fails to deliver are nothing new for AMC. For some mysterious reason, this little stock has huge numbers of failed trades, month after month.

Here are the fails to deliver from the end of January for some of the largest stocks in the market. All are far below AMC’s, despite being much larger companies:

Alphabet Inc. Class A Shares: 27,991
Amazon.com Inc: 0
Apple Inc: 0
Microsoft Corp.: 0
Tesla Inc: 48,826

Sometimes, fails to deliver don’t point to anything nefarious. They can be the result of clerical errors and other honest mistakes.

But when a stock has a persistent pattern of huge fails to deliver, it can be a sign of naked short selling. This generally illegal practice involves selling short shares you don’t own.

Naked shorting is a powerful way to push down a stock’s price. If you don’t even need to own the stock, you can short an unlimited number of shares.

Indeed, the Department of Justice is currently investigating short sellers for illegal tactics. Federal agents have raided offices and seized hardware and trading records.

So we have a long term pattern of suspiciously high fails to deliver and a federal investigation. Is it really so hard to believe short sellers are breaking the law?


What do you think is really going on in shares of AMC? Leave a comment at the bottom and let me know.

See you tomorrow, everyone! 🙂

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More on markets:

AMC Fails to Deliver Skyrocket 1940% to Start Year

Melvin Capital Under Federal Investigation

How Giant Hedge Fund Tiger Global Blows Up

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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. 

AMC Fails to Deliver Skyrocket 1940% to Start Year

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Well, I hate to say I told you so.

Fails to deliver in shares of AMC Entertainment Holdings, Inc. skyrocketed to begin 2022, after falling to low levels at the end of last year. 20,071 shares failed to clear by January 14th, the latest day in the data set just released from the SEC.

This is a 1,940% increase from December 31st, 2021. As I predicted then, the failed trades quickly popped back up to high levels in the new year.

This is a common pattern in AMC stock. Fails to deliver drop at the end of a month, only to jump right back up to absurd levels shortly thereafter.

Let’s compare AMC’s fails to deliver on January 14th to some of the biggest stocks in the market:

Microsoft Corp: 0

Apple Inc: 100

Amazon.com Inc: 1,430

Berkshire Hathaway Inc. Class B Shares: 164

AMC Entertainment Holdings Inc: 20,071

Why does little old AMC have fails to deliver orders of magnitude greater than these much larger companies?

When there is a consistent pattern of large numbers of failed trades in a stock, it can be indicative of naked short selling. This involves selling short shares you don’t own.

It’s a powerful tool to push down the price. Naked shorting tends to cause fails to deliver because, since the shares never existed, the trade cannot settle.

I’ve written about this issue for months. Still, the SEC has done nothing.

I think only a major public outcry for an investigation will change things.

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More on markets:

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

Engineering an AMC Short Squeeze in Dark Pools

How Did High Dividend Stocks Perform In the Last Crash?

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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

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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. 

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

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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. 

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

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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: An Innovator Since Vaudeville

Today, AMC Entertainment Holdings, Inc. is known as one of the hottest stocks in the market, beloved by meme traders. But the company’s origins are decidedly more humble.

AMC was founded by Edward Durwood, a vaudeville performer. After his group disbanded, he bought a theater in Kansas City.

The year was 1920. Durwood was determined to enter the nascent movie business.

The tiny company grew, and in the postwar era, AMC created the first multiplexes. It was even first to offer reclining seats with cup holders, now de rigueur at theaters everywhere.

I was fascinated to learn of this history while digging into the Wall Street Journal’s weekend feature on AMC.

What struck me most was the company’s history of innovation. And AMC continues to innovate today, despite the headwinds it faces from high rents and substantial debt.

Much like Durwood entering the movie business at its beginning, AMC is taking advantage of new trends like cryptocurrencies and the popularity of the UFC. It is the only theater to accept crypto payments or screen the sought-after fights.

I think AMC’s best chance for a strong future lies in embracing and doubling down on that history of innovation. Here are some moves for them to consider:

1) Sell non-fungible tokens (NFT’s), rather than just giving them away as promotional items.

AMC has a powerful meme trader following. That group has substantial overlap with the crypto community.

AMC could also split the proceeds with the owner of the IP (such as Disney), a win-win proposition.

2) Screen Netflix content. Many Netflix subscribers would probably like to see their favorite movies and shows on the big screen.

But aside from a few very limited releases, customers are generally out of luck. This could be a huge source of exciting new content for AMC.

Meanwhile, Netflix gets to partner with a company that has more screens than any other.

3) Offer more extensive food and even alcohol.

Many upscale theaters offer restaurant-style meals, providing a major source of new revenue. Why stop with popcorn?

Alcohol could also be a massive new revenue stream with very high margins and less equipment needed than a restaurant. Licensing will be an issue, but other theaters have done this successfully.

Here’s hoping AMC will continue to innovate for another 100 years!

P.S. My one bone to pick with the WSJ article is its contention that there is no evidence of naked short selling. Persistent, large fails to deliver fly in the face of that claim, although they have moderated recently.

More on markets:

Hedge Fund Paid Researcher to Write Misleading Reports on Seeking Alpha

Ken Griffin to Spend $300 Million to Defeat Governor

How Did High Dividend Stocks Perform In the Last Crash?

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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. 

Robinhood vs. Interactive Brokers: Smackdown!

I’m working on making my own index fund. And it’s proving surprisingly difficult.

The Goal

My goal is to create a portfolio of the highest yielding Dividend Aristocrats. Dividend Aristocrats are blue chip companies that have increased their dividend every year for at least 25 years.

But even being an Aristocrat isn’t enough for your demanding author. I want only stocks with a yield above 3%, so I have some chance of keeping up with inflation.

I call this special group the Dividend Royals.

So which broker should I use to construct this portfolio?

The Contestants

In this corner: Robinhood!

Robinhood is one of the best known brokers today. It took the financial world by storm by offering zero commission trades.

And in this corner: Interactive Brokers!

This stalwart of finance has existed for decades and offers sophisticated tools to active investors.

Who will be the next champion?

Fight!

Robinhood is dead simple. Its intuitive mobile app makes it easy to buy and sell shares of stock, including fractional shares.

And then there’s the feature that made it famous: no transaction fees.

But Interactive Brokers no longer charges fees either in its Lite product. And its Pro offering can get you such great prices on shares that it should be worth the nominal fees if your trades are large.

Robinhood’s simplicity is also its Achilles’ heel. It lacks many of the powerful research and trading tools of Interactive Brokers.

Implementing a Dividend Royals strategy would be manual and painful.

What’s more, if you ever decide you’re sick of Robinhood, it’s expensive to get your money out. Robinhood charges you a usurious $75 fee.

Interactive Brokers charges nothing.

By Unanimous Decision…

Interactive Brokers is a much better choice. Its trading tools are powerful and its fees are even lower than famously cheap Robinhood.

I’m working with Interactive Brokers’ support to find out how to implement the Dividend Royals strategy using their BasketTrader tool. I’ll keep you posted!

There will be no blog on Monday. I’m background acting in an awesome forthcoming show from Netflix!

See you Tuesday. Have an awesome weekend, everyone!

More on markets:

Let’s Make Our Own Index Fund!

Plaintiffs Fight Back in Citadel Lawsuit

Starting a Financial Plan from 0

Photo: “Packerland Pro Wrestling – Roadhouse Rumble” by Ross LaRocco 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. 

Plaintiffs Fight Back in Citadel Lawsuit

The small investors suing Citadel Securities LLC are fighting back against its motion to dismiss their case:

Plaintiffs suing Citadel Securities and others over trading restrictions on “meme stocks” have filed a motion to strike the market maker’s recent court filing that leaned on the SEC’s report to dismiss the conspiracy charges.

Describing the notice as “incomplete and misleading,” they challenged Citadel Securities about its efforts to call the court attention to conclusions set out in the SEC’s report on the retail trading mania earlier this year.

Citadel’s reliance on the SEC report to defend itself is problematic. As I wrote here last week, the report barely even covered allegations of collusion between Citadel and Robinhood Markets, Inc. in limiting trading.

The lengthy report devotes just a single paragraph to the allegations. It also takes Citadel LLC CEO Ken Griffin and Robinhood CEO Vlad Tenev at their word.

What’s more, the report has no force of law:

The legal notice further explains that while the 45-page report was simply meant to describe events, the market maker had misinterpreted the regulatory body’s bulletins which, like all staff statements, have no legal force or effect.

Despite the serious allegations against his firm, Griffin still characterizes them as “a bad comedy joke.”

But Citadel could face billions in damages if it loses. Even for someone with Griffin’s wealth, that’s no laughing matter.

More on markets:

Citadel Demands Dismissal of Lawsuit, Citing SEC Report

Starting a Financial Plan from 0

AMC Fails to Deliver Jump 2700%

Photo: “Ken Griffin” by DanGPhotos1 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.