Payne's Perspective: February 8, 2021: Stay Chill, Stay Confident, Stay in the Game
By Charles Payne CEO & Principal Analyst
What a difference a week makes.
Remember how you felt going into last weekend? The market was in something of a tailspin - the financial media aimed their attacks on individual investors in general, and those trading on Robinhood using ideas found on Reddit in particular.
The broader market was becoming anxious over potential contagion from all those hedge funds taking big hits. For me, it's worrisome there would be any contagion for Wall Street from the actions of a few hedge funds. The risk has never been quantified, but it just makes you wonder.
How many Wall Street firms are financially linked to unremitted shorting aimed at destruction rather than price discovery or imbalances? I hope we can find out before the next round of short squeezes.
Yes, there will be more despite the notion put forth in the financial media that hedge funds won, and it's all over. It is just the warm-up for the Boston Tea Party version of the war for respect and a level playing field. Not just for individual investors, but also publicly-traded companies that are no longer able to make Wall Street money.
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