By the time I arrived in Cleveland, Ohio, to see my newly vaccinated parents, having opted for the upgrade to Air France business class, I had stopped thinking about money in terms of its actual present value, and instead conceptualized the numbers on my screen in terms of their abstract potential future value.
As I walked down the stone steps of the Irish Catholic church that I had grown up attending, I checked my phone: the merger details had been announced, and the valuation accorded to Lucid was high, far too high. Shares were cratering, and it was the pinprick in the bubble for the other high-growth tech and alternative energy stocks, which followed it downwards, their call options losing value at an exponentially greater rate.
Options on alternative energy and electric vehicle stocks – which represented almost the entirety of my portfolio – had crashed from their bubble territory. $700k became $500k, which ebbed down to $400k, then $300k. At $250k, I cursed myself for being such a fool. I spent hours gazing at the apartments I could have easily afforded just two months ago. I was an opportunity ruiner, a serial one.
Of course, there are others who made and lost during the “meme stock” craze. From his perch as an observer, Rogozinski told me that he far prefers the r/wallstreetbets posts that detail painful losses. Posts of big gains give people the impression that they can do it too, he clarified to me over video chat, whereas posts of painful losses seem to increase the risk-averseness of the average WSB-er, leading to lower “community losses” – at least, for a time.
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Source: FinancialReview - 🏆 2. / 90 Read more »