The market has always been valued by what other people do, the difference is previously their actions had some veneer of rationality.
Dont confuse people buying in for a short squeeze to investors buying in based on fundamentals. This has just turned into a long squeeze instead of a short one. Still plenty of shorting going on still plenty of people holding out until they maybe cover. Also still people wanting to stick it to the man or somesuch thing. Funny enough the longer it takes the more fundamentally sound the company gets. Earnings report is today, should be interesting. Either way, Meme stocks are easy money.
Well, yes, but it also had some connection to real things being done. At least some ended up with nice flowers and some learned to grow them, and everyone had skin in the game they were playing. Now it’s significantly more like gambling where some people can tilt the table and others wink the croupier, with the house skimming in more and more elaborate ways.
Of course, the above is mostly about the excesses, the vast majority is… Some other topic. The common idiot can certainly make a fair bit of change by following some of the long bets.
The common idiot can make a ton of money in a ponzi scheme too, that is, until the party suddenly stops.
Why would you buy GameStop when you could buy a meme ETF?