So many folks (esp. the media) are missing the complete backstory on $GME and how we got here.
This has been simmering for over a year and the story behind it is great. I’ve been tracking this since September and devoured all of the details from the origin through today.
Long-Term Equity Anticipation Securities — tl;dr long-dated calls) on GME.
At the time, nobody understood his position at all. The top comment on that post?
"Bid-ask spread on these are ridiculous, good luck getting rid of them" lol.
I caught wind of this trade back in September 2020, a FULL YEAR after this guy was already holding. I also thought it was weird—the dying retailer?
So why was it trading at like … $2-4/share?
Keep in mind, not all shares are actively traded. In fact, over 75% of $GME is locked up in passive funds and GME board & C-suite.
Which is insane. Basically, the shorts (which are hedge funds like Melvin) were expecting $GME to go bankrupt and they'd never have to cover (return their shares).
And he bought in, with conviction in his trade, ignoring the haters.
And more people on r/WallStreetBets started buying in.
And then more people.
And then more people.
Eventually, the shorts are supposed to cover. But how? They need to purchase more shares than there are in the company. Well, that means purchasing at any price.
And then last Friday, thanks to momentum and growing interest from retail traders, we had what is called a "gamma squeeze." Which isn’t the short squeeze!
Anyway…
Meaning for every call purchased (which rep. 100 shares), MMs buy 98 shares to be neutral.
On Friday, the price was over every available call strike, which meant that MMs had to buy millions of shares—if a call is "in the money" (stock price > call price) they have to deliver the shares.
Then the news took notice and everything went wild. More people piled in, larger firms are piling in on the buy side, Elon, Chamath… and the price exploded.
(a) the shorts haven’t covered or,
(b) more people are shorting to replace the shorts that covered
So the longer you’re holding your short position, the more it costs.
This is where we are now. Where does it go from here? I’m not sure!
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THE MEANING, SIGNIFICANCE AND HISTORY OF SWASTIK
The Swastik is a geometrical figure and an ancient religious icon. Swastik has been Sanatan Dharma’s symbol of auspiciousness – mangalya since time immemorial.
The name swastika comes from Sanskrit (Devanagari: स्वस्तिक, pronounced: swastik) &denotes “conducive to wellbeing or auspicious”.
The word Swastik has a definite etymological origin in Sanskrit. It is derived from the roots su – meaning “well or auspicious” & as meaning “being”.
"सु अस्ति येन तत स्वस्तिकं"
Swastik is de symbol through which everything auspicios occurs
Scholars believe word’s origin in Vedas,known as Swasti mantra;
"🕉स्वस्ति ना इन्द्रो वृधश्रवाहा
स्वस्ति ना पूषा विश्ववेदाहा
स्वस्तिनास्तरक्ष्यो अरिश्तनेमिही
स्वस्तिनो बृहस्पतिर्दधातु"
It translates to," O famed Indra, redeem us. O Pusha, the beholder of all knowledge, redeem us. Redeem us O Garudji, of limitless speed and O Bruhaspati, redeem us".
SWASTIK’s COSMIC ORIGIN
The Swastika represents the living creation in the whole Cosmos.
Hindu astronomers divide the ecliptic circle of cosmos in 27 divisions called https://t.co/sLeuV1R2eQ this manner a cross forms in 4 directions in the celestial sky. At centre of this cross is Dhruva(Polestar). In a line from Dhruva, the stars known as Saptarishi can be observed.
The Swastik is a geometrical figure and an ancient religious icon. Swastik has been Sanatan Dharma’s symbol of auspiciousness – mangalya since time immemorial.
The name swastika comes from Sanskrit (Devanagari: स्वस्तिक, pronounced: swastik) &denotes “conducive to wellbeing or auspicious”.
The word Swastik has a definite etymological origin in Sanskrit. It is derived from the roots su – meaning “well or auspicious” & as meaning “being”.
"सु अस्ति येन तत स्वस्तिकं"
Swastik is de symbol through which everything auspicios occurs
Scholars believe word’s origin in Vedas,known as Swasti mantra;
"🕉स्वस्ति ना इन्द्रो वृधश्रवाहा
स्वस्ति ना पूषा विश्ववेदाहा
स्वस्तिनास्तरक्ष्यो अरिश्तनेमिही
स्वस्तिनो बृहस्पतिर्दधातु"
It translates to," O famed Indra, redeem us. O Pusha, the beholder of all knowledge, redeem us. Redeem us O Garudji, of limitless speed and O Bruhaspati, redeem us".
SWASTIK’s COSMIC ORIGIN
The Swastika represents the living creation in the whole Cosmos.
Hindu astronomers divide the ecliptic circle of cosmos in 27 divisions called https://t.co/sLeuV1R2eQ this manner a cross forms in 4 directions in the celestial sky. At centre of this cross is Dhruva(Polestar). In a line from Dhruva, the stars known as Saptarishi can be observed.
