Moral of GameStop Tale: ‘People Are Allowed to Pay Stupid Prices’

Subscribe to What Goes Up on Apple Podcasts
Subscribe to What Goes Up on Pocket Casts
Subscribe to What Goes Up on Spotify
 

34||h<10)||window.opera||t.addEventListener("progress",function(t){e.lastSize=t.loaded},!1)}),f.on("open-xhr-start",function(t){this.params={method:t[0]},o(this,t[1]),this.metrics={}}),f.on("open-xhr-end",function(t,e){"loader_config"in NREUM&&"xpid"in NREUM.loader_config&&this.sameOrigin&&e.setRequestHeader("X-NewRelic-ID",NREUM.loader_config.xpid);var n=u(this.parsedOrigin);if(n){var r=!1;n.newrelicHeader&&(e.setRequestHeader("newrelic",n.newrelicHeader),r=!0),n.traceContextParentHeader&&(e.setRequestHeader("traceparent",n.traceContextParentHeader),n.traceContextStateHeader&&e.setRequestHeader("tracestate",n.traceContextStateHeader),r=!0),r&&(this.dt=n)}}),f.on("send-xhr-start",function(t,e){var n=this.metrics,r=t[0],o=this;if(n&&r){var i=m(r);i&&(n.txSize=i)}this.startTime=a.now(),this.listener=function(t){try{"abort"!==t.type||o.loadCaptureCalled||(o.params.aborted=!0),("load"!==t.type||o.called===o.totalCbs&&(o.onloadCalled||"function"!=typeof e.onload))&&o.end(e)}catch(n){try{f.emit("internal-error",[n])}catch(r){}}};for(var c=0;c

1?t[1]=i:t.push(i)}else t[0]&&t[0].headers&&e(t[0].headers,o)&&(this.dt=o)})}},{}],17:[function(t,e,n){var r={};e.exports=function(t){if(t in r)return r[t];var e=document.createElement(“a”),n=window.location,o={};e.href=t,o.port=e.port;var i=e.href.split(“://”);!o.port&&i[1]&&(o.port=i[1].split(“/”)[0].split(“@”).pop().split(“:”)[1]),o.port&&”0″!==o.port||(o.port=”https”===i[0]?”443″:”80″),o.hostname=e.hostname||n.hostname,o.pathname=e.pathname,o.protocol=i[0],”/”!==o.pathname.charAt(0)&&(o.pathname=”/”+o.pathname);var a=!e.protocol||”:”===e.protocol||e.protocol===n.protocol,c=e.hostname===document.domain&&e.port===n.port;return o.sameOrigin=a&&(!e.hostname||c),”/”===o.pathname&&(r[t]=o),o}},{}],18:[function(t,e,n){function r(t,e){var n=t.responseType;return”json”===n&&null!==e?e:”arraybuffer”===n||”blob”===n||”json”===n?o(t.response):”text”===n||””===n||void 0===n?o(t.responseText):void 0}var o=t(20);e.exports=r},{}],19:[function(t,e,n){function r(){}function o(t,e,n){return function(){return i(t,[u.now()].concat(c(arguments)),e?null:this,n),e?void 0:this}}var i=t(“handle”),a=t(27),c=t(28),s=t(“ee”).get(“tracer”),u=t(“loader”),f=NREUM;”undefined”==typeof window.newrelic&&(newrelic=f);var d=[“setPageViewName”,”setCustomAttribute”,”setErrorHandler”,”finished”,”addToTrace”,”inlineHit”,”addRelease”],p=”api-“,l=p+”ixn-“;a(d,function(t,e){f[e]=o(p+e,!0,”api”)}),f.addPageAction=o(p+”addPageAction”,!0),f.setCurrentRouteName=o(p+”routeName”,!0),e.exports=newrelic,f.interaction=function(){return(new r).get()};var h=r.prototype={createTracer:function(t,e){var n={},r=this,o=”function”==typeof e;return i(l+”tracer”,[u.now(),t,n],r),function(){if(s.emit((o?””:”no-“)+”fn-start”,[u.now(),r,o],n),o)try{return e.apply(this,arguments)}catch(t){throw s.emit(“fn-err”,[arguments,this,t],n),t}finally{s.emit(“fn-end”,[u.now()],n)}}}};a(“actionText,setName,setAttribute,save,ignore,onEnd,getContext,end,get”.split(“,”),function(t,e){h[e]=o(l+e)}),newrelic.noticeError=function(t,e){“string”==typeof t&&(t=new Error(t)),i(“err”,[t,u.now(),!1,e])}},{}],20:[function(t,e,n){e.exports=function(t){if(“string”==typeof t&&t.length)return t.length;if(“object”==typeof t){if(“undefined”!=typeof ArrayBuffer&&t instanceof ArrayBuffer&&t.byteLength)return t.byteLength;if(“undefined”!=typeof Blob&&t instanceof Blob&&t.size)return t.size;if(!(“undefined”!=typeof FormData&&t instanceof FormData))try{return JSON.stringify(t).length}catch(e){return}}}},{}],21:[function(t,e,n){var r=0,o=navigator.userAgent.match(/Firefox[\/\s](\d+\.\d+)/);o&&(r=+o[1]),e.exports=r},{}],22:[function(t,e,n){function r(){return c.exists&&performance.now?Math.round(performance.now()):(i=Math.max((new Date).getTime(),i))-a}function o(){return i}var i=(new Date).getTime(),a=i,c=t(29);e.exports=r,e.exports.offset=a,e.exports.getLastTimestamp=o},{}],23:[function(t,e,n){function r(t,e){var n=t.getEntries();n.forEach(function(t){“first-paint”===t.name?d(“timing”,[“fp”,Math.floor(t.startTime)]):”first-contentful-paint”===t.name&&d(“timing”,[“fcp”,Math.floor(t.startTime)])})}function o(t,e){var n=t.getEntries();n.length>0&&d(“lcp”,[n[n.length-1]])}function i(t){t.getEntries().forEach(function(t){t.hadRecentInput||d(“cls”,[t])})}function a(t){if(t instanceof h&&!v){var e=Math.round(t.timeStamp),n={type:t.type};e<=p.now()?n.fid=p.now()-e:e>p.offset&&e<=Date.now()?(e-=p.offset,n.fid=p.now()-e):e=p.now(),v=!0,d("timing",["fi",e,n])}}function c(t){d("pageHide",[p.now(),t])}if(!("init"in NREUM&&"page_view_timing"in NREUM.init&&"enabled"in NREUM.init.page_view_timing&&NREUM.init.page_view_timing.enabled===!1)){var s,u,f,d=t("handle"),p=t("loader"),l=t(26),h=NREUM.o.EV;if("PerformanceObserver"in window&&"function"==typeof window.PerformanceObserver){s=new PerformanceObserver(r);try{s.observe({entryTypes:["paint"]})}catch(m){}u=new PerformanceObserver(o);try{u.observe({entryTypes:["largest-contentful-paint"]})}catch(m){}f=new PerformanceObserver(i);try{f.observe({type:"layout-shift",buffered:!0})}catch(m){}}if("addEventListener"in document){var v=!1,w=["click","keydown","mousedown","pointerdown","touchstart"];w.forEach(function(t){document.addEventListener(t,a,!1)})}l(c)}},{}],24:[function(t,e,n){function r(){function t(){return e?15&e[n++]:16*Math.random()|0}var e=null,n=0,r=window.crypto||window.msCrypto;r&&r.getRandomValues&&(e=r.getRandomValues(new Uint8Array(31)));for(var o,i="xxxxxxxx-xxxx-4xxx-yxxx-xxxxxxxxxxxx",a="",c=0;cMegaphone Player

  • What Goes Up’Stupid Prices’00:37:22

    ShareSubscribeCookie PolicySubscribe to What Goes UpKeep up to date by subscribing to this podcastShare ‘Stupid Prices’Share this episode with your friendsCookie PolicyThis player is hosted by Megaphone, a podcast publishing platform. By using Megaphone’s player you are consenting to our use of cookies, which we use to improve user experience. Please refer to our privacy policy to learn more.





    The drama surrounding GameStop Corp. and other high-flying stocks targeted by social media-influenced traders has triggered a debate about behavior in markets and what regulators should do about it.

    Larry Tabb, the head of market-structure research at Bloomberg Intelligence, joins the latest episode of the “What Goes Up” podcast to discuss this issue, as well as the role clearing firms played in causing Robinhood and other brokerages to restrict trading in certain stocks.

    Here’s one highlight of the conversation, about how and if the market should be changed to prevent this type of wild price action:

    “I’m not sure you want to do anything there. I’m not sure there’s massive amounts of change I would make. People are allowed to pay stupid prices for things. You know, you go into the local convenience store. Milk is three times what it costs in the supermarket. Are you not supposed to be able to charge that actually in the stock market? It’s way better than that, because you can go to any one of the 16 exchanges, you’ll all pay the same price. So, so I’m not sure there’s a ton of stuff to do.”

    Mentioned in this podcast:
    In 11 Hours of Pure Mania, 100% Stock Gains Popped Up Everywhere
    How a Penny Stock Explodes From Obscurity to 451% Gains Via Chat Forums
    Reddit Jolts Activist-Short Hedge Funds Into ‘Adapt or Die’ Mode
    WallStreetBets Briefly Goes Dark After Fueling GameStop’s Surge
    Battle Between Hedge Funds and Day Traders Creates Record Volume

    Source: Read Full Article

    • Markets Comments Off on Moral of GameStop Tale: ‘People Are Allowed to Pay Stupid Prices’