Quattro Securities Trader and “Einstein of Wall Street” Peter Tuchman is one of the most well-know people on the floor of the New York Stock Exchange. And he’s genuinely worried about people who are investing in meme stocks, like GameStop (GME): ‘I know for a fact that 90% of the people playing in this pond are losing money and blowing up trading accounts.’ He joined Yahoo Finance Executive Editor Brian Sozzi on Opening Bid to offer some sage advice and words of wisdom for new traders and market players.
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Video Transcript
What do you say to these meme stock investors that remain believers in gamestop?
I mean, some of the, the messages I’m getting on X are putrid.
What do I do?
I just hit block.
They don’t have any argument.
They have no clue what the company is fundamentally doing.
And I’m probably get ripped when we post this thing on, on X.
It’s irresponsible, first of all, for the, for the general, for the newcomer into the market to think that this is anything else except that is gambling, right?
It’s irresponsible for that person to go out on Twitter because the look I we deal, we are at the crossroads of so many young investors uh for so many young traders who come to me who are still long Gamestop at 480 from the first debacle.
And now they’re going back to the well again to get themselves in trouble.
But I can’t understand is, is why it, it look, it is.
It’s social media has created this platform of envy and je jealousy and need and greed.
It’s the bottom line.
And if they see someone lying on the back of a Bugatti with a stack of 10 thousands.
And they told them they bought gamestop at two and sold it at 400.
None of which are true.
ISMs.
Right.
Well, they’re gonna try and do it and they will stay in it and stay in it.
It’s going to the moon and you know it.
And, and for me, I, I know for a fact that 90% of the people who are playing in this, in this pond are losing money and blowing up trading accounts, millions of trading accounts were lost were blown up on Friday when everyone got locked in at $67 on Thursday night and it closed at 26 on Friday.
What do you make of, do you think roaring kitty’s popularity just spawns a next generation of roaring kitties and they become even more influential in markets and people lose a lot of money.
Now, you know what?
I have way too much faith in human nature to, to, for that, to be the case.
