Latest Breaking News On - Galleon group - Page 16 : vimarsana.com
No sooner had Citadel forked over billions of dollars to help staunch the bleeding of Melvin Capital a relatively obscure hedge fund whose short on video game retailer GameStop was subject to a massive short squeeze than Wall Street wags started whispering: “This is a contagion event.”
And by Wednesday, when a slew of heavily shorted names were still soaring and the Dow ended the day down more than 600 points, one top manager told
Institutional Investor that “every long-short hedge fund in the world is getting killed. It’s all about leverage.”
The next fund to be hurt, hedge fund insiders said, could be Maplelane Capital Management, which was also short several of the same names as Melvin.
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GameStop Mania Reveals Power Shift on Wall Street -and the Pros Are Reeling © Gabriela Bhaskar/Bloomberg News
The power dynamics are shifting on Wall Street. Individual investors are winning big at least for now and relishing it.
An eye-popping rally in shares of companies that were once left for dead including GameStop Corp., AMC Entertainment Holdings Inc. and BlackBerry Ltd. has upended the natural order between hedge-fund investors and those trying their hand at trading from their sofas. While the individuals are rejoicing at newfound riches, the pros are reeling from their losses.
Long-held strategies such as evaluating company fundamentals have gone out the window in favor of momentum. War has broken out between professionals losing billions and the individual investors jeering at them on social media. Meanwhile, the frenzy of activity is stirring regulatory and legal concerns.
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