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Diamond Hands The Legend of WallStreetBets

life's just not fair.the world is a harsh place and the stock market was justthe purest form of yolo. [music playing] reporter: stocks up againthis morning, 12%. short sellerscontinue to get hurt by the thread wallstreetbets and other retail-- [interposing voices] reporter: all this whiningby wall street, it's making me sick. reporter: this is populismcoming for capitalism. gamestop. matt kelly: on surface,i can be pretty scattered. in the water, though,it's calming for me, because you're seeing out ofa little hole, right, and everything is quiet.

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Diamond Hands The Legend of WallStreetBets

man: they have so muchinfluence over the laws, the regulationsthat they impose upon us. protestor:we're giving billions, and almost a trillionto wall street, just for bailouts.something needs to change. mike haupt: the rich haveinsulated themselves from the consequencesof the economic system that they've helpedproduce. - there's no excusefor thinking there's somethingfree in life. you've got to go outand earn it, and that's whatamerica has always been. reporter: markets just openedand the gamestop surge appears to be over,with the stock now down 60%, well, as ofyesterday. but it is morethan just numbers. it is people's lives,their savings, their 401(k)s. matt kelly: it drops to about100 bucks on tuesday evening. oh, jesus. i start to get sickto my stomach and i start to kind of panic.i'm having a panic attack.

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Diamond Hands The Legend of WallStreetBets

that's when i startedworking at a grocery store. i was buying stocks duringthe lunch break. i was like preparingfor the absolute worst. and i was ableto help them out and obviously just belike financially stable on my ownat this point, but i was down to $490in my account. and i was like, shit.[laughs] i might notbe good at this. matt kelly: the money, to me,isn't an end all, be all. what money means to me is itmeans escaping the rat race. it meansspending time with my kids. i can not havethis constant anxiety that i'm going to fail, that if i start to have moreproblems with my brain, where i can't work,that my kids will be ok, that we'll have somethingto fall back on.

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Diamond Hands The Legend of WallStreetBets

reporter:citron and andrew left, those guys thinkit's going to $20. - pretty obvious whatthe price target is right now, right? i mean, it's almost certainlygoing to $420.69, right? [laughs] kidding. am i? [music playing] matt kelly:this is where stuff started to shift for me, right?i'm not sleeping at all. i can't focuson anything else. i'm compulsivelylooking at my phone. and i started buying intothe whole diamond hands thing. i think luck is whenpreparation meets opportunity, and this was an opportunity.

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Diamond Hands The Legend of WallStreetBets

but it was just totallydifferent type of analysis on trades than the typicalsuits were looking at. - i actually went on oneof roaring kitty's streams and just started doinga lot more research. and then ryan cohen announced his stake of 9%. ryan cohen isthe founder of chewy. it's the only companythat went head to head with amazonand just ate their lunch. - this dude knows his shitin the e-commerce world. he does kind of seem likehe's forward-thinking. alvan chow:after that, i was just in fullinformation-gathering mode. keith gill:hey, jeffamazon. welcome back, jeff.welcome back. alvan chow:we were just getting to really know the company. - there's so muchnegative commentary. i just thinkthat this sentiment is so negativethat it's overdone. that's what i'm trying to get at in this section. matt kelly:i saw a post from michael burry.i knew who michael burry was. i've seen "the big short."there was an article about him investingin gamestop. i can see whypeople think gamestop is going to goout of business.

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Diamond Hands The Legend of WallStreetBets

and to send amessage based on how they invest. as for what happenedin january, others will haveto explain it. it's alarminghow little we know about the inner workingsof the market. as for me, i like the stock. (distorted low voice)i like the stock. - keith gill, the legendthat he is, says he likes the stock. [roaring] the next day, sure enough, he fucking doubled downon his position. and i'm like, jen.i'm going back in. [music playing] (singing) 1, 2. 1, 2. 0, 2.1, open. 3. matt kelly:it was the end of february. i just told my jobi'm leaving. we're goingand we're moving the texas. we're buyinga new house. and it shoots back up. so literally, the same day,like 20 minutes before--

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Diamond Hands The Legend of WallStreetBets

do you haveinvestment accounts you don't understand or pay attention to becauseyour meaningless desk job is all the excitementyou need? or are you atrader? [interposing voices] matt kelly:i loved the sentiment of wallstreetbets.i loved it. i was like,these guys are fucking nuts. [music playing] man: in a small,exceptionally unhelpful, and irreverent cornerof the internet, therein lies a battalionof nihilistic meme lords who discuss their positionsand strategies, speculate and argueover the markets moving, and provide sage advice to the humble stock trader who just so happens to stumbleupon this fine community. (singing) wallstreetbets. - hello.i am the sir jackalot. i'm here wearing a maskbecause i'm a millionaire, and i would like to stayanonymous. matt kelly:i started telling my friends,

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Diamond Hands The Legend of WallStreetBets

which meansyou can only sell it. - if you can only sell stocks, then those stocksonly go down. matt kelly: i go to work.and i'm standing there. i'm givinga presentation, right? i'm on a zoom meetingwith 100 people. and the price drops to about120 bucks a share. i'm like in the middleof a word. and i look downand i see that and i just went--i just freeze. i stopped.i'm sick to my stomach. i don't knowwhat the fuck i'm doing. like why? a million dollarsis a million dollars. like what is wrong with me? reporter:after surging yesterday, the stock dropped 44%. - then it immediatelypops back up. reporter: it hit an intradayhigh of $469. - but the next thing you know,it's tumbling down. you couldn't stop itfast enough. you're watching it and it's bylike the minute. you're like, oh, my--dude. i was like, oh. reporter: the stock droppeda whopping 44%. - it was soincredibly stressful. reporter: janet yellen,treasury secretary.

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Diamond Hands The Legend of WallStreetBets

[music playing] matt kelly:it was a tuesday. and i'm just watchingthe price, and it's kind of justslowly trickling downwards. i'm holding, but i'm startingto feel nervous. i'm starting to feelthis anxiety. i'm reading wallstreetbetsreligiously. i'm seeingall of these posts about, like, it's going to crash,you know, all of these things. and so it's gettingin my head. the psychology is really fucking with me. that's wherewallstreetbets is at. so the sentiment has changed. now there's 8 millionpeople on there, and all this shit's happening.and i'm like, all right,is that the sentiment now? is our people just thinkingthat this is done? it's over? i felt like i fell into a

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Diamond Hands The Legend of WallStreetBets

matt kelly:i post my yolo to wallstreetbets.man, did i get-- i mean, it was all like,you're a fucking idiot. the fuck is wrongwith you? [interposing voices] [music playing] man (on tv): --analysts in searchof asymmetric upside. if it isn't clear,i'm not betting that gamestop is going to stage the most epic turnaroundof all time. alvan chow: i was excitedwhen i first got the idea. after that, i was kindof annoyed [laughs] for quite a while because it didn't happen the wayi expected it to. [sigh] [laughs] - oh, then historyin the making. there was a lot of hypeleading up to their earnings reportand whether ryan cohen was goingto make a move or not. [music-"the final countdown"] man: greetings, and welcometo the gamestop

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