Member-only story
Proof Your Facebook Friends Have No Idea What They’re Talking About
The tragedy of “investing” in meme stocks such as AMC
I’m not gonna lie. From time to time, I look back on the 500 shares of AMC stock I owned last summer and cringe. I cringe because I bought and sold it when it traded between $4.00 and $5.00.
Had I held my shares to AMC’s 52-week high of $72.62, I’d be sitting on roughly $34,000 of profit.
Not enough to make me rich, but enough to cover my expenses — fixed and most discretionary — for about a year.
However, there’s a problem with my math and timing.
It’s the stuff of compulsive gamblers looking to get rich quick. Of people who really don’t understand how investing works — on the ground. In your little investment account with the psychological workings of your heart and mind influencing the situation.
The fact is I didn’t hold AMC. I sold it shortly after I bought it. For reasons I can’t recall I got shook out of the position.
There’s always a reason, if not an excuse.
But this short article isn’t about me.
It’s about the people who see their friends on Facebook post shit like this:
