As we reflect on the absolute insane asylum that existed from March 2020 through November 2021, some ticker symbols are enshrined on the Mount Rushmore of lunacy. One of them is AMC, the stock representing the money-losing theatre chain that became, as did Gamestop, one of the great meme stocks of all time.
This is understandable, as the stock went from about $11 to nearly $400 in a matter of months. An entire subculture crew up around this craze, which was driven by a combination of trillions of bucks from the “helpful” federal government and the mass adoption of social media. Countless millions of new “investors”, many of them still combating acne, put whatever savings they had into this unhinged mania.
Hundreds of YouTube videos featured ostensible luminaries banging the table about the importance of having “Diamond Hands” and hanging on to one’s position, no matter what, since they were involved in the noble cause of (somehow) topping the big, bad hedge fund industry which was collectively their enemy.
And the cult extended to message boards, the lingo, and all manner of shirts and stickers.
I think you already know where this is going. That is……….devastation. Destruction. An almost 100% loss across the board. Let’s just say the hedge fund enemy did just fine, thanks so much, whereas the Robinhood newbies got their scrotum handed to them in a wet paper bag.
It’s nice to have this behind us. Of course, the meme virus is still out there, and it won’t fully die until crypto is laid waste as well, but………….hey, it’s progress!
