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Sometimes it’s nice to get some perspective.
The wild ride for meme stocks has picked up its pace again in August with big names like GameStop
GME,
Clover Health Investments Corp.
CLOV,
Palantir Technologies Inc.
PLTR,
and AMC Entertainment
AMC,
all having a big month, and AMC might be the best place to look to get a sense of what’s happening.
When AMC reported earnings on August 9, the movie theater chain’s chief executive Adam Aron made it clear that his company’s performance was thanks to retail investors and that they are now the biggest owners of his stock.
Aron even went as far as to say that he now essentially works for “the apes,” the nickname that retail investors have given themselves on Reddit.
So what does that mean for the future?
If retail folks are going to start taking larger and larger stakes in meme stock companies, will ‘the apes’ soon control boards at public companies, or is this just another moment in time?
And what should retail traders know about how market disruptions like this have ended in the past?
For perspective, we went to veteran floor trader Peter Tuchman for some thoughts on where we stand in the wild world of meme stocks. Watch the video below.
