The Trolls of Wall Street: How the Outcasts and Insurgents Are Hacking the Ma

What led up to the GameStop short squeeze? Chalk it up to a combination of Robinhood, the WallStreetBets forum on Reddit, Covid-19, Trumpism and a myriad of other factors so perfectly encapsulated in “The Trolls of Wall Street” by former New York Times reporter Nathaniel Popper. This is a financial story for our times.During the meme stock craze WSB suddenly rocketed to fame as young men stuck at home during the COVID-19 pandemic started to trade stocks on commission free brokerages like Robinhood en masse using their stimulus cheques. While this book is more about the fight behind the scenes of WSB than the GameStop short squeeze per say Popper is able to expertly tie all the loose ends together to give us an understanding of what led up to the capitulation of hedge funds like Melvin Capital.

“The Trolls of Wall Street” by Nathan Popper is an exhilarating read that masterfully captures the rise of WallStreetBets, an improbable movement that has reshaped the financial landscape. This book delves deep into the world of self-proclaimed “degenerates” who turned a simple subreddit into a cultural phenomenon, moving from the internet’s fringes to the epicenter of Wall Street.Popper’s narrative is both fast-paced and deeply informative, shedding light on the personas of Jaime Rogozinski and Jordan Zazzara. These unconventional figures, far from traditional financial power players, spearheaded WallStreetBets, a community that thrives on risky financial trading, memes, and trolling. Their story is a testament to how a grassroots movement can disrupt global financial markets and influence a generation’s outlook on money and investing.I found several topics particularly valuable: • Payment for Order Flow (p. 41): Insights into how platforms like Robinhood operate. • Call Options and Stock Movements (p. 116 & p. 166): Detailed explanations of how buying call options can drive stock prices up. • Gamma Squeeze Tactics (p. 130): Strategies for playing the infamous “gamma squeeze.” • Trading Classes and Communities (p. 142 & p. 166): Information about True Trading Group and the impact of Reddit shutting down Trump subs. • Bots and Automation (p. 163): The role of petty Reddit bots in trading. • Stock Twits and Open-Source Reddit (p. 183 & p. 170): Exploration of different trading and social platforms. • Behavioral Finance and AMC (p. 195 & p. 236): The dynamics of bullish call options, bearish put options, and the AMC saga. • DeFi and Technis App (p. 280, p. 286 & p. 294): The future of decentralized finance and innovative trading apps.Popper’s work not only chronicles the financial maneuvers but also dives into the socio-cultural factors that propelled WallStreetBets into the mainstream. It’s a sobering account of how young Americans, through their obsession with markets, have left an indelible mark on finance, politics, and popular culture.For anyone interested in understanding the chaotic yet fascinating world of WallStreetBets, “The Trolls of Wall Street” is an essential read. Highly recommended for both finance enthusiasts and casual readers intrigued by the intersection of internet culture and global markets.Rating: 5/5

Just began reading tonight. The content is well written, informative, and engaging. The paper is thinner and cheaper than what you’d find in a comic book. Distracting to read, with the print of subsequent page(s) bleeding right through. Should have just gotten the Kindle version.

I had dismissed the GameStop runup as little more than a group of crazy youngsters that briefly manipulated the markets. After reading this book, I came to understand the social movement behind it, the people who shaped it, and they way their social networks outsmarted the hedge funds and changed investing. Nathaniel Popper's writing turns what could be dry subject matter into a riveting story. A great read!