Hi, I’m Dr. Parik Patel, BA, CFA, ACCA, Esq. If you don’t know me already, I’m a Chartered FinMeme Analyst (CFA) with a particular expertise in #stonk valuation (pro-tip: just multiply by two). Anyways, I’ve been told that I have a particularly special insight into the world of finance and memes, so the team at Bullish asked me to create a regular round-up to help explain what the hell happened this week… and then offer my “diagnosis” of the virality.
This week was truly difficult for us stonk addicts, with the stock market closed on Monday for Dead Prez day. Crypto, however, trades 24/7, and much to the delight of Bitcoin investors, the popular cryptocurrency hit a milestone of $50,000. The GameStop saga isn’t over, either, with Keith “I’m Not Selling” Gill, aka DeepFuckingValue, aka Roaring Kitty, facing a class action lawsuit for securities fraud over the role he played in $GME’s epic rise.
Once again, big stuff is going down, but what does it MEME? Without further ado, let’s dive into Dr. Parik’s Meme Diagnosis of the Week…
Summary: We stock addicts suffered greatly this week, with the market closed on Monday for Washington’s birthday. Many of us were eagerly awaiting the opening bell on Tuesday so that we could finally satisfy our gambling urges and begin to trade once more.
Dr. Parik’s Diagnosis: Many people have told me that being a #stonk addict isn’t a personality trait, and I totally agree. It’s a lifestyle. Many of us live and breathe for the stock market, and why not? With so much uncertainty and disappointment in life, there is only one certainty that we can truly rely on: Stocks only go up.
Summary: Bitcoin has truly experienced an epic surge. Once valued at just $5,000 in March 2020, the popular cryptocurrency has grown over tenfold to hit a value of $50,000 for a single coin. Will the incredible bull-run last? Only time will tell. But with Tesla investing over a billion dollars into the coin, it’s clear that crypto has made quite an impact.
Dr. Parik’s Diagnosis: It’s clear that many of us who refused to buy bitcoin before its impressive rise, and chose to invest in value stocks instead, have NOT had fun staying poor. The real threat to the Bitcoin movement going forward will be the rise of the Doge. Stay tuned.
Summary: The GameStop saga is not over yet folks. Keith “I’m Not Selling” Gill, aka DeepFuckingValue, aka Roaring Kitty, is facing a class action lawsuit for securities fraud over his role in the GameStop short squeeze. The suit is alleging that KG/RK/DFV misrepresented himself as an amateur investor to artificially inflate the GameStop stock price.
Dr. Parik’s Diagnosis: Personally, I just think people are angry because it’s the first time a value investor has actually made money in the market. In times like these, we must band together and protect our own. #FreeKitty.
Summary: Keith Gill, aka DeepFuckingValue, aka Roaring Kitty makes yet another appearance in this week’s meme rundown as he presented himself at the GameStop hearing in front of the House Financial Services committee. True to his word, when questioned about $GME he repeated once again that he “likes the stock.” Lawmakers, however, largely focused on Citadel Securities’s Ken Griffin and Robinhood’s Vlad Tenev, asking questions ranging from Robinhood’s liquidity crisis to whether payment for order flow was legal. Truly a great look for a lawmaker.
Dr. Parik’s Diagnosis: The S&P 500 was down by 0.44% on the day, perhaps after investors realized that the House Financial Services Committee really knew very little about finance. Will anything change? Only time will tell. The one certainty we can be sure of going forward is that Keith Gill, aka DeepFuckingValue, aka Roaring Kitty, will continue to like the stock.
Summary: If you thought that the GameStop rise was crazy, just wait till you see what Supreme has got lined up. The American skateboarding lifestyle brand, best known for sticking its logo on a random selection of items (including Oreos, Chucky dolls and even a brick), has decided in its almighty wisdom to team up with Wheaties and drop a co-branded limited edition version of the cereal box.
Dr. Parik’s Diagnosis: It’s clear to me that the future of shareholder value creation doesn’t lie in buybacks, dividends, or margin expansion. As a company, the best way to improve top-line growth and raise margins is to add a red label with the word “Supreme” to your product.
Summary: And just to finish the week with some semblance of normality, Jeff Bezos, the bald Amazon honcho you might have heard of, has reclaimed his title from Elon Musk as the richest man in the world. This occurred after Tesla’s stock price dropped by roughly 8.5% since the start of February.
Dr. Parik’s Diagnosis: Elon appears unabated by this news, still posting memes and continuing to live his best life. Meanwhile, Bezos is stepping down as CEO of Amazon to be replaced by Andy Jassy, the head of Amazon’s cloud-computing division. Who’s really winning here?
So there you have it! This was the week in memes. Now here’s what the doctor is prescribing:
- Keep the stock market open 24/7 to satisfy us #stonk addicts
- If you’re a value investor and you lose money on a stock, just find the nearest person whose portfolio is in the green and hit them with a lawsuit
- If you want to improve sales and add value for shareholders, just slap a Supreme logo onto your product.
~ Dr. PP out