Reddit Takes Step Toward Eventual IPO, Naming Vollero First CFO

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Whelp, there goes this platform. Can’t wait to see how they try to change the platform once they’re publicly traded… Wonder what will be next after Reddit.


Tldr: Reddit hired the guy who took snap public


Who’s gonna make Reddit 2? Send me a link.


Take a look at the bot/shill fest that wallstreetbets has become to get a taste of what’s coming.


“A list of Vollero’s favorite subreddits was devoid of any such controversies. They include r/dadjokes, r/worldnews and r/travel.”


Bank of Japan Shares End Their Puzzling Rally, Dropping by Limit

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The Bank of Japan’s head-scratching surge this week came to a halt on Friday, as the stock erased intraday gains to fall by its limit.

The shares sank 19%, the most since December 1991, after rising by the daily limit in each of the four previous sessions.

The volatile moves in the shares, or subscription certificates as the BOJ refers to them, has baffled market participants. While the BOJ is unusual in being a listed central bank, the stock pays a tiny dividend and holds no voting rights. In fact, the central bank doesn’t even hold shareholders’ meetings. The stock traded at an all-time low just in January.

Usually little noticed or commented on, the central bank’s stock became a topic of conversation in parliament on Friday, where BOJ Governor Haruhiko Kuroda was delivering his semi-annual report on currency and monetary control.

Bank of Japan shares drop by limit after this week’s rally
“The Bank of Japan’s subscription certificates are completely different from the normal shares of listed companies,” Kuroda said in response to a question about the long-term decline in the stock price during his time as governor. Unlike a normal stock, he said, the share price doesn’t reflect profits or the state of its balance sheet. “The price is not the responsibility of the bank.”

While technically a listed entity on the Tokyo Stock Exchange’s Jasdaq, the nature of the stock and its speculative moves are a long-standing mystery of Japan’s financial markets. A speculative surge was also witnessed in late 2012 and early 2013, when optimism over the Abenomics program of former Prime Minister Shinzo Abe was at its peak.

“This isn’t a stock you can evaluate based on fundamentals,” Tomoichiro Kubota, a senior market analyst at Matsui Securities Co., said. “Seeing the BOJ stock dive like today, it looks like the upward climb is done for now.”

The government holds a 55% stake, while individual investors have 40%. The subscription certificates can’t be bought at online securities firms, as they weren’t subject to the 2009 digitalization of traditional paper stock certificates. It’s the only issue for which Japan Securities Clearing Corp., the entity that clears transactions for all equities in the country, still requires physical delivery of paper certificates, which remain valid even now.

This week’s short-lived rally comes after the Nikkei 225 Stock Average briefly touched its highest levels since the bubble era of the 1980s. In those days, when the benchmark traded at around 70 times earnings, some investors collected BOJ’s stock and framed their certificates as a collectible which were then worth 745,000 yen ($6,874) apiece.

The moves have come ahead of a closely-watched policy review by the central bank on March 19, which may lead to changes in how it buys exchange-traded funds — because as well as being listed, the BOJ is itself the largest single owner of Japanese shares.


Bipartisan bill would ban lawmakers from buying, selling stocks

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Wow this is definitely going to pass.


We found something faster than the speed of light: Our politicians shooting this down.


Over 15 of our House Reps sit on corporate boards, hope it won’t get shot down


“Common sense legislation dies immediately due to corruption. More at 11.”


I believe they should be limited to buying and holding broad based US (or Global) index funds, no sectors and certainly no individual securities. They already defanged the STOCKS act less than a year after passage and have shown themselves incompetent at holding their peers accountable for trading on nonpublic information.


With Goldman Hires, McMillon Moves Closer to Bank of Walmart

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When I couldn’t get a bank account, Walmart was there for me. They cashed my checks and facilitated my bill payments. They are the de facto bank of the unbanked in the US.


Well, I never really thought about random corporations becoming banks until now but wow, thats interesting.

It says they are planning to take advantage of their insane amounts of store fronts and massive customer base to break into the market. Idk if this will work or not. I never shop walmart but I feel like a lot of people view them as just a cheap megacorp to get run of the mill stuff. If they want to compete with financial institutions they might want to try to alter public perception to be taken a bit more seriously.

I think its hilarious that other big banks and investment banks are trying to get the SEC to shut them out because they are scared of competition. That is so blatantly anticompetitive it hurts.

The article also touched on the fact that commercial and financial industries have long been kept separate. Is this a legal requirement? Im not really sure. Personally these mega corps having hands in seceral major industries sketches me out regardless of what industries they are in but something about being a one stop shop for food, home needs and financial needs is pretty dystopian.

So I like that they are putting competitive stress on other financial institutions but Im also offput by the fact that people can just up and become a bank one day.


With Walmart like Amazon it won’t be long before there is the First Church of Amazon and Walmart Memorial Hospital to complete the final economic coup de gras on the little consumer debt based economy.


Walmart money center or whatever it’s called already acts as a bank for the unbanked so it makes sense.


I recently opened an account at Woodforest National Bank because it is the only bank located in the two cities that I split my time between. The only branches that I have ever seen or been to are located inside Walmarts. I always refer to it as the Walmart bank.

I guess if Walmart opens their own bank, those branches will go away?

As much as I hate Walmart, as somebody who spends about one third of the year traveling to a lot of little podunk towns, banking can be challenging. Even the big banks aren’t everywhere. Depositing checks over $5,000 via an app isn’t possible with most banks & sometimes we are collecting checks that need to make it into the bank to keep a project moving & cover payroll. I’ve tried 3 different check scanners & none of them are any good. Two of them only work w/Microsoft Internet Explorer.

A bank inside every Walmart across the country would be a god send to me & my business. I hate the idea of contributing to furthering the wealth of that family, but this is something that could actually change my life for the better.


‘Roaring Kitty’ no longer has financial broker license

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He quit his job, thus forfeiting his license. Saved you a click.


he just needs to manage the wealth of 1 client – himself


Guessing we’ll see “billionaire striped of all control” when Bezos leaves


Forfeits license, gains tens of millions.


Not like he really needs a job anymore


GameStop surges more than 18%, other ‘meme stocks’ also rally

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So I’m gonna come at this from a different perspective than most people here would…. there are some takeaways you might not have gotten unless you’ve been following the DD on rWSB and rGME

1) Gamestop is in the middle of a pivot, and they were previously trading at a fraction of their revenue. A large part of the misunderstanding is that they are closing stores, which sounds bad, but they’re actually just closing unprofitable ones. Their debt position is good and a fair value should absolutely be above 100 dollars. Don’t take my word for it – I suggest you research it on your own. You can also check out their website. They’re selling PC products and using delivery services to do local same-day delivery on games and other things. There are other indicators but I don’t wanna write a book on it lol. If you are curious happy to answer Qs tho.

2) The fundamentals don’t really even matter here. The manipulation and complicated short-selling situation has basically created a powder keg. Is it sustainable? No. But of course we all know that markets aren’t always rational. There are indications that, at one point, Gamestop may have been considering bankruptcy and even the (soon to be former) CFO had a history of entering companies and then leaving with a big payout as they went bankrupt. We all know shady stuff goes on in the corporate finance world and this is speculation but it probably explains why hedge funds overleveraged themselves – if a company goes bankrupt, the shares sold short do not have to be returned, so the premiums get to be kept and (IIRC) there is a tax loophole that you do not have to pay taxes on those premiums either. A big incentive for aggressive short selling and price manipulation tactics. Fun!!

3) I believe Gamestop is the core of this “meme stock” rally and the others are just following – I’m not invested in any others so I don’t really know. Worth mentioning there is also strong manipulation in financial media (CNBC, FT, BB) to discredit and downplay what is happening.

Don’t just listen to me though, do your own research – hope this helps provide a different perspective!

edit: Earnings are March 26 so expect more volatility!


efficient market hypothesis down the drain, behavioral finance for the win


What is this life


*meme stonks


We’re really doing a new article every time this thing moves up or down?