Malkiel's advice in his reassuring, authoritative, gimmick-free, and perennially best-selling guide to investing. At a time of frightening volatility, what is the average investor to do? The answer: Turn to Burton G. Today's stock market is not for the faint of heart. After Palihapitiya’s tweet, GameStop rose from the $90s to close at $147.98.The best investment guide money can buy, with more than 1.5 million copies sold, now fully revised and updated. Palihapitiya traded into the squeeze, buying call options on GameStop, which appeared to accelerate the squeeze on Tuesday afternoon. Cohen of Citadel and Point 72 Asset Management, respectively, to stay afloat.Īs the squeeze turned into a once-in-a-decade type of Wall Street fiasco, entertaining rubberneckers, two of Silicon Valley’s biggest loudmouths, Elon Musk and investor Chamath Palihapitiya, joined in. It was reportedly down 30% as of Monday, according to the Wall Street Journal, and required a $2.7 bailout from billionaires Ken Griffin and Steven A. Hedge fund Melvin Capital, one of GameStop’s largest disclosed shorts, has lost a boatload on GameStop’s squeeze. The duel made Arnold a fortune, but cost Amaranth $6 billion and caused the fund’s demise.Īs GameStop’s valuation has skyrocketed to $14 billion, making some retail traders millionaires, it’s been at the expense of some successful funds. In 2006, billionaire John Arnold traded against Brian Hunter of hedge fund Amaranth Advisors on a giant trade (long March/Short April) in natural gas futures. The battle royale is reminiscent of a similar showdown about 15 years ago, albeit one between professional traders, versus today’s iteration, where amateurs are squaring off against giant funds.
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