Unless you’ve been living under a rock for the last few weeks you’ve probably heard about the Wall Street vs. Main Street narrative that’s been going on in the investing world lately. A group of redditors led by the wallstreetbets subreddit managed to start a social investing movement that overpowered short positions held by Wall Street hedge funds in stocks like GME and AMC in what will forever be known as a moment that is the investing equivalent of David beats Goliath.
Not wanting to miss out on the action, on Friday of last week I decided to dip my toes in the AMC waters and bought just under $1,000 worth of shares at $14.65 per share in my Vanguard brokerage account.
I regretted it immediately after I bought and I made a plan to sell on Monday shortly after the market open to either get a small gain or to hedge my losses. Luckily for me, the market went up Monday shortly after market open and I sold out of my position and I sold my 68 shares at a price of $15.99 per share, netting just under $100 in profit.
Going forward, I will be able to say that I was a part of investing history, but I learned that I definitely do not have diamond hands and prefer to keep my risk lower. My overall goal is to keep less than 20% of my overall investment portfolio in what I call “play money” at all times to avoid the illusion that I can consistently beat the market, but I will cash in my paper gain$ and get some tendies where I can get them. Below is a photo of my loot.
This post the my first in what will be my net worth series, where I plan to track my net worth, talk about finance news and give you guys updates into my entire financial picture as I work my way towards early retirement. Did you get in on the GME or AMC action? Hopefully you got out while the getting was good! Regardless of what the end result is, I think this was an incredible display of power by the retail investor and shows that we should be taken seriously.