The hope for the guy, who we all are, is that hell will one day come breakfast for the instruments for the hedge funds that are very close to baseball, the country and the world. And at that point, through some inexplicable force that could only be karma, they would all have to work at Wendy’s so they could experience what a minimum wage salary really is. The system is completely too rigid for the settlement to ever come, and they have already bought and paid for everyone who would have made this change, but there is still hope. Hope is a good thing, maybe the best things.
The canary in the coal mine would of course always be the Mets.
After all, the Mets were the only sports franchise that the Joan Collins Special by Bernie Madoff, who gives sports fans a glimpse into the cruel hedge fund / Ponzi scheme world and the chaos inside. The Mets have been gripped for years by the losses of the Wilpon family in the Madoff case. Does it happen again? Probably not. But you can excuse Mets fans because they had flashbacks and grab onto a blanket to feel safe.
If you have not seen it yet, and it is very unlikely, since it has been everywhere for the past few days, there has been something of a mini-uprising against one of the insatiable hedge funds over the past few days. Melvin Capital cut GameStop shares short and bet the retailer would collapse while struggling to continue, especially during the pandemic. I’m not going to try to explain the whole concept of ‘short circuit’ because I, like you, tend to look the other way with these kinds of things. If you’re interested, here’s an excuse to find out the scene The big short where Margot Robbie explains it in a bath, which will be a much more enjoyable experience for you. In the crude sense as possible, these rich holes are trying to benefit the downfall of a company.
Well, some Reddit users have decided to fight back and buy GameStop shares. And it buys and buys. Since that would increase the price, and that was exactly what Melvin Capital did not want, they were a bit deboned. And it only got worse, because Elon Musk always makes things worse, and the whole thing has just gone on by itself for the past few days. The end result was that Melvin Capital was out over $ 3 billion.
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And this is where new Mets owner Steve Cohen comes in.
Cohen’s Point72 Asset Management group is one of a few funds that have banded together to sap Melvin with $ 2.75 billion to keep it afloat and hopefully last longer than the proletariat against them. It also took them out of their GameStop game (though some Reddit warriors are skeptical). Cohen’s company is currently only $ 750 million in it, but you know how these things can go. GameStop shares are currently trading at about $ 320 per share, about 16 times more than on January 12 when it all started, and almost 50 percent higher than yesterday.
Cohen has already addressed this by calming Mets fans’ nerves, suggesting that his business and baseball businesses do not mix.
And that’s probably true. $ 750 million is barely a fraction of Cohen’s total value, and that’s not how these things work anyway, and he should be pretty safe. But it would be quite amazing if he and the Mets did not. One of these days, these people have to lose and lose big. And who loses bigger than the Mets?