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so the the the meme stock phenomena has you know cut a lot of media attention and uh like so many other things it catches a lot of media attention it's not something that really has any great significance uh i would you know put it someplace down below uh what whatever the next uh angelina jolie uh brad pitt movie is uh in terms of importance to capital markets which i think is me being exceptionally sarcastic but potentially realistic the fact is every transaction of all the buyer and seller the notion that the individuals doing the meme stocks are somehow more in the know more powerful than the rest of all those who might trade in securities collectively is a novel fiction at best the fact is that the fundamental feature with the beam stocks is that which is actually archetypal of what's sort of wrong with so many people instead of focusing on you it's focusing on me it's a me and me put together it's a double me rather than focusing on you and you know the problems are always in here and the opportunities are always out there and that's true in all of life and the reality of the meme stocks is that they're fundamentally a form of an age-old game called a momentum play and a momentum play is a lot like a game of musical chairs and momento plays have been around forever and they come and go they're usually not always deployed in late cycle stock markets that's the case now and the fact is they're enthusiastically endorsed by people who believe they can get in and get out but it is a musical game a musical chairs type game and unless you actually believe somehow some way you know the way to get in and get out fast then you're just more volatility in the marketplace and as more volatility in the marketplace that's not a bad thing but it it it it kind of in some ways adds liquidity because every idiotic trader that trades a trade is providing liquidity for the other person on the other side of the trade who wants it and so that's okay but it is it fundamentally important is it fundamentally game changing does it fundamentally override the rest of the stock market no when you think about it from the view of being a prudent individual investor any one of these stocks might fit into your portfolio for other reasons before lightning strikes that is they go viral which is what the game's about trying to get them to go viral but they should still be the small percentage of your portfolio than any other single position should be therefore they can't have too big an impact trying to be too greedy is me me me me which is in some ironic ways where that name fits in very perfectly to all of this mimi and the reality of that is you if you're being a prudent investor might have to own one of these stocks before it goes viral goes through the roof if that happens you shouldn't let it make you go crazy maybe you should make it let you get out you probably can't play musical chairs very well it's virtually no one that's ever been able to on an ongoing basis do momentum plays over and over and over successfully and in that regard this is a stock market sideshow intuitively you know it's a stock market sideshow and if you really think you're smart enough to do this you're on the one hand not very smart and if you really are smart enough to do this you really don't need any advice for me at all about anything in the stock market that's all i got to say about these stocks
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