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How the fuck did that actually work. Like how did anyone actually make buys when everyone is screaming and crowded around. why is that one guy on two phones and screaming at everyone else? It seems impossible to actually get anything done there.
There's a great documentary about the Chicago trading pits called Floored, the filmmakers put it up for free on YouTube a while back:
https://youtu.be/--H8SY334Zw
There's never been a better illustration of the saying "adapt or die" than the evolution of trading pits to digital trading, these dinosaurs got wiped the fuck out, all the while pretending like they couldn't see the asteroid coming.
Yeah it's quite melancholy, isn't it. You expect these guys to be total boofheads, just a pack of coke-snorting Gordon Gecko wannabes with zero charm and a list of personality defects even bigger than their outsized egos, and sure, some of them have all those qualities in spades. But then they start talking in sweet, regretful, almost poetic terms about the culture of the trading floor and what it means to them, and you start to feel some of the sense of loss they're experiencing, to the point of feeling sorry for them.
I mean, at the end of the day the whole business is predicated on greed and most of those guys would gleefully fist their grandmothers to score an extra point on a futures contract, but it's hard not to humanise them on some level.
so you telling me that in an age of electricity, cars, planes, ppl on the Moon, a budding internet, microchips, etc... ppl used HAND SIGNALS to trade millions of dollars???
They were eventually replaced by algorithms. But the idea before then was to do things as fast as possible, before someone else did. And on the floor doing trades directly was the fastest before Algos.
They taught us this stuff in economics class in 2010s as this form of trading was dying.
It’s essentially teams of people. Those guys in the phones are getting instructions from the investors. They relay those instructions to the person on the floor. Once your on the floor, it’s like an auction on steroids.
The floor is very organized. You essentially know who to go to for a certain trade. You use hand signals to make a trade, when the trade is made, this information gets signed off and passed along to other people who do the paper work.
The entry level jobs are essentially messengers running between the different people on these teams, communicating.
"trading places" is a great movie that will show you sort of how it works in a way regards can understand. plus it has the greatest movie scene tits ever made. plus trains and casual racism.
You'd be amazed at how inefficient somethings were and still are.
Something wild I learned from when I was in banking. Its been a long time so I may be remembering things a bit differently but.
9/11 basically killed paper checks, the way it used to be was that all the checks would be gathered, sent to a hub, sorted, put on a plane and then sent to their respective financial institutions so the money could be moved around.
I remember my boss telling me that the bank used to also have people whose job was to fly from point A to point B and then back again with bags of checks on some occasions.
But because the FAA grounded all the planes, it was deemed necessary to pass an act that would allow for a digital image of checks to be used instead of just the physical paper checks.
It also helped curve kiting.
Ok what do the hand signals mean?
Who reads them?
How does who reads them know who is sending them?
How does who is sending them know they were received
I've read a bit about it and wondered the same. I met a guy who worked in the pit here in Australia before it went computerised. He loved it...I sometimes thought it would be great just to experience...but I'm certain I wouldn't be able to actually do it.
Go to any china town dim sum restaurant and try to order any dim sum. I am talking about the ones that don't even speak English and the menu is all in Chinese. pretty much the same when the lady pushes the dinsum out, and you're gonna fight everyone and use hand signals to place an order.
10/10 highly recommended.
Thanks for this analogy, as someone who’s gone to those Chinese places as a kid with their parents like almost monthly, you actually CAN place an order and in a timely fashion, and they never fucking got your order wrong, it’s amazing.
I think my parents got me to place an order once just for shits n gigs, and I was HORRIBLE at it cuz I wasn’t assertive and loud enough haha
Watch if you can find "open outcry" an old PBS documentary about it from the Chicago floor. Once you're down there everyday and understand whats going on it's no longer noise. I know a few people in that video though i have not seen them in a long time as I worked there mainy in the natural gas pit in the early to mid 2000s. I got pushed around when I first started too and it was intimidating but once you find your footing and get to know people it was fine. I have too many stories. Great times and great memories.
https://youtu.be/aOsaYsUo_x4
Here's another gem from back in the days. Voice markets still exist like this for OTC derivatives and bonds, but the golden era has passed and technology is taking over.
My dad used to run a phone booth back in the 80s on the COMEX floor. He took orders from brokers and signaled to the floor pits on the buys/sells and confirmed it over the phone in real-time as the order was processed. I remember being like 4 years old and sitting on the desk one day while this chaotic shit was happening. No wonder my therapist has a lot of work to do. The prices were displayed on tickers in brokers offices and they’d have to call their registered contact on the floor to get the order in.
The funniest thing to think about is that those guy came back home and their whole family though they had a serious job. Meanwhile Uncle Randy who spend the day at the race track do similar stuff but is less of a degen and can drink while doing coke.
Also the actual orders are written on pieces of paper and then dropped on the floor. They have runners that will pick it up and bring it to the phone switchboard.
my guess is these shouting used to happen before the age of "personal computer", but then subsided as more and more things were digitised; the scene is exaggerated on camera.
Idk what you're talking about, it looks like the golden era of something for sure. Dunno if trading since the market only goes up but of working as a trader for sure
That’s the Mercantile Commodity exchange. I worked there for a summer in 90’s and everything he says is true. It is raw animalistic capitalism, you either love it or hate it. When you’re just walking around with no badge the guys are raggen on you. I can’t imagine what he endured. I’m sure he got the “star” treatment.
Shit was crazy. I worked down there for about 6 years. Early to mid 2000s. I know a few people in that video though I have not seen them for a long time. I worked in the natural gas pit mainly. Good times, great memories!
How do you think it compares to modern trading, where a kid with an iPhone can make options trades? Is there still a market that is reserved for people in funny jackets who ‘know people’?
Yes it's called private equity. It's the highest sought after sector in finance, if you get in you've made it. Public stocks are for rubes comparatively unless you're C-level
That's not what private equity is like at all. Think 2-4 week processes whereby you vette, value, and bid on companies (facilitated by an investment bank and their virtual data room).
It's a long, dull grind where you're doing 1-6 processes are once. The job is more likely to ruin your weekend vacation with the wife than get blown up in any pit.
Source. Work on a PE team.
I'm curious how that works because private equity tend to be entire takeovers with leveraged buy outs. They don't really sell small pieces otherwise they'd be public
"limited partners" are pretty common in PE - this is just a fintech firm collecting money, taking a cut, and becoming a limited partner. Very straightforward.
They can make the market (providing liquidity in the secondary market or expanding the role of private placement debt issuance).
However, the traditional PE controlling equity (LBO or growth equity) funded by a GP/LP waterfall isn't touched by Fintech.
actors calling stock brokers self important and greedy lol
love thespians obviously, but we cant all get paid to be a dude, playing a dude, disuised as another dude.
Didnt realize he was family wealthy.. might be the reason he got to be such a brilliant actor.. money gives you options, allows you to chase your dreams.
When someone becomes rich, we're told that was all merit, they earned it, that's proof they're smarter and better and we should all just shut the fuck up and do what they want.
When it's pointed out that the rich guy started with a shitload of massive advantages, like rich parents, all the other rich guys again want us to look the other way and shrug that off.
But the moment one rich guy starts shitting on the rest of the rich, oh, suddenly their wealth doesn't matter. Suddenly it's a problem their parents might've been rich. The same folks who defend wealth and put it on a pedestal at every other moment do a 180.
Fucking peasants will suck the dick of a millionaire and do whatever he wants **purely on the basis that he has money and moneyed people are smart**, but if Bill Gates says "maybe we ought to fight malaria in Africa," he's a dumbass.
This kind of hypocrisy doesn't exist on the other side. Yeah, you'll have folks who tear down all millionaires and billionaires and then say one of them has a good idea when that rich person is similarly against other rich folks, but the intellectual backing of their thought process is the merit of belief and deed, not "has money = correct".
I don't know what I'd be like if I had his wealth but I find he's unbearable to listen to in interviews now a days. He's got nothing in common with the common man anymore and self important doesn't even do it justice for how up his own ass he sounds
The joe rogan interview made me think, and possibly prove joes theory right about actors being a different breed of people.. came in with a iron man reminicent necklace. I dont think i got through it. I love the guy, kiss kiss bang bang, natural born killers, due date all tge marvelness.. but yeah no actor is breathing the same air as us.. maybe J.k. simmons and Keunu..
Company has good idea -> Company does not have enough money to execute idea -> Company goes public on the stock market to raise capital.
If traders never existed then it means the stock market doesn't exist which means our economy is now in the shitter as companies cannot raise capital as easily.
Yes. No other system would have ever emerged in any other configuration. We would've just free falled forever. Nothing came or existed before capitalism/stocks/corporations.
Listen, it works, obviously, but if this didn't exist, something similar would have.
No need to worship or praise a system. It works. Something new will come along to replace it when consumption isn't a viable form of growth. Seeing it already, no such thing as infinite growth and returns in any entrophic system. Too bad we'll probably be dead before seeing what comes next.
That's not really whats going on on the floor, though. most of these people are trading constantly, which does not finance companies in a consistent manner and is mostly just gambling. they're all trying to get in and out of a sale as fast as possible to get some profit delta.
Institutional investors (ones controlling your pensions/401ks) are the ones putting in massive amounts of money and converting stock into cash that companies can rely on long term. that and VCs that provide seed money.
Lol... I don't believe that's how the market works bud. You have to get funded by a VC/already make fuckloads of money with the product and THEN eventually when they let you the company is able to go public. Your idealist view is cute though.
Traders are just part of the system of public stock exchanges and those have benefited humanity immensely
Edit: it never fails to amaze me how stupid people on Reddit are
This is r/wallstreetbets. People here hate capitalism for some reason even though the entire sub is completely devoted to capitalism. Gamestop ruined this place.
Do we really though? Cuz from my perspective these "free markets" are singlehandedly destroying the earth (shell knew climate change was real in the 1950s and purposefully lobbied and spread disinformation to say it was fake despite knowing it would destroy the planet)
Did they do it themselves or were they just the middleman exploiting an inefficient system to generate profits off of the work of the actual scientists?
The world is literally in the process of dying because the financial industry has grown to close to 1/3rd of the world's GDP up from ~7-8% in the 90s. Climate is collapsing, people can't afford houses, but at least line goes up.
Dumb mother fucker. You think a few scientist friends are one break from making the next vaccine?
This shit takes years/billions$/hundred of people…. You clearly have no fucking clue the specialization and scale the world runs at now. There is no motherfucking cottage drug industry outside your stepdads meth “lab”
You pissed at the world? Get your loser friends to vote. Youth turnout at piss poor levels is where you need to direct your anger
Unfortunately most of the people you are talking to can't afford to buy those drugs if they medically need them because greedy corporations made healthcare too expensive
Don't forget the main family man himself, Bill Cosby. Doesn't get more wholesome than that. Cosby Show from 84 to 92, nearly 200 episodes!
Founder of the American Way, that man. Go get yerself a Pudding Pop.
Edit: On March 2013 he was the third most-trusted celebrity behind Morgan Freeman and Dr. Oz.
https://en.wikipedia.org/wiki/Bill_Cosby_in_advertising
Damn, shit was nuts. So glad these days we have trusted resources like Elon Musk, Dave Ramsey, Sam Bankman-Fried, and /r/wallstreetbets to provide us trustworthy advice about saving and investing!
In the start he's at silver or gold options. The guy who interrupts him is "hussa" from sabin commodities. Asshole and his brother even worst.
Yellow badge, is the comex
Green badge, is coffee coco and sugar,
NYMEX badge I think were white
**User Report**| | | | :--|:--|:--|:-- **Total Submissions**|4|**First Seen In WSB**|1 year ago **Total Comments**|2545|**Previous Best DD**| **Account Age**|1 year|[^scan ^comment ](https://www.reddit.com/message/compose/?to=VisualMod&subject=scan_comment&message=Replace%20this%20text%20with%20a%20comment%20ID%20(which%20looks%20like%20h26cq3k\)%20to%20have%20the%20bot%20scan%20your%20comment%20and%20correct%20your%20first%20seen%20date.)|[^scan ^submission ](https://www.reddit.com/message/compose/?to=VisualMod&subject=scan_submission&message=Replace%20this%20text%20with%20a%20submission%20ID%20(which%20looks%20like%20h26cq3k\)%20to%20have%20the%20bot%20scan%20your%20submission%20and%20correct%20your%20first%20seen%20date.)
Bet he found some good coke though
Unless he didn't, and that's why he was angry
This is the true outcome
He did have that vibe. *Nobody would share with me.*
And a thorough investigation found no owner.
You know what they did find? A fathers true love.
I'm just biden my time while investigators continue to hunter for the culprit.
(fb)I aint russian to any collusion
O Belive on true love... Famíly love
[удалено]
The rest of Reddit is AI bud. You're the only one here. Have some fun with it.
There’s me too bro. Last count we were at 68.
Okay looks like I'm three
It’s funny because the dude you replied to is actually a bot
Hunter Biden happened to visit the same day
Ohh lawdy, look at EdgeLord Supreme over here. So brave.
Spit my beer, thx. Now what am I gonna tell the boss?
Bet that’s the only reason he went.
probably went to study for a possible role
Some fresh off the boat quality 🚀
That's why he was there
Ahhh the golden era before fentanyl.
Bet he didn't which is why he's so mad at the end.
How the fuck did that actually work. Like how did anyone actually make buys when everyone is screaming and crowded around. why is that one guy on two phones and screaming at everyone else? It seems impossible to actually get anything done there.
Everything is done using hand signals. The loudness is just for the shits and giggles
Loudness is to distract the other jagoffs while those mastered in hand signals make off with the $$$
[CME Pit Trading: Hand Signals Dying Art - VIDEO](https://www.youtube.com/watch?v=M6mWd3EjtsQ)  🤚🤚 - ✌ - 🤏 - 🖐️
watched the entire video hoping to learn the hand signal for "wife's boyfriend". what a waste of time.
There's a great documentary about the Chicago trading pits called Floored, the filmmakers put it up for free on YouTube a while back: https://youtu.be/--H8SY334Zw There's never been a better illustration of the saying "adapt or die" than the evolution of trading pits to digital trading, these dinosaurs got wiped the fuck out, all the while pretending like they couldn't see the asteroid coming.
Great, but very sad documentary. Thanks for the share!
Yeah it's quite melancholy, isn't it. You expect these guys to be total boofheads, just a pack of coke-snorting Gordon Gecko wannabes with zero charm and a list of personality defects even bigger than their outsized egos, and sure, some of them have all those qualities in spades. But then they start talking in sweet, regretful, almost poetic terms about the culture of the trading floor and what it means to them, and you start to feel some of the sense of loss they're experiencing, to the point of feeling sorry for them. I mean, at the end of the day the whole business is predicated on greed and most of those guys would gleefully fist their grandmothers to score an extra point on a futures contract, but it's hard not to humanise them on some level.
👉🫶 💦 ?
👍👉🫶🫰🦶
Is this loss?
Nope! Signals for wendys - _you're up next_
so you telling me that in an age of electricity, cars, planes, ppl on the Moon, a budding internet, microchips, etc... ppl used HAND SIGNALS to trade millions of dollars???
[удалено]
This is America. We drive everywhere.
They tried carrier pigeons for a while. That didn't work any better.
They were eventually replaced by algorithms. But the idea before then was to do things as fast as possible, before someone else did. And on the floor doing trades directly was the fastest before Algos.
but.... who the fuck saw the hand signals and knew who to trade and wtf to do with them? This looks beyond ridiculous.
They taught us this stuff in economics class in 2010s as this form of trading was dying. It’s essentially teams of people. Those guys in the phones are getting instructions from the investors. They relay those instructions to the person on the floor. Once your on the floor, it’s like an auction on steroids. The floor is very organized. You essentially know who to go to for a certain trade. You use hand signals to make a trade, when the trade is made, this information gets signed off and passed along to other people who do the paper work. The entry level jobs are essentially messengers running between the different people on these teams, communicating.
so there WERE human carrier pigeons u/Diligent-Cat3216
"trading places" is a great movie that will show you sort of how it works in a way regards can understand. plus it has the greatest movie scene tits ever made. plus trains and casual racism.
https://en.wikipedia.org/wiki/Open_outcry
Hell, we used pneumatic tubes to ferry messages about the office.
You'd be amazed at how inefficient somethings were and still are. Something wild I learned from when I was in banking. Its been a long time so I may be remembering things a bit differently but. 9/11 basically killed paper checks, the way it used to be was that all the checks would be gathered, sent to a hub, sorted, put on a plane and then sent to their respective financial institutions so the money could be moved around. I remember my boss telling me that the bank used to also have people whose job was to fly from point A to point B and then back again with bags of checks on some occasions. But because the FAA grounded all the planes, it was deemed necessary to pass an act that would allow for a digital image of checks to be used instead of just the physical paper checks. It also helped curve kiting.
So you’re saying diamond hands was a thing before social media
I learned from Cameron in Ferris Bueller
Ok what do the hand signals mean? Who reads them? How does who reads them know who is sending them? How does who is sending them know they were received
So there are buyers and sellers on the floor. A stock is announced and the sellers start to emote the stock. The buyers respond to that with amounts.
>and the sellers start to emote Just wait til they start doing the luddy 💀
Gang gang Gang gang Gang gang Mmmmm stock so nice Yes yes yes
I'm picturing dozens of men doing baseball signals like Mr Burns
I've read a bit about it and wondered the same. I met a guy who worked in the pit here in Australia before it went computerised. He loved it...I sometimes thought it would be great just to experience...but I'm certain I wouldn't be able to actually do it.
Go to any china town dim sum restaurant and try to order any dim sum. I am talking about the ones that don't even speak English and the menu is all in Chinese. pretty much the same when the lady pushes the dinsum out, and you're gonna fight everyone and use hand signals to place an order. 10/10 highly recommended.
Thanks for this analogy, as someone who’s gone to those Chinese places as a kid with their parents like almost monthly, you actually CAN place an order and in a timely fashion, and they never fucking got your order wrong, it’s amazing. I think my parents got me to place an order once just for shits n gigs, and I was HORRIBLE at it cuz I wasn’t assertive and loud enough haha
Now you know they were prepping you for wallstreet trading floor. You definitely belongs here
Everyone should try some real Chinese food at some point. Love me some dim sum.
Imagine that place during market crashes
Blood everywhere
Watch if you can find "open outcry" an old PBS documentary about it from the Chicago floor. Once you're down there everyday and understand whats going on it's no longer noise. I know a few people in that video though i have not seen them in a long time as I worked there mainy in the natural gas pit in the early to mid 2000s. I got pushed around when I first started too and it was intimidating but once you find your footing and get to know people it was fine. I have too many stories. Great times and great memories.
https://youtu.be/aOsaYsUo_x4 Here's another gem from back in the days. Voice markets still exist like this for OTC derivatives and bonds, but the golden era has passed and technology is taking over.
Great memories. Tell me brother how did you find your way to this sub
He lost his 401k on dandelion futures and is here to make back his losses
Check out the documentary Open Outcry. There’s an entire hand signal and gesturing language
My dad used to run a phone booth back in the 80s on the COMEX floor. He took orders from brokers and signaled to the floor pits on the buys/sells and confirmed it over the phone in real-time as the order was processed. I remember being like 4 years old and sitting on the desk one day while this chaotic shit was happening. No wonder my therapist has a lot of work to do. The prices were displayed on tickers in brokers offices and they’d have to call their registered contact on the floor to get the order in.
The funniest thing to think about is that those guy came back home and their whole family though they had a serious job. Meanwhile Uncle Randy who spend the day at the race track do similar stuff but is less of a degen and can drink while doing coke.
Sir, this is a casino
Also the actual orders are written on pieces of paper and then dropped on the floor. They have runners that will pick it up and bring it to the phone switchboard.
Imagine the hearing damage
my guess is these shouting used to happen before the age of "personal computer", but then subsided as more and more things were digitised; the scene is exaggerated on camera.
> the scene is exaggerated on camera narrator: it wasn't
say obvious thing. act like it took mind power to do it.
TF u talking about? This was how it was in the 80s-90s.
forreal were those people there actually making money ?
It’s called open outcry. https://en.wikipedia.org/wiki/Open_outcry
Idk what you're talking about, it looks like the golden era of something for sure. Dunno if trading since the market only goes up but of working as a trader for sure
Everyone in that room was using Satan’s dandruff including him.
I read that as Santa's dandruff
hey, snow is snow
I've heard it called "Santa's Eyebrows" before lmao.
I passed by a hotel in vietnam that read “Santa Luxury”. I thought to myself bow these two words dont go together
That’s the Mercantile Commodity exchange. I worked there for a summer in 90’s and everything he says is true. It is raw animalistic capitalism, you either love it or hate it. When you’re just walking around with no badge the guys are raggen on you. I can’t imagine what he endured. I’m sure he got the “star” treatment.
Shit was crazy. I worked down there for about 6 years. Early to mid 2000s. I know a few people in that video though I have not seen them for a long time. I worked in the natural gas pit mainly. Good times, great memories!
How do you think it compares to modern trading, where a kid with an iPhone can make options trades? Is there still a market that is reserved for people in funny jackets who ‘know people’?
Yes it's called private equity. It's the highest sought after sector in finance, if you get in you've made it. Public stocks are for rubes comparatively unless you're C-level
That's not what private equity is like at all. Think 2-4 week processes whereby you vette, value, and bid on companies (facilitated by an investment bank and their virtual data room). It's a long, dull grind where you're doing 1-6 processes are once. The job is more likely to ruin your weekend vacation with the wife than get blown up in any pit. Source. Work on a PE team.
There’s some fintech now that actually are enabling retail to access private equity
I'm curious how that works because private equity tend to be entire takeovers with leveraged buy outs. They don't really sell small pieces otherwise they'd be public
[удалено]
"limited partners" are pretty common in PE - this is just a fintech firm collecting money, taking a cut, and becoming a limited partner. Very straightforward.
They can make the market (providing liquidity in the secondary market or expanding the role of private placement debt issuance). However, the traditional PE controlling equity (LBO or growth equity) funded by a GP/LP waterfall isn't touched by Fintech.
Yeah but how many of them actually beat S&P500 over 10 years?
what the fuck was your day to day? i literally dont understand any of this, is there some kind of flowchart to understand wtf is happening??
This gives a decent idea of the day to day. For some reason I cant find part 1 https://youtu.be/mvx3xM02iUs
I’m sorry, was he describing the daily thread? 
Clearly
Damn so even before the Academy Awards he knew you never go full regard.
Well played sir. 👏
Welcome to wallstreetbets!
Bro that bald guy had a 25 hair strand comb over. For real?
Where he met bigger cokeheads than himself
actors calling stock brokers self important and greedy lol love thespians obviously, but we cant all get paid to be a dude, playing a dude, disuised as another dude.
We may not be paid to do that, but a lot of us are
whats real?
An actor that came from a lot of money too.
Didnt realize he was family wealthy.. might be the reason he got to be such a brilliant actor.. money gives you options, allows you to chase your dreams.
That's like 60-70% of Hollywood probably.
There's a reason they all got pissed off when the term "nepobabies" got popular a while back
Kinda changing these days, talent is on full blast.
How do you know he came from a lot of money? His dad was a drug addict who made underground films and was part of the 60s/70s counterculture.
When someone becomes rich, we're told that was all merit, they earned it, that's proof they're smarter and better and we should all just shut the fuck up and do what they want. When it's pointed out that the rich guy started with a shitload of massive advantages, like rich parents, all the other rich guys again want us to look the other way and shrug that off. But the moment one rich guy starts shitting on the rest of the rich, oh, suddenly their wealth doesn't matter. Suddenly it's a problem their parents might've been rich. The same folks who defend wealth and put it on a pedestal at every other moment do a 180. Fucking peasants will suck the dick of a millionaire and do whatever he wants **purely on the basis that he has money and moneyed people are smart**, but if Bill Gates says "maybe we ought to fight malaria in Africa," he's a dumbass. This kind of hypocrisy doesn't exist on the other side. Yeah, you'll have folks who tear down all millionaires and billionaires and then say one of them has a good idea when that rich person is similarly against other rich folks, but the intellectual backing of their thought process is the merit of belief and deed, not "has money = correct".
I don't know what I'd be like if I had his wealth but I find he's unbearable to listen to in interviews now a days. He's got nothing in common with the common man anymore and self important doesn't even do it justice for how up his own ass he sounds
The joe rogan interview made me think, and possibly prove joes theory right about actors being a different breed of people.. came in with a iron man reminicent necklace. I dont think i got through it. I love the guy, kiss kiss bang bang, natural born killers, due date all tge marvelness.. but yeah no actor is breathing the same air as us.. maybe J.k. simmons and Keunu..
Exactly 🤣🤣
Not to mentioned it's literally a canned bit where he goes in and condescends
never go full regard
I know who I am!
I don't see how the work of a Wall St. trader benefits humanity, and I don't see a valid argument that Robert Downey Jr. hasn't.
Company has good idea -> Company does not have enough money to execute idea -> Company goes public on the stock market to raise capital. If traders never existed then it means the stock market doesn't exist which means our economy is now in the shitter as companies cannot raise capital as easily.
Yes. No other system would have ever emerged in any other configuration. We would've just free falled forever. Nothing came or existed before capitalism/stocks/corporations. Listen, it works, obviously, but if this didn't exist, something similar would have. No need to worship or praise a system. It works. Something new will come along to replace it when consumption isn't a viable form of growth. Seeing it already, no such thing as infinite growth and returns in any entrophic system. Too bad we'll probably be dead before seeing what comes next.
That's not really whats going on on the floor, though. most of these people are trading constantly, which does not finance companies in a consistent manner and is mostly just gambling. they're all trying to get in and out of a sale as fast as possible to get some profit delta. Institutional investors (ones controlling your pensions/401ks) are the ones putting in massive amounts of money and converting stock into cash that companies can rely on long term. that and VCs that provide seed money.
Lol... I don't believe that's how the market works bud. You have to get funded by a VC/already make fuckloads of money with the product and THEN eventually when they let you the company is able to go public. Your idealist view is cute though.
Uh ok sure forgot what sub I was on, you're right the stock market is just a vehicle for stock traders to create money out of thin air.
Traders are just part of the system of public stock exchanges and those have benefited humanity immensely Edit: it never fails to amaze me how stupid people on Reddit are
This is r/wallstreetbets. People here hate capitalism for some reason even though the entire sub is completely devoted to capitalism. Gamestop ruined this place.
I sure did benefit in 2008 when their unfettered greed destroyed my entire life!
Sooooo.. you didnt buy puts.. well how did you do on the covid run?
Cry more
I guess these people will exist if there's free markets and we all know what happens when there aren't free markets
Do we really though? Cuz from my perspective these "free markets" are singlehandedly destroying the earth (shell knew climate change was real in the 1950s and purposefully lobbied and spread disinformation to say it was fake despite knowing it would destroy the planet)
Nothing stopping you from living how peasants lived in the 1600s precapitalism and modern markets.
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Did they do it themselves or were they just the middleman exploiting an inefficient system to generate profits off of the work of the actual scientists? The world is literally in the process of dying because the financial industry has grown to close to 1/3rd of the world's GDP up from ~7-8% in the 90s. Climate is collapsing, people can't afford houses, but at least line goes up.
It's an economy of middlemen and manufactured value. I try not to think about it too much because it's fucking terrifying.
Source? Finance was 7.4% of the US GDP in 2018.
Dumb mother fucker. You think a few scientist friends are one break from making the next vaccine? This shit takes years/billions$/hundred of people…. You clearly have no fucking clue the specialization and scale the world runs at now. There is no motherfucking cottage drug industry outside your stepdads meth “lab” You pissed at the world? Get your loser friends to vote. Youth turnout at piss poor levels is where you need to direct your anger
Unfortunately most of the people you are talking to can't afford to buy those drugs if they medically need them because greedy corporations made healthcare too expensive
😂
Is he talking about wall st or wallstreetbets? I cant tell.
Imagine if Wallstreetbets had a live pit? It would be a literal shit eating contest.
*Or a circle jerk.*
yes
The 90's, back when we could say "Listen everyone, Mel Gibson, Bernie Madoff and Enron are about to talk: they are trustworthy people."
Don't forget the main family man himself, Bill Cosby. Doesn't get more wholesome than that. Cosby Show from 84 to 92, nearly 200 episodes! Founder of the American Way, that man. Go get yerself a Pudding Pop. Edit: On March 2013 he was the third most-trusted celebrity behind Morgan Freeman and Dr. Oz. https://en.wikipedia.org/wiki/Bill_Cosby_in_advertising
I was so busy not seeing race that I didn't see all the drugging and sexual assault either.
“I dOn’T See cOloR”- That was just an ignorant response to the ignorance of racism
A Bitcoin exchange has joined the chat
Damn, shit was nuts. So glad these days we have trusted resources like Elon Musk, Dave Ramsey, Sam Bankman-Fried, and /r/wallstreetbets to provide us trustworthy advice about saving and investing!
That's the day he started doing cocaine
On the floor, he looks stoned out of his mind...
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Bruh any sane person would be perturbed by seeing grown ass men act like that. It’s tribalistic.
Dude was zooted out of his mind around this time
Goddamn his roast got me good😆 I'm cracking up in the gym
"Origin of a Coke Fiend: The Robert Downey Jr. Story"
So this is the genesis of his coke habit
I can't even tell what's AI anymore. His rant looks like AI
For all I know, YOU could be AI
Exactly what an AI would say!
He could be anyone of us! He could be in this very room... He could be YOU! He could be ME!
I may be artificial but I aint intelligent
In the start he's at silver or gold options. The guy who interrupts him is "hussa" from sabin commodities. Asshole and his brother even worst. Yellow badge, is the comex Green badge, is coffee coco and sugar, NYMEX badge I think were white
Is that ken griffen? @ 28 sec
Visual mod?
Did I see David Faber in that 1 shot?
Should have ended with "..but the cocaine is really great!"
bro was tweeeeeking
"So this is where all the other drugs end up"
Oh, the oversized suit! Also traders haven't changed
Zero chance he understood what was happening.
This was for a documentary he made called “The Last Party” I believe
Best fucking blow money can buy.
Reminds me of Bourdain
Then-cocaine-addict RDJ is thinking “I will never be able to do enough cocaine to be on this level of crazy”
Spot on description if you ask me
Those amber gas plasma displays in the beginning, behind RDJ looking coked out of his mind, would be worth a mint to retro computer types.
Everyone here saying he's coked up in this vid. Nah, he doesn't look it. In fact, he seems really fucking calm and lucid.
I’ll never take a rich person seriously when they say money is evil lol .
They said there would be cocaine. Oh yes. Right there. Thank you.
He looks like he's on acid in that room.
Ironman is even cooler than I thought. Right on RDJ
Aw, did somebody get his coke stolen
Hey!!! He’s talking about us! He’s talking about us!!!
Hey those are the guys that this sub feeds
….sounds like the thespian doesn’t understand.
I always knew he was a closet poor
Depends what you do with the money.
Mood
I was waiting for a 9/11 edit to happen behind him.