Skip to main content

tv   Our World  BBC News  March 13, 2021 9:30pm-10:01pm GMT

9:30 pm
through this evening, scattered showers across the country, still a good breeze out there. but i think second half of the night it is going to turn clear, the winds will fall light and it will be quite nippy. rarly in the morning it will be close to freezing in newcastle and hull. for most it will be around 4 or 5 degrees. lots of fine weather in the morning, lighter winds, but a weather front is approaching and we are expecting rain in the second half of the morning, at least in northern ireland and around lunchtime, approaching many western parts of the uk. eastern scotland should have a decent day, and mainly the extreme south—east, but the afternoon overall for the bulk of the country is looking pretty wet again.
9:31 pm
hello this is bbc news, the headlines: the prime minister borisjohnson says he and his partner will light a candle this evening for sarah everard after an official vigil in south london was cancelled. despite this, hundreds have gathered at clapham common to raise the issue of women's safety.
9:32 pm
metropolitan police officer wayne couzens has appeared in court after being charged with sarah everard's kidnap and murder. most of italy is set to shut schools, shops and restaurants from monday after an increase in coronavirus infections. the tighter restrictions will extend to the whole of the country over easter. former formula 1 commentator murray walker has died. he was 97. walker was appointed an obe in 1996 for his services to broadcasting and motor racing. now on bbc news, our world. james clayton meets the investors who made a fortune trading from their bedrooms, the tech supremos who were watching on astonished, and the hedge fund giants nursing their losses. there's this narrative that this was a david and goliath story.
9:33 pm
it's all of these hedge funds, like yours, against the people — and the people won. i'll put it this way. if a 5—year—old walked into this room right now, i could probably kick his ass. if 1,000 5—year—olds walked in here, they could probably take me down. just being honest about it. is that a david versus goliath story? uh, you know — no! something happened this january that no—one expected. it was a little bit like an internet revolution. we were team human, team normal, regular guy. it's united capitalists... it's like this focal point, a paradigm shift for everything that's gone gone on for the last few hundred years on wall street. ..socialists. .. if there was a smaller chance that i could have a direct impact on ruining some billionaire's life, i wanted in on it. ..and youtubers. so how much did you make? um, $40,000-ish? the idea that an internet forum could take a failing company
9:34 pm
and by collectively investing in it, or to use the parlance, "taking it to the moon," take on hedge funds and win, seemed impossible. houston, if that's not the earth, we're in trouble! but was this really a people's revolution? this is not a david—versus—goliath story, but more of a goliath—versus—goliath story. the gamestop story is the story of its investors, and we'll be telling it through the experiences of three amateurs in california who all buy and sell their shares using trading apps. gavin may, a 19—year—old youtube star, parkour enthusiast and amateur online trading guru. do you sometimes wonder why people listen to a 19—year—old who's been trading for, like, six months? yeah, no, totally.
9:35 pm
that's definitely a very valid question. john motter, who works for a homeless charity. he blames big finance for some of la's housing problems. have you ever bought any shares before? no. first time? first time. and casper and matt who run a social media marketing company. i'm a gambling guy and i really believed in the power of memes and i put my money where my mouth is. a year ago, gamestop to many was a business slowly dying. it sells physical games at an actual shop, and many on wall street thought that that business model wasn't just outdated, it was prehistoric. a business doomed to fail. its share price this time last year was around the $3 mark. over the summer, though, a few investors began
9:36 pm
to proselytise about gamestop. people like the then—obscure youtuber, keith gill, roaringkitty. many think it's a foolish investment, but everyone�*s are wrong! they argued that far from being dead in the water, gamestop had potential. gamestop is an established, uniquely—positioned player in a thriving $150 billion gaming industry. one group in particular was listening. an internet message board called wallstreetbets. so could you just describe to someone who's never been on wallstreetbets, roughly what the culture is? yeah, i mean... it's hard to do it without, um, without using offensive terms, but it is veryjuvenile, very subconsciously absurdist. their favourite thing to do is something called "loss porn," where you share your biggest losses.
9:37 pm
and everyone will be like, "hey, man, goodjob!" like, "you lost $1 million, goodjob, man!" sort of the nature of the sub is, like, riskier bets. _ i can't tell, like, what's| a meme and what isn't. but all those meme posts are feeding into the larger goal of getting - as many people to buy stocks as possible. - slowly, gamestop started to get a buzz, and gradually the share price began to tick up. this is the first official close above $14, so cheers to that shit! so i first read about gamestop through the subreddit, wallstreetbets. i think the first time i bought in was late november to early december. i think the stock price was around $16 back then. gamestop�*s share price had attracted the attention of another kind of investor — short sellers. hedge funds that thought gamestop was overpriced.
9:38 pm
hedge funds like citron capital, founded and run by this man, andrew left. i'd known gamestop for a long time. to me it looked like they were following the blockbuster video path. and then all of a sudden we found out in december, while the industry was actually up — the video game industry had their best month ever, december of 2020 — gamestop actually had a bad quarter, ora bad month. they were declining, and that was supposed to be their saviour month. and that's when i started to short the stock. left�*s hedge fund was now one of the many hedge funds that were shorting gamestop. essentially, they were betting that the share price would fall. if it did, they would make money. but that had also been noticed by people on wallstreetbets. gamestop happened to be one of the names that was most frequently shorted. they'd worked out that if gamestop�*s share price went up, hedge funds would lose money. and many users on the platform came up with a theory that went like this. if enough of us were to buy
9:39 pm
together, in conjunction, could we create a short squeeze which would force some of these hedge funds who are betting against gamestop to close out their position by buying gamestop back, and therefore pushing the price of gamestop even higher? wallstreetbets is a forum on san francisco—based reddit, one of the biggest social media companies in the world. and watching on was its chief executive and founder, steve huffman. i've known about wallstreetbets for years. wallstreetbets is in fact one of my guilty pleasures on reddit. was there a point where you were like, huh, this is a bigger story than i thought? 0n wallstreetbets, there's often a couple of stocks or companies that have their attention. and so over the years, it's been tesla, it's been virgin galactic, it's been blackberry. and so in my mind i'm just browsing reddit, gamestop, 0k, gamestop�*s
9:40 pm
got their infatuation right now. so i was actually a little bit late to the party. i didn't realise reddit had leaked into the real world again. so it was really at the take—off of the mania, i was like, 0k, this is a bigger one. by mid—january the price of gamestop shares was nearly $30, a tenfold increase from eight months before. it was about to go stratospheric. i got the champagne. cheers, congratulations, look at this shit! look at this shit, 60%! when did you start thinking, oh, dear — something's happening here? well, i was about to go do a twitter live feed. and i think like 150,000 people would sign on in the first few minutes. remember that line from jaws — "i think i need a bigger boat!" it's about this point when gamestop shares truly took off.
9:41 pm
ridiculous, ridiculous. ridiculous, argh! i remember that day. i think we opened at, like, $39 and at the peak of the day it was $76. watching this chart gives me heart problems, i swear to god. we both bought between, what, $70 or $80? around there. newsreel: gamestop had another wild day of trading. _ and it was ridiculous. we were texting each other all night. there was a couple of good mornings... a couple of really good mornings, yeah! newsreel: gamestop isn't stopping. fuelled by social media, i the video game company... all the money you had in the world was doubled? yeah, crazy. in just a few hours? completely crazy. and that was only, like, the first of five days of craziness. gamestop was going to the moon. the price was going up and up and up. there's more and more activity, more and more news, more and more attention. newsreel: the video game retailer hit a high of $380 a share... - gamestop was now in uncharted waters.
9:42 pm
its share price had increased by 100 times since march. we have gamestop hitting $300 and $350, and there was even an after hours session when the market was closed, but you know, especially large institutions can still trade, where it hit $450! i bought in at around $330, a first share. so i was a latecomer. word got out there was a good chance the hedge funds and billionaires that got greedy, and bought those enormous short positions, were going to be completely ruined over this. and so, even if there was a smaller chance that i could have a direct impact on ruining some billionaire's life, i wanted in on it. steve huffman was looking on. he had the power to switch wallstreetbets off. was there any pressure on you to maybe lock down wallstreetbets? we faced that question,
9:43 pm
that literal question — is there pressure, should you do something? but our motivation, or what we were trying to do, our duty in the situation was actually the opposite, to keep wallstreetbets online. so we did take a closer look here, but really, we were making sure the community didn't break. because a lot of people were coming to reddit for that experience. with reddit keeping wallstreetbets up, it now seemed unstoppable. can i ask how much you lost in total? no, i mean... i think the fund was down approximately, i don't even know... 18%, 19% —18%, possibly. how much is that in cash terms? i won't discuss that. that figure is certainly in the millions, and likely the tens of millions. but then something happened. a
9:44 pm
trading app made a crucial decision. it and other trading apps were happy for people to sell game stop shares but they decided to restrict people from buying them. that but they decided to restrict people from buying them.— but they decided to restrict people from buying them. that really took the wind out _ from buying them. that really took the wind out of _ from buying them. that really took the wind out of the _ from buying them. that really took the wind out of the sails _ from buying them. that really took the wind out of the sails for- from buying them. that really took the wind out of the sails for the - the wind out of the sails for the whole movement because now the majority of the people can't even buy the stock and obviously a lot of people started freaking out a little bit. robin had's reason, the chief executive testified to congress that they run out of capital for deposit requirements. in they run out of capital for deposit requirements.— they run out of capital for deposit requirements. in other words, they were running _ requirements. in other words, they were running out _ requirements. in other words, they were running out of— requirements. in other words, they were running out of money. - requirements. in other words, they were running out of money. we - requirements. in other words, they l were running out of money. we don't answer to hedge _ were running out of money. we don't answer to hedge funds. _ were running out of money. we don't answer to hedge funds. we _ were running out of money. we don't answer to hedge funds. we serve - were running out of money. we don't answer to hedge funds. we serve the millions of small investors who use our platform every day to invest. and then it basically started falling — and then it basically started falling back down to earth and it fell to— falling back down to earth and it fell to the 200s in the 100th. the clue to— fell to the 200s in the 100th. the clue to robin had's branding is a name _ clue to robin had's branding is a name a— clue to robin had's branding is a name. �* . clue to robin had's branding is a name. ~ ., ., , , ., clue to robin had's branding is a name. ~ ., ., ,, ., , name. a trading app that is self-reported _ name. a trading app that is self-reported ammo - name. a trading app that is self-reported ammo was i
9:45 pm
name. a trading app that isj self-reported ammo was to self—reported ammo was to democratise trading had to sum protect the rich. h0 democratise trading had to sum protect the rich.— democratise trading had to sum protect the rich. no one cared, and it happened — protect the rich. no one cared, and it happened right — protect the rich. no one cared, and it happened right in _ protect the rich. no one cared, and it happened right in front _ protect the rich. no one cared, and it happened right in front of - protect the rich. no one cared, and it happened right in front of your. it happened right in front of your face. they blatantly did it and i can say anything that is when we were thinking, 0k, we give brands and companies are voice all the time, let's try to give them —— the little guy a voice for something that we really are passionate about. you decided to fly a plane over robin had's offices in the bay area. we did, yes. robin had's offices in the bay area. we did, yea-— robin had's offices in the bay area. we did, es. .,, . we did, yes. robin hood catching the brunt of theirs, _ we did, yes. robin hood catching the brunt of theirs, they _ we did, yes. robin hood catching the brunt of theirs, they created - we did, yes. robin hood catching the brunt of theirs, they created that - brunt of theirs, they created that for themselves what they cashed in on the _ for themselves what they cashed in on the brand image of democratising trading _ on the brand image of democratising trading as_ on the brand image of democratising trading. as soon as the little guy starts _ trading. as soon as the little guy starts to— trading. as soon as the little guy starts to actually winds some chips at the _ starts to actually winds some chips at the table, then they have to shut down _ at the table, then they have to shut down the _ at the table, then they have to shut down the game. gne at the table, then they have to shut down the game-— down the game. one of the things that came up _ down the game. one of the things that came up time _ down the game. one of the things that came up time and _ down the game. one of the things that came up time and time - down the game. one of the things that came up time and time again| that came up time and time again when talking to amateur investors
9:46 pm
was how much they believed the financial systems were read to benefit the rich. and much of that seemed to stem from the 2008 financial crash.— seemed to stem from the 2008 financial crash. ., ., , ., financial crash. nothing was learned from 2008- — financial crash. nothing was learned from 2008- no _ financial crash. nothing was learned from 2008. no one _ financial crash. nothing was learned from 2008. no one was _ financial crash. nothing was learned from 2008. no one was held - from 2008. no one was held accountable, the banks were bailed out, i couldn't get a job, i couldn't afford housing at that point, i'd crash on a friend's couch. you can kind of see on the posts the difference between the means and the jokes and the person who is like, you know, this is for my immigrant parents, this is for the people who read my dapper man business in 2008. there are a lot of earnest posts on there still. it is not 'ust earnest posts on there still. it is not just socialists _ earnest posts on there still. it is not just socialists who think that. this person was a vocal supporter of wall street bets. his crimes were characterising the wolf of wall street. . . , . characterising the wolf of wall street. ., ., , ., ., .,
9:47 pm
street. that was a real life role. he went to _ street. that was a real life role. he went to prison _ street. that was a real life role. he went to prison but _ street. that was a real life role. he went to prison but claims - street. that was a real life role. l he went to prison but claims now street. that was a real life role. - he went to prison but claims now to be reformed. he went to prison but claims now to be reformed-— be reformed. when i went to “ail, never once did it i be reformed. when i went to “ail, never once did it occur * be reformed. when i went to “ail, never once did it occur to h be reformed. when i went to “ail, never once did it occur to me h be reformed. when i went to jail, j never once did it occur to me that be reformed. when i went to jail, l never once did it occur to me that i was in dissent. i neverfelt like i was in dissent. i neverfelt like i was persecuted, i got what i deserve, i trusted institutions that put me away in jail, deserve, i trusted institutions that put me away injail, i did my time and! put me away injail, i did my time and i got out my rebuild my life. most people today don't trust the institutions that are essentially meting outjustice. they what should in and we all saw the movie, there is a funny scene in the end where they say, and all the bad guys went to jail, and you're like, just kidding, no one went to jail, and we laugh, orat least kidding, no one went to jail, and we laugh, or at least we smoke because we know it is true but in our stomach it is not right, and it arose the trust of the people. a lot of people right now, they know it is not right. br; of people right now, they know it is not riuht. j . , of people right now, they know it is notriuht. j . , , not right. by early february, the share price _ not right. by early february, the share price as _ not right. by early february, the share price as the _ not right. by early february, the share price as the gamestop -
9:48 pm
not right. by early february, the | share price as the gamestop was about a tenth of its market high and on the way down people lost a lot of money. casper shares were at one point worth $100,000, he sold a few but he hung on to most of them out of principle. 0n the way down, his shares decreased in value by more than $60,000. i shares decreased in value by more than $60,000.— shares decreased in value by more than $60,000. i could have made a little bit of money _ than $60,000. i could have made a little bit of money but _ than $60,000. i could have made a little bit of money but i _ than $60,000. i could have made a little bit of money but i think- than $60,000. i could have made a little bit of money but i think the . little bit of money but i think the experience, i think some people are going to be mad that i will say this, but i think experience is worth it. i don't really get it to the games until i've sold. john matter bought _ the games until i've sold. john matter bought high, _ the games until i've sold. john matter bought high, he - the games until i've sold. john matter bought high, he says he only netted what he could afford to lose. but many others bought higher, thinking game stop would go to the moon and lost big. i do thinking game stop would go to the moon and lost big.— moon and lost big. i do think there were many — moon and lost big. i do think there were many who — moon and lost big. i do think there were many who strongly _ moon and lost big. i do think there were many who strongly believed i moon and lost big. i do think there i were many who strongly believed that they could drive the price up and it would just stay there, and it would stay up forever. and the only thing i can think of that functions that
9:49 pm
way has been bitcoin. gamestop didn't behave _ way has been bitcoin. gamestop didn't behave like _ way has been bitcoin. gamestop didn't behave like bitcoin, - way has been bitcoin. gamestop l didn't behave like bitcoin, though, and many people holding onto their shares were being wrecked —— egged on by other reddit users while others were selling.— on by other reddit users while others were selling. were definitely --eole others were selling. were definitely eo - le who others were selling. were definitely peeple who are _ others were selling. were definitely people who are trying _ others were selling. were definitely people who are trying to _ others were selling. were definitely people who are trying to get - people who are trying to get everybody in a frenzy so they would try to cash out. so, you are constantly saying you are taking it to the moon but you are trying to divest at the same time.- to the moon but you are trying to divest at the same time. there are millions of — divest at the same time. there are millions of people _ divest at the same time. there are millions of people on _ divest at the same time. there are millions of people on them - divest at the same time. there are millions of people on them that. millions of people on them that aren't— millions of people on them that aren't commenting, and they are reading _ aren't commenting, and they are reading along, making their own decisions — reading along, making their own decisions. , ., decisions. reddit is the definition of confirmation _ decisions. reddit is the definition of confirmation bias _ decisions. reddit is the definition of confirmation bias because - decisions. reddit is the definition of confirmation bias because of. decisions. reddit is the definition i of confirmation bias because of the way the platform works, i contend get served to you based on how many uploads it gets. people have to agree with you for your content to reach the front page so that means you're only going to hear from the people who are saying that people want to hear, you will only hear from people who are dime in handling it. so from people who are dime in handling it. so so, someone said, i think we
9:50 pm
should sell— it. so so, someone said, i think we should sell op _ it. so so, someone said, i think we should sell up now, _ it. so so, someone said, i think we should sell up now, no _ it. so so, someone said, i think we should sell up now, no one - it. so so, someone said, i think we should sell up now, no one is - it. so so, someone said, i think we| should sell up now, no one is going to light it. so it is the more extreme funny stuff that gets updated and you get that false thing. it's up to it —— it's interesting. i ask the boss of reddit whether he felt any responsibility for those who lost out. i responsibility for those who lost out. ~ ., , responsibility for those who lost out. ~' ., , ., responsibility for those who lost out. «a, , ., ., , ., out. i think any trade, any trade, not 'ust out. i think any trade, any trade, notjust a — out. i think any trade, any trade, notjust a risky — out. i think any trade, any trade, notjust a risky one _ out. i think any trade, any trade, notjust a risky one like - out. i think any trade, any trade, notjust a risky one like that - notjust a risky one like that wallstreetbets is known for, has risks. but it also has opportunity. and i think it is important that individuals have that opportunity. i don't think we, as a society, should be so paternal to say that well, this group is smart enough to make these decisions but this group, you know, we should keep them out. nobody goes to wallstreetbets thinking that this is a safe place to spend money.— thinking that this is a safe place to spend money. thinking that this is a safe place to send mone. ,, .,, .,, , to spend money. gamestop has been characterised — to spend money. gamestop has been characterised as _ to spend money. gamestop has been characterised as wallstreetbets - characterised as wallstreetbets versus wall street battle but we didn't interview anyone who thought
9:51 pm
it was as simple as that. i suppose the question is was this the people's revolution? it certainly started as a _ people's revolution? it certainly started as a people's _ people's revolution? it certainly started as a people's resolutionl people's revolution? it certainly i started as a people's resolution and then i am sure it would be only logical that any shrewd, large investor would say, look what they are doing, letjump on that bandwagon that i think the important thing, and what makes this dangerous, is those sophisticated investors that got in on the back are smart enough and sophisticated enough to know when to get out of the situation, while the little guy is typically the one that gets lost. what could happen is hedge fund take a aim that other hedge funds. this narrative is that it was wallstreetbets that moved it, a lot of other people think they must have been much biggerforces at play, obviously, it could have been other hedge funds. sure. absolutely. you
9:52 pm
think other hedge funds were doing that? ii think other hedge funds were doing that? , ., , , think other hedge funds were doing that? y. , , ., think other hedge funds were doing that? y., , , ., ., ~ think other hedge funds were doing that? , ., y that? if you sign up to make money, it is letal. that? if you sign up to make money, it is legal- you _ that? if you sign up to make money, it is legal. you buy _ that? if you sign up to make money, it is legal. you buy stock. _ that? if you sign up to make money, it is legal. you buy stock. it - that? if you sign up to make money, it is legal. you buy stock. it is - that? if you sign up to make money, it is legal. you buy stock. it is an - it is legal. you buy stock. it is an open market. it is legal. you buy stock. it is an open market-— it is legal. you buy stock. it is an open market. what is without doubt is wallstreetbets _ open market. what is without doubt is wallstreetbets help _ open market. what is without doubt is wallstreetbets help to _ open market. what is without doubt is wallstreetbets help to start - is wallstreetbets help to start things rolling but much larger financial players were also heavily involved. ., , , ., , financial players were also heavily involved. , involved. people using robin hood and --eole involved. people using robin hood and people who — involved. people using robin hood and people who are _ involved. people using robin hood and people who are not _ involved. people using robin hood and people who are not large - and people who are not large institutions are not registered financial— institutions are not registered financial professionals are a bigger part of— financial professionals are a bigger part of the — financial professionals are a bigger part of the market and i have ever been _ part of the market and i have ever been they — part of the market and i have ever been. they are about a quarter, 25%. but they— been. they are about a quarter, 25%. but they are — been. they are about a quarter, 25%. but they are still a small player, relative — but they are still a small player, relative to — but they are still a small player, relative to the biggest institutions, so when you see a price _ institutions, so when you see a price move _ institutions, so when you see a price move on from gamestop from $18 all up to— price move on from gamestop from $18 all up to $325, it is very unlikely that the — all up to $325, it is very unlikely that the only people that are buying and driving the price up other retail— and driving the price up other retail traders, just by virtue of their— retail traders, just by virtue of their size _ retail traders, just by virtue of their size in the marketplace. so, what 'ust their size in the marketplace. srr, whatjust happened? their size in the marketplace. 5ti, whatjust happened? was their size in the marketplace. 5t, whatjust happened? was this something extraordinary? did something extraordinary? did something change? could it happen
9:53 pm
again? something change? could it happen atain? ., �* ., ., ., again? you're going to find that the lane again? you're going to find that the large institutions _ again? you're going to find that the large institutions have _ again? you're going to find that the large institutions have already - again? you're going to find that the | large institutions have already made changes in the net policies that pretty much prevent these extreme situations from happening. i would be certain that right now, there is not a chat bought out there that any hedge fund doesn't have their people in their in every single chat watching everything that is going on. . , , ~' watching everything that is going on. ~ , ~ . on. andrew says he will think twice about shorting _ on. andrew says he will think twice about shorting in _ on. andrew says he will think twice about shorting in the _ on. andrew says he will think twice about shorting in the future. - on. andrew says he will think twice about shorting in the future. did i i about shorting in the future. did i lose money? _ about shorting in the future. did i lose money? yes. _ about shorting in the future. did i lose money? yes. i _ about shorting in the future. did i lose money? yes. i have - about shorting in the future. did i lose money? yes. i have many good years— lose money? yes. i have many good years ahead — lose money? yes. i have many good years ahead in the stock market, i hope _ years ahead in the stock market, i ho e. ., years ahead in the stock market, i ho e, ., ., �* “ years ahead in the stock market, i hoe. ., ., �* ~ ., hope. you don't think what has happened _ hope. you don't think what has happened will— hope. you don't think what has happened will make _ hope. you don't think what has happened will make people - hope. you don't think what has l happened will make people more nervous about shorting? in happened will make people more nervous about shorting?- nervous about shorting? in the future? of _ nervous about shorting? in the future? of course _ nervous about shorting? in the future? of course it _ nervous about shorting? in the future? of course it will. - nervous about shorting? in the future? of course it will. of. future? of course it will. of course. future? of course it will. of course. . ., , future? of course it will. of course. ~ .,, ., future? of course it will. of course. ~ ., ,, , course. and as for gamestop, it is now looking _ course. and as for gamestop, it is now looking to _ course. and as for gamestop, it is now looking to move _ course. and as for gamestop, it is now looking to move its _ course. and as for gamestop, it is| now looking to move its operations digitally. it share price is still incredibly variable. in february, it has been between $40 and $240.
9:54 pm
casper and matt believe what happened shows what the internet can do through collective action. i think from now on, hedge funds are going to have in their risk models and prediction models, there is going to be a new line in there, hey, watch out for this everyone ganging up on us and grouping together scenario. that has never happened before, without the internet that would be impossible to accomplish. internet that would be impossible to accomlish. , , ., internet that would be impossible to accomlish., , . , accomplish. jump a mac investment was relatively _ accomplish. jump a mac investment was relatively small _ accomplish. jump a mac investment was relatively small but _ accomplish. jump a mac investment was relatively small but he - accomplish. jump a mac investment was relatively small but he lost - was relatively small but he lost most of it. i was relatively small but he lost most of it— was relatively small but he lost most of it. ., �* ,, ., , . ., most of it. i don't think any change has come out _ most of it. i don't think any change has come out of _ most of it. i don't think any change has come out of this. _ most of it. i don't think any change has come out of this. that's - most of it. i don't think any change has come out of this. that's been i has come out of this. that's been pretty apparent. i hope people can see that, i hope everyone who gets screwed over to see that, no one is coming to bail them out, and if nothing else happens, i hope people get educated about that and learn a lesson. . ._, get educated about that and learn a lesson. ~ , lesson. and gavin says he ended up makint lesson. and gavin says he ended up making $40,000. _ lesson. and gavin says he ended up making $40,000. there _ lesson. and gavin says he ended up making $40,000. there is - lesson. and gavin says he ended up making $40,000. there is this - making $40,000. there is this assumption that we were there to make up a political point about hedge funds but there were lots of
9:55 pm
retail investors that were there to make money, like you. i retail investors that were there to make money, like you.— retail investors that were there to make money, like you. i would say, most of the — make money, like you. i would say, most of the people _ make money, like you. i would say, most of the people say _ make money, like you. i would say, most of the people say that - make money, like you. i would say, most of the people say that they . most of the people say that they want to make a point about the hedge funds, the end of the day, they all wanted to make some money. what funds, the end of the day, they all wanted to make some money. what is clear is that — wanted to make some money. what is clear is that trading _ wanted to make some money. what is clear is that trading apps _ wanted to make some money. what is clear is that trading apps have - clear is that trading apps have transformed the financial system. trading has become more democratic but conversely, it has also become more risky, exaggerating the highs and the lows. the story of gamestop is both inspirational and cautionary. if this was a revolution, it was one that had its casualties, of some investors who reached the moon and didn't quite make it.
9:56 pm
the weather on sunday morning isn't looking too bad for most of us, bright or even sunny skies in the way but it is not going to last. clouds are expecting to increase and rain is in the forecast. in fact, quite early in the morning, it will already start to run across some western areas of the uk. as one weather system pulls away, bit here through the early hours, and then this next weather front but i get here through the early hours, and then this next weather front bushes in and that will bring the rainfall on sunday. the forecast through the early hours shows the clear skies across most of the uk, a few scattered showers here and there, the winds are light as well and by early on sunday morning, temperatures are close to freezing in some of the northern towns and cities, in the south of the country it is closer to around 4 degrees, for example in plymouth and cardiff. here is that bright or even sunny morning across any part of the country with the clouds quickly increasing from the west so rain for
9:57 pm
belfast, rain region in the north west of england, setting the lake district, liverpooland west of england, setting the lake district, liverpool and for some rain, probably rain reaching birmingham sometime early in the afternoon. but not the extreme south—east of england or the north or the east of scotland, in fact in aberdeen it may well stay sunny the day. but in southern england, and east anglia, we will get rain later on a sunday. the focus into monday shows high pressure building, very close to the uk. there are weather fronts approaching is unable be brushing the far north—west of the country but i think that high pressure is eventually going to winds. here is monday morning, we've got lots of fine bright sunny weather but cloud is increasing in the north of those a little hazy, both in the morning in the afternoon for places like belfast and glasgow, but sunshine for marriage in london. the temperatures, 30 degrees with lighter wind and sunshine it shouldn't feel too bad at all. tuesday into wednesday, the high pressure establish itself across the
9:58 pm
uk but noticed there is a weather front riding around its edge so at times it may be cloudy. but on balance, it is the high pressure that will winds and the weather will be settled. here is the outlook for the weekend had, you can see mostly settled weather across the majority of the uk, temperatures rise there is a bit but then it looks like it will turn a little colder towards the end of the week.
9:59 pm
10:00 pm

15 Views

info Stream Only

Uploaded by TV Archive on