+
An explanation of the GameStop stock story for people who are wondering what it's all about

I'm not proud to admit this, but I know virtually nothing about the stock market. I mean, I know what it is and on a very, very basic level know how it works. Kinda. Maybe. I don't even know.

That's a problem when some huge news about the stock market comes along. While clearly a big deal, this news about GameStop stock skyrocketing because a bunch of Reddit users did something and a bunch of billionaire hedge funders got screwed over by it has been a little lost of me.

I'm sure I'm not alone in this. In fact, I know I'm not, based on the virality of this "normal person" explainer video shared on Twitter. Prior to two days ago, this is pretty much exactly how I would have explained what's going on:

There are a whole lot of us who don't understand the stock market and usually don't care that we don't understand it. Then a big, important David and Goliath story like this comes along, making it clear we should know more than we do.


Part of the problem is that there's so much "inside baseball" terminology to wade through when you dive in. I graduated from college with honors, for the love, but every time I try to read a news story about this GameStop thing, I have to stop every other sentence to look up words that financial writers assume we all know and understand. (I still don't even get what a hedge fund is, much less how short selling would affect one. And WTF is a "position" in a stock market context? Zero idea.)

What I need is someone to translate all that finance-speak into layman's terms, super simply, like I'm in kindergarten. I don't need all the nitty-gritty details of exactly how it all works, I just need enough so that I "get it." I read a bunch of posts and explainer articles, some more helpful than others, but nothing has synopsized it all quite as concisely and clearly as this 3-minute video shared by Now This. Enjoy:

Okay, so I still don't know exactly what a position is, but I get the gist.

Not only does this story explain a bit about how the game of Wall Street is played, but it also helps explain how the filthy rich have managed to get filthy richer during a pandemic when millions are struggling. On one level, businesses struggling is actually good for investors as they can take advantage of the falling prices.

Pretty gross to purposefully profit off of pandemic fallout, if you ask me. But what do I know? Like I said, not much. I will say, this whole thing is a good incentive to learn more about how that part of the U.S. economic system works. Knowing that it's actually not untouchable, that it's not just elite economic geniuses who know what they're doing, that there are ways for the average person to influence wealth distribution is intriguing to say the least. And anything that makes predatory billionaires shake in their boots is good fun.

We could all benefit from greater financial literacy, especially when it's clear that the rules of the game are in flux. We'll see how it all shakes out in the end, but it seems that these Redditors may prove that David has a chance against Goliath after all.

Photo: Jason DeCrow for United Nations Foundation

Honorees, speakers and guests on stage at We the Peoples

True

Some people say that while change is inevitable, progress is a choice. In other words, it’s a purposeful act—like when American media mogul and philanthropist Ted Turner established the United Nations Foundation 25 years ago.

Keep ReadingShow less

Chris Hemsworth and daughter.

This article originally appeared on 08.27.18


In addition to being the star of Marvel franchise "Thor," actor Chris Hemsworth is also a father-of-three? And it turns out, he's pretty much the coolest dad ever.

In a clip from a 2015 interview on "The Ellen DeGeneres Show," Hemsworth shared an interesting conversation he had with his 4-year-old daughter India.

Keep ReadingShow less
True

Innovation is awesome, right? I mean, it gave us the internet!

However, there is always a price to pay for modernization, and in this case, it’s in the form of digital eye strain, a group of vision problems that can pop up after as little as two hours of looking at a screen. Some of the symptoms are tired and/or dry eyes, headaches, blurred vision, and neck and shoulder pain1. Ouch!

Keep ReadingShow less
Joy

A 92-year-old World War II fighter pilot flies her plane for the first time in 70 years.

"It's the closest thing to having wings of your own and flying that I've known."

Photo pulled from BBC YouTube video

World War II vet flys again.

This article originally appeared on 05.19.15


More than 70 years after the war, a 92-year-old World War II veteran took to the sky once again.

It's been decades since her last flight, but Joy Lofthouse, a 92-year-old Air Transport Auxiliary veteran, was given the chance to board a Spitfire airplane for one more trip.


Keep ReadingShow less

This article originally appeared on 08.20.21


Sometimes you see something so mind-boggling you have to take a minute to digest what just happened in your brain. Be prepared to take that moment while watching these videos.

Real estate investor and TikTok user Tom Cruz shared two videos explaining the spreadsheets he and his friends use to plan vacations and it's...well...something. Watch the first one:

So "Broke Bobby" makes $125,000 a year. There's that.

How about the fact that his guy has more than zero friends who budget $80,000 for a 3-day getaway? Y'all. I wouldn't know how to spend $80,000 in three days if you paid me to. Especially if we're talking about a trip with friends where we're all splitting the cost. Like what does this even look like? Are they flying in private jets that burn dollar bills as fuel? Are they bathing in hot tubs full of cocaine? I genuinely don't get it.

Keep ReadingShow less
Pop Culture

Someone asked strangers online to share life's essential lessons. Here are the 17 best.

There's a bit of advice here for everyone—from financial wisdom to mental health tips.

Photo by Miguel Bruna on Unsplash

Failure is a great teacher.

It’s true that life never gets easier, and we only get continuously better at our lives. Childhood’s lessons are simple—this is how you color in the lines, 2 + 2 = 4, brush your teeth twice a day, etc. As we get older, lessons keep coming, and though they might still remain simple in their message, truly understanding them can be difficult. Often we learn the hard way.

The good news is, the “hard way” is indeed a great teacher. Learning the hard way often involves struggle, mistakes and failure. While these feelings are undeniably uncomfortable, being patient and persistent enough to move through them often leaves us not only wiser in having gained the lesson, but more confident, assured and emotionally resilient. If that’s not growth, I don’t know what is.

Keep ReadingShow less