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Endgame: An Insurgency on Wall Street
From the New York Times bestselling author of Black Edge comes an untold true short story about the meme stock machine phenomenon and the small investors’ battle to beat Wall Street at its own game.
After the 2008 financial crisis, investment banks and other professional investors had the edge when it came to bailouts and stock trading. The crisis also ushered in a wave of new small-scale retail investors who were hell-bent on crushing the big guys by using social media channels to connect, share ideas, promote stocks, and reap the rewards—Robin Hood–style. But did the meme short squeeze stand a chance in a rigged playing field? This concise, definitive account of a daring Wall Street heist exposes a fight to the death against a fraudulent system—dreamed up by Vegas, backed by hedge funds, and built by Silicon Valley—that cost real people more than they ever bet on.
After the 2008 financial crisis, investment banks and other professional investors had the edge when it came to bailouts and stock trading. The crisis also ushered in a wave of new small-scale retail investors who were hell-bent on crushing the big guys by using social media channels to connect, share ideas, promote stocks, and reap the rewards—Robin Hood–style. But did the meme short squeeze stand a chance in a rigged playing field? This concise, definitive account of a daring Wall Street heist exposes a fight to the death against a fraudulent system—dreamed up by Vegas, backed by hedge funds, and built by Silicon Valley—that cost real people more than they ever bet on.
49 pages, Kindle Edition
Published May 16, 2023
285 people are currently reading
147 people want to read
About the author
Sheelah Kolhatkar
5 books244 followersSheelah Kolhatkar, a former hedge fund analyst, is a staff writer at The New Yorker, where she writes about Wall Street, Silicon Valley and politics among other things. She has appeared as a speaker and commentator on business and economics issues at conferences and on broadcast outlets including CNBC, Bloomberg Television, Charlie Rose, PBS NewsHour, WNYC and NPR. Her writing has also appeared in Bloomberg Businessweek, New York Magazine, The Atlantic, The New York Times and other publications. She lives in New York City.
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Displaying 1 - 24 of 24 reviews
May 7, 2023
5★
“Becoming familiar with the details of a company’s financial performance taught him to see through the hype of the financial press and view the swings in the market according to shadow activity you could perceive only if reading between the lines.”
He is Keith Gill, the man who introduces us to the wonders of stock market manipulation. He wanted to make serious money, and knew a salaried job wasn’t going to do the trick.
“…the path to becoming rich was to make smart but aggressive investments in the stock market, the way professionals did. Given the small amount of capital he had to play with, it would require taking risks, putting almost everything he had into an idea he was confident in.”
He came into the job market in 2009, just after the huge 2008 global financial collapse, which was unfortunate timing. So he figured he’d put his accounting skills to work on his own behalf. There were more and easier ways for individuals to invest online without needing a big broker, which gave small investors a chance to dip a toe in and test the water.
He watched what the big investors were doing and noticed some particular activity which interested him. GME (GameStop), was a video-game retailer that had made a lot of bad decisions, and one big investor had shown an interest. Gill was a game-player himself and it piqued his interest.
The author fills in Gill’s family background and family situation, and then moves on to 2021 and Jeffrey McShane. He is another interested investor, a man who has trained all his life to become an astronaut – the science, the engineering research, the dedication.
They and many others are having conversations on Reddit, Twitter, YouTube, you-name-it. There are so many virtual spaces now to share information, that they are a magnet for people who love this sort of thing.
“Doctored photos, video clips, digital collages, and what you might call raw punning—all together known as ‘memes’—are a big part of the landscape.
One of the most popular places for this ongoing conversation is the subreddit message board on Reddit, then called r/wallstreetbets. During the next few months, this emerging new digital language became increasingly powerful, with internet meme wars dominating many investing conversations as well as political ones.”
https://www.reddit.com/r/wallstreetbets/
I know a lot of this went over my head, but anyone that could get the gist of this over to the likes of me has earned my admiration. She also includes a good example of what short-selling is. Although that’s something I do understand, I will quote her here.
“Short selling can be explained through a hypothetical example. Let’s say your friend has a 2019 Tesla Model 3, and you ask to borrow it. But instead of driving it, you sell it to someone else for $65,000. Then you wait, because you believe that Tesla is going to introduce a new version of the Model 3, which will drive the price of the 2019 down; once the 2022 comes out, the 2019 Model 3 price drops to $55,000. You buy one for that price and then give the car to your friend, having made a $10,000 profit in the process.
With real short selling, a stock is borrowed by calling the stock loan department of a brokerage firm, which finds the shares from someone who owns them. The investor then sells the shares in the market, with the hope that the value will decline, at which point they can buy them back and repay the stock that was borrowed. It’s a technique that’s typically available only to professional investors because it’s risky: if the stock price goes up instead of down, the short seller loses the amount of the gain, which theoretically could be limitless.”
It's a fascinating look at the explosion of interest and how individuals comparing notes are discovering anomalies where Big Business seems to be using some dodgy shortcuts with short selling. It’s a bit like the person accepting payment for 50 car orders when they know there are only 30 cars coming in. [Disclaimer: I suggested that, not the author, and what would I know?]
I’ve now read through some of the memes and cartoons and jokes on wallstreetbets, and I can see how enthusiasts would get caught up.
From the “Epilogue-ish”
“McShane compared it to an ongoing, open-source computer-programming project, where people from all over the world contribute searches for signs of conspiracy and anomalies and build on what others have done. “It’s an anticorruption movement,” he said. “It is the sword of the people. And it is attacking Wall Street. It is slicing and dicing. It is sending petitions. It is voting. It is very powerful. And I think it’s only growing more powerful. And I think it’s the beginning, quite honestly, of the future of the market.”
I think of the whole thing as Revenge of the Nerds – the power of a collective of individuals – the sting of a swarm of bees - that may finally catch some of the Big Guys cheating.
I can’t vouch for the accuracy (of course), but I loved it. Thanks to NetGalley and Amazon Original Stories for this one.
“Becoming familiar with the details of a company’s financial performance taught him to see through the hype of the financial press and view the swings in the market according to shadow activity you could perceive only if reading between the lines.”
He is Keith Gill, the man who introduces us to the wonders of stock market manipulation. He wanted to make serious money, and knew a salaried job wasn’t going to do the trick.
“…the path to becoming rich was to make smart but aggressive investments in the stock market, the way professionals did. Given the small amount of capital he had to play with, it would require taking risks, putting almost everything he had into an idea he was confident in.”
He came into the job market in 2009, just after the huge 2008 global financial collapse, which was unfortunate timing. So he figured he’d put his accounting skills to work on his own behalf. There were more and easier ways for individuals to invest online without needing a big broker, which gave small investors a chance to dip a toe in and test the water.
He watched what the big investors were doing and noticed some particular activity which interested him. GME (GameStop), was a video-game retailer that had made a lot of bad decisions, and one big investor had shown an interest. Gill was a game-player himself and it piqued his interest.
The author fills in Gill’s family background and family situation, and then moves on to 2021 and Jeffrey McShane. He is another interested investor, a man who has trained all his life to become an astronaut – the science, the engineering research, the dedication.
They and many others are having conversations on Reddit, Twitter, YouTube, you-name-it. There are so many virtual spaces now to share information, that they are a magnet for people who love this sort of thing.
“Doctored photos, video clips, digital collages, and what you might call raw punning—all together known as ‘memes’—are a big part of the landscape.
One of the most popular places for this ongoing conversation is the subreddit message board on Reddit, then called r/wallstreetbets. During the next few months, this emerging new digital language became increasingly powerful, with internet meme wars dominating many investing conversations as well as political ones.”
https://www.reddit.com/r/wallstreetbets/
I know a lot of this went over my head, but anyone that could get the gist of this over to the likes of me has earned my admiration. She also includes a good example of what short-selling is. Although that’s something I do understand, I will quote her here.
“Short selling can be explained through a hypothetical example. Let’s say your friend has a 2019 Tesla Model 3, and you ask to borrow it. But instead of driving it, you sell it to someone else for $65,000. Then you wait, because you believe that Tesla is going to introduce a new version of the Model 3, which will drive the price of the 2019 down; once the 2022 comes out, the 2019 Model 3 price drops to $55,000. You buy one for that price and then give the car to your friend, having made a $10,000 profit in the process.
With real short selling, a stock is borrowed by calling the stock loan department of a brokerage firm, which finds the shares from someone who owns them. The investor then sells the shares in the market, with the hope that the value will decline, at which point they can buy them back and repay the stock that was borrowed. It’s a technique that’s typically available only to professional investors because it’s risky: if the stock price goes up instead of down, the short seller loses the amount of the gain, which theoretically could be limitless.”
It's a fascinating look at the explosion of interest and how individuals comparing notes are discovering anomalies where Big Business seems to be using some dodgy shortcuts with short selling. It’s a bit like the person accepting payment for 50 car orders when they know there are only 30 cars coming in. [Disclaimer: I suggested that, not the author, and what would I know?]
I’ve now read through some of the memes and cartoons and jokes on wallstreetbets, and I can see how enthusiasts would get caught up.
From the “Epilogue-ish”
“McShane compared it to an ongoing, open-source computer-programming project, where people from all over the world contribute searches for signs of conspiracy and anomalies and build on what others have done. “It’s an anticorruption movement,” he said. “It is the sword of the people. And it is attacking Wall Street. It is slicing and dicing. It is sending petitions. It is voting. It is very powerful. And I think it’s only growing more powerful. And I think it’s the beginning, quite honestly, of the future of the market.”
I think of the whole thing as Revenge of the Nerds – the power of a collective of individuals – the sting of a swarm of bees - that may finally catch some of the Big Guys cheating.
I can’t vouch for the accuracy (of course), but I loved it. Thanks to NetGalley and Amazon Original Stories for this one.
May 20, 2023
Informative
Not a story, but a history on day trading turn vigilante. I have no desire to do trading, this would make me way too anxious. I'd rather be poor.
Not a story, but a history on day trading turn vigilante. I have no desire to do trading, this would make me way too anxious. I'd rather be poor.
May 21, 2023
Dry easy read, flowed well and gave great background and insight. I found it very interesting and would recommend.
May 19, 2023
information
This made for interesting read. It is just right
For a quick informative read. It was written with just enough information to keep you interested
This made for interesting read. It is just right
For a quick informative read. It was written with just enough information to keep you interested
August 3, 2023
I don't understand why true stories feel the need to include details such as, "on Feb 17 he arose at 6:35 am, exercised for 45 minutes, and had coffee and toast for breakfast." when it contributes nothing to the story. If they want to convey that a person kept a detailed diary, just say to.
Anyway, just as this story was getting interesting, it simply stopped. It felt as if the MCU Avengers movies would have stopped just before the big battle with Thanos. Especially odd, considering the title of this book. Hopefully one of the many TV series on this will give me the whole story.
Anyway, just as this story was getting interesting, it simply stopped. It felt as if the MCU Avengers movies would have stopped just before the big battle with Thanos. Especially odd, considering the title of this book. Hopefully one of the many TV series on this will give me the whole story.
January 25, 2025
I thought this short did okay with the informative sections explaining why companies were struggling with transfer order volumes, legal requirements and safeguards, and general system failures that preference companies over individuals. There is some emotional connection to people’s frustrations and losses. However, I don’t think it did well with wrapping that meme stock history into a story. The characters are examples among many and the extraneous details about their education levels, food selections, and sleep schedules added nothing of value to the tale. It also felt a little unresolved as the long-term ramifications are still rather vague.
* _*_*_*_*_*_*_*_*_*
Summary: Keith Gill translated his accounting experiences into online streams offering detailed looks at his investment tactics after Robin Hood and other Day Trading apps allowed individuals to take control of their own portfolios. While his penny stock speculations were mostly failures, Keith began to find companies with potential for growth like GME (GameStop) which was depreciated by digitalization and poor leadership. Fueled by resentment of the 2008 financial crisis and bank bailouts, a wave of small-scale investors included Jeffrey McShane, coordinated efforts online to work against professional investors who were betting on the failure of GME by short selling a large quantity of shares. The movement dominated by jokes, silly images, and sarcasm ends up costing more than expected for most of the players as Wall Street rallied to protect hedge funds.
* _*_*_*_*_*_*_*_*_*
Summary: Keith Gill translated his accounting experiences into online streams offering detailed looks at his investment tactics after Robin Hood and other Day Trading apps allowed individuals to take control of their own portfolios. While his penny stock speculations were mostly failures, Keith began to find companies with potential for growth like GME (GameStop) which was depreciated by digitalization and poor leadership. Fueled by resentment of the 2008 financial crisis and bank bailouts, a wave of small-scale investors included Jeffrey McShane, coordinated efforts online to work against professional investors who were betting on the failure of GME by short selling a large quantity of shares. The movement dominated by jokes, silly images, and sarcasm ends up costing more than expected for most of the players as Wall Street rallied to protect hedge funds.
This entire review has been hidden because of spoilers.
May 21, 2023
This short, informative e-book describes how the stock of Gamestop, a struggling videogame retailer, became the focus of a stock market bubble based on Reddit comments, YouTube videos, and day tradings apps. It gives enough information for even stock market novices to follow the story while also fleshing out the major figures in the story. This book is educational and thought-provoking at the same time.
December 29, 2024
share the wealth
While many believe that the retail investors are treating the stock market as a casinos others see a movement. A movement of sharing the wealth. Price has soared on the housing market and the of living. Many can’t afford to live with just one single job, we have to look elsewhere to making more asset. It’s wrong that the hedge funds believe they control wall street and they can only make money. I believe it’s time for all us to share the wealth.
While many believe that the retail investors are treating the stock market as a casinos others see a movement. A movement of sharing the wealth. Price has soared on the housing market and the of living. Many can’t afford to live with just one single job, we have to look elsewhere to making more asset. It’s wrong that the hedge funds believe they control wall street and they can only make money. I believe it’s time for all us to share the wealth.
September 24, 2023
Myself being a dumb money retail investor, watched in real time and from the sidelines how all this meme stock mania unfolded. It's a good short read that practically tells the story on how the GameStop retail investors vs Wall street unfolded.
Never invest in what you don't know and always remember Warren Buffett's 2 golden rules.
Never invest in what you don't know and always remember Warren Buffett's 2 golden rules.
November 11, 2023
Stock Market
I'm not sure what I expected when I found this book on kindle unlimited but although it was interesting it was a bit over my head. It was interesting to read about the individual investors and distressing to learn how the hedge funds have hurt them. Interesting book.
I'm not sure what I expected when I found this book on kindle unlimited but although it was interesting it was a bit over my head. It was interesting to read about the individual investors and distressing to learn how the hedge funds have hurt them. Interesting book.
May 31, 2023
It is hard to rate this book. It is information on the Meme stocks and affect on the stock market. With a little more history and more detail on the after effects I think it could have been improved. It feels like a draft of a bigger book in the making.
June 5, 2023
I thought this was interesting, and it did give me insight into and a better understanding of the whole Gamestop/Robinhood debacle, but I felt like there could have been more to it. The portraits of those involved felt a little shallow.
October 27, 2023
Stock Story
This was a short story about GME stock shares and Robinhood trading and investing among the bigwigs of Wall Street. Things did not go well. Narration was good. Long and dull.
This was a short story about GME stock shares and Robinhood trading and investing among the bigwigs of Wall Street. Things did not go well. Narration was good. Long and dull.
July 31, 2024
Excellent Book About The Great GameStop Seige
I very much enjoyed this thorough narrative about the exploits of the Reddit community and their quest to "stick it to the hedge funds" by inflating the stock price of GameStop during the height of the pandemic. A great read.
I very much enjoyed this thorough narrative about the exploits of the Reddit community and their quest to "stick it to the hedge funds" by inflating the stock price of GameStop during the height of the pandemic. A great read.
January 13, 2025
It was quite an intriguing read but I couldn’t believe how short the book was. This could easily have been a newspaper article than a book. Also, it felt inconclusive, the book ended abruptly with no closure.
May 22, 2023
Superficial
June 7, 2023
A good read about stock trading
This is a good writing on stock trading based on some hidden stock market activities from a knowledgeable person's point of view.
This is a good writing on stock trading based on some hidden stock market activities from a knowledgeable person's point of view.
July 1, 2023
Beautiful review of what was happening to the industry I'm in white I was on medical leave.
August 27, 2023
This was an interesting story but I must admit I didn't understand quite a bit of it. It was about stock tips, buying or selling short, etc. which I must admit I am not an expert at that game.
January 25, 2024
Short and informative of GME Gamestop. I remember watching the hearings with Maxine Waters on Youtube in my condo in CA. Makes me want to return to more financial reading.
May 28, 2024
A short overview of the rise and fall of the Memestocks lead by the case of Gamestop. An interesting counter point to the authors other work in Black Edge.
June 5, 2023
This is a short look at day trading surrounding the GameStop and Robinhood fiasco. It does a good job of explaining the facts and motivations. It made me despair a little for the generation heading into adulthood now.
Thanks to netgalley and the publisher for a digital review copy. Also available on Amazon Prime Short Stories with audio. Publish date May 16, 2023.
Thanks to netgalley and the publisher for a digital review copy. Also available on Amazon Prime Short Stories with audio. Publish date May 16, 2023.
September 4, 2023
A great message for anyone working in financial services to abide my social media policies and regulations! I still find it funny that when you are licensed in this industry you are restricted more than someone who isn't. (i.e. what constitutes giving financial advice, how you give it, who you give it to, compensation, etc.)
The book itself is pretty solid and a detailed account of the overblown GME saga. I believe anyone interesting in investing, finance, financial markets, etc. should check this out or at least educate yourself on this chain of events beginning in 2021. It is a perfect example of the core belief of economics (in my opinion); herd mindset. Economists at the end of the day are either right or wrong. The way the public reacts and views information will ultimately dictate many trends and flows! They are the people the drove GME to unearthly highs and for silly reasons. It is a scary force but at the same time, I believe this can be taken too far (2022 regional banking crisis) and it should stand as a lesson to let the natural market forces continue as they have for over a century and to not stock pick or market time.
The book itself is pretty solid and a detailed account of the overblown GME saga. I believe anyone interesting in investing, finance, financial markets, etc. should check this out or at least educate yourself on this chain of events beginning in 2021. It is a perfect example of the core belief of economics (in my opinion); herd mindset. Economists at the end of the day are either right or wrong. The way the public reacts and views information will ultimately dictate many trends and flows! They are the people the drove GME to unearthly highs and for silly reasons. It is a scary force but at the same time, I believe this can be taken too far (2022 regional banking crisis) and it should stand as a lesson to let the natural market forces continue as they have for over a century and to not stock pick or market time.
February 4, 2024
“ENDGAME: AN INSURGENCY ON WALL STREET” is a true story, according to Sheelah Kolhatkar, author and former hedge fund analyst. It is one of Amazon’s Original Stories. It is a short story which informs us of the many possible ways to invest in Wall Street equities and hopefully make money in the 21st Century. She tells the true story of protagonist Keith Gill and many others taking on Wall Street. She gives a ‘primer’ along the way for the ‘investment challenged’. What do you do when you make money beyond your dreams? Four ENLIGHTENING Stars. Kindle, 48 pages.
Displaying 1 - 24 of 24 reviews