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WallStreetBets: How Boomers Made the World's Biggest Casino for Millennials
The stock market and by extension the greater financial system has lost touch with its fundamental purpose for existing. There was a time when the stock market was a mechanism for growing businesses to raise money, playing a large role in the industrial revolution—boosting America to a global superpower. Today the stock market has morphed into a high-tech system of fluctuating arbitrary numbers which are used by individuals and industries alike to find profit opportunities by placing bets, masqueraded as sophisticated financial maneuvers with fancy labels and acronyms. Nowhere is this more evident than with the tendencies observed today. There is a shocking trend by today’s Millennial generation to shamelessly and unapologetically find ways to use the stock market to place very high-risk bets. And unlike formal Wall Street investment institutions, these gamblers, of sorts, don’t attempt to disguise the they are proud to call Wall Street a casino. Jaime Rogozinski combs through various elements of how reckless investors play Wall Street similar to a casino. He illustrates these often in playful ways, using entertaining and compelling real-world anecdotes. His stories are taken straight from Reddit’s r/wallstreetbets community which Jaime founded in 2012, and currently has more than 800,000 followers in addition to 3 million unique visitors a month. WallStreetBets is a forum based gathering where people are notoriously known for taking a brazen and public approach at gambling with the stock market.
123 pages, Kindle Edition
Published January 29, 2020
158 people are currently reading
204 people want to read
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Displaying 1 - 30 of 31 reviews
February 19, 2020
I've been playing the stonk market for years with no earthly idea of what I'm doing.
I read this book and now I might know even less.
5 stars, will read again.
I read this book and now I might know even less.
5 stars, will read again.
February 25, 2020
WallStreetBets: The Handbook
Generation brought up on movies such as "The Wolf of Wall Street", "Big Short" and "Rogue Trader" gets access to the big boys toys of the financial markets. On their mobile phones.
"Go to a trading floor on Wall street. Fuck this shit that, cunt, cock, asshole. I couldn't believe how these guys talk to each other. I was hooked in seconds."
~The Wolf of Wall Street, 2013
Written by Rogozinski, the founder of the WallStreetBets discussion forum, the book explores the beginnings, and recent history of the notorious community of millennial "investors". A community that was born from glorification of Wall Street's models & bottles lifestyle, and the unprecedented accessibility to the same financial tools that exacerbated the '07-'08 financial crisis. Do you believe market reacted too pessimistically to a recent Trump tweet, and it will recover by the end of the day? You can be paid ten times your initial investment, with a bet you can enter in seconds. Three million millennials regularly visit /r/wallstreetbets discussion group, seeing the $5,132.07 in their bank account, not as their first step towards the goal of (seeming unattainable) home ownership, but potential $51,320.69 by the end of the day.
Through books pages, Rogozinski recalls some of the most audacious bets, and explores the circumstances that drove each particular “trader” to make such an unsound financial decision. The author wants the reader to understand, at least on a basic level, the technicalities of those bets, and thus goes into financial technicalities - which in places feels unnecessary. Indeed the book could be called “WallStreetBets: The Handbook”. While discussing the circumstances around the rise of WallStreetBets, it also introduces the reader to the financial instruments favoured by its members, and the mythos surrounding the discussion group.
Rogozinski also follows up on the members behind the famous bets - those who decided to talk, reveal they are living above average lives. Even the member behind the largest loss in group’s history ($4.3m) is doing well, being offered a job thanks to his previously impressive trading record. What the book lacks is a deeper dive into the dark side of WallStreetBets - the often life-destroying gambling addiction. Going long “$ROPE” might be a morbid common joke between members discussing their (far more common than winnings) losses, but there are rumours of at least one member committing suicide. Then there’s a member who bought nitrogen gas canisters with intention of killing herself, when market violently dropped in 2018. Pictures of members taking out loans to fund their bets are not out of the ordinary. There certainly is enough material.
“They’re psychopaths” - that was Josh Brown’s take on WallStreetBets on CNBC’s Closing Bell. Rogozinski argues there is more to that. At only 166 pages long, it’s a pleasurable read, a well written guide to a retail investor movement that is shaping the next generation of brokers and financial products. For those tempted to become part of it, be advised that there is a darker side to the community, that its founder glosses over.
Generation brought up on movies such as "The Wolf of Wall Street", "Big Short" and "Rogue Trader" gets access to the big boys toys of the financial markets. On their mobile phones.
"Go to a trading floor on Wall street. Fuck this shit that, cunt, cock, asshole. I couldn't believe how these guys talk to each other. I was hooked in seconds."
~The Wolf of Wall Street, 2013
Written by Rogozinski, the founder of the WallStreetBets discussion forum, the book explores the beginnings, and recent history of the notorious community of millennial "investors". A community that was born from glorification of Wall Street's models & bottles lifestyle, and the unprecedented accessibility to the same financial tools that exacerbated the '07-'08 financial crisis. Do you believe market reacted too pessimistically to a recent Trump tweet, and it will recover by the end of the day? You can be paid ten times your initial investment, with a bet you can enter in seconds. Three million millennials regularly visit /r/wallstreetbets discussion group, seeing the $5,132.07 in their bank account, not as their first step towards the goal of (seeming unattainable) home ownership, but potential $51,320.69 by the end of the day.
Through books pages, Rogozinski recalls some of the most audacious bets, and explores the circumstances that drove each particular “trader” to make such an unsound financial decision. The author wants the reader to understand, at least on a basic level, the technicalities of those bets, and thus goes into financial technicalities - which in places feels unnecessary. Indeed the book could be called “WallStreetBets: The Handbook”. While discussing the circumstances around the rise of WallStreetBets, it also introduces the reader to the financial instruments favoured by its members, and the mythos surrounding the discussion group.
Rogozinski also follows up on the members behind the famous bets - those who decided to talk, reveal they are living above average lives. Even the member behind the largest loss in group’s history ($4.3m) is doing well, being offered a job thanks to his previously impressive trading record. What the book lacks is a deeper dive into the dark side of WallStreetBets - the often life-destroying gambling addiction. Going long “$ROPE” might be a morbid common joke between members discussing their (far more common than winnings) losses, but there are rumours of at least one member committing suicide. Then there’s a member who bought nitrogen gas canisters with intention of killing herself, when market violently dropped in 2018. Pictures of members taking out loans to fund their bets are not out of the ordinary. There certainly is enough material.
“They’re psychopaths” - that was Josh Brown’s take on WallStreetBets on CNBC’s Closing Bell. Rogozinski argues there is more to that. At only 166 pages long, it’s a pleasurable read, a well written guide to a retail investor movement that is shaping the next generation of brokers and financial products. For those tempted to become part of it, be advised that there is a darker side to the community, that its founder glosses over.
April 14, 2020
This is a strange book, given that since the beginning the author tells you that you're not learning anything interesting but hapens to be the exact opposite. A fine good lecture about a social community of retards -the term, not set by me- that are making history and trading but mostly enjoying life.
April 9, 2020
Absolute garbage. May be useful as emergency toilet paper during the next pandemic.
April 12, 2020
this guy is a scam artist
July 23, 2020
Wall Street es un casino. Stonks!
April 8, 2020
WallStreetBets is an interesting subreddit and definitely worth visiting if just for the memes. The book itself lacks the readability and comprehensibility which is necessary for this subject matter. I personally would rather have had Michael Lewis write the book and I'm sure at some point he will It's just a matter of time. I rest assured that when he does it will do that particular subreddit justice. Until then I would suggest you just go and read through the Reddit.
April 9, 2020
Book for idiots written by a scammer. Avoid.
March 27, 2020
Fun history of the popular subreddit
March 1, 2020
A must read for millennial investors
Really touched on a lot of very thought provoking points as to the current market climate and how many young investors mishandle risk, further going into detail as to why. It gave me a lot of perspective and more realistic picture of how people approach gambling/ speculative trading, in order to make it big even when the odds are drastically against them.
Really touched on a lot of very thought provoking points as to the current market climate and how many young investors mishandle risk, further going into detail as to why. It gave me a lot of perspective and more realistic picture of how people approach gambling/ speculative trading, in order to make it big even when the odds are drastically against them.
February 9, 2020
YOLO! Tendies!?!?
Fun read if interested in finance, options, millennials, Robinhood and YOLO investing. If you ever worried about kids on I phones, I regret to inform you that you were not worried enough. Pretty much sums it up. YOLO!!!!!!
Fun read if interested in finance, options, millennials, Robinhood and YOLO investing. If you ever worried about kids on I phones, I regret to inform you that you were not worried enough. Pretty much sums it up. YOLO!!!!!!
February 22, 2020
This is 150, or so, pages widely spaced with plenty of graphics probably resulting in 90-110 pages should it have been more typically formatted. I suppose I was expecting more crass language and more humor, scaled back from the sub of course, but this is downright tame. If you've been a member of the sub for even a short time you're probably familiar with most of the stories.
It's difficult to determine who the target audience is. I have to imagine it's awfully dry to people who pay the markets little or no mind. For those already 'in the community' it's redundant and simplified. Undoubtedly, the 'responsible and knowledgeable' traders find this low-brow and childish. I suppose it's a shallow look into a community of eccentrics for those who have seen passing references to it in online publications and have been left wondering.
It shouldn't need to be said, but probably is; this is not a guide or handbook on how to trade derivatives. It's as much so as the film The Big Short. And if you go to WSB and ask questions only to have people insult you and refuse to answer, they're doing you a favor. A favor a roulette croupier would never do you.
After reading from cover to cover in a single, short sitting I ended up not thrilled with the $15+ price tag. Some of those dollars could have been much worse spent on some ill-advised call plays.
It's difficult to determine who the target audience is. I have to imagine it's awfully dry to people who pay the markets little or no mind. For those already 'in the community' it's redundant and simplified. Undoubtedly, the 'responsible and knowledgeable' traders find this low-brow and childish. I suppose it's a shallow look into a community of eccentrics for those who have seen passing references to it in online publications and have been left wondering.
It shouldn't need to be said, but probably is; this is not a guide or handbook on how to trade derivatives. It's as much so as the film The Big Short. And if you go to WSB and ask questions only to have people insult you and refuse to answer, they're doing you a favor. A favor a roulette croupier would never do you.
After reading from cover to cover in a single, short sitting I ended up not thrilled with the $15+ price tag. Some of those dollars could have been much worse spent on some ill-advised call plays.
November 7, 2020
A good read on the ins and outs of r/wallstreetbets detailing some of the posts of ridiculous trades that the folks loyal to the subreddit have shared. I feel this book will be best enjoyed if one has spent some time already on WSB as one needs to have a particular mindset to enjoy the stuff that goes on there (and that what is detailed in the book). If you're a long time WSB'er then there's a good chance you'll have seen most of the incidents recounted in the book happen live. But still, there's a good chance it'll get a chuckle out of you after all this time. There's also the constant idea that the author propagates that Wall Street is the biggest casino with little to no barrier of entry that is open to the common public. Whatever be your perspective on this idea, if you've been on WSB, then take some time to relive the GUH moments once again
February 1, 2021
Ordered this amid the GameStop frenzy out of curiosity of what led to the creation of the WallStreetbets - and I never thought I'd read a book which every few pages had screenshots of Reddit posts, but that is what made this book quite unique and immersive. A lot of financial terminology is used, but isn't explained so just keep that in mind f you're not familiar with technical terms used in stock market. It's a brilliant insight into the mindset, and culture of the subreddit. A short read too, less than 200 pages and was able to finish it in an hour-ish.
April 14, 2020
Written by a scammer for dumb people.
You’d expect with that title at least some sort of in depth journalistic work about wallstreet and its background
But the book is basically a description of the subreddit reddit.com/r/wallstreetbets which mentions some users and their posts and thats it.
If you spend 5 minutes on the subreddit browsing you’ll already know everything what’s in that book
Save your money and time
You’d expect with that title at least some sort of in depth journalistic work about wallstreet and its background
But the book is basically a description of the subreddit reddit.com/r/wallstreetbets which mentions some users and their posts and thats it.
If you spend 5 minutes on the subreddit browsing you’ll already know everything what’s in that book
Save your money and time
August 23, 2020
If you're familiar with the reddit community, this should be a good read. If you're not and you also happen to buy/sell stocks, this is a must read.
If you're looking for actual trading advice, this clearly is not the right book. But if you're trying to understand how trading is changing, this is a good place to start.
If you're looking for actual trading advice, this clearly is not the right book. But if you're trying to understand how trading is changing, this is a good place to start.
June 25, 2024
Easy and intreating read about the phenomena of r/wallstreetbets written by someone was part of it.
Definitely not a book about investing, but a smart reflection about the impact of technology on financial markets and its future.
Definitely not a book about investing, but a smart reflection about the impact of technology on financial markets and its future.
February 5, 2020
My portfolio went up 29% the day I read this so I'm going to read it every day now.
March 5, 2020
A very short read (2-3 hours), nothing new really, such a disappointment.
May 4, 2020
I‘ve lost my entire portfolio after reading this book
Avoid at any cost
Avoid at any cost
June 19, 2020
Hilarious
June 25, 2020
Pure Fantasy
Entertaining little fantasy read. Where would a broke college kid get thousands of $$$ to trade with and no serious trader would use Robinhood.
Entertaining little fantasy read. Where would a broke college kid get thousands of $$$ to trade with and no serious trader would use Robinhood.
September 23, 2020
Hilarious and decently written book in honor of the Wallstreetbets subreddit. A bit educational, a bit enlightening, extremely entertaining.
December 23, 2020
A very simple and easy read.
January 1, 2021
The sub reddit is so much better.
March 2, 2021
Not sure why this book got such low ratings from the rest. But it is such a fantastic book that tells you the importance of risk management.
March 17, 2021
Not at all worth it in my opinion.
March 19, 2021
A good outsider view off the inside of Wall Street, and how millennials are changing the game!
August 22, 2021
The legacy financial industry should be worried about this book. That’s why I recommend it
April 8, 2020
Stonks. Tendies. And YOLO
Displaying 1 - 30 of 31 reviews