No, Wall Street Is Not Rigged
The organizers are annoying, but the game is not crooked.
Underlying GameStop’s (GME) rally, as well as those of other fashionable purchases, including Tesla (TSLA), Bitcoin, and Peloton (PTON), is the belief that Wall Street is rigged against common investors. For various reasons, these assets are viewed as being outside the system. They appeal to those who wish to tear down the house.
As with Occupy Wall Street and the Tea Party, two overlapping political movements that drew from each side of the spectrum but shared a disdain for Wall Street establishment, this investment rebellion cuts across party affiliations. Josh Hawley attacks hedge funds, as does Elizabeth Warren. (Similarly, Ted Cruz approvingly reposted an Alexandria Ocasio-Cortez tweet.) Birds of a feather.
John Rekenthaler does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.