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Start giftingThe Revolution That Wasn't
This audiobook uses AI narration.
We’re taking steps to make sure AI narration is transparent.
Learn moreBrought to you by Penguin.
From Wall Street Journal columnist Spencer Jakab, the real story of the GameStop squeeze - and the surprising winners of a rigged game.
During one crazy week in January 2021, a motley crew of retail traders on Reddit's r/wallstreetbets forum had seemingly done the impossible - they had brought some of the biggest, richest players on Wall Street to their knees. Their weapon was GameStop, a failing retailer whose shares briefly became the most-traded security on the planet and the subject of intense media coverage.
The Revolution That Wasn't is the riveting story of how the meme stock squeeze unfolded, and the real architects (and winners) of the GameStop rally. Drawing on his years as a stock analyst at a major bank, Jakab exposes technological and financial innovations like Robinhood as ploys to part investors from their money, within the larger story of evolving social and economic pressures. The surprising truth? What appeared to be a watershed moment - a revolution that stripped the ultra-powerful hedge funds of their market influence, placing power back in the hands of everyday investors only increased the chances of the house winning.
Online brokerages love to talk about empowerment and 'democratising finance' - while Wall Street thrives on chaos. In this nuanced analysis, Jakab shines a light on the often-misunderstood profit motives and financial
mechanisms to show how this so-called revolution is, on balance, good for Wall Street. But, Jakab argues, there really is a way for ordinary investors to beat the pros: by refusing to play their game.
'Jakab adeptly skewers the popular but dangerously wrong narrative of Reddit's David thumping Wall Street's Goliath, and shows how the casino always wins in the end. DeepF***ingRespect for an important book with lessons far more durable than GameStop's stock market levitation.' Robin Wigglesworth, author of Trillions
© Spencer Jakab 2022 (P) Penguin Audio 2022
Spencer Jakab is an award-winning financial journalist and a former top-rated stock analyst at Credit Suisse. He edits the Wall Street Journal's 'Heard on the Street' column and previously wrote the daily investing column 'Ahead of the Tape'. Prior to joining the Journal, he wrote for the 'Lex' and 'On Wall Street' columns at the Financial Times.