The GameStop Temptation
You likely heard about GameStop stock at the end of January. To simplify a very complex issue, “amateur” investors, identified certain short sale stocks and used the social media platform, Reddit, to communicate these opportunities to a large online community. This community then capitalized on it, effectively increasing GameStop shares, at one point by as much as 1,700 percent. While big-time Wall Street investors lost millions, many of these amateur investors were able to double their money - or more.
If the “get-rich-quick” appeal of the GameStop stock showdown has you wondering if you should be playing this type of game with stocks (or more recently, silver) your advisors at Lee Stoerzinger Wealth Management want to take this opportunity to remind you of the importance of “staying the course.”
Shares rise, shares fall. The more extreme of a swing in either direction, the more emotionally impactful it can feel. Compound this with an inundation of news everywhere, and it can leave investors feeling confused, fearful, excited - even a mix of all three.
Before making any sudden movements regarding your current investment approach, check in with our team. As your trusted financial partners, we know you, your current financial situation and your long-term goals. This puts us (not online commentators or news outlets) in the best position to help you make the most sound investment decisions for your individual situation.
This content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.