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WallStreetBets Helps $3.1 Billion Hedge Fund Make $200 Million
Last month was a good one for retail investors long GameStop and AMC, either outright or via upside optionality.
Last month was also a good one for Jason Mudrick and his $3.1 billion distressed debt fund.
I mentioned Mudrick on Sunday evening in "Boiler Rooms And Silver Manias."
Mudrick last year inked a deal with AMC, the gist of which is captured in the following from the 8-K:
On December 10, 2020, AMC Entertainment Holdings, Inc. entered into a commitment letter with Mudrick Capital Manag
Great, another win for Wall Street. This time by a little guy who was rewarded for risk taking and acumen. Thumbs up!
A take away is that we need more derivatives. The price discovery…wow! Amazing how through the use of derivatives, the true price of that debt was determined, almost by some magical force. It’s like there really is an invisible hand.
It’s hard to find reliable public opinion polls that opine on the approval rating of Wall Street as an institution. Some well meaning members of the public might go so far as to say the approval rating of Wall Street as an institution is somewhere near the public’s approval rating of Congress. We can rest confident at night that we are being lead by institutions that are held in such esteem.
/s