EP 185: The reckless abandon of WallStreetBets—where brazen risk-taking runs rampant w/ Jaime Rogozinski
Jaime, a serial entrepreneur who resides in Mexico, is the man responsible for bringing WallStreetBets to life—the infamous and wildly popular subreddit, which proudly boasts the tagline, “Like 4Chan found a Bloomberg terminal.”
In other words, WSB is an online forum (on Reddit) where the majority of it’s 700k+ members aren’t looking to establish long-term, sustainable trading careers. Instead they’re buying lotto tickets on commission-free trading apps, taking almighty risks, and attempting to strike it rich fast.
This is a community, of mainly unsophisticated investors, where losses of 10’s and 100’s of thousands of dollars are so common that it’s considered the norm. And although less common, there’s also the occasional member who’s handsomely rewarded for his or her audacious risk-taking. It’s kind of insane what goes on here, especially because it’s real-life—minus the odd trolling stunt.
But make no mistake, I’m not throwing shade at WSB. The brazen culture is fascinating and you can’t help but appreciate the rawness of it all, not to mention the comments provide priceless entertainment value. And there just might be some insight to gleam, if you look hard enough (even if it’s do the opposite!)
Speaking with Jaime, he tells how the subreddit evolved and took on a life of its own, highlights from the timeline; featuring a member who exposed an ‘infinite money cheat code’ on Robinhood and the notorious ‘Pharma Bro’ Martin Shkreli who was once a moderator, plus the largest gains and losses in WSB history.