The Plot-kin continues. Last week I wrote about the amazing way in which a group of small investors had moved the price of shares in GameStop. As you may have expected the share price collapsed 80% last week form $325 on Monday to $63.77 on Friday. The biggest scalp was of course Mr Plotkin, -he of the Melvin hedge fund, – who had to organise a $2.7 billon bail out. Mind you another hedge fund, called Senvest built a 5% stake at $10.00 a share and sold on the 27th and pocketed a $700 million profit. At the end of the day in is inevitable that the big boys outwit the small players. I guess it is no different to a team of Sunday footballers playing against a premier league team, you will get the occasional upset but in the end money counts.
As we are approaching the end of the tax year, I will be reminding you all to maximise your ISA investments and to look at your pension contributions. If you need some guidance on these two, please get in touch.
So, to the markets