Sherry Cummins Comment On Special Notice – 6/30/21
A free market system is exactly what we need. When I say free market I mean the ability of the retail investor to make their own decisions based on their own personal risk/reward assessment. Retail investors are legal adults who are rational and responsible for their own actions. Retail investors are quite capable of using their own judgement to manage their money. Every responsible adult is responsible for doing their own research for every other decision in their lives whether financial or otherwise. Truth in advertising is already in practice and, barring any flat out deception, retail investors are quite capable of investing wisely or squandering their own money. Investment firms are responsible for collecting financial obligations if they allow retail investors to have a line of credit, and should do their own vetting to assess the risk to their businesses if they extend irresponsible credit, the SEC and other market agencies should have no influence in a free market system. I personally feel that all investors should be evaluated by the same set of rules, whether retail or industrial, or any other type of investor that, as a retail investor myself, am not aware of. Every body, whether corporate or personal, should be accountable to the same rules and regulations. I feel that our markets have been and are being abused with margin trading and betting on the price of a stock does not reflect the spirit of the free market, it actually undermines it. The stock market is supposed to be a public forum where an investor has the ability to contribute to a company they believe in, whether that belief is motivated by emotion or fundamentals is irrelevant. The contribution to that company should directly benefit that company and the investor receives a return either through direct dividend or through sale of the stock to another investor. What our market has been reduced to is an auction house where the merchandise doesn't matter and driving the price to make the maximum cash profit is all that matters. I am a retail investor and I have one stock position that trades at less than 10 trades a day most days and I am happy with that, because I know that the stock is not being manipulated to suck cash out of the economy, so the idea that shares can have low volume without breaking the market and the market can be stable is not unrealistic. I would like to see a stable market where the focus goes back to where its the businesses being traded that matter not the cash from the sale. I feel that puts and calls undermine that idea by betting on the price as the main focus and the fundamentals are secondarily, if at all, considered. I am a nobody, I have less than 5k shares (and invested less than $5k) in the market, but those 5k shares are a lot to me because, at the economic level I live on, $5k is a lot, but I am still personally responsible for my own investment. No adult in the market making trades is forced to trade, no matter how much they invest, and the market could benefit from millions if not billions of dollars invested by millions of retail investors like myself. The media puts out so many stories trying to control when an investor buys or sells. My husband is a gamer and has been a gamer all his life hardcore gaming for 16 years and I have been a gamer for most of my life too. The media, for example, is not covering the expansion of GameStop at all. What we are seeing happening though, is the constant bashing and threats of volitility about "meme stocks", which are simply stocks, and should be ranked either high or low risk; we are also seeing this sudden explosion in coverage about how amazing it is that Netflix got someone from EA/FB, which, judging by the headlines on day one of this news release, it sounded like it was two different people, which it is not true, not that that matters, it's just part of the hype. It is pure hype, we were around for Pong, and we know something is wrong when the media tries to portray someone from either EA or FB, as a benefit to the company as it moves into the gaming market. We are going to cancel our Netflix simply because someone from EA is going to be working there. People may not have access to the right information easily, but blatantly wrong information is being shoved in our faces, and it isn't fooling gamers. On top of that, there is no possible way, technically, to stream any kind of game that will be interesting or engaging. Every game will be a one off, if that, people will get tired of the limitations if they try it and Amazon as well as Google have both failed at the exact same idea and concept. In my market app, the exact same article about ROCE appeared four separate times as a new article each time within the same week, stating the "concern" about GME's ROCE, which is improving, but was based on Q1 and may look worse for Q2 because GME sold shares and they are still in the process of wisely choosing where and how to invest, without over-expansion, with consideration for location, and a market that will appeal to all age groups at this time. Gone are the days when games were just for kids. Adults who are gamers are still looking for challenges that will not be met with Netflix, probably choose your own adventure format. The best way to allow retailers to educate themselves is to get rid of all the garbage that is obviously garbage and only marketers think anybody is going to buy these stupid ideas. It's getting out of hand. Some people are being misled by the media, as it is handed to them, making them feel like they have gotten the information they need, when in all reality they haven't at all. I believe some people are buying certain stocks because they are positive that they are being misled by the media, and instead of doing research, they are buying the so called "meme stocks", and they aren't letting go, even when the price goes up and they want to sell short, they hang on anyway, no longer caring about the money they consider spent, and refusing to sell for any price, because they believe that if they are being misled this much then they would be fools to let go of the stock no matter how high it goes until it hits the moon and is on it's way back down. Allow us to trade. That is all. Make everyone follow the same rules and allow us to participate in a market that is supposed to be free. Ensure the market is a true free market. If you do that then our economy will equalize, it may take time and it could be bumpy but it will equalize.