by a group of Reddit users who started investing in it and attracted others to do so. The price soared tenfold from $4 in 2020 to $350 in early 2021. And though stocks eventually took a nosedive to $40 by February of 2021, the GME saga allowed some investors to make millions in short positions on its traction in under a few weeks.Needless to say, a legend was born that took on a life of its own and spread like wildfire, feeding on the hype frenzy and the trusting nature of YOLO stock investors.
Considering that, and the fact that many of them are investing borrowed funds, their life savings, or even their mom-&-pops’ money, is painting out an eerie picture of the potential consequences of what a sudden market crash or shakeup could result in. Intuition and message board posts from users pursuing their own interests are far from ideal investment consultants. When taking on the murky path of YOLO investing, one must never forget about portfolio diversification — a pillar of investment management that most young investors simply disregard.
However, if one is eager to try out YOLO investing, the first step would be to select the proper stocks. Reddit channels like Wallstreetbets are the go-to venue, where heated discussions and real-time updates can shed light on potential unicorns and gems. Doing some proper research is also vital, making sure that selected companies have high short interest and available call options, so essential for leveraged investments and bets on positive price traction.
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