I had the pleasure of being interviewed about the upcoming book by veteran financial journalist Roben Farzad on Full Disclosure Radio, which airs on NPR stations and is available as a podcast. This was a double treat because Roben is so well-prepared and also because he also interviewed two young men, Quinn and Finley Mulligan, for the same segment.
I spoke with a lot of smart people for the book, ranging from experts on options trading to social psychology to short selling to problem gambling to marketing to behavioral finance to Silicon Valley’s culture, but people like Quinn and Finley are really the subject of the book and their insight was tremendously valuable. They are among the “apes” who bought and continue to buy GameStop, AMC and other meme stocks either as a way of making money, sending a message, or both. While I don’t personally recommend doing that, their explanation in the podcast of why they and others continue to is smart and worth a listen. And they aren’t just any apes – the twin brothers are in the process of making a documentary about it, Apes Together Strong.
The rise of the apes and the rush of young investors into stock and crypto trading is the biggest personal finance story, if not financial story period, of the past few years. I knew I had to write about it as soon as one of my sons pointed me to what was happening on r/wallstreetbets a year ago. The episode blew multi-billion dollar holes in some of the slickest hedge funds on Wall Street. But it also poured billions more into the coffers of other Wall Street establishments who claim to be “democratizing finance” and continues to do so.
I hope you’ll check out the podcast, the upcoming documentary and, of course, my book.