In 2019, he started buying stocks on Robinhood, the commission-free trading app. But a few rules of thumb can stave off some nasty surprises.īut that kind of cash was elusive, and he spent several years crashing on couches while trying to save enough for a down payment.
Tips for Investors: When you invest and where matters for taxes.May I Speak to a Human?: Younger investors who are navigating market volatility and trying to save for retirement are finding that digital investment platforms lack the personal touch.
Value and Growth Stocks: Eight tech giants are no longer “pure growth” stocks, while Exxon and Chevron are, according to a new study.They’re also potentially warning of a recession. Bond Trading: Wild swings in the Treasury market are unlike anything many investors have ever seen.Our Coverage of the Investment World The decline of the stock and bond markets this year has been painful, and it remains difficult to predict what is in store for the future. “Now we’re going to have a meme matched with a currency.” “Memes are the language of the millennials,” Mr. Their philosophy is that in today’s media-saturated world, attention is the most valuable commodity of all, and that anything that is attracting a great deal of it must be worth something. They pick investments not based on their underlying fundamentals or the estimates of Wall Street analysts, but on looser criteria, such as how funny they are, how futuristic they seem or how many celebrities are tweeting about them. These investors, mostly young men, don’t behave rationally in the old-fashioned, Homo economicus sense. Contessoto - who dropped out of college and has no formal financial training - seems no different from a lucky gambler who walks into a casino, bets all his chips on a single roulette spin and walks out a millionaire.īut he is also emblematic of a new kind of hyper-online investor who is winning by applying the skills of the digital attention economy - sharing memes, cultivating buzz, producing endless streams of content for social media - to the financial markets. The value of his Dogecoin holdings today? Roughly $2 million. Then, he watched his phone obsessively as Dogecoin became an internet phenomenon whose value eclipsed that of blue-chip companies like Twitter and General Motors. He maxed out his credit cards, borrowed money using Robinhood’s margin trading feature and spent everything he had on the digital currency - investing about $250,000 in all. In February, after reading a Reddit thread about Dogecoin’s potential, Mr. He is among the many thrill-seeking amateurs who have leapt headfirst into the markets in recent months, using stock-trading apps like Robinhood to chase outsize gains on risky, speculative bets. Contessoto, 33, who works at a Los Angeles hip-hop media company, is no ordinary buy-and-hold investor. And investing money in obscure cryptocurrencies has, historically, been akin to tossing it onto a bonfire.īut Mr. After all, Dogecoin is a joke - a digital currency started in 2013 by a pair of programmers who decided to spoof the cryptocurrency craze by creating their own virtual money based on a meme about Doge, a talking Shiba Inu puppy. “They were all like, you’re crazy,” he said. Last February, when Glauber Contessoto decided to invest his life savings in Dogecoin, his friends had concerns.
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