Active discussions

Meet the Other Phone. A phone that grows with your child.

Meet the Other Phone.
A phone that grows with your child.

Buy now

Please or to access all these features

Talk
AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

The 75,000 is gone isn't it ?

144 replies

Memestockwidow · 21/01/2022 12:42

My OH has been obsessed with meme stocks , keeps saying he's going to be rich have no mortgage and retire. The stock has crashed to 102 and he's just bought more. There's no diversifying his portfolio he's literally bunged 75,000 in one stock. We have been saving to upsize for a few years but my OH keeps putting it off as he wants to be mortgage free. Whatever I say he won't listen 75,000 pounds has gone into a meme stock it's like a bloody cult. We could have moved already with that money and it's been pissed away.

Is this a gambling addiction ?

OP posts:
Flocon · 21/01/2022 13:04

Ask him outright if it's gone and go from there

SandyPanda · 21/01/2022 13:05

£75k in GameStop, recently?

Jesus. Yes he's a liability.

Suzanne999 · 21/01/2022 13:06

I have no idea what meme stock is but I’d hazard a guess he has a gambling problem and is living in cloud cuckoo land if he thinks you’ll live in rich retirement, mortgage free like this.
Get as much money into your account as possible and keep it away from him.

Justmebeingme245 · 21/01/2022 13:07

Do you mean NFTs? - if so, I know some people who have made quite a bit from those but yes it’s a massive gamble and quite high risk.

MollyQueenOfSocks · 21/01/2022 13:08

Gamestop was done a long LONG time ago!!! Tell him to get the fuck off reddit before it bankrupts him!!

How bloody irresponsible of him. And do NOT bankroll him and end up paying the mortgage and bills while he fucks about with his money. Just because you can afford it on your own doesn't mean you should pay it on your own.

Original poster
Memestockwidow · 21/01/2022 13:09

Okay so I've just calculated as I was scared too and he's lost approximately 38,000 USD as he had a buy price of 175 USD and it's currently 102 he's just invested more as he's buying in the dip.

OP posts:
QueeniesCroft · 21/01/2022 13:15

Even if it magically works out as he expects, this is going to be an ongoing problem. He sounds like he will always be chasing the Next Big Thing, and you will always be anxious about that.

Does he understand how this is making you feel? Is he willing to talk about it and maybe compromise? I would hate to live like this, and it certainly sounds like (at least) the beginning of a gambling addiction to me.

Lordamighty · 21/01/2022 13:16

@Memestockwidow

Okay so I've just calculated as I was scared too and he's lost approximately 38,000 USD as he had a buy price of 175 USD and it's currently 102 he's just invested more as he's buying in the dip.
He’s an idiot & could very quickly lose everything. Sorry to be harsh but the losses on trading can be astronomical.
starfro · 21/01/2022 13:16

Memestocks are stocks that idiots buy because they see a meme about it on social media.

GME and AMC are famous ones. There was this narrative that ordinary people were buying the stocks and creating a "short squeeze". This was complete nonsense, but people genuinely believed they were making money off of rich bankers.

What was actually happening was that rich bankers were screwing over other rich bankers by creating a short squeeze, then dumping their positions on idiots. A few ordinary people got in early and may have made some money, but most got in late and got dumped on.

Meanwhile, all the original shareholders (CEOs etc) suddenly saw their stock portfolio up 5000%, so sold their stocks. Who were they selling to? These same idiots.

So OP's OH has donated a load of money to some rich people to make them even richer.

Ordinary people trading, rather than investing, has surged during the Pandemic. Most will lose large sums of money. It shouldn't have to be said, but I will - YOU ARE ALMOST CERTAINLY LOSE MONEY IF YOU START TRADING AS AN AMATEUR, AND ESPECIALLY SO IF YOU BUY BASED ON SOCIAL MEDIA

CuriousaboutSamphire · 21/01/2022 13:16

Check your own credit, money, sanity and run ---->

That sounds like a man sunk deep into a gambling fallacy. Not someone you want to bet your family life on!

MananaTomorrow · 21/01/2022 13:17

Well… the whole point if trading like this is to buy went things are low with the hope it will go back up again.

In some ways, the time to sell is NOT now as the prices are going down.

However, this is obviously a huge risk because some actions never go back up again ….
That’s also the reason why you never out all the money in one pot. I’m finding this behaviour worrying if this was his job before tbh….

(Btw I personally think that all traders are somehow addicts. They are addicted in the adrenaline coming with taking risk and seeing if it pays off)

Londongent · 21/01/2022 13:18

Just read up on meme stocks, as I hadn't heard of them and I work in finance. Speculative trading like this is high risk high reward. Looks like meme stocks are on the way out. I wouldn't touch it with a barge pole.

lastqueenofscotland · 21/01/2022 13:18

He’s not buying in a dip he’s chasing losses.
I dabble in stocks and shares but not completely faddy stock like GameStop and most crypto! By the time most people are familiar with these kind of things they are behind the curve and will only lose money.

starfro · 21/01/2022 13:19

@Memestockwidow

Okay so I've just calculated as I was scared too and he's lost approximately 38,000 USD as he had a buy price of 175 USD and it's currently 102 he's just invested more as he's buying in the dip.
He will very likely lose all his money doing this. Please stop him.

Buying the dip can work if you know what you are doing. Just from these posts it's clear he doesn't.

Londongent · 21/01/2022 13:19

I would treat that money as good as gone

GoGoGretaDoll · 21/01/2022 13:21

Trading in this way is absolutely similar to a gambling addiction.

I wouldn't trust a word out of his mouth. The 75k is likely to be the tip of the iceberg.

I would seek to get his name taken off the deeds of your house, or at the very least I'd be hyper vigilant around mail, email, phone calls etc. You wouldn't be the first person who woke up one morning to find her house had been remortgaged. The fact that you're already thinking about the house in terms of risk is a red flag. You need to get across it.

I'd LTB but then I am hyper-sensitised to gambling addiction having grown up around it.

The other thing is to start to read up on the psychological causes and feelings. I had a friend who's partner got over a gambling addiction but then got addicted to apps like Angry Birds - he was getting the same dopamine hit from winning a level as he was from winning a bet and the same feelings around chasing a win. He wasn't spending, but the behaviour (being absent from family life, staying up all night) was so bad that she divorced him anyway.

YerWanIsGettinNotions · 21/01/2022 13:21

I think I posted on your last thread OP. Even at the time, GameStop was over and he was chasing the slump, not the rise.

Yes the money is gone and most of his wits gone with it.

Get out quick before he starts looking to throw good (ie, your) money after bad.

gazprom · 21/01/2022 13:21

He's worked in banking and invested in Gamestop? That doesn't make any sense.

xILikeJamx · 21/01/2022 13:22

@Memestockwidow I'd recommend having a look at Wall Street Bets and you'll get an idea of what you're dealing with - a grasp on reality is a rare thing there (although I do somewhat admire the Robin Hood type dream behind the lunacy).

They're all just folk who decided to club together and take on a gigantic hedge fund. They took the fund by surprise when the stock was about £12 or something and it rocketed up to about £300 and a lot of the folk made a lot of money, but the fund will win out in the end.

Applesonthelawn · 21/01/2022 13:24

Too many people think they're going to make a quick buck and forget the basic rules of sensible risk management. You should never gamble with money that is either the roof over your head, your children's education or your pension. Beyond that, if you want to risk a bit okay, but spread your risk, do your homework, know what you are investing in, always set a stop loss, etc.etc. He is a nightmare partner and the insecurity of being with someone like him will be very difficult for you. For now at least, the money is gone. Isn't he a nervous wreck, knowing what he's instigated?

Nancydrawn · 21/01/2022 13:27

In some ways it's worse than most gambling, because it relies in large part upon the peer-pressuring of other minor investors (your partner is a minor investor here) to drive the price up.

The whole plan was to buy up stock that had been shorted and then cash in when the short-seller felt the crunch. Big investors figured out what was happening quickly. Much of the continued rise in price was when someone with a big name hyped the stock more, leading to small investors one-upping each other.

There's a chance that kind of hype will happen again and it will go back up. But the kind of diamond-hand, to-the-moon nonsense where it increases 1000% in a week? Vanishingly unlikely. I'm not an investment professional, but it seems obvious to me. Plus, most of the people who made crazy money were those who had bought options, and that has cooled dramatically.

I suppose the question is: do you want to be in a relationship with someone who has, at the bare minimum, a far far far higher financial risk tolerance than you; who leans towards what might be gently called speculation and bluntly called gambling; and who quit a high-paying private-sector job in order to be able to engage in this speculation?

The problem is, of course, that some speculation pays off. The bigger problem is that most doesn't.

FFSjustLTB · 21/01/2022 13:27

Op. Can you check your own credit score/ history, just to be on the safe side?

ChargingBuck · 21/01/2022 13:28

@Memestockwidow

We aren't married have one DD together share a house both names on it , house is safe as luckily I can solely afford the mortgage on my own. He's a higher earner so it's not all his savings but not an insignificant amount. He also got let go from his previous job in banking due to not disclosing his trading positions. He's got a job in the public sector just so he can trade to his heart's content. I'm starting to think this is the beginning of a gambling addiction but he can't see it.
It's clearly a gambling addiction OP.

As he refuses to listen to you, but is happily pissing some of your money away along with his own, I think you are going to have to face the inevitable. You must feel SO uncomfortable, sharing a mortgage with a gambler. I know you can manage financially solo ... so the question is, are you going to bite the bullet sooner, or later?

A man who gets let go from a bank for dodgy dealing cannot be trusted. I'm sorry he's putting you through this Flowers

Viviennemary · 21/01/2022 13:28

Its probably a get rich too good to be true mad scheme for gullible folk. Is it crypto currency.

Original poster
Memestockwidow · 21/01/2022 13:29

@gazprom

He's worked in banking and invested in Gamestop? That doesn't make any sense.
No he works in IT within banking, he's not a trader never has been he's an amateur.
OP posts:
Swipe left for the next trending thread