Month of the fomo

The big news in the markets the past week is obviously Tesla which has closed today at $887. On August 4th, the stock closed at $228. You can do the math on that gain.

This is purely anecdotal but Tesla is quite possibly the most talked about stock on social media. Memes and jokes on FinTwit are absolutely hilarious.

People love talking about shorting Tesla as much as people love talking about being long Tesla. Well known investors love to have Twitter arguments over whether Tesla is a giant scam or the future of transportation.

I have no position here, but my good friend who sold his Tesla shares months ago has been browsing Reddit and sending me posts of people making money hand over fist on Tesla. The fomo is real. If only I had the cojones to put $100k into call options on Tesla months ago….

I’m going to continue to sit this one out. It’s too volatile and risky for my taste. Congratulations to those that made a killing and best of luck to those who are buying into positions this week.