> Gill is held to a much higher standard than a normal person as he is a licensed security broker.
> ...many people who lost money buying the stock (selling options is different) based on his advice.
Out of academic curiosity, how does this work?
Mr. Regular Joe wants to buy some stocks for an investment. He worries he doesn't know enough about the market, so he looks for advice from Mrs. Licensed Broker.
Mrs Licensed Broker says "Hello Mr. Joe, right now, GME is undervalued. It should be around $20, it is now at $4. By my estimates, it is a good buy. Look, I have put my own money into it because I think it's a good idea".
So, Mr. Regular Joe buys GME.
Mr. Regular Joe's wife buys GME.
Mr. Regular Joe's neighbor buys GME.
Mr. Regular Joe's grandmother's pet squirrel buys GME.
All of this buying has pushed the stock above $20.
Whose actions are Mrs Licensed Broker responsible for?
Or do we want to live in a society where every licensed broker who writes opinion pieces on seeking alpha and Wallstreet Journal suddenly realize that reddit could read their article, go crazy and expose them to legal trouble? In such a world, Mr. Regular Joe has to gamble with his money and pick stocks on random, because nobody who understands the market will share information with the Plebeian class.
> ...many people who lost money buying the stock (selling options is different) based on his advice.
Out of academic curiosity, how does this work?
Mr. Regular Joe wants to buy some stocks for an investment. He worries he doesn't know enough about the market, so he looks for advice from Mrs. Licensed Broker.
Mrs Licensed Broker says "Hello Mr. Joe, right now, GME is undervalued. It should be around $20, it is now at $4. By my estimates, it is a good buy. Look, I have put my own money into it because I think it's a good idea".
So, Mr. Regular Joe buys GME.
Mr. Regular Joe's wife buys GME.
Mr. Regular Joe's neighbor buys GME.
Mr. Regular Joe's grandmother's pet squirrel buys GME.
All of this buying has pushed the stock above $20.
Whose actions are Mrs Licensed Broker responsible for?
Or do we want to live in a society where every licensed broker who writes opinion pieces on seeking alpha and Wallstreet Journal suddenly realize that reddit could read their article, go crazy and expose them to legal trouble? In such a world, Mr. Regular Joe has to gamble with his money and pick stocks on random, because nobody who understands the market will share information with the Plebeian class.