So I wasn't planning on making an update to the Overpriced index until halfway through the quarter yet here we are! Rallying over 9% mainly due to: TSLA up 39%, NVDA up 21% and GME up 19%, this just goes to show that hype and future gains can make for an extremely volatile mess!
Here is a super quick video recap: https://www.reddit.com/user/Successful-Stomach40/comments/10my037/a_video_recap_of_the_overpriced_index/?utm_source=share&utm_medium=web2x&context=3
Here are links to the original posts:
Post introducing the index: https://www.reddit.com/r/stocks/comments/10hzxrk/can_your_picks_outperform_hype_introducing_the/?utm_source=share&utm_medium=web2x&context=3
Post determining the index's holdings: https://www.reddit.com/r/stocks/comments/10esbx3/whats_the_most_over_priced_stock/?utm_source=share&utm_medium=web2x&context=3
Now what you've been waiting for – the stats!
Currently up 9.08% vs the S&P's 2.5%
Our gains come from vote giant TSLA (part of the consumer discretionary category which takes up 53.99% of the portfolio!)
The stock with the second most votes, NVDA, is our second biggest gainer (part of technology which takes up 25.3% of the portfolio)
Although GME is up 19%, it had too few shares to make the impact of the others.
Now obviously anyone buying the index wouldn't want the memes: AMC, GME and BBBY so without them the gains were 12.02% (Damn, maybe there's some merit to investing in what reddit doesn't like lol!)
Will these gains last? Definitely not! I just thought a jump this big warrants informing the masses!
To all those shorting the index I'm so sorry but keep those diamond hands because eventually this *supposedly* should pay off!
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