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Some people believe the Reddit gang bidding up meme stocks like AMC won’t lead to ruin for themselves and that the movement is a positive thing for investing overall.
They are claiming once again that “this time is different.” In 37 years, I have heard that terrifying refrain all too many times.
The current argument goes something like this: The legion of new, young and more aggressive stock, commodity and crypto-traders are more astute, better capitalized and better educated than their condo-flipping counterparts in 2007 or the legion of “motley fools” who day-traded internet stocks in 1999. They’re brighter than those who participated in…