Financial Nihilism! 

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An interesting departure from your usual rap-based content.

I can’t blame people for wanting a little bit of revenge on financial institutions, especially when the government seems to care more about them than its society.

Financial nihilism is mostly an outgrowth from being told when growing up to get good grades in college, work hard, and save your money, then ending up saddled with 50k student loans, an offshored labor market, and a continually debasing currency. I’m not one of these nihilists but I 100% understand why they feel this way.

That’s what GameStop gets for giving me like $6 for two dozen PS2 games in 2003.

Grab of Plain Bagel in his rented lambo is *chef’s kiss*

By that meme stock definition (which I feel is a good one), TSLA is like the OG meme stock, cause their value has always been divorced from reality.

"We come from nothing, we go back to nothing. What have we lost? $20 billion" - Bill Hwang

I've spent almost 10 years being reasonably frugal and saving large portions of my decent paychecks and still feel like I'm no closer to owning a home or any form of financial stability. At this point I've pretty much given up, but there's many like me who would never buy a meme stock or crypto that just feel hopeless.

Wall Street Bets, “We make millionaires, out of billionaires!”

Don’t usually comment on videos but this was amazing Patrick, you distilled down societal and younger generational woes and drew parallels to Simulacra and Simulation and brought it back to investing and wealth all within 20 minutes. Great work!

I think we all agree that the real return on GameStop was the friends we made along the way

This video clarifies an unconscious bias that I think most older millennials feel, including myself. This is one of my favorite vids Patrick. Thanks for the amazing content

I'm a member of the most boring investment community, the Boglehead, and my reward has been the boring joy of just watching value pile up predictably over time at the lowest possible expense. Now, where can I get my Vanguard hoodie or maybe a VTSAX tattoo?

I’ve discovered this RU-vid channel fairly recently and really love it. This video on Financial Nihilism was especially good and informative.

As a Costco member and shareholder, I felt personally attacked around ~20:00. I would die for those $1.50 all beef franks.

ive spent my entire life seeing those who work hard and follow the rules rewarded with nothing, while the worst people imaginable cheat their way to success. At this point the system only exists to optimize success for sociopaths.

This is my favorite ever video from you. You did such a good job articulating this concept

I like the more cultured- centric writing in this episode! It's really interesting to have more qualitative aspects in a story too i think

I’ve never invested in meme stocks, but I absolutely get the nihilism. I’m saddled with debt for a degree that is apparently meaningless without ridiculous amounts of experience, but an endless array of banks and other big businesses are regularly bailed out, despite their CEOs walking away with enough in a year to make me debt free for life. I’m responsible for the debt I made, but apparently big business…just isn’t. A lot of companies are overvalued to an absurd degree, yet money keeps appearing out of thin air to cover it. I’ve lost all faith in the financial and political system. The UK is currently drowning in their own filth and there are question marks over the clean water supply, because a number of people who knew the right politicians have bled the utility dry. Now the tax payer is holding the bag (and the shitty water), while the so-called elite is skipping off into the sunset. Any normal person who was this atrocious at their job, would be fired on the spot, but instead these people are who we are to look up to as those who “made it.” It’s just disgusting and I…just don’t care anymore.

I think the housing crisis is a huge part of it. I’m 32 and growing up, if you lived with your parents, you were a loser. Now, I know plenty of people living at home in their 30s, and they’re not recently divorced or anything like that

This is one of your best video essays to date. 🏆

Another superb analysis. My favourite RU-vidr. Thanks, Patrick.

This essay is a masterpiece, Patrick!

Retail: ‘Financial Nihilism’ Institutions: ‘Speculation’ Everybody else: GAMBLING

Solid essay Patrick. Well done and thanks

At 55 everything paid off and all i have is hate for the system.

Financial nihilism is when I work for the mortgage collections department at a bank; a bank who would not give me a mortgage based on my lack of income and job security.

An impressive contribution. Thanks for your thoughts.

I've lost all my hard earned money on that Plain Bagel guy. 3 Rockets emojis convinced me to invist in him.

Patrick this is one of your finest videos dude. The perspective shared here has broader impact then just financial services, I touched how we (millennium) look at life. Nothing is real

This reminds me of the blue and green politics of Byzantium. For those that don’t study Medieval history. The city became divided into factions. But the factions had no meaning. You were a green or a blue with no other connection.

Thank you for raising awareness. It may not do too much directly, but it will continue to increase awareness of this problem as it relates to the financial world.

QUICK PATRICK CHANGE IT TO *GAMESTONK*

Everybody should watch this video. Everybody. It should be part of high school (or secondary, or whatever school people attend in their late teens) curriculum throughout the world. Thank you Patrick.

If you walk into a Gamestop today, you'll quickly notice that they have the same selection of games and equipment that any Target, Wal-Mart or Best Buy has. They've had so much time to adjust their business model, but have done nothing.

This is one of the most pertinent and insightful episodes to date, it explains exactly what is happening - Confirmed, by parsing my empirical data through the lens of the hypothesis discussed. Thank you.

Patrick I’m not here to tell you how to do your videos , I just enjoyed seeing you with the books in the background and not that bootleg trading room. I just enjoyed you in the other room better. Just my two cents!

Patrick, this is I think the most philosophical video you've made so far. With your way of portraying, several times the ideas clicked nicely into my views and personal experience. Thanks a lot for that.

Brilliant insight and true. I'm a Gen Xer that studied Finance and Business Law at University and now an active investor and trader. I watch with both amusement and horror at how many Millennials not only approach life but investing, which isn't investing at all, but pure speculation as indicated in this video. Chasing superlative returns may work occasionally but it will also burn you in the end, aka the massive amount of money recently lost in the recent crypto currency crash. Sure, crypto has clawed it's way back, at least in the near-term, but I'm sure most of those that lost money earlier never recouped their losses. Thanks for the reality check again, Patrick.

This is one of the best shows you’ve done and you have done a lot of great shows,

The fact that Johnson & Johnson's CEO is not John Johnson is the real revelation this video gave me

It's really great to see a serious person taking this idea seriously. I learned something.

I just feel financial nihilism because as a Millenial no matter how hard I work I just can’t seem to catch a break or get ahead, so I just stopped caring altogether. I literally cannot devote anymore mental energy to it 😢

This was a very good video, touched on issues that I never noticed in investing before.

Using The Plain Bagel for the Lambo photo is just *chef's kiss*

Excellent and thoughtful. Thanks

Thank you for this insightful video.

Insightful and enlightening! Thank you!

People are losing or have lost faith in the system, that by many metrics, has failed millions of people around the world. Without hope for a better tomorrow, this means they will increasingly turn to radical solutions or just give up entirely. Neither outcome is good.

Hey Patrick, your videos made my 10+ hour flight much better! Thanks for that. Regarding the financial nihilism perspective, this may even be an advantage for especially new traders to focus on price action instead of trying to be an expert in more sophisticated strategies like deep value investing or algorithmic trading, or getting distracted by the bombardment of information from news or social media. I've been trying to study price action myself for the longest time, and it's actually where I get the most return, because amateurs/individual traders/investors don't have much ability to understand the underlying dynamics of companies to be a value investor, nor do they have the capital and large accounts to live on a 10% annual return. Lately I'd rather trade on price action (trying not to be stupid of course) and understand supply/demand characteristics on the price chart.

Love the new spectacles there Patrick.

Good insight and discussion Patrick. I always enjoy your content

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I enjoyed and learned from this video, which is standard for me, but I also found myself somewhat obsessed with your nattily-folded pocket square, very stylish!

I was the lead design at massmutual, showing my work as people figure out what gill did for a job is the most exposure any of my work has got. I met keith a couple of times in Springfield he couldnt shut up about stonks.

This is by far the best analysis on the topic of meme stocks and sentiment amongst young investors, very well worded in general. Especially the last bit about a stock becoming part of ones identity and voting for certain candidates to troll the other side really hit the nail on the head IMO

Boredom is a wealth killer. It makes people gamble and spend on things they can't afford. Next time you are so bored that you want to waste money, I suggest going to the public library and finding something interesting to read. All it will cost you is a small fee for a library card, which many cities don't even charge. Your wallet will thank you.

Wonderful and very informative as always. Many thanks

Your right on! I remember the Celsius CEO saying how bad and corrupt traditional banks were but then it turned out he was just stealing people’s money.

Your points are excellent and in my opinion, spot on. Great perspective!

I feel like financial nihilism is the result of decades of public conversation that discussed stock prices without discussing what stock is. I've made a habit of asking my friends and associates (none of whom are bankers) what ownership of stock is, and have rarely heard an answer that has anything to do with corporate governance. That seems strange and bad to me. On top of that, I've certainly heard plenty of gen xers talk about how stock prices are just a reflection of lots of people trying to game the system. So, from that evidence I'd say financial nihilism originated before the millennials were even teenagers.

Thank you for giving us clarity on these topics!

I somehow imagine that even if the whole financial system would collapse, we'd still have Patrick comment on it in his calm and eloquent demeanor mixed with some dry british humor

On point. Best video I have seen so far to explain this market.

Closing underperforming stores leads to lower total sales, but can also lower expenses more. Expenses shrinking faster than lost revenue. That's necessary to achieve profitable operations... which defeats the short thesis.

Amazing video as always, Patrick your channel is amazing. Keep up the good work.

I invested $700 dollars in game stop due to roaring kitty and cashed out enough to build a kick ass $4.200 computer all paid for by greedy short sellers. I might just do again if the opportunity arises.

Fantastic video very insightful and interesting

Patrick deserves 7mil subscribers. His videos are understandable and funny. I literally would know nothing about finance without him.

A truly great video. I am 82

Roaringkitty is a market mover. What a time to be alive.

Just want to say, Thank you for this video, all yours are good but this is one of your best! I think finance and philosophy should be more intertwined and most financial discussions should be distilled to their philosophical roots and made clearer by experts so the people would make more informed decisions in their views.

Tesla’s recent earnings call and payment vote is also a prime example of financial nihilism.

Masterful. One of your best. Thanks 👍

I'm surprised you have not talked about monetary policy and ZIRP more. With savings no longer being an option, and the well-to-do having access to free capital at the expense of the working public, of course people are going to become nihilistic about finance. They will speculate wildly on assets in an environment where profitability seems to no longer matter, and be incentivized to pump up the price of beanie babies in the form of crypto vaporware, tech stocks, and yes dubious meme stocks.

Thank you Patrick. This is probably your most profound video so far. While I've seen modern politics analysed against the backdrop of the financial crisis (you allude to the connections at the end) I'd not fully realised that there are parallels in the financial world. Very thought provoking. I immediately felt like forwarding this to friends who've fallen for crypto in the past, but they'd probably dismiss you as "woke mainstream" or something. They are probably just sick of experts....

The question is when does the nihilism end? It is tough being rational in an irrational world. “I feel like I’m taking crazy pills” -mugatu

Your video and narrative are beautiful. Truly deep. At the same time speculators and noise traders have always existed. Greater-fool investing has been a thing since... forever. You can either go to Vegas, or just open a robinhood account.

I bought my son toys at Toy'R'Us and games at the GameStop. Back in the day, I used to love going there and browsing the Sales bin for old games. Of course, I love the stock. You have to fight for your right to party!

Your videos are gold. Ty ty. Love synthetic futures options over owning stock...

My house is on the beach. The amount of women who come,take photos of themselves in swimwear(or without) and then pack and leave without ever entering the sea is stunning...

GameStop shareholders complaining that GameStop is taking advantage of them by selling more shares is the same as a John going to a dominatrix and complaining about getting kicked in the nuts

Removing the “buy” button to save the market makers showed people how the system actually works. The fundamentals unfortunately don’t matter when entities responsible for maintaining the efficient working of the market also benefit in an outsized way from the movements of that market. The same entities who hop on TV to bury a stock (or claim the market will die as soon as a pandemic is announced) are also conveniently set to profit from the hysteria it creates. Add to that the sentiment that chosen entitles are permitted to modify rules as needed to ensure their survival, and you can easily see why people quit looking at fundamentals.

Quality as always Mr. Boyle Thank you & 🥂

I think theres some boredom, i think theres more "fuck you rich assholes, ill make myself poorer just to see you bleed". Idk if that perspective is of any practical value, but there is no denying its popularity.

Love your work Patrick

Mr. Boyle, please create a video explaining the end of the petrodollar and what it means for the US economy.

Exceptionally good video Patrick

Kaplan and Rosengren were good at this. Not only the meme generation but they actually manipulated the markets on a massive scale with your money.

Wow. Very deep. Well done Pat. Very well done.

"Financial Nihilism" seems like just a rebranding of price speculation.

The Wachowski sisters both transitioned, their names are Lana and Lilly :) love your content!

I have a hunch that if you model out systems with sizable amounts of investors embracing financial nihilism, say with game theory, you'd inevitably go through more dramatic boom and bust cycles. Like pump and dump schemes. A few folks will get silly rich, but most will see their retirement accounts gutted. I prefer stable, rational financial systems as I expect that'd naturally benefit more people.

Ever thought let’s do the value analysis of a company only to find the P/E ratios were ridiculous but the stock kept going up. It’s not just about the young people. Many rich people since 2008 just use liquidity indicators and passive funds while kicking back on a tax free beach as their position doubles

omg that Plain Bagel cameo, THE BEST.

I am currently reading BIll Maher's book, once I am finished I plan on making the rounds of your publications Mr. Boyle :)

I'd argue that the dividend stocks have intrinsic value tied to company performance, and non-dividend stocks have no intrinsic value.

A brilliant video, Patrick, thank you.

Universal basic income does not mean people would not have a job tho