While inflation was widely considered “transitory,” and easy money was making its way into inflated markets, a few unlikely stocks found themselves at the focus of an unprecedented hype created by the WallStreetBets group, a forum or “subreddit” on the popular social media platform Reddit. The group, born in January 2012, discusses speculative investing using lots of memes, videos, inside jokes, and terminology.
A lot has changed since then. For starters, Fed Chair Jerome Powell has dropped the word “transitory” from his dictionary, and the Federal Reserve’s ever-tightening monetary policy has caused hopes of a soft landing for the economy to all but fades into oblivion.
