Jamie Catherwood on GameStop mania: Narrative will play a bigger role in ‘all aspects of finance’

We are starting to see some cracks in the short squeeze trade that we've been watching so carefully over the course of the last week. GameStop, yes, is still higher, but we have gotten reports that Robinhood is not allowing its users to open new positions in GameStop or to buy the shares, but rather only to close out positions. We're seeing interactive brokers put some curbs on trading in some of the other platforms as well. So it's more of a mixed picture than it has been in recent days.

Yeah, I think to me this is, like, all kind of just a microcosm of a market that is being driven more by narrative than fundamentals. And I think we've seen this play out in a variety of ways, whether it's the rise of ESG and, I think, like, the Capitol riots. That was interesting how suddenly you had every corporate CEO have to come out and make a statement and companies were already having their political donations looked at and ESG kind of activists were going after these companies.

https://finance.yahoo.com/video/jamie-catherwood-gamestop-mania-narrative-160054905.html

"On or about January 27, 2021 Robinhood, in order to slow the growth of GME and deprived their customers of the ability to use their service, abruptly, purposefully, willfully, and knowingly pulled GME from their app," the lawsuit reads. "Meaning, retail investors could no longer buy or even search for GME on Robinhood’s app."

Nelson alleged that Robinhood's actions "were done purposefully and knowingly to manipulate the market for the benefit of people and financial intuitions who were not Robinhood’s customers."

https://www.msn.com/en-us/money/news/class-action-complaint-filed-against-robinhood-after-restricting-gamestop-trades/ar-BB1dbiwh