She read a passage:
"The core significance of the GameStop incident is not how much the stock price rose.
But it proves one thing--
When retail investors have enough information, tools and organizational capabilities, they can fight against or even defeat Wall Street's most powerful institutions in the short term.
Once this ability is proven to exist, it will not disappear.
The future financial market will no longer be a market unilaterally dominated by institutions.
Retail investors will become a pricing force that cannot be ignored."
Zhao Chen picked up the tea cup.
"Bloomberg's article is more profound than Sorkin's. Sorkin has seen the phenomenon, and Bloomberg has seen the trend."
Su Wantang asked, "What is the trend?"
"The trend is that the future market will be a battlefield between institutions, retail investors, and algorithms.
Retail investors are no longer leeks. Retail investors are guerrillas.
They may not have the financial scale of an institution, but they have social media, collective action capabilities, and structural weapons like Gamma Squeeze.
And most importantly - they have anger."
Shen Zhiyi raised his head. "Angry?"
"Yes. Angry."
Zhao Chen Put down the teacup,
"After 2008, retail investors' anger against Wall Street has been accumulating.
They feel the system is rigged.
GME is the first time they've used the system itself to fight back against the system.
This anger came to a head when Robinhood restricted trading.
You saw it - the day of Robinhood's betrayal, WallStreetBets Forum's post went from ecstatic to outrageous.
That anger doesn't go away. It becomes an ongoing political force."
Shen Zhiyi's cell phone rang. She took a look and saw that it was a message from Chen Xi from Chongqing.
"Henglong Research Institute made a special analysis of the GME incident."
Shen Zhiyi handed the phone to Zhao Chen,
"Chen Xi said that this analysis has been sent to Investment Decision Committee. She asked if you have anything to add."
Zhao Chen took the phone and browsed it quickly.
Chen Xi's analysis is very solid--
The structure of GME Short Squeeze is disassembled from four dimensions: Short Selling ratio, Gamma exposure, Options position distribution, and Market Maker hedging behavior.
The conclusion is consistent with Zhao Chen's judgment: GME's Short Squeeze is the inevitable result of market structural defects, not an accidental event.
Zhao Chen returns the phone to Shen Zhiyi.
"Tell Chen Xi and add a paragraph. Let her analyze the policy changes that United States may introduce after the GME incident.
Short Selling proportion disclosure rules, Options position reporting requirements, Order Flow payment model of zero commission platform--
These three areas are most likely to be targeted by regulation."
Shen Zhiyi Write it down and ask, "Do you think the SEC will introduce new regulations?"
"Yes. But not now."
Zhao Chen stood up and walked to the window,
"Now GME is still Short Squeeze. SEC will not take action at gunpoint.
After Short Squeeze is over, they will issue some patch rules--
For example, increase the frequency of disclosure of the Short Selling ratio, limit naked short selling, and review conflicts of interest on zero-commission platforms.
But these rules will not change the fundamentals. The trend of retail investors awakening is irreversible."
Su Wantang Refill the tea in Zisha Pot.
"What about our withdrawal? After GME ends, what image will Era Vanguard have in the public eye?"
Zhao Chen turned around and looked at Su Wantang. "You asked a good question."
"Before GME, Era Vanguard was a mysterious China investment institution in the eyes of the public.
After GME, Era Vanguard became an 'institution on the side of retail investors'.
This image has value - it gives our brand trust among retail investors.
But it's also a burden -- if we exit at the top, retail investors will feel like we betrayed them."
Shen Zhiyi said, "But we have to quit. Short Squeeze won't last forever."
"Yes. We have to quit."
Zhao Chen walked back to the sofa and sat down,
"But the exit method is important. We can't suddenly shut down buying like Robinhood did.
We have to sell slowly and let the market have time to digest.
And--when we sell, we don't make any bearish remarks about GME.
We do not advise retail investors to sell, nor do we advise retail investors to buy.
We just enforce our exit discipline."
Su Wantang nodded.
"This is consistent with the image of Henglong Charity Foundation.
Part of the money we earn in GME will go into Philanthropic Foundation."
"Yes." Zhao Chen said,
"I will donate 10% of GME's profits to Henglong Charity Foundation.
Specially used for financial literacy education - teaching ordinary people how to see Financial Report, how to understand the Short Selling ratio, and how to identify Gamma Squeeze.
The prerequisite for retail investors' awakening is retail investor education. Awakening without education is dangerous."
Shen Zhiyi Write this sentence down in your notebook.
"Financial literacy education. This is a good direction."
Zhao Chen's phone vibrated.
It's a message from Lin Shicheng--
"WallStreetBets Forum weekend traffic hit a record high. DFV's live channel subscriptions exceeded two million.
'Retail investors awaken' became the first hot search in Twitter United States area."
Zhao Chen showed the phone to Shen Zhiyi and Su Wantang.
Su Wantang said:
"Full attribute news. You are right. GME is no longer Financial News."
Zhao Chen stood up and walked to the desk.
Spread on the table is a summary of positions submitted by Lin Shicheng yesterday--
GME Common Stock has about 4.4 million shares left, and Options ends Strike Price twenty-five and thirty Call Options are still held.
He picked up the pen and wrote a line in the blank space of the summary table--
"The awakening of retail investors is an irreversible trend.
The future market is a three-party game - institutions, retail investors, and algorithms.
Whoever can understand the emotions of retail investors will be able to take the lead in the next cycle."
He folded the paper and handed it to Shen Zhiyi.
"Archive. This is the phased conclusion of the GME campaign."
Take Shen Zhiyi and put it into Briefcase.
Su Wantang looked out the window.
"The weather is very nice today. Do you want to go out for a walk?"
Zhao Chen nodded. "Okay. Central Park. I haven't taken a walk in Saturday for three months."
The three people walked out of the hotel.
The winter sunshine of New York shines on the snow of Central Park, and there are several children building snowmen in the distance.
Zhao Chen is walking in the middle, Shen Zhiyi and Su Wantang are walking on both sides.
While passing a hot dog cart, Zhao Chen heard the stall owner chatting with customers.
"Did you buy GME?"
"I bought it for two hundred yuan."
"Are you crazy? You still buy it for two hundred yuan?"
"You don't understand. This is not an investment.
This is a vote. I vote for retail investors. I vote for DFV.
I vote for those who have been bullied by Wall Street their whole lives."
Zhao Chen didn't look back. He continued to walk forward, and the corners of his mouth moved.
Su Wantang noticed. "What are you laughing at?"
"I'm thinking about one thing. In 2008, Wall Street dragged the world into a financial crisis.
At that time, no one spoke for retail investors. Now retail investors have their own voice.
This voice may be irrational, it may be crude, but it is true.
GME is the first time this voice has been heard around the world."
Shen Zhiyi held his arm. "Do you think this voice will change anything?"
Zhao Chen looked at the snow ahead.
"It has changed. The day Robinhood betrayed, millions of retail investors saw the true face of Wall Street.
When Left's hands shook on CNBC, tens of millions of people saw Short Sellers's fear.
These images will remain in memory.
The next time institutions short a company, they will think of GME.
They'll hesitate. That's what changes."
The three people continued to walk forward. The sun shone on them and left three lines of footprints side by side on the snow.
On the distant skyline, the skyscrapers of Manhattan shine in the winter sun.
Zhao Chen looked up, then withdrew his gaze and continued walking forward.
GME's Short Squeeze is not over yet. But the first page of the story of retail investors' awakening has been written.