by Michael Snyder
The Economic Collapse Blog
A stock is only worth what someone is willing to pay for it at a particular moment in time. Sadly, this is a lesson that many GameStop traders are learning right now. Just a few days ago, GameStop had surged above $300 a share and a lot of investors that had gotten caught up in the frenzy thought that they were suddenly rich. But you only make money in the stock market when you get out. Those that sold at the peak of the bubble were extremely fortunate, but most GameStop investors are determined to hold on to the bitter end, and the end will definitely be quite bitter indeed.
I think that it is great that a horde of retail investors want to punish the short sellers, but GameStop is definitely not a long-term investment.
In fact, the fair value for a share of GameStop stock is probably less than a dollar.