Akane Otani

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1,333 appearances 33 recordings 1 series first heard Aug 2017 last heard Mar 2023

Akane Otani’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Risky Betting Defined Investors' First Quarter. Will It Continue? · 1 Apr 2021 podcast

There were a number of people who were just admitting, we're just going into this partially kind of as a joke, and also because we're just seeing GameStop doing really well.

But it wasn't necessarily the case that a lot of these folks truly believed

you know, deep down in their hearts that GameStop was going to stage a major business turnaround and that its profits were really going to take off.

You know, I think there was a huge element of just not wanting to miss out on this latest fad.

I think one thing that really surprised a lot of people is just how risk tolerant these investors have been.

I mean, in the first quarter, we saw individuals in particular driving up huge amounts of trading activity in some of the most heavily shorted stocks in the world.

and these are companies that have for quite some time now had some serious problems with their fundamentals and so things that you know a lot of professional money managers have been sort of veering away from they really came into favor this quarter but it wasn't just individual investors i mean we also saw professional money managers really embrace

sort of riskier parts of the market.

And we saw a couple of really big blow ups, including the Archegos Capital blow up at the end of the first quarter.

I mean, that was run by a professional investor.

And we saw the the way that that really rippled across Wall Street.

So sort of from big to small investors, we saw a tremendous amount of risk taking across the spectrum.

I definitely think it had somewhat of a sobering effect because we've seen a number of big hedge funds like Melvin Capital, for instance, that got really burned on shorting GameStop earlier in the quarter.

Archegos Capital, of course, also got tremendously burned, but it's really concentrated positions and things like Discovery.

So, I mean, we are constantly reminded that it is very possible to be

a professional in this industry to manage a ton of money and to lose a lot of it too.

I mean, investing is sort of an inherently risky game.

You know, that being said, I think a lot of the longer term money managers that I speak to still think that they provide a certain value and perspective that can't just be gotten from Twitter or Reddit because they've been in this industry for long enough.

They've seen sort of a lot of these cycles play out.

And, you know, I do think there is something to be said about experience.

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