Market View

The battle between small investors and short-selling hedge funds was the highlight of the week with companies such as GameStop, AMC Entertainment, and Nokia at the center. Major indices around the world fell on vaccine supply concerns. Oil rose on declining US oil inventories and gold prices gained as well. The Canadian dollar was 78.23. U.S. S&P500 ended the week down 3.3%, while the TSX ended the week down 2.7%. 

All sectors, except healthcare, turned red this week. Energy slid by 4.7%, followed by consumer discretionary slip of 4.6%. Technology gave up 3.6%, and financials declined by 1.9%. Healthcare rose 2.5%. The most heavily traded shares by volume were Supreme Cannabis, BlackBerry Limited, and Bombardier Inc. 

5 from 5i

Here are five reads we found interesting last week:

• Reddit’s r/WallStreetBets breaks all-time traffic record as hedge fund bleeds, by Jack Morse of Mashable
• The triumph of dumb money, by Alicia McElhaney of Institutional Investor
• Bronte Capital’s Ganymede Fund Update
• The bit short: inside crypto’s doomsday machine, posted on Crypto Anonymous
• Farewell, Mutual Funds, by John Rekenthaler of Morningstar

Bonus

• Semantic Density, Algos & GameStop: This time it’s different, by Dave Nadig of ETF Trends

Happy Reading & Stay Safe!

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Disclosure: Please note that the author does not hold a financial or other interest in stocks or funds mentioned.