As a journalist, my job is to cover the news fairly. I think, in this aspect, I haven't done a very good job when it comes to what the mediadubbed "meme stocks."
You probably have a loose idea of what I'm talking about, the stocks that are part of a short squeeze that originated on the subreddit WallStreetBets.
I joined the media bubble in discussing stocks such as GameStop (GME) - Get Report and AMC (AMC) - Get Report as "meme stocks," but I don't think that the names fit the action in those stocks and they certainly don't do justice to the Ape movement.
We can argue this point back and forth, and people such as Jim Cramer disagree with my assessment here. However, the use of "meme" makes it--whether that's the purpose or not--come off as a joke. When you boil down the action in a stock to "meme action" then it's not being taken as seriously.
And let me be frank, as a finance reporter, any major stock action should be taken seriously whether you agree with it or not.
So, in order to better my own coverage of these stocks and to better understand the beliefs and the theses behind the moves we're seeing, I invited Kevin Paffrath of MeetKevin on for an episode of Coffee With Katherine.
Watch the full episode, in the video below:
Paffrath and I covered why he prefers to call the GameStops and AMCs momentum stocks since it really is the momentum that the stocks gain from the Apes and other investors that cause the spikes we've seen.
But we also had a very candid conversation about the need for investing literacy, his tips for setting up a portfolio (hint: put aside 20% of the portfolio for your momentum trades, per Paffrath), and why he's running for Governor of California. Oh, and of course, what it's like to live stream market action on his YouTube channel.