FOX Business’ Stuart Varney argues the Reddit frenzy will end in tears.<\/p>\n
FOX Business’ Stuart Varney during his latest “My Take” argued the Reddit frenzy will “end in tears.”<\/p>\n
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“At some point the GameStop’s and AMC’s will return to a valuation based on their actual business. That means returning to Earth. The process cleary has already begun,” Varney said Tuesday.<\/p>\n
Varney pointed out with GameStop and others tumbling, investors are suddenly taking a hit. <\/p>\n
“Investors who had bought at lofty levels saw their money evaporate,” he said. <\/p>\n
VARNEY SAYS GAMESTOP THE ‘BATTLEGROUND FOR ‘DANGEROUS’ INVESTING <\/strong><\/p>\n Varney believes that brokers “burst the bubble.”<\/p>\n “We can argue all day long about whether restricting trading was legal or the right thing to do. Was it bailing out the hedge funds? Was it rigging the market?” he asked.<\/p>\n “Valid arguments on both sides. But the fact is they did it. They interfered and burst the bubble.”<\/p>\n