GME - GameStop Stock Is Like 'Gambling' Wall Street Veteran Peter Tuchman Warns Traders Amid Ongoing Frenzy | Benzinga
In a recent warning to traders, a Wall Street veteran has compared trading GameStop Corp. (NYSE:GME) stock to gambling, urging investors to approach the situation with caution.
What Happened: Veteran New York Stock Exchange floor trader Peter Tuchman cautioned traders about the risks associated with the GameStop stock, particularly for inexperienced traders who may be left in a precarious position, reported Yahoo Finance.
“It’s irresponsible for the newcomer into the market to think that this [GameStop trading activity] is anything else except gambling,” Tuchman said.
He emphasized that many young traders who had previously invested in GameStop during the first meme stock debacle are now repeating the same mistake, potentially landing themselves in trouble.
Tuchman, known for his 40 years of trading experience, including during significant market events like Black Monday and the Great Recession, highlighted the speculative nature of GameStop’s stock from a ...