Matt Levine’s Money Stuff: Meme Activists Come for Macy’s

Programming note:
Money Stuff will be off tomorrow, back on Monday.

Meme activism

The basic issue is that right now everything is dumb. You can complain about that, or you can embrace it. In investing in 2021, “my channel checks and fundamental modeling suggest that this company will grow earnings faster than the market expects so I will buy it with a price target 20% above today’s price” might sound smarter than “this company’s chief executive officer just tweeted a picture of a dog at Elon Musk so I’m going to buy out-of-the-money call options expiring Friday because the stock ...