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Jonathan Shapiro

How a quant may have unleashed the revenge of the meme stocks

“Let ’em come,” Cliff Asness told meme traders after revealing he was shorting their favourite stock, AMC. And come they did.

What was Cliff Asness thinking? The outspoken hedge fund manager was almost done with a routine interview on CNBC when he summoned a demon that has terrorised and destroyed even Wall Street's best minds.

If hedge funds have learnt anything over the past two years, it’s to avoid making enemies of retail punters. They will hunt down and relentlessly target anyone who dares to take the other side of their bet. 

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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com

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    Original URL: https://www.afr.com/markets/equity-markets/how-a-quant-may-have-unleashed-the-revenge-of-the-meme-stocks-20220810-p5b8rw