![](https://emeatribune.com/wp-content/uploads/2024/05/hedge-fund-manager-boaz-weinstein-says-meme-stock-rally-makes-mockery-of-investing-980x653.jpg)
![](https://emeatribune.com/wp-content/uploads/2024/05/hedge-fund-manager-boaz-weinstein-says-meme-stock-rally-makes-mockery-of-investing-980x653.jpg)
![](https://image.cnbcfm.com/api/v1/image/104705904-20170912-8538-2449.jpg?v=1505251042&w=1920&h=1080)
The meme stock craze is back , but hedge-fund titan Boaz Weinstein said he wants nothing to do with it. Weinstein, the founder and chief investment officer of Saba Capital Management, said that although traders could make money by riding the mania around certain meme stocks, it isn’t truly investing and undermines the challenges endured by more focused investors. “It’s bewildering,” he told CNBC’s “Squawk Box” Tuesday morning. “We want to make 10%, we want to make 15% – [when] you see something that’s up 100% [but] you don’t know why, it feels great because it’s up, not down for those who have it; but it certainly in some ways, you could say, makes a mockery of the challenge of investing.” “It can’t be justified on anything other than pure speculation,” he added. “Why today, why not a million dollars a share? And so I look at it and I don’t understand it, and I don’t want any part of it.” GameStop shares surged by 110% on Tuesday, following a 74% advance on Monday. AMC soared 137%, extending a 100% gain the day before. Trading in both stocks was halted at one point Tuesday due to volatility. The resurgence of meme mania began late Sunday when ” Roaring Kitty ,” the man who first ignited the meme stock phenomenon through GameStop in 2021, posted on X for the first time since then. Beyond meme stocks, Weinstein said there’s sure to be plenty of volatility in the “foggy” market in the months to come, citing inflation, geopolitics and the upcoming U.S. presidential election. “The way things change – inflation, has it been kicked, are we going to have higher for longer? There’s a very heightened amount of uncertainty,” Weinstein said. “Just take the geopolitical skirmishes slash wars that we have. When you put all that together … we’re going to have a credit crunch in the next couple of years if things don’t change.” He also said if Donald Trump is elected again, it could affect the relationship between equity and fixed-income markets “quite a bit.” “Maybe in both cases, there’s going to be plenty of volatility, and I’m quite excited for it,” he added.
EMEA Tribune is not involved in this news article, it is taken from our partners and or from the News Agencies. Copyright and Credit go to the News Agencies, email news@emeatribune.com Follow our WhatsApp verified Channel