More proof that a huge number of people who invest in stocks don’t know what they’re doing. According to this story on www.BusinessInsider.com, the stock in a company with the ticker MYRA surged 900% immediately after President Obama’s announcement of the MyRA retirement savings program. This is despite the fact that Myriad Entertainment & Resorts (MYRA) has absolutely nothing to do with the President’s new program. Did any of those investors even bother to research their buy? Unlikely, as MYRA was delisted from stock exchanges four years ago.
As the Business Insider story points out, this is not the first time clueless investors have rushed to buy into a company based solely on their stock market ticker.
This would be laughable were it not for the fact that there are now huge numbers of poorly informed investors and they can have a very big, and very negative, impact on our economy with their impulsive moves to buy and sell.