YES!! Wait NO! Wait I guess it depends…
Meme stocks have been a thing for a while now. Most professional investors scoff at the whole thing and look down their nose at anyone who plays around in that space. I’m not going to lie and say I don’t fall into that category but I do think there are some redeeming qualities of Meme stocks. And I will admit I have owned very small amounts of some of the recent meme stocks (shh don’t tell my professional friends… who am I kidding they have owned them as well!)
First off “investing” in a meme stock is generally not investing but just kind speculating/gambling. That is, of course, unless you’ve done some research and believe the stock is truly undervalued for some concrete reason.
You can make money speculating/gambling, most of the time in the end you won’t but it is possible. If you are deep in the sub-reddits, following the social trends, the feel of the crowd, you might be able to trade something well, get in before most others, get out before everyone gets tired of it. I know some people that have that natural sense for the crowd, I do not have that sense.
In the end you’re gambling, unless you have some real system you’re using and even then you might just be fooling yourself based on beginner’s luck. That being said there is an upside to all of this. If you take a small amount of money, (that you can lose and it not effect your financial life) and you start trading, if you pay attention at all, you will begin to learn things. When the stock moves a huge amount based on a “10-K” you’ll wonder what the heck is a 10-K and you might go look it up. You might go find the 10-K for your meme stock and actually read a little of it. If you’re paying attention, you might find people who are upset at people who have bought the meme stock and saying they are “stupid” and then they will give their reasons… there might be good information there as well! Meme stocks are a gateway drug to actually learning something useful in your life, how to invest. So if you want to jump into the next meme stock, do yourself a favor, make it a small investment, but make it a big investment of your time and try to open up to learning what all this stuff is. That knowledge could produce long-term gains in your life.