Written by Ben Mezrich, published in 2021. Summary and review.
This is the 2nd Ben Mezrich book I have read recently and I find myself a fan of both his topics of writing as well his writing style. Ben provides action packed retellings of real events from varying perspectives and added color commentary not (easily) found through internet searches or news videos.
That said, The Antisocial Network captures the gripping tale of the GameStop short squeeze phenomenon that unfolded in early 2021. One that led the news for weeks and riled up Main Street in a Davis vs. Goliath (re: Wallstreet) battle. It chronicles the events surrounding the unexpected surge in the stock price of GameStop, a “struggling” video game retailer, driven by a group of amateur traders coordinating their efforts via Reddit thread WallStreetBets.
The book delves into the lives and motivations of these individual traders, painting a vivid picture of their background, personalities, and their united belief in disrupting the status quo of Wall Street. As the group of amateur traders takes on established hedge funds, the story unfolds with suspense, drama, and a mix of financial intrigue and social revolution. The book highlights the power of social media and online communities in reshaping traditional finance and confronting institutional norms.
Ben Mezrich is able to transform complex financial concepts into a gripping narrative that engages both finance enthusiasts and general readers (I consider myself both). He blends real-life events from several perspectives with a sense of thrill, almost turning the financial world into a fast-paced action story… which in this day and age, it essentially is.
The Antisocial Network offers a window into the world of retail trading and the clash between traditional financial institutions and a new breed of investors. It also explores the broader implications of the GameStop saga, discussing topics such as the democratization of finance, the influence of social media on markets, and the potential for individual investors to challenge established players. Perhaps more importantly, in my personal opinion, it highlights the unusual changes to status quo that come into play as the retail investors gain, what seems to be, insurmountable momentum in dethroning the Wallstreet heavy weights.
Franky, the rules change and the retail investors get screwed (the majority of them anyway). Those that still win, see their fortunes halved in the blink of an eye. I personally believe some shady things were done behind the scenes by those in power and with the ability to pull strings. Alas, I have no proof… purely conjecture.
Overall, the book provides a wonderful telling of the financial event that captured the world’s attention. It sheds light on the power of collective action (illegal if organized, legal (I believe) if everyone just decides to join in) throughout the digital age and showcases how technology can reshape finance. At least until the powers that be decide enough is enough. One does not need to be a financial whiz to follow along, though higher(ish) level trading concepts are discussed, they are broken down into digestible snippets.
TLDR: The Antisocial Network offers an insightful and entertaining read that goes beyond the numbers and charts to tell a compelling story of disruption and empowerment and provides some excellent behind-the-scenes details for anyone that had followed the actual story in real-time. Would Recommend. 4/5 Stars.
