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From: Julius Wong3/12/2021 9:18:51 AM
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Man Group, the world's largest publicly listed hedge fund, built a system to analyze daily stock-trading posts on Reddit


The Reddit logo on a smartphone.Mateusz Slodkowski/SOPA Images/LightRocket via Getty Images

Man Group's CEO said the hedge fund built a system to track popular topics on Wall Street Bets.He said managers would receive daily reports about the names or companies mentioned on the subreddit.He said the report showcased the firm's ability to use "technology to address investment problems." Sign up here for our daily newsletter, 10 Things Before the Opening Bell.Man Group CEO Luke Ellis said on Tuesday that his hedge fund had built a system to track popular topics on Wall Street Bets, the Reddit forum behind the GameStop saga in January.

During a call with analysts, Ellis said managers of Man Group, the world's largest publicly listed hedge fund, would receive daily reports detailing the names or companies mentioned on the subreddit, according to Bloomberg.

The report is meant to showcase the ability of the firm, known for its quantitative analysis, to use "technology to address investment problems that humans alone can't handle efficiently," Ellis said on the call, according to Bloomberg.

Last week, a group of traders on Wall Street Bets targeted GameStop again. A user with the name KitrosReddit explained in a post the potential for "the Mother of All Short Squeezes" and plans for a "gamma squeeze" on the video-game retailer.

Read the original article on Business Insider

markets.businessinsider.com
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