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If gambling or speculating, rather than investing, is your idea of accumulating wealth, then buying meme stocks is the way to go.
However, if holding on to your hard-earned cash through long-term investments is what you have in mind, then it is probably best to steer clear of meme stocks, many financial advisors have told me.
The mutual funds company Fidelity Investments defined meme stocks as “one whose trading activity is pumped up via social media—particularly on Reddit, X and YouTube.” The firm added that the publicly traded stocks’ use of memes—tweaked images, videos, text and the like–is how the “usually positive reviews” of meme stocks are spread throughout the internet, and that these posts mainly come from individual investors.
“Meme stocks appeal to our fear of missing out (FOMO) and our desire to get rich quickly. For many investors, it may also…
