THE ROARING KITTY
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Proof that the squeeze was not just an American story.
Another fallen giant, still a serious telecoms infrastructure business but trading like a museum piece.
Nokia climbed alongside the rest in early 2021 and rose in European trading too, which is when it became clear this was not confined to one forum or one time zone.
Unlike the deep value plays, Nokia had analysts who genuinely rated it. Retail interest collided with an actual investment case, which made it one of the more defensible names in the basket.
The movement crossed borders faster than the institutions tracking it could adapt. Retail coordination was not a local anomaly.
The reminder that the crowd was never only American, and never only irrational.