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WSJ Streetwise
The Meme Stock Era is Not Over — It Has Just Moved
Retail-driven squeezes are migrating from the original 2021 names into rate-sensitive special situations.
Spencer Jakab · WSJ Streetwise · April 23, 2026
A different cohort, the same dynamic
Jakab's column observes that the squeezes of the past month — AVIS, SAVE, and a small cluster of regional banks — share a common profile: high short interest, distressed but not bankrupt fundamentals, and a retail community that has taught itself to coordinate without a single central forum. This is not 2021 redux. It is a more diffuse, less newsworthy version of the same pattern.
How we use this
We do not run momentum portfolios for clients. But we do hold special-situation watch positions in AVIS and SAVE for the clients who explicitly want a tactical sleeve. Position sizing remains tiny — the asymmetry only works if you can sit through 50% drawdowns without being a forced seller.
What This Means For Your Book
Keep AVIS and SAVE on the special-situation watchlist for tactical sleeves only. Tiny sizing, not core.
Squeeze dynamics are real but unforecastable. Size them like options, not like positions.
Want to talk through how this affects your plan?
15-minute Q1 review — no pressure, just an update on positioning.
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