The Game Stop meme-stock frenzy — what can we learn?

The short sellers have gotten the last laugh—again.

That’s the lesson to draw on this, the third anniversary of the meme-stock frenzy that captured retail investors’ attention in January 2021. That was the month, you may recall, in which retail investors—flush with pandemic stimulus money—engineered a huge short squeeze on stocks such as GameStop GME. It skyrocketed more than 2,000% in that month alone.

Short…