1 00:00:20,961 --> 00:00:24,561 (fluorescent sign buzzing) 2 00:00:28,567 --> 00:00:32,272 (frenetic electronic music) 3 00:00:51,755 --> 00:00:55,295 (intense orchestral music) 4 00:01:21,191 --> 00:01:22,982 - [Announcer] The stock market is in turmoil today. 5 00:01:23,017 --> 00:01:25,589 - This GameStop situation is the craziest 6 00:01:25,624 --> 00:01:26,656 I think I've ever seen. 7 00:01:26,691 --> 00:01:28,119 - I want to talk about GameStop. 8 00:01:28,154 --> 00:01:28,955 - GameStop. - GameStop. 9 00:01:28,990 --> 00:01:29,923 - GameStop! 10 00:01:29,958 --> 00:01:30,792 - GameStop. - GameStop. 11 00:01:30,827 --> 00:01:32,024 - GameStop. - GameStop. 12 00:01:32,059 --> 00:01:33,366 - GameStop. - GameStop. 13 00:01:33,401 --> 00:01:37,304 - This crazy GameStop stock market story. 14 00:01:37,339 --> 00:01:38,932 - I was like, oh my God, 15 00:01:38,967 --> 00:01:41,176 we actually can use shares as our weapons 16 00:01:41,211 --> 00:01:42,771 against Wall Street, 17 00:01:42,806 --> 00:01:43,871 so hit 'em where it hurts 18 00:01:43,906 --> 00:01:45,180 and take their money away from them. 19 00:01:45,215 --> 00:01:47,006 - It's interesting, isn't it? 20 00:01:47,041 --> 00:01:49,140 - Everyone is talking about GameStop. 21 00:01:49,175 --> 00:01:50,845 - It's absolute insanity. 22 00:01:50,880 --> 00:01:53,012 Even looking back, it doesn't even make sense. 23 00:01:53,047 --> 00:01:56,290 - It is the story that doesn't seem to die. 24 00:01:56,325 --> 00:01:58,721 - [Male Speaker] Literally, I think the entire world is talking about it. 25 00:01:58,756 --> 00:02:00,151 (speaking in foreign language) 26 00:02:00,186 --> 00:02:01,724 - It was like an out of body experience. 27 00:02:01,759 --> 00:02:03,726 (speaking in foreign language) 28 00:02:03,761 --> 00:02:04,694 I can't really explain it. 29 00:02:04,729 --> 00:02:05,893 - [Announcer] Wall Street 30 00:02:05,928 --> 00:02:07,697 has been turned upside down this week. 31 00:02:07,732 --> 00:02:09,996 - [Announcer] Shaken by thousands of small time investors 32 00:02:10,031 --> 00:02:11,701 taking on the big guys. 33 00:02:11,736 --> 00:02:13,307 - At one point, 34 00:02:13,342 --> 00:02:15,309 I'm just like there might be a financial crisis developing. 35 00:02:15,344 --> 00:02:17,245 - It's like the villagers storming the castle. 36 00:02:17,280 --> 00:02:18,807 - [Male Speaker] Frenzied buying, 37 00:02:18,842 --> 00:02:20,875 the likes of which we have never seen. 38 00:02:20,910 --> 00:02:22,250 - GameStop! - I'll be quite honest, 39 00:02:22,285 --> 00:02:25,979 that whole week was just a complete blur. 40 00:02:26,014 --> 00:02:29,653 - GameStop at the center of this pretty extraordinary 41 00:02:29,688 --> 00:02:33,228 David and Goliath story where individual investors 42 00:02:33,263 --> 00:02:36,154 are short squeezing some pretty massive hedge funds. 43 00:02:36,189 --> 00:02:37,562 - [Male Speaker] We have the most amazing 44 00:02:37,597 --> 00:02:39,498 short squeeze going on. 45 00:02:39,533 --> 00:02:41,599 - [Male Speaker] It seems to be the short squeeze of all short squeezes. 46 00:02:41,634 --> 00:02:43,095 - [Announcer] Forcing those Wall Street giants 47 00:02:43,130 --> 00:02:44,701 to lose billions. 48 00:02:44,736 --> 00:02:47,671 - Oh, that's terrible, those poor hedge fund managers. 49 00:02:47,706 --> 00:02:49,409 Now might be a good time to invest 50 00:02:49,444 --> 00:02:52,280 in whoever manufacturers the world's tiniest violins. 51 00:02:53,646 --> 00:02:56,251 - I was like, these guys are wrong. 52 00:02:56,286 --> 00:02:57,879 It's kind of weird saying that, right? 53 00:02:57,914 --> 00:03:00,948 Like, hey, these multi-billion dollar hedge funds are wrong. 54 00:03:00,983 --> 00:03:03,588 This is gonna be the biggest short squeeze in history. 55 00:03:03,623 --> 00:03:06,118 - That's pretty game-changing. 56 00:03:06,153 --> 00:03:11,123 My friends created a revolution from their research. 57 00:03:11,565 --> 00:03:12,795 - Let's go, go! 58 00:03:12,830 --> 00:03:15,534 Let's go, you know what I mean? 59 00:03:15,569 --> 00:03:17,228 - People are coming to us saying, hey, 60 00:03:17,263 --> 00:03:18,933 you're the reason I held on. 61 00:03:18,968 --> 00:03:21,540 Your research is what led me to this opportunity. 62 00:03:21,575 --> 00:03:23,443 - [Male Speaker] Joining as the original participants 63 00:03:23,478 --> 00:03:24,378 in the GameStop trade. 64 00:03:24,413 --> 00:03:27,040 - What's going on, everybody? 65 00:03:27,075 --> 00:03:29,581 Hopefully, you can all hear me all right. 66 00:03:29,616 --> 00:03:31,143 I've never done one of these before. 67 00:03:31,178 --> 00:03:33,145 We had the vision to see what was going to happen 68 00:03:33,180 --> 00:03:34,619 before it happened. 69 00:03:34,654 --> 00:03:36,214 - What was it about it that made you believe 70 00:03:36,249 --> 00:03:39,723 that there was a growth story there that no one else saw? 71 00:03:39,758 --> 00:03:41,296 - I've been in the thing for years. 72 00:03:41,331 --> 00:03:43,760 I've lived it, I've watched the company's evolution. 73 00:03:43,795 --> 00:03:46,257 - Rod, you've been in GameStop 74 00:03:46,292 --> 00:03:49,227 waiting for this moment since 2017. 75 00:03:49,262 --> 00:03:52,274 - It sure felt like I was wrong for a long time. 76 00:03:54,608 --> 00:03:58,313 - To me, it just represented an opportunity 77 00:03:58,348 --> 00:04:01,943 to prove to everybody that I was right and they were wrong. 78 00:04:01,978 --> 00:04:05,452 (intense orchestral music) 79 00:04:24,803 --> 00:04:27,166 (cow mooing) 80 00:04:28,972 --> 00:04:32,006 - I grew up in Mukwonago, Wisconsin. 81 00:04:33,482 --> 00:04:36,516 It's very rural, a lot of land. 82 00:04:37,981 --> 00:04:39,684 - Justin Dopierala. 83 00:04:39,719 --> 00:04:42,555 (audience applauding) 84 00:04:42,590 --> 00:04:45,019 - I was the first one of my family to graduate from college. 85 00:04:46,528 --> 00:04:48,792 At one point, I contacted several financial firms 86 00:04:48,827 --> 00:04:51,256 and no one would even give me an internship. 87 00:04:52,864 --> 00:04:54,732 So I decided that, you know what? 88 00:04:54,767 --> 00:04:55,799 I'm just gonna do it myself. 89 00:04:55,834 --> 00:04:57,966 I'm gonna go out on my own. 90 00:04:58,001 --> 00:05:00,408 I became DOMO Capital Management. 91 00:05:01,741 --> 00:05:05,237 A lot of my clients were just every day blue collar people, 92 00:05:05,272 --> 00:05:08,680 nurses, truck drivers, electricians. 93 00:05:08,715 --> 00:05:11,551 (sparks crackling) 94 00:05:11,586 --> 00:05:15,115 (pensive electronic music) 95 00:05:19,858 --> 00:05:22,496 GameStop came up on my screens in 2018, 96 00:05:22,531 --> 00:05:24,531 and it was clear to me that the market 97 00:05:24,566 --> 00:05:27,435 had this huge misperception about GameStop. 98 00:05:27,470 --> 00:05:29,261 - GameStop plunging after hours 99 00:05:29,296 --> 00:05:30,900 after a disappointing quarter. 100 00:05:30,935 --> 00:05:33,441 - GameStop, yes, you heard me right, GameStop, 101 00:05:33,476 --> 00:05:35,938 that store that you haven't been to in like a decade. 102 00:05:35,973 --> 00:05:37,269 - Yeah, GameStop, 103 00:05:37,304 --> 00:05:39,513 you know that money losing video game store? 104 00:05:39,548 --> 00:05:42,340 - For years, this stock has been absolutely hated 105 00:05:42,375 --> 00:05:44,276 because the whole industry is moving online. 106 00:05:44,311 --> 00:05:46,586 - It's a dog shit company, okay? 107 00:05:46,621 --> 00:05:48,753 It's shocking that they haven't filed 108 00:05:48,788 --> 00:05:50,491 for bankruptcy protection yet. 109 00:05:53,254 --> 00:05:54,858 - So in May of 2019, 110 00:05:54,893 --> 00:05:58,862 I wrote an article, GameStop, time to use the Konami Code, 111 00:05:58,897 --> 00:06:02,261 a famous cheat that most gamers know from Contra. 112 00:06:02,296 --> 00:06:03,570 - [Male Speaker] Up, up, down, down, 113 00:06:03,605 --> 00:06:06,903 left, right, left, right, B, A, start. 114 00:06:06,938 --> 00:06:08,069 30 lives. 115 00:06:11,437 --> 00:06:13,404 - I was really the first one to come out 116 00:06:13,439 --> 00:06:16,077 and have a strong conviction in GameStop. 117 00:06:27,354 --> 00:06:29,662 - Investing, it's a combination of engineering, 118 00:06:29,697 --> 00:06:31,499 and I would say, art, 119 00:06:31,534 --> 00:06:34,161 even though that sounds a little bit too pretentious. 120 00:06:36,605 --> 00:06:38,363 Originally, I'm from Russia. 121 00:06:39,542 --> 00:06:41,674 Russia is not a country 122 00:06:41,709 --> 00:06:44,138 where there was a lot of opportunity. 123 00:06:44,173 --> 00:06:47,581 And just generally speaking, of course, 124 00:06:47,616 --> 00:06:48,714 it is way better here. 125 00:06:53,721 --> 00:06:57,349 I'm not a financial professional. 126 00:06:57,384 --> 00:07:00,528 My profession is really I'm a software architect, 127 00:07:00,563 --> 00:07:01,958 but a few years ago, 128 00:07:01,993 --> 00:07:04,092 I got really interested in investing. 129 00:07:04,127 --> 00:07:07,865 - So let's examine the structure of American capitalism. 130 00:07:07,900 --> 00:07:12,507 - Investing has several different layers to it, if you will. 131 00:07:12,542 --> 00:07:14,707 - The first rule of investment is don't lose. 132 00:07:14,742 --> 00:07:15,873 And the second rule of investment 133 00:07:15,908 --> 00:07:17,512 is don't forget the first rule. 134 00:07:17,547 --> 00:07:19,514 - [Dmitriy] Frequently, people rely on their emotions. 135 00:07:19,549 --> 00:07:20,944 - Which is terrible news 136 00:07:20,979 --> 00:07:23,815 for the company's only stockholder, Homer Simpson. 137 00:07:23,850 --> 00:07:25,179 - Oh! 138 00:07:25,214 --> 00:07:26,554 - But you have to be dispassionate 139 00:07:26,589 --> 00:07:27,852 if you are to make money, of course. 140 00:07:27,887 --> 00:07:30,558 You don't want to become emotionally attached. 141 00:07:33,387 --> 00:07:35,563 You have to be interested in what you're doing, 142 00:07:35,598 --> 00:07:38,566 not just in it to make money. 143 00:07:38,601 --> 00:07:40,326 You have to really care. 144 00:07:41,571 --> 00:07:43,164 That makes you a better investor. 145 00:07:44,937 --> 00:07:49,335 And one of my investments was GameStop. 146 00:07:49,370 --> 00:07:51,876 - If you have GameStop stock, sell it now. 147 00:07:51,911 --> 00:07:53,471 - You know, every once in a while, 148 00:07:53,506 --> 00:07:54,912 I'll just poke my head in there, check it out, 149 00:07:54,947 --> 00:07:57,079 be like, yeah, yeah, this still looks like shit. 150 00:07:57,114 --> 00:07:58,817 - If you hate GameStop, 151 00:07:58,852 --> 00:08:00,819 well, you can just feel free to give this video a like, 152 00:08:00,854 --> 00:08:02,018 share with your friends. 153 00:08:02,053 --> 00:08:03,481 - People were just roasting the company. 154 00:08:03,516 --> 00:08:05,758 Hey, GameStop is tanking. 155 00:08:05,793 --> 00:08:07,694 Nobody goes to GameStop. 156 00:08:07,729 --> 00:08:09,091 Who goes to GameStop? 157 00:08:10,094 --> 00:08:13,634 (pensive orchestral music) 158 00:08:22,139 --> 00:08:25,371 I was born in Tuscaloosa, Alabama. 159 00:08:25,406 --> 00:08:27,208 So my mom and my dad are both Syrian. 160 00:08:29,113 --> 00:08:32,851 One thing that my father told me all the time was, 161 00:08:32,886 --> 00:08:35,183 hey, you're never gonna live a comfortable life 162 00:08:35,218 --> 00:08:37,691 doing a 9:00 to 5:00, doing an office job. 163 00:08:37,726 --> 00:08:40,287 You need to learn how to manage your money. 164 00:08:45,228 --> 00:08:47,635 When I was around 15, 165 00:08:47,670 --> 00:08:52,464 my father passed away and I thought about life. 166 00:08:53,940 --> 00:08:57,139 And I realized he was prepping me to take care of my family. 167 00:08:58,978 --> 00:09:02,144 So my mom has absolutely no idea 168 00:09:02,179 --> 00:09:04,949 that I drove up to Alabama last night. 169 00:09:04,984 --> 00:09:06,951 I'm about to surprise the hell out of her. 170 00:09:08,658 --> 00:09:12,594 (speaking in foreign language) 171 00:09:14,488 --> 00:09:15,729 Don't say that. 172 00:09:15,764 --> 00:09:17,665 I started getting into misunderstood, 173 00:09:17,700 --> 00:09:20,096 underappreciated type companies 174 00:09:20,131 --> 00:09:21,834 that could potentially make a comeback. 175 00:09:21,869 --> 00:09:24,232 Yo, when somebody tells you not to do something, 176 00:09:24,267 --> 00:09:25,563 you do it. 177 00:09:25,598 --> 00:09:28,643 So I started getting into GameStop 178 00:09:30,636 --> 00:09:33,780 and I started writing about it on StockTwits. 179 00:09:33,815 --> 00:09:37,476 - It's like Twitter for financial markets exclusively. 180 00:09:39,018 --> 00:09:40,050 - I was GMEshortsqueeze. 181 00:09:41,614 --> 00:09:43,185 I have a little logo with a green arrow. 182 00:09:45,024 --> 00:09:47,827 This whole GameStop story 183 00:09:47,862 --> 00:09:51,127 started on Seeking Alpha and StockTwits. 184 00:09:54,704 --> 00:09:56,671 I have a data visualization background 185 00:09:58,136 --> 00:10:03,304 and my philosophy is a picture can say 1,000 words. 186 00:10:04,637 --> 00:10:07,539 If you can put a small graphic that gives insights, 187 00:10:07,574 --> 00:10:11,312 that can inspire people to do more research. 188 00:10:13,481 --> 00:10:14,612 - [Male Speaker] Screw this shit, man. 189 00:10:14,647 --> 00:10:16,548 GameStop frickin' sucks. 190 00:10:16,583 --> 00:10:18,022 Don't go there. 191 00:10:18,057 --> 00:10:21,762 (pensive orchestral music) 192 00:10:26,164 --> 00:10:27,669 - I wanted a sanity check. 193 00:10:31,774 --> 00:10:33,741 I wanted to understand, what was I missing? 194 00:10:38,011 --> 00:10:41,881 I was a self-confessed GameStop fanatic by then. 195 00:10:41,916 --> 00:10:43,883 I was reading every bit of content I could scrape 196 00:10:43,918 --> 00:10:45,720 anywhere across the internet. 197 00:10:48,681 --> 00:10:50,054 - I first came across Rod 198 00:10:50,089 --> 00:10:52,584 when he reached out to me through my website. 199 00:10:52,619 --> 00:10:54,828 He wasn't looking to invest with DOMO Capital, 200 00:10:54,863 --> 00:10:57,556 but he just wanted to talk about GameStop. 201 00:10:57,591 --> 00:10:58,689 - Exactly. 202 00:10:58,724 --> 00:11:00,834 He had an intake form on his website. 203 00:11:00,869 --> 00:11:03,595 I said, I've read a lot of your stories about GameStop. 204 00:11:03,630 --> 00:11:04,904 I'm an investor 205 00:11:04,939 --> 00:11:07,599 and I would love to have a discussion with you. 206 00:11:07,634 --> 00:11:10,074 - Rod and I would exchange texts. 207 00:11:10,109 --> 00:11:12,241 We've never met in person. 208 00:11:12,276 --> 00:11:16,047 For me personally, Rod Alzmann was always Uberkikz. 209 00:11:16,082 --> 00:11:20,953 - That was my AOL instant messenger name from fifth grade. 210 00:11:22,154 --> 00:11:23,582 I made it up because I played soccer 211 00:11:24,717 --> 00:11:26,761 and 11 was my favorite number. 212 00:11:26,796 --> 00:11:30,424 And I've just used that as kind of my username ever since. 213 00:11:32,802 --> 00:11:36,001 My job is in competitive intelligence corporate strategy. 214 00:11:37,400 --> 00:11:39,037 At lunch at work for years, 215 00:11:39,072 --> 00:11:40,731 we'd be talking about stocks, 216 00:11:40,766 --> 00:11:44,911 and GameStop, for me, was always the largest position. 217 00:11:44,946 --> 00:11:47,815 - They are the world's greatest optimists, I guess. 218 00:11:47,850 --> 00:11:48,783 - Yes. 219 00:11:48,818 --> 00:11:50,279 Or they know something we don't. 220 00:11:50,314 --> 00:11:51,643 - My coworkers, they were like, 221 00:11:51,678 --> 00:11:53,645 "Why are you doing this to yourself, Rod? 222 00:11:53,680 --> 00:11:55,614 Why are you still in GameStop?" 223 00:11:58,960 --> 00:12:00,619 - [Female Speaker] Internet trolls are people 224 00:12:00,654 --> 00:12:02,753 lurking in cyberspace who launch attacks. 225 00:12:02,788 --> 00:12:04,964 - They're these losers who don't have a job 226 00:12:04,999 --> 00:12:07,758 and they're in the basement of their parents' house. 227 00:12:07,793 --> 00:12:10,332 - [Male Speaker] They feed off of negative reactions. 228 00:12:10,367 --> 00:12:14,237 - The majority of the trolls would post, 229 00:12:14,272 --> 00:12:15,810 this is Blockbuster. 230 00:12:15,845 --> 00:12:18,637 - GameStop is a brick and mortar video game retailer 231 00:12:18,672 --> 00:12:20,914 at a time when people increasingly download their games 232 00:12:20,949 --> 00:12:22,641 off the internet. 233 00:12:22,676 --> 00:12:24,280 - [Announcer] A lot of people are buying their video games online 234 00:12:24,315 --> 00:12:25,611 instead of going into the stores. 235 00:12:25,646 --> 00:12:27,646 - Brick and mortar stores have been under pressure 236 00:12:27,681 --> 00:12:28,856 for some time. 237 00:12:28,891 --> 00:12:29,956 - In a few weeks, stores like this 238 00:12:29,991 --> 00:12:32,024 will simply be a memory of Americana. 239 00:12:32,059 --> 00:12:33,927 - [Announcer] The company filed for bankruptcy 240 00:12:33,962 --> 00:12:34,961 six months ago. 241 00:12:34,996 --> 00:12:35,830 - Blockbuster. 242 00:12:37,361 --> 00:12:39,262 - [Male Speaker] Is GameStop the next Blockbuster? 243 00:12:39,297 --> 00:12:41,297 - This is the next Blockbuster. 244 00:12:41,332 --> 00:12:42,298 They're going out of business. 245 00:12:43,730 --> 00:12:45,268 - GameStop, it's a company of the past. 246 00:12:45,303 --> 00:12:46,940 - Are they Blockbuster two? 247 00:12:46,975 --> 00:12:47,842 Hell yes. 248 00:12:47,877 --> 00:12:49,305 They're Blockbuster two, man, 249 00:12:49,340 --> 00:12:51,076 the much deadlier sequel. 250 00:12:51,980 --> 00:12:53,309 (merchandise crashing) 251 00:12:53,344 --> 00:12:56,114 - Hey, this is irrelevant because the PS5 252 00:12:56,149 --> 00:12:58,017 and the Xbox series X are coming out next year. 253 00:12:58,052 --> 00:13:00,316 - So let's talk about our next console. 254 00:13:03,024 --> 00:13:04,650 - The biggest risk was that the new consoles 255 00:13:04,685 --> 00:13:06,454 wouldn't have disk drives. 256 00:13:06,489 --> 00:13:07,961 - [Male Speaker] You know, very few people are going 257 00:13:07,996 --> 00:13:10,029 and buying video games in malls anymore. 258 00:13:10,064 --> 00:13:11,822 - If you ask any 10 to 15 year old, 259 00:13:11,857 --> 00:13:13,164 they're downloading games, right? 260 00:13:13,199 --> 00:13:14,231 They're not going to these stores. 261 00:13:14,266 --> 00:13:15,870 - If everything goes all digital, 262 00:13:15,905 --> 00:13:18,037 why the hell would I ever go into a GameStop? 263 00:13:18,072 --> 00:13:19,533 - [Justin] I had a thesis. 264 00:13:19,568 --> 00:13:22,470 I didn't think the new consoles would be digital only. 265 00:13:22,505 --> 00:13:25,407 - [Dmitriy] And Justin was correct. 266 00:13:25,442 --> 00:13:27,673 - I was digging into the financials 267 00:13:27,708 --> 00:13:30,247 and all I got was made fun of, all right? 268 00:13:30,282 --> 00:13:31,710 I'm telling you, it's not over. 269 00:13:31,745 --> 00:13:34,020 - Even if they were to go bankrupt immediately, 270 00:13:35,881 --> 00:13:37,386 there was more money there 271 00:13:37,421 --> 00:13:39,685 than what the stock was selling for. 272 00:13:39,720 --> 00:13:41,819 - The price had gotten down below $4. 273 00:13:41,854 --> 00:13:43,755 It just made no sense. 274 00:13:43,790 --> 00:13:46,725 And if we're specifically talking about video games, 275 00:13:46,760 --> 00:13:48,100 they are who you think of. 276 00:13:48,135 --> 00:13:49,827 Clearly, this brand is not dead. 277 00:13:49,862 --> 00:13:51,103 It's vibrant. 278 00:13:51,138 --> 00:13:53,237 And this cycle is about to reinvigorate it. 279 00:13:55,307 --> 00:13:57,109 - It's like when you're playing Texas Hold'em, 280 00:13:57,144 --> 00:13:59,375 you know if you have a certain hand 281 00:13:59,410 --> 00:14:02,180 and you know you have a lot of outs. 282 00:14:02,215 --> 00:14:05,282 And with GameStop, there was so many outs. 283 00:14:12,885 --> 00:14:14,753 - Investing is almost like a game. 284 00:14:15,998 --> 00:14:17,261 It's like a game 285 00:14:17,296 --> 00:14:20,792 where you are competing against other people 286 00:14:20,827 --> 00:14:23,036 whom you don't know. 287 00:14:23,071 --> 00:14:25,236 I was really interested who those people are 288 00:14:25,271 --> 00:14:26,732 on the other side of my trade. 289 00:14:29,077 --> 00:14:31,077 - There aren't too many jobs, professions, 290 00:14:31,112 --> 00:14:34,872 or even inventions that would make someone a billionaire, 291 00:14:34,907 --> 00:14:37,215 but hedge funds created by industry pioneers 292 00:14:37,250 --> 00:14:40,119 such as Steven A. Cohen did just that. 293 00:14:40,154 --> 00:14:41,912 - [Announcer] Cohen was actually the inspiration 294 00:14:41,947 --> 00:14:43,881 for the fictitional character Bobby Axelrod 295 00:14:43,916 --> 00:14:45,817 on the Showtime drama, "Billions." 296 00:14:45,852 --> 00:14:48,457 - I am a monster. 297 00:14:48,492 --> 00:14:51,064 - It's been a big month for Citadel's Ken Griffin 298 00:14:51,099 --> 00:14:52,263 in real estate, 299 00:14:52,298 --> 00:14:53,726 the hedge fund manager purchasing 300 00:14:53,761 --> 00:14:55,629 the most expensive home ever sold in the U.S. 301 00:14:57,963 --> 00:14:59,171 - [Announcer] Hedge funds 302 00:14:59,206 --> 00:15:00,931 use sophisticated investment techniques 303 00:15:00,966 --> 00:15:04,242 that enable them to make money when the markets are rising 304 00:15:04,277 --> 00:15:05,441 and falling. 305 00:15:05,476 --> 00:15:06,904 - The stock market's just a rigged game 306 00:15:06,939 --> 00:15:09,148 where the top 1% make out like bandits 307 00:15:09,183 --> 00:15:10,446 and regular people get hurt. 308 00:15:12,879 --> 00:15:15,253 - Justin mentioned that some hedge funds 309 00:15:15,288 --> 00:15:17,915 were heavily short GameStop. 310 00:15:17,950 --> 00:15:19,356 - [Male Speaker] Hedge fund managers bet money 311 00:15:19,391 --> 00:15:21,457 that a specific stock will decline in value. 312 00:15:21,492 --> 00:15:22,854 That's called short selling. 313 00:15:22,889 --> 00:15:24,031 - [Female Speaker] The trader bets 314 00:15:24,066 --> 00:15:25,824 that has stock price will go down. 315 00:15:25,859 --> 00:15:27,265 And when it does, they make money. 316 00:15:27,300 --> 00:15:30,136 But if it goes up, they lose a lot of money. 317 00:15:30,171 --> 00:15:32,369 - [Male Speaker] There are those big institutions 318 00:15:32,404 --> 00:15:35,009 and hedge funds that love to short stocks, 319 00:15:35,044 --> 00:15:37,968 in other words, to bet on their price collapsing. 320 00:15:38,003 --> 00:15:41,147 - Short sellers crash companies and profit from that. 321 00:15:41,182 --> 00:15:46,185 - They go, uh-oh, that company's not doing well, 322 00:15:47,056 --> 00:15:49,881 so I'm gonna make it do worse. 323 00:15:49,916 --> 00:15:54,193 - It's the joy and revelment of seeing somebody else fail. 324 00:15:56,065 --> 00:15:59,165 - [Male Speaker] These are nasty, ruthless motherfuckers 325 00:15:59,200 --> 00:16:01,497 who will stop at nothing to make a buck. 326 00:16:03,666 --> 00:16:06,568 - Wall Street's been manipulating the market for years. 327 00:16:06,603 --> 00:16:07,899 This isn't new news. 328 00:16:07,934 --> 00:16:09,142 Like, it's been going on. 329 00:16:09,177 --> 00:16:10,308 They're gonna hurt the little guy 330 00:16:10,343 --> 00:16:11,309 because that's what always happens, 331 00:16:11,344 --> 00:16:12,871 they go after the little guy. 332 00:16:16,008 --> 00:16:20,384 I was staying at a job that I was only staying at 333 00:16:20,419 --> 00:16:22,650 because of financial security. 334 00:16:22,685 --> 00:16:24,784 And it was eating my soul alive. 335 00:16:26,953 --> 00:16:31,626 I always had a passion for being in the music industry. 336 00:16:33,465 --> 00:16:35,333 My parents were so against the music business 337 00:16:35,368 --> 00:16:37,533 because it wasn't their traditional lifestyle 338 00:16:37,568 --> 00:16:40,404 that they had planned for me. 339 00:16:40,439 --> 00:16:44,243 Straight away, I'd be like this demon child. 340 00:16:45,708 --> 00:16:48,280 And then I finally just had a breaking point, 341 00:16:48,315 --> 00:16:50,282 so I left my job. 342 00:16:52,385 --> 00:16:55,452 I actually got a tattoo the day before I quit 343 00:16:55,487 --> 00:16:57,949 saying come as you are, which is my favorite, 344 00:16:57,984 --> 00:17:00,127 one of my favorite Nirvana lyrics. 345 00:17:00,162 --> 00:17:01,953 And it's my favorite band of all time 346 00:17:01,988 --> 00:17:04,263 to remind me that I wasn't gonna back out 347 00:17:04,298 --> 00:17:06,562 of going into his office and quitting. 348 00:17:08,995 --> 00:17:12,106 I had no idea when I was gonna work next, 349 00:17:12,141 --> 00:17:14,603 but I ultimately knew that it was the right decision. 350 00:17:16,002 --> 00:17:18,244 I was in a lot of debt, 351 00:17:18,279 --> 00:17:21,038 but I took all of my savings 352 00:17:21,073 --> 00:17:23,579 and put it into the stock market, 353 00:17:23,614 --> 00:17:25,449 and just kind of hoped for the best. 354 00:17:28,157 --> 00:17:31,224 - So I've always been like a casual investor, 355 00:17:31,259 --> 00:17:32,357 nothing serious. 356 00:17:36,198 --> 00:17:40,057 I wanted to invest in what I knew, which was gaming. 357 00:17:40,092 --> 00:17:42,268 (cart whooshing) - Hee hee! 358 00:17:42,303 --> 00:17:44,369 - My first job was a game tester. 359 00:17:45,669 --> 00:17:46,602 - A, A! 360 00:17:47,539 --> 00:17:49,099 - I can fix you? 361 00:17:49,134 --> 00:17:49,935 - [Child] Yes! 362 00:17:49,970 --> 00:17:51,277 - I didn't know that. 363 00:17:51,312 --> 00:17:54,412 But then I took a position as a game master, 364 00:17:54,447 --> 00:17:59,153 which was basically the god of the world in EverQuest. 365 00:18:00,145 --> 00:18:02,079 (thunder clapping) 366 00:18:02,114 --> 00:18:03,520 When you work in the video game industry, 367 00:18:03,555 --> 00:18:07,084 unfortunately, it doesn't pay great. 368 00:18:07,119 --> 00:18:08,261 Ouch! 369 00:18:08,296 --> 00:18:09,691 So I ended up moving away from it. 370 00:18:11,123 --> 00:18:12,694 I made it a new year's resolution, 371 00:18:12,729 --> 00:18:14,267 I said, I'm gonna start a YouTube channel. 372 00:18:14,302 --> 00:18:15,499 I'm doing this. 373 00:18:15,534 --> 00:18:16,797 What's going on, guys? 374 00:18:16,832 --> 00:18:19,173 Welcome to another episode of Smash JT, 375 00:18:19,208 --> 00:18:20,471 - Smash! - JT. 376 00:18:20,506 --> 00:18:21,769 - Thank you so much for watching. 377 00:18:21,804 --> 00:18:23,441 And as always, you stay smashing. 378 00:18:23,476 --> 00:18:24,310 You stay smashing. 379 00:18:24,345 --> 00:18:25,102 You stay smashing. 380 00:18:25,137 --> 00:18:26,136 You stay smashing. 381 00:18:26,171 --> 00:18:27,610 You stay smashing. 382 00:18:27,645 --> 00:18:30,646 GameStop was hated among gamers, like hated. 383 00:18:30,681 --> 00:18:32,109 - Every time I go into GameStop, 384 00:18:32,144 --> 00:18:33,616 I'm like, who's buying any of this shit? 385 00:18:33,651 --> 00:18:35,387 I'm betting against this horrible company. 386 00:18:35,422 --> 00:18:37,389 - Hell, even I trashed it sometimes. 387 00:18:37,424 --> 00:18:41,327 There are typos on the website. 388 00:18:41,362 --> 00:18:42,295 Yikes. 389 00:18:42,330 --> 00:18:45,122 But I saw a tweet from GameStop. 390 00:18:45,157 --> 00:18:47,399 - There are a few GameStops, 391 00:18:47,434 --> 00:18:50,061 particularly up in Tulsa, Oklahoma, 392 00:18:50,096 --> 00:18:52,965 where they are starting to change things around. 393 00:18:53,000 --> 00:18:56,540 - It got my brain running wild, like whoa, 394 00:18:56,575 --> 00:18:58,135 what could happen to this company 395 00:18:58,170 --> 00:19:00,544 that's been beaten into the dirt? 396 00:19:00,579 --> 00:19:02,513 I bought stock in GameStop. 397 00:19:05,419 --> 00:19:08,255 So my initial investment in GameStop 398 00:19:08,290 --> 00:19:13,392 was wholly based off of, oh, they're trying. 399 00:19:13,427 --> 00:19:14,525 Maybe, I'm crazy. 400 00:19:14,560 --> 00:19:16,087 Maybe, I have completely lost my mind, 401 00:19:17,266 --> 00:19:19,596 or maybe I'm just onto something here. 402 00:19:19,631 --> 00:19:22,368 I saw so much potential, so much possibility, 403 00:19:22,403 --> 00:19:24,535 and then some might say the world started ending 404 00:19:24,570 --> 00:19:26,163 a month later. 405 00:19:26,198 --> 00:19:27,934 - Scientists in China are trying to determine 406 00:19:27,969 --> 00:19:30,772 if a new virus strain is responsible for pneumonia outbreak 407 00:19:30,807 --> 00:19:32,444 in the city of Wuhan. 408 00:19:32,479 --> 00:19:34,710 - [Announcer] The CDC says the mysterious coronavirus. 409 00:19:34,745 --> 00:19:36,679 - Coronavirus. - Coronavirus. 410 00:19:36,714 --> 00:19:40,617 - The nation's retailers are going to be absolutely hammered 411 00:19:40,652 --> 00:19:41,651 by the coronavirus. 412 00:19:46,394 --> 00:19:48,262 - COVID hit and things changed quite a bit. 413 00:19:48,297 --> 00:19:51,430 - With millions of Americans under lockdown right now, 414 00:19:51,465 --> 00:19:54,466 some cabin fever is starting to set in. 415 00:19:54,501 --> 00:19:56,369 - Yeah, I thought you liked me. 416 00:19:56,404 --> 00:19:57,568 I never said I liked you. 417 00:19:57,603 --> 00:20:00,703 - I think (indistinct) into Spider song. 418 00:20:00,738 --> 00:20:03,442 - We're done with that song. 419 00:20:03,477 --> 00:20:05,004 We are basically stuck at home. 420 00:20:06,238 --> 00:20:08,238 It's like Groundhog Day, 421 00:20:08,273 --> 00:20:10,647 but at least GameStop was exciting. 422 00:20:11,683 --> 00:20:12,979 - [Rod] No social life. 423 00:20:14,147 --> 00:20:15,322 I was gaining weight. 424 00:20:16,820 --> 00:20:19,656 - The kids became virtual and they're home every day. 425 00:20:19,691 --> 00:20:21,493 - [Announcer] The coronavirus pandemic, as you know, 426 00:20:21,528 --> 00:20:24,221 is dramatically changing our everyday lives. 427 00:20:24,256 --> 00:20:26,564 - Right about now, for many, it means working from home. 428 00:20:26,599 --> 00:20:28,566 That is the new normal. 429 00:20:28,601 --> 00:20:32,504 - I was working at a tiny kitchen table as my work set up 430 00:20:32,539 --> 00:20:35,573 with my girlfriend working six feet away from me 431 00:20:35,608 --> 00:20:37,476 in this little living room space 432 00:20:37,511 --> 00:20:39,775 where we're both doing our jobs. 433 00:20:39,810 --> 00:20:44,417 - I had been living by myself for a month and a half. 434 00:20:44,452 --> 00:20:45,781 I wasn't working. 435 00:20:45,816 --> 00:20:48,421 I felt like I didn't have a purpose in life. 436 00:20:48,456 --> 00:20:51,589 So I went to New Jersey for the summer 437 00:20:51,624 --> 00:20:53,459 to be with my parents. 438 00:20:53,494 --> 00:20:55,527 I surprised them. 439 00:20:55,562 --> 00:20:56,924 I was drunk shopping 440 00:20:56,959 --> 00:20:59,498 and I got delivered to the wrong location. 441 00:20:59,533 --> 00:21:03,194 My dad thought I was the Amazon delivery driver at first. 442 00:21:03,229 --> 00:21:06,505 - It should be delivered. 443 00:21:06,540 --> 00:21:07,968 She got her luggage. 444 00:21:08,003 --> 00:21:11,345 I just said my daughter's on the thing inside. 445 00:21:11,380 --> 00:21:14,205 - I would wake up, I would do yoga, 446 00:21:14,240 --> 00:21:16,680 and then I would start learning 447 00:21:16,715 --> 00:21:19,045 how to trade in the stock market. 448 00:21:20,686 --> 00:21:21,817 It was a lot of Googling. 449 00:21:21,852 --> 00:21:23,357 Very basic. 450 00:21:23,392 --> 00:21:25,282 - [Announcer] The weapon of choice for these new traders 451 00:21:25,317 --> 00:21:26,888 are platforms like Robinhood. 452 00:21:28,056 --> 00:21:29,561 - It feels like monopoly money sometimes. 453 00:21:29,596 --> 00:21:31,629 It feels like it's not real money. 454 00:21:31,664 --> 00:21:34,995 Five clicks and I buy a stock. 455 00:21:37,230 --> 00:21:38,064 - The Robinhood revolution. 456 00:21:38,099 --> 00:21:39,868 They used a terrific app 457 00:21:39,903 --> 00:21:44,576 and commission free trading to attract 70 million investors. 458 00:21:44,611 --> 00:21:46,380 ♪ Hallelujah ♪ 459 00:21:46,415 --> 00:21:47,975 - Back in the day, you had a call your broker. 460 00:21:48,010 --> 00:21:50,648 - (indistinct) Cola at eight and a quarter. 461 00:21:50,683 --> 00:21:52,210 - Now, times have changed. 462 00:21:52,245 --> 00:21:54,916 - Today, we're lucky to be joined by Vlad Tenev, 463 00:21:54,951 --> 00:21:57,754 who's the co-CEO of Robinhood. 464 00:21:57,789 --> 00:21:59,184 We're proud of the fact 465 00:21:59,219 --> 00:22:01,890 that we've enabled so many younger investors 466 00:22:01,925 --> 00:22:04,728 and first time investors to have access to the markets. 467 00:22:04,763 --> 00:22:07,093 - Joining us now is Davey Day Trader himself. 468 00:22:07,128 --> 00:22:11,702 - Sports are gone, so I've moved to day trading. 469 00:22:11,737 --> 00:22:13,330 - Barstool Sports Founder, Dave Portnoy, 470 00:22:13,365 --> 00:22:16,641 took to the Robinhood app and started a revolution. 471 00:22:17,974 --> 00:22:19,369 - From like where my parents are from, 472 00:22:19,404 --> 00:22:21,844 it's a very conservative people. 473 00:22:21,879 --> 00:22:24,341 So investing, risking money isn't really a thing 474 00:22:24,376 --> 00:22:26,585 that you're taught to do. 475 00:22:26,620 --> 00:22:28,279 You're taught hard work 476 00:22:28,314 --> 00:22:30,314 to get to where you want to be in life. 477 00:22:31,592 --> 00:22:32,789 You know, I'm a college student, 478 00:22:32,824 --> 00:22:35,055 so right now, I don't have money saved up. 479 00:22:36,058 --> 00:22:37,464 So I decided, okay, 480 00:22:37,499 --> 00:22:39,730 what's a good company to park my money for a year 481 00:22:39,765 --> 00:22:42,436 that I know can at least double or triple? 482 00:22:44,638 --> 00:22:46,132 I saw the name GameStop 483 00:22:46,167 --> 00:22:49,608 and it automatically got my attention. 484 00:22:49,643 --> 00:22:52,006 (screaming) 485 00:22:53,647 --> 00:22:55,614 Was I getting ripped off from GameStop sometimes? 486 00:22:55,649 --> 00:22:56,582 Yeah. 487 00:22:56,617 --> 00:22:58,045 - Say you have a game worth $50, 488 00:22:58,080 --> 00:22:59,750 well, we can take that off your hands right now 489 00:22:59,785 --> 00:23:02,489 and give you $6 in store credit. 490 00:23:02,524 --> 00:23:04,887 - [Rigo] But I love GameStop, 491 00:23:04,922 --> 00:23:06,724 and that's why I bought the stock. 492 00:23:06,759 --> 00:23:08,660 - [Female Speaker] GameStop, which sells video games 493 00:23:08,695 --> 00:23:11,729 and consoles is not doing well. 494 00:23:11,764 --> 00:23:13,896 - GameStop had certain things going 495 00:23:13,931 --> 00:23:15,260 which made it appear 496 00:23:15,295 --> 00:23:18,637 as it was doing worse than it really was doing. 497 00:23:18,672 --> 00:23:21,299 - It's game over for hundreds of GameStop locations. 498 00:23:21,334 --> 00:23:23,510 - Closing hundreds of stores. 499 00:23:23,545 --> 00:23:25,303 - That's pretty sad. 500 00:23:25,338 --> 00:23:27,437 - [Justin] It was publicized as this negative thing. 501 00:23:27,472 --> 00:23:29,615 - At some point, you're gonna be like, 502 00:23:29,650 --> 00:23:30,814 how are they still in business? 503 00:23:30,849 --> 00:23:32,585 - And it was so funny 504 00:23:32,620 --> 00:23:34,411 because we wanted GameStop to close stores. 505 00:23:34,446 --> 00:23:36,413 - You don't need to have these stores all over one another. 506 00:23:36,448 --> 00:23:38,349 They had over 6,000 stores. 507 00:23:38,384 --> 00:23:40,824 - And there's just no need to have stores on every corner. 508 00:23:40,859 --> 00:23:43,761 - [Male Speaker] May be game over for major retailer GameStop. 509 00:23:43,796 --> 00:23:46,456 - That was a big disconnect because on its face, 510 00:23:46,491 --> 00:23:48,095 if a company's shuttering stores, 511 00:23:48,130 --> 00:23:49,327 that's a bad thing. 512 00:23:49,362 --> 00:23:52,363 And it wasn't in GameStop's case. 513 00:23:52,398 --> 00:23:55,300 - I was like, hey, how can I turn this into a graphic 514 00:23:55,335 --> 00:23:59,106 so other people will understand what store closings mean. 515 00:23:59,141 --> 00:24:02,813 So I went, I scraped all the locations for GameStop, 516 00:24:02,848 --> 00:24:05,882 and you're seeing more GameStops out there 517 00:24:05,917 --> 00:24:07,521 than fast food companies. 518 00:24:07,556 --> 00:24:08,951 It doesn't make sense. 519 00:24:08,986 --> 00:24:11,349 There doesn't need to be that many GameStops. 520 00:24:11,384 --> 00:24:13,054 - You're seeing investors flee 521 00:24:13,089 --> 00:24:14,484 because they're concerned 522 00:24:14,519 --> 00:24:15,991 if you don't have people in your stores, 523 00:24:16,026 --> 00:24:17,828 you don't have cash coming into the registers. 524 00:24:17,863 --> 00:24:20,831 Your short-term outlook could get very ugly. 525 00:24:20,866 --> 00:24:22,030 - There was not a good thing 526 00:24:22,065 --> 00:24:24,494 to be seen online about GameStop. 527 00:24:24,529 --> 00:24:29,433 - Smash JT, you're so full of shit. 528 00:24:29,842 --> 00:24:31,578 - God! 529 00:24:31,613 --> 00:24:33,547 - [Male Speaker] This guy is a madman. He is a crazed lunatic. 530 00:24:33,582 --> 00:24:35,340 We've seen his videos 531 00:24:35,375 --> 00:24:37,815 of him walking around doing his stupid GameStop videos. 532 00:24:37,850 --> 00:24:39,982 - That's what I've been saying about GameStop 533 00:24:40,017 --> 00:24:41,687 since I started covering them. 534 00:24:41,722 --> 00:24:43,480 - [Male Speaker] Troll JT. 535 00:24:43,515 --> 00:24:45,757 - I will always be a gamer. 536 00:24:45,792 --> 00:24:48,485 - What a fuckin' weirdo. 537 00:24:48,520 --> 00:24:49,519 (laughing) 538 00:24:49,554 --> 00:24:50,828 - I remember thinking 539 00:24:50,863 --> 00:24:53,732 if I didn't make a YouTube video on this, 540 00:24:53,767 --> 00:24:56,328 I would probably sell out right now. 541 00:24:56,363 --> 00:24:58,000 I don't mean to be turning this channel 542 00:24:58,035 --> 00:25:01,069 into like a GameStop-centric channel. 543 00:25:01,104 --> 00:25:02,840 Damn it, I believe in this company. 544 00:25:02,875 --> 00:25:04,776 I believe in the turnaround. 545 00:25:04,811 --> 00:25:07,614 And we don't know the extent of this COVID thing. 546 00:25:07,649 --> 00:25:09,847 We don't know how bad it's gonna be. 547 00:25:09,882 --> 00:25:13,378 I finally feel like GameStop is onto something here. 548 00:25:15,085 --> 00:25:18,185 I need to find someone 549 00:25:18,220 --> 00:25:22,123 to reinforce my feelings on this company. 550 00:25:23,764 --> 00:25:26,699 So I started looking online, 551 00:25:26,734 --> 00:25:29,966 but most weren't covering it in a positive light 552 00:25:30,001 --> 00:25:31,297 except Roaring Kitty. 553 00:25:31,332 --> 00:25:32,463 - Hey, what's up, everybody? 554 00:25:32,498 --> 00:25:34,036 Welcome to Roaring Kitty. 555 00:25:34,071 --> 00:25:35,807 This channel revolves around live streams 556 00:25:35,842 --> 00:25:37,974 where I share my daily routine of tracking stocks, 557 00:25:38,009 --> 00:25:39,404 performing investment research, 558 00:25:39,439 --> 00:25:42,242 and a whole bunch of boring stuff like that. 559 00:25:42,277 --> 00:25:43,474 - It's this dude with a headband, 560 00:25:43,509 --> 00:25:44,882 has a beer in his hand, 561 00:25:44,917 --> 00:25:49,216 and he's like GameStop, guys, GameStop. 562 00:25:49,251 --> 00:25:50,888 Cheers. 563 00:25:50,923 --> 00:25:54,551 - Oh, JT Smash, JT Smash. 564 00:25:54,586 --> 00:25:56,454 Shout out to JT Smash. 565 00:25:56,489 --> 00:26:01,558 JT, terrific, terrific video that you uploaded on GameStop. 566 00:26:01,593 --> 00:26:02,966 - So I was just like, man, finally, 567 00:26:03,001 --> 00:26:05,562 someone as crazy as me. 568 00:26:05,597 --> 00:26:07,839 - We would all join Monday, Wednesday, 569 00:26:07,874 --> 00:26:09,643 Friday night at 7:00 p.m. Eastern. 570 00:26:09,678 --> 00:26:11,942 - His streams would be like six, seven, eight hours. 571 00:26:11,977 --> 00:26:14,978 - I mean, there was like 10, 15, 20 people. 572 00:26:15,013 --> 00:26:16,683 - Justin, cheers, cheers, cheers. 573 00:26:16,718 --> 00:26:18,047 Great week for GameStop indeed. 574 00:26:19,644 --> 00:26:20,577 - I was like, no way! 575 00:26:20,612 --> 00:26:21,611 He's like, Justin. 576 00:26:21,646 --> 00:26:23,789 He's like, hey, cheers. 577 00:26:23,824 --> 00:26:26,088 - So this is DOMO Capital Management's website here. 578 00:26:26,123 --> 00:26:27,089 You want to check this out. 579 00:26:27,124 --> 00:26:28,486 And then you can see, 580 00:26:28,521 --> 00:26:31,830 look at the returns of a long ass time too. 581 00:26:31,865 --> 00:26:33,865 Dmitriy had some solid articles out there too. 582 00:26:33,900 --> 00:26:34,998 There was a whole bunch of them. 583 00:26:35,033 --> 00:26:36,626 - He was like, oh, cheers, Dmitriy! 584 00:26:36,661 --> 00:26:37,627 - Cheers to all y'all. 585 00:26:37,662 --> 00:26:38,936 - This is Dmitriy. 586 00:26:38,971 --> 00:26:40,300 - Cheers, cheers! 587 00:26:40,335 --> 00:26:41,136 Cheers! 588 00:26:41,171 --> 00:26:42,038 Cheers, everybody. 589 00:26:42,073 --> 00:26:42,841 Cheers, cheers, cheers. 590 00:26:42,876 --> 00:26:43,809 Cheers, everybody. 591 00:26:43,844 --> 00:26:44,942 We gotta have fun with it here. 592 00:26:44,977 --> 00:26:46,537 - Roaring Kitty would shout me out. 593 00:26:46,572 --> 00:26:48,506 - Jenn says, catching up on the comments 594 00:26:48,541 --> 00:26:50,277 are gonna be rough today. 595 00:26:50,312 --> 00:26:52,477 I know, I gotta keep going, I gotta keep going. My bad, my bad. 596 00:26:52,512 --> 00:26:54,853 - And frankly, this obsession with cats was kind of funny. 597 00:26:55,922 --> 00:26:58,615 (cat meowing) 598 00:26:58,650 --> 00:27:00,155 - I had explained my mom and dad about, 599 00:27:00,190 --> 00:27:01,420 hey, we're talking about GameStop. 600 00:27:04,997 --> 00:27:06,799 My dad thought he was crazy. 601 00:27:06,834 --> 00:27:07,833 - Let me just dip, 602 00:27:07,868 --> 00:27:09,560 just one dip, just one quick dip. 603 00:27:12,169 --> 00:27:15,841 - Roaring Kitty's stream almost was like a support group 604 00:27:15,876 --> 00:27:19,009 and it was just like a place where we'd go and just like vent to each other. 605 00:27:19,044 --> 00:27:20,241 - This is sick. 606 00:27:20,276 --> 00:27:22,639 We've got the usual crew on a Friday, 607 00:27:22,674 --> 00:27:25,081 on an exciting, fun Friday night. 608 00:27:25,116 --> 00:27:27,512 - [Rod] People just hung out, you know? 609 00:27:30,792 --> 00:27:32,154 - I made every single stream. 610 00:27:32,189 --> 00:27:33,727 I planned my night around it. 611 00:27:33,762 --> 00:27:34,651 It was crazy. 612 00:27:34,686 --> 00:27:35,729 - 'Cause I want people to share. 613 00:27:35,764 --> 00:27:36,994 We're doing research, 614 00:27:37,029 --> 00:27:38,226 we're doing research collectively here. 615 00:27:39,361 --> 00:27:41,031 - Well, you can't really go out on a Monday, 616 00:27:41,066 --> 00:27:42,659 Wednesday, or Friday night anymore, 617 00:27:42,694 --> 00:27:44,232 so I'm stuck inside. 618 00:27:44,267 --> 00:27:46,696 Let me jump on the Roaring Kitty stream 619 00:27:46,731 --> 00:27:48,841 and talk about GameStop. 620 00:27:48,876 --> 00:27:50,271 What else is there to do? 621 00:27:50,306 --> 00:27:51,745 - This is my thesis. 622 00:27:51,780 --> 00:27:53,747 You're welcome to tear it to shreds. 623 00:27:53,782 --> 00:27:54,671 Feel free. 624 00:27:54,706 --> 00:27:55,705 I encourage you to, please. 625 00:27:55,740 --> 00:27:57,850 - You know, it's like cotton candy. 626 00:27:57,885 --> 00:28:00,677 We have this thesis, this cotton candy stick, 627 00:28:00,712 --> 00:28:03,251 and then we would just all add to it. 628 00:28:03,286 --> 00:28:05,682 - We're all drinking from the punchbowl 629 00:28:05,717 --> 00:28:08,718 in the cult of this is GameStop. 630 00:28:08,753 --> 00:28:09,719 We're all crazy. 631 00:28:09,754 --> 00:28:11,589 We all know it, 632 00:28:11,624 --> 00:28:14,130 but we're all accepting that because maybe we're not. 633 00:28:14,165 --> 00:28:15,725 - Oh jeez. 634 00:28:15,760 --> 00:28:18,464 Shift command T to open up a tab you just closed. 635 00:28:18,499 --> 00:28:20,873 (rhythmic drumming music) (cats meowing) 636 00:28:20,908 --> 00:28:24,305 - Roaring Kitty had this extensive "Star Wars-esque" intro 637 00:28:24,340 --> 00:28:27,275 where he said, don't take me for financial advice. 638 00:28:27,310 --> 00:28:28,705 And that fascinated me 639 00:28:28,740 --> 00:28:30,949 because this guy was streaming to like 10 people. 640 00:28:32,777 --> 00:28:34,183 - I'm taking a video of you. 641 00:28:43,755 --> 00:28:45,293 - [Female Speaker] Joseph Fonicello! 642 00:28:45,328 --> 00:28:46,767 - I grew up in a small town in Connecticut. 643 00:28:48,364 --> 00:28:49,264 - [Female Speaker] Joseph. 644 00:28:49,299 --> 00:28:50,661 - My parents owned a farm. 645 00:28:51,796 --> 00:28:55,138 - Joe's parents are very, very traditional. 646 00:28:55,173 --> 00:28:58,075 Think 1920's farmer. 647 00:28:58,110 --> 00:28:59,274 - Still to this day, 648 00:28:59,309 --> 00:29:00,572 if my parents have to read their emails, 649 00:29:00,607 --> 00:29:02,145 I gotta help them out. 650 00:29:02,180 --> 00:29:04,675 - Joe's dad is the type of guy who gets mad 651 00:29:04,710 --> 00:29:07,414 if a package comes in with Joe's name on it. 652 00:29:07,449 --> 00:29:10,318 Like, why are you ordering things on the internet? 653 00:29:10,353 --> 00:29:13,486 - [Joe] When I was in middle-school, I bought Bitcoin. - Bitcoin. 654 00:29:15,226 --> 00:29:17,193 - And that was kind of my first investment. 655 00:29:17,228 --> 00:29:19,932 - [Announcer] Digital money called Bitcoin. 656 00:29:19,967 --> 00:29:23,331 - The kid bought Bitcoin when he was 12 or 13 years old. 657 00:29:23,366 --> 00:29:27,302 I mean, and he still has it. 658 00:29:27,337 --> 00:29:29,667 - And then when I turned 18, 659 00:29:29,702 --> 00:29:31,702 I decided to divert from crypto a bit 660 00:29:31,737 --> 00:29:33,638 into the real stock market. 661 00:29:36,841 --> 00:29:39,347 - So, we have this van. 662 00:29:40,416 --> 00:29:41,547 - It's become our home. 663 00:29:45,751 --> 00:29:48,862 We took the opportunity COVID granted us to travel. 664 00:29:48,897 --> 00:29:50,226 Let me just put my mask on. 665 00:29:52,329 --> 00:29:53,658 We figured, what are we gonna do, 666 00:29:53,693 --> 00:29:56,133 stay locked in our homes doing Zoom calls? 667 00:29:56,168 --> 00:29:58,069 No, we can do Zoom with a hotspot. 668 00:29:59,831 --> 00:30:02,876 And it wasn't until Abbe and I lived on the road in the van 669 00:30:02,911 --> 00:30:04,339 when I started to think of Reddit 670 00:30:04,374 --> 00:30:06,979 more as a place for investment opportunities. 671 00:30:07,014 --> 00:30:10,378 - [Male Speaker] Now, if you've never heard of reddit.com, 672 00:30:10,413 --> 00:30:13,843 it was nicknamed the front page of the internet. 673 00:30:13,878 --> 00:30:16,219 - There came this point in our trip 674 00:30:16,254 --> 00:30:18,925 where he was just totally absorbed in something, 675 00:30:18,960 --> 00:30:21,752 like, absolutely non-stop. 676 00:30:21,787 --> 00:30:24,898 Well, he had just discovered the GameStop thesis 677 00:30:24,933 --> 00:30:26,262 on Wall Street Bets. 678 00:30:29,036 --> 00:30:30,937 ♪ Diamond Hands ♪ 679 00:30:30,972 --> 00:30:33,830 (upbeat electronic music) 680 00:30:33,865 --> 00:30:35,502 - I would go to Wall Street Bets 681 00:30:35,537 --> 00:30:38,835 to look at funny memes and videos. 682 00:30:38,870 --> 00:30:41,948 (upbeat electronic music) 683 00:30:41,983 --> 00:30:45,116 - The community is largely guys. 684 00:30:45,151 --> 00:30:48,614 (upbeat electronic music) 685 00:30:48,649 --> 00:30:50,220 Everybody's very broey. 686 00:30:50,255 --> 00:30:52,222 It feels like it's a frat house. 687 00:30:52,257 --> 00:30:54,356 - [Male Speaker] Most stocks that are in an uptrend 688 00:30:54,391 --> 00:30:55,357 go like this. 689 00:30:55,392 --> 00:30:57,029 - The Wall Street bets community 690 00:30:57,064 --> 00:30:59,757 calls themselves degenerates. 691 00:30:59,792 --> 00:31:01,363 - Hello, my fellow degenerates. 692 00:31:01,398 --> 00:31:03,464 - [Male Speaker] The price is wrong, bitch. 693 00:31:04,830 --> 00:31:06,368 - [Male Speaker] Stonks. 694 00:31:06,403 --> 00:31:08,865 - It's like a casino, Wall Street Bets. 695 00:31:08,900 --> 00:31:10,108 Guys are saying, hey, you guys, 696 00:31:10,143 --> 00:31:12,110 I think this stock can like double, triple. 697 00:31:12,145 --> 00:31:13,870 Buy some call options on this. 698 00:31:13,905 --> 00:31:16,807 - They're options, but really not worth talking about today. 699 00:31:16,842 --> 00:31:19,480 The important point is that-- - You can make a lot of money and get rich quick. 700 00:31:19,515 --> 00:31:21,086 - [Male Speaker] High risk, high reward. 701 00:31:21,121 --> 00:31:22,549 - You're in for a wild ride. 702 00:31:22,584 --> 00:31:25,959 Very volatile, big highs, big lows. 703 00:31:25,994 --> 00:31:28,885 - When Wall Street Bets really became mainstream, 704 00:31:28,920 --> 00:31:31,459 you saw a shift from the word autist to ape. 705 00:31:31,494 --> 00:31:34,297 - [Male Speaker] If you think you might be autistic enough to hang out with us, 706 00:31:34,332 --> 00:31:35,760 head on over to Wall Street Bets on Reddit. 707 00:31:35,795 --> 00:31:38,004 - 'Cause they felt like they were like autistic kids 708 00:31:38,039 --> 00:31:40,171 living in their basements of their parents' house, you know, 709 00:31:40,206 --> 00:31:43,438 eating chicken tendies and making stupid decisions, 710 00:31:43,473 --> 00:31:45,176 investing in stupid stocks. 711 00:31:45,211 --> 00:31:46,980 - [Male Speaker] The infamous Wall Street Bets user 712 00:31:47,015 --> 00:31:48,410 who posted a live screen recording 713 00:31:48,445 --> 00:31:51,017 showing him lose $50,000 in just a few minutes. 714 00:31:54,946 --> 00:31:57,419 - People just spewing memes, and gifs, 715 00:31:57,454 --> 00:32:01,995 and I like to shitpost personally, 716 00:32:02,030 --> 00:32:06,593 so it was a nice platform for me to just do that. 717 00:32:06,628 --> 00:32:08,760 - [Jenn] The Wall Street Bets lingo is diamond hands. 718 00:32:08,795 --> 00:32:10,432 You hold it, you don't let go. 719 00:32:10,467 --> 00:32:14,271 - Diamond hands means that you never sell a stock, 720 00:32:14,306 --> 00:32:16,009 even if it goes down. 721 00:32:16,044 --> 00:32:17,142 - [Male Speaker] I live in a car 722 00:32:17,177 --> 00:32:19,144 and I'm diamond hands to the moon. 723 00:32:19,179 --> 00:32:22,345 - Paper hands means that you sell when a stock goes down. 724 00:32:24,910 --> 00:32:26,217 You've got tendies. 725 00:32:26,252 --> 00:32:27,515 That means profits. 726 00:32:29,552 --> 00:32:31,057 (laughing) 727 00:32:31,092 --> 00:32:33,356 YOLO means that you're gonna risk money 728 00:32:33,391 --> 00:32:35,589 and there's a good chance it's not gonna come back. 729 00:32:41,531 --> 00:32:45,302 - Wall Street Bets hated GameStop. 730 00:32:45,337 --> 00:32:46,996 - [Male Speaker] I was banned from Wall Street Bets. 731 00:32:47,031 --> 00:32:49,141 - [Farris] I got banned from posting on Wall Street Bets. 732 00:32:49,176 --> 00:32:50,637 I haven't been blocked by anyone 733 00:32:50,672 --> 00:32:51,836 other than Wall Street Bets. 734 00:32:53,906 --> 00:32:56,907 - Farris tried to post on Wall Street Bets 735 00:32:56,942 --> 00:32:58,414 and got laughed at, 736 00:32:58,449 --> 00:33:01,417 wasn't allowed to post about GameStop because, 737 00:33:01,452 --> 00:33:02,550 you know, it's GameStop. 738 00:33:02,585 --> 00:33:04,387 It's going bankrupt, of course. 739 00:33:05,555 --> 00:33:08,853 - They weren't allowing any posts on GameStop, 740 00:33:10,098 --> 00:33:11,658 which is funny 741 00:33:11,693 --> 00:33:13,132 because they were allowing people to roast GameStop. 742 00:33:23,606 --> 00:33:24,935 - People were only following GameStop 743 00:33:24,970 --> 00:33:28,114 because DeepFuckingValue, the Reddit user, 744 00:33:28,149 --> 00:33:30,578 posted his position. 745 00:33:32,714 --> 00:33:35,352 - He YOLO'd his life savings, it seemed like, 746 00:33:35,387 --> 00:33:37,948 into calls on GameStop. 747 00:33:37,983 --> 00:33:40,588 - [Male Speaker] YOLO, you only live once. 748 00:33:48,400 --> 00:33:49,432 - Everyone on Wall Street Bets 749 00:33:49,467 --> 00:33:51,236 thought DeepFuckingValue was crazy. 750 00:33:51,271 --> 00:33:52,534 - Everyone made fun of him. 751 00:33:52,569 --> 00:33:54,063 - People were saying, he's an idiot 752 00:33:54,098 --> 00:33:56,109 and he's gonna lose all his money. 753 00:33:58,102 --> 00:33:59,970 - My dad had been trying to get me 754 00:34:00,005 --> 00:34:03,314 to go see a financial advisor for years, 755 00:34:03,349 --> 00:34:06,042 and it's his financial advisor, 756 00:34:06,077 --> 00:34:07,615 so he's like telling me to sell 757 00:34:07,650 --> 00:34:09,980 because GameStop's business model sucks 758 00:34:10,015 --> 00:34:11,388 and he doesn't like the company. 759 00:34:11,423 --> 00:34:13,159 And I was like, no, no, no. 760 00:34:13,194 --> 00:34:14,589 You're not gonna want to listen 761 00:34:14,624 --> 00:34:16,591 to why I think that GameStop's a good investment, 762 00:34:16,626 --> 00:34:18,054 but like I'm only here 763 00:34:18,089 --> 00:34:20,562 because my dad told me I had to be here to meet you, 764 00:34:20,597 --> 00:34:22,168 and so we're just gonna leave it at that, 765 00:34:22,203 --> 00:34:24,302 but I'm not selling my GameStop shares. 766 00:34:28,440 --> 00:34:30,638 - I definitely second guessed myself plenty, 767 00:34:32,004 --> 00:34:34,675 but I think we were very, very thoughtful 768 00:34:34,710 --> 00:34:35,940 in how we approached it. 769 00:34:39,385 --> 00:34:41,682 - I think if you take the best of amateur investors, 770 00:34:41,717 --> 00:34:46,456 that content could be way better than what you see 771 00:34:46,491 --> 00:34:49,162 with Wall Street research analyst reports. 772 00:34:54,026 --> 00:34:57,093 - No one person can do all of the research, 773 00:34:57,128 --> 00:34:59,832 so everybody in my group had something to offer. 774 00:35:01,165 --> 00:35:04,100 We weren't just alone wolf investing in the stock market, 775 00:35:04,135 --> 00:35:05,640 like how normal Wall Street is. 776 00:35:05,675 --> 00:35:06,839 We were all in it together. 777 00:35:09,140 --> 00:35:11,646 - Yeah, GameStop definitely became an obsession. 778 00:35:14,255 --> 00:35:17,256 As I invested in GameStop, I frequented the stores often. 779 00:35:19,590 --> 00:35:21,051 - Why are we at GameStop? 780 00:35:22,263 --> 00:35:23,493 - I would go and buy Chipotle 781 00:35:23,528 --> 00:35:25,561 and I'd sit in the GameStop parking lot. 782 00:35:25,596 --> 00:35:27,695 You guys ready to go to GameStop? 783 00:35:27,730 --> 00:35:29,158 - Yeah. - Yeah. 784 00:35:29,193 --> 00:35:30,467 - I was probably sitting the GameStop parking lot 785 00:35:30,502 --> 00:35:32,205 at least once a week. 786 00:35:32,240 --> 00:35:33,866 (sneezing) God bless you. 787 00:35:44,252 --> 00:35:47,352 - I went to GameStop all the time when I was a kid. 788 00:35:47,387 --> 00:35:50,487 And I understood despite all the good memories, 789 00:35:50,522 --> 00:35:52,357 why it ended up being a hated company. 790 00:35:52,392 --> 00:35:55,393 - [Male Speaker] It is miserable to shop at GameStop. 791 00:35:55,428 --> 00:35:57,362 - It's a horrible customer experience. 792 00:35:57,397 --> 00:36:00,563 So I thought to myself, if they redeem themselves, 793 00:36:00,598 --> 00:36:03,467 there could be tremendous reward potential here. 794 00:36:05,229 --> 00:36:06,602 - I was like, okay, 795 00:36:06,637 --> 00:36:08,406 this is starting to get really interesting. 796 00:36:08,441 --> 00:36:09,869 They were trying to make changes 797 00:36:09,904 --> 00:36:12,476 so that they could build their company back up again. 798 00:36:13,875 --> 00:36:15,204 - The video game business is booming 799 00:36:15,239 --> 00:36:17,316 as Americans spend more time at home. 800 00:36:19,210 --> 00:36:20,781 - Gaming interest has skyrocketed 801 00:36:20,816 --> 00:36:22,046 as a result of the pandemic. 802 00:36:22,081 --> 00:36:24,180 - The gaming industry is flourishing. 803 00:36:24,215 --> 00:36:27,117 - More people are gaming now than pre-pandemic. 804 00:36:27,152 --> 00:36:29,889 - Yeah, that's right, and it's largely due to boredom. 805 00:36:32,256 --> 00:36:36,302 - And still, I felt like the stock price was being subdued. 806 00:36:38,306 --> 00:36:40,196 I can't help but think 807 00:36:40,231 --> 00:36:44,200 that there's some sort of higher power intervening, 808 00:36:44,235 --> 00:36:46,510 saying, keep this price down low. 809 00:36:50,241 --> 00:36:53,110 - There was a very actively involved campaign 810 00:36:53,145 --> 00:36:54,716 on behalf of those who were short the stock 811 00:36:54,751 --> 00:36:57,246 to hammer the price, 812 00:36:57,281 --> 00:37:00,920 bots spamming negative messages and negative sentiment. 813 00:37:02,187 --> 00:37:03,890 - If you start seeing that over, and over, 814 00:37:03,925 --> 00:37:05,397 and over, and over again, 815 00:37:05,432 --> 00:37:07,663 it makes you think there's someone 816 00:37:07,698 --> 00:37:11,799 that has a vested interest in forgetting GameStop. 817 00:37:13,935 --> 00:37:15,770 - [Male Speaker] Here's what makes the hedge fund managers 818 00:37:15,805 --> 00:37:17,233 different from you. 819 00:37:17,268 --> 00:37:18,740 They have a lot more power than you. 820 00:37:18,775 --> 00:37:20,005 They control the game. 821 00:37:20,040 --> 00:37:21,908 - [Male Speaker] Like Maplelane Capital. 822 00:37:21,943 --> 00:37:24,141 - [Announcer] D1 now manages over $20 billion. 823 00:37:26,310 --> 00:37:28,321 - [Female Speaker] Gabe Plotkin formed his own firm, 824 00:37:28,356 --> 00:37:29,586 Melvin Capital Management. 825 00:37:29,621 --> 00:37:30,983 - [Male Speaker] Gabe Plotkin, 826 00:37:31,018 --> 00:37:33,326 who manages billions of dollars of assets, 827 00:37:33,361 --> 00:37:35,757 he was the top trader for Steve Cohen's fund. 828 00:37:35,792 --> 00:37:37,429 - [Female Speaker] What does Gabe know 829 00:37:37,464 --> 00:37:39,596 that the rest of Wall Street doesn't? 830 00:37:39,631 --> 00:37:41,257 - I think overall in society, 831 00:37:41,292 --> 00:37:44,337 there is this thought that hedge funds 832 00:37:44,372 --> 00:37:47,263 have some kind of special insight 833 00:37:47,298 --> 00:37:49,903 or better knowledge and understanding. 834 00:37:51,412 --> 00:37:53,412 I was not necessarily of that view, 835 00:37:54,415 --> 00:37:57,174 but I wanted to know what they were thinking. 836 00:37:58,518 --> 00:38:00,210 Why are they shorting GameStop? 837 00:38:01,917 --> 00:38:05,215 (upbeat whimsical music) 838 00:38:10,255 --> 00:38:13,630 - Great short sellers don't deal in gray areas. 839 00:38:13,665 --> 00:38:14,862 They deal in black and white. 840 00:38:16,767 --> 00:38:18,569 I never shorted a stock 841 00:38:18,604 --> 00:38:20,835 that I wasn't certain was going to zero. 842 00:38:24,269 --> 00:38:26,302 - Tom Barton has a reputation 843 00:38:26,337 --> 00:38:28,447 and a history of selling stocks short. 844 00:38:30,517 --> 00:38:31,714 - It's a lot of math, 845 00:38:31,749 --> 00:38:33,342 a lot of adding and a lot of subtracting. 846 00:38:33,377 --> 00:38:36,048 - It was a really good time to be a short seller, the '80s. 847 00:38:37,887 --> 00:38:39,348 It was a really good time. 848 00:38:39,383 --> 00:38:42,318 (people yelling) 849 00:38:42,353 --> 00:38:44,562 We would short stocks to make a living 850 00:38:44,597 --> 00:38:47,433 because it's a better place to put your money. 851 00:38:47,468 --> 00:38:48,896 - [Male Speaker] Hedge funds gang up 852 00:38:48,931 --> 00:38:51,767 and literally will short a stock out of business. 853 00:38:51,802 --> 00:38:53,868 - Two and eights sold, two times at six. 854 00:38:58,908 --> 00:39:02,613 - Well, GameStop I'd heard about because I'm a Dallas guy, 855 00:39:02,648 --> 00:39:04,043 it's a Dallas company. 856 00:39:04,078 --> 00:39:05,649 - [Announcer] A touchdown, Dallas! 857 00:39:06,619 --> 00:39:09,422 - You gotta be a man to play in my league. 858 00:39:09,457 --> 00:39:11,853 - When somebody calls me and tells me (indistinct) nothing 859 00:39:11,888 --> 00:39:14,526 and the short position's outrageous, 860 00:39:14,561 --> 00:39:15,593 two lights go on. 861 00:39:18,763 --> 00:39:21,258 - At this point, I would say GameStop is over. 862 00:39:22,426 --> 00:39:24,635 - There was no chance it was gonna go bankrupt. 863 00:39:24,670 --> 00:39:26,395 Zero. 864 00:39:26,430 --> 00:39:27,396 - GameStop is super, 865 00:39:27,431 --> 00:39:29,442 it's so nice to be there. 866 00:39:29,477 --> 00:39:31,939 - I wouldn't be shorting this in a million years. 867 00:39:33,074 --> 00:39:34,645 - It was good seeing 868 00:39:34,680 --> 00:39:38,407 that there was a professional short seller out there 869 00:39:38,442 --> 00:39:41,311 that's saying that these short sellers are dumb. 870 00:39:46,087 --> 00:39:49,495 - Frankly, I was short Tesla for a little bit. 871 00:39:49,530 --> 00:39:50,925 - [Male Speaker] Tesla's wild ride 872 00:39:50,960 --> 00:39:53,158 has left many of the analyst community in the dust. 873 00:39:54,865 --> 00:39:57,063 - [Dmitriy] So I know what it's like to be on the other side of it. 874 00:39:57,098 --> 00:40:00,473 - If you bet against Tesla, you shorted. 875 00:40:00,508 --> 00:40:03,333 A lot of people have done that and lost their shirts. 876 00:40:03,368 --> 00:40:07,337 - Tesla has listed quote limited edition short shorts 877 00:40:07,372 --> 00:40:08,679 for sale on its website, 878 00:40:08,714 --> 00:40:10,208 mocking short sellers. 879 00:40:11,618 --> 00:40:14,113 - [Male Speaker] You guys remember what happened at Tesla, the short shorts? 880 00:40:15,479 --> 00:40:17,787 - You learn your best lessons the hard way. 881 00:40:20,660 --> 00:40:24,321 And those are the lessons you really absorb 882 00:40:26,732 --> 00:40:28,358 when it hurts. 883 00:40:28,393 --> 00:40:30,668 - People sometimes get carried away with our stock, 884 00:40:30,703 --> 00:40:32,296 you know? 885 00:40:32,331 --> 00:40:35,134 - I still believe that Tesla is structurally unprofitable. 886 00:40:36,643 --> 00:40:41,371 The lesson was, you can be right in the underlying issue, 887 00:40:42,550 --> 00:40:43,978 but be wrong in the ultimate outcome. 888 00:40:44,013 --> 00:40:46,013 - I just can't believe this fricking stock. 889 00:40:46,048 --> 00:40:47,718 It's insane. 890 00:40:47,753 --> 00:40:52,052 - But the more local sort of lesson is don't short stocks. 891 00:40:54,485 --> 00:40:57,453 - This is a nightmare for short sellers. 892 00:40:57,488 --> 00:41:01,358 This morning, we got news that Ryan Cohen of chewy.com 893 00:41:01,393 --> 00:41:05,461 has a 12.9% stake in the company now. 894 00:41:05,496 --> 00:41:08,464 - This guy, Ryan Cohen, chewy.com founder, 895 00:41:08,499 --> 00:41:10,675 he just bought a lot of shares of GameStop. 896 00:41:11,744 --> 00:41:12,908 What is happening? 897 00:41:14,043 --> 00:41:17,407 - When Ryan Cohen popped up in late August, 898 00:41:17,442 --> 00:41:18,749 that was fate. 899 00:41:18,784 --> 00:41:20,410 - I am joined now by the founder 900 00:41:20,445 --> 00:41:22,984 and former CEO of Chewy, Ryan Cohen. 901 00:41:23,019 --> 00:41:24,557 Ryan, thanks so much for being with us. 902 00:41:24,592 --> 00:41:25,756 - Thank you for having me. 903 00:41:25,791 --> 00:41:27,483 - Honestly, I didn't know who he was. 904 00:41:27,518 --> 00:41:28,891 - I didn't know who he was at first. 905 00:41:28,926 --> 00:41:30,827 - Well, I didn't know that much about him. 906 00:41:30,862 --> 00:41:33,566 - The phenomenally successful online pet food retailer. 907 00:41:33,601 --> 00:41:34,996 - I'm figuring out what's next 908 00:41:35,031 --> 00:41:37,427 and maybe I'll start another business. Who knows? 909 00:41:40,971 --> 00:41:45,105 - I think I had a weapon that nobody else had 910 00:41:45,140 --> 00:41:46,876 because I worked for Chewy. 911 00:41:46,911 --> 00:41:48,911 - I love shopping for my pets at chewy.com 912 00:41:48,946 --> 00:41:50,539 because I know I'll be saving money. 913 00:41:50,574 --> 00:41:52,717 - Once customers shop at Chewy, 914 00:41:52,752 --> 00:41:53,949 they continue shopping at Chewy 915 00:41:53,984 --> 00:41:55,687 and they tell all their friends and family 916 00:41:55,722 --> 00:41:57,546 about this incredible experience. 917 00:41:57,581 --> 00:42:01,627 - Chewy is really a perfection of taking something local 918 00:42:01,662 --> 00:42:04,520 and making it successful in e-commerce. 919 00:42:04,555 --> 00:42:06,192 - [Female Speaker] Consumers spend a lot of money 920 00:42:06,227 --> 00:42:07,732 on their pets. 921 00:42:07,767 --> 00:42:11,164 - The business model of GameStop is very similar to Chewy. 922 00:42:12,563 --> 00:42:17,170 Gaming is just as a memorable type experience 923 00:42:18,074 --> 00:42:19,909 as having a pet, in my opinion. 924 00:42:21,649 --> 00:42:23,880 I was like, all right, this is Chewification at GameStop. 925 00:42:23,915 --> 00:42:26,212 Ryan is getting ready to turn GameStop 926 00:42:26,247 --> 00:42:27,719 into the Chewy of gaming. 927 00:42:27,754 --> 00:42:28,951 Boom, we got something. 928 00:42:28,986 --> 00:42:31,250 GameStop could be the next big stock. 929 00:42:31,285 --> 00:42:33,450 - You know, anybody could sell physical things. 930 00:42:33,485 --> 00:42:34,550 - Thanks for calling GameStop 931 00:42:34,585 --> 00:42:35,760 where we buy and sell used games. 932 00:42:35,795 --> 00:42:36,959 This is Steven, how may I help you? 933 00:42:36,994 --> 00:42:38,631 - There's nothing unique about GameStop. 934 00:42:38,666 --> 00:42:40,930 - Thank you for calling GameStop where we buy and sell used games. 935 00:42:40,965 --> 00:42:43,735 - The unique thing has to be the way that the customer walks away from that interaction. 936 00:42:43,770 --> 00:42:45,000 - At the end of the day, 937 00:42:45,035 --> 00:42:46,672 we just happen to sell pet products. 938 00:42:46,707 --> 00:42:47,739 I think we would've been successful, 939 00:42:47,774 --> 00:42:48,971 frankly, in any category. 940 00:42:50,535 --> 00:42:51,776 - Something big's going on a GameStop. 941 00:42:51,811 --> 00:42:54,680 Their stock price absolutely exploded. 942 00:42:54,715 --> 00:42:56,506 It's on fire quite literally. 943 00:42:56,541 --> 00:43:00,477 So Ryan Cohen, Ryan Cohen, this is the guy. 944 00:43:00,512 --> 00:43:02,688 He's kind of attractive. 945 00:43:02,723 --> 00:43:06,692 This guy is going to make a change at GameStop. 946 00:43:06,727 --> 00:43:07,957 - Now, if you buy the stock here, 947 00:43:07,992 --> 00:43:09,585 you're betting that Ryan Cohen's plan 948 00:43:09,620 --> 00:43:11,125 will be wildly successful, 949 00:43:11,160 --> 00:43:12,665 which seems like a stretch 950 00:43:12,700 --> 00:43:16,097 given that we don't even know what the plan is yet. 951 00:43:16,132 --> 00:43:17,626 - Ryan Cohen and I connected 952 00:43:17,661 --> 00:43:21,168 and we ended up having a one-on-one Zoom meeting. 953 00:43:21,203 --> 00:43:23,775 He literally just peppered me with questions. 954 00:43:23,810 --> 00:43:24,875 What do you see in GameStop? 955 00:43:24,910 --> 00:43:25,777 What about this? 956 00:43:25,812 --> 00:43:26,943 Isn't this a concern? 957 00:43:26,978 --> 00:43:28,538 So you could just see that 958 00:43:28,573 --> 00:43:30,848 he's just looking to confirm his thesis. 959 00:43:30,883 --> 00:43:33,884 - At first, I thought he was acquiring GameStop 960 00:43:33,919 --> 00:43:36,612 maybe because he thought it was undervalued, 961 00:43:36,647 --> 00:43:39,549 but then he kept accumulating more and more 962 00:43:39,584 --> 00:43:41,892 and it was getting more and more interesting. 963 00:43:41,927 --> 00:43:44,224 - News flash to all these GameStop investors, 964 00:43:44,259 --> 00:43:45,522 GameStop is not Chewy. 965 00:43:45,557 --> 00:43:47,700 They do not serve products to adorable, 966 00:43:47,735 --> 00:43:49,229 cute puppies and cats. 967 00:43:49,264 --> 00:43:51,330 Wake up, GameStop investors. This is absurd. 968 00:43:52,597 --> 00:43:55,840 - When Ryan Cohen became part of GameStop, 969 00:43:55,875 --> 00:43:57,908 the stock was insanely over shorted. 970 00:43:57,943 --> 00:44:02,044 - Right now, an astounding 144% of the GameStop shares 971 00:44:02,079 --> 00:44:03,573 have been sold short. 972 00:44:03,608 --> 00:44:05,674 - Honestly, I've never seen that. 973 00:44:05,709 --> 00:44:06,884 And I picked up the phone 974 00:44:06,919 --> 00:44:08,545 and called all my short-selling buddies. 975 00:44:08,580 --> 00:44:09,579 I said, you ever seen this? 976 00:44:09,614 --> 00:44:11,020 They go, no, we've never seen this. 977 00:44:11,055 --> 00:44:13,924 We've never seen 100% of these so-called 978 00:44:13,959 --> 00:44:15,222 outstanding shares short. 979 00:44:15,257 --> 00:44:16,190 Never seen it. 980 00:44:17,094 --> 00:44:19,897 It was spring loaded to go up. 981 00:44:19,932 --> 00:44:21,833 And that's when I looked at it and I said, 982 00:44:21,868 --> 00:44:24,737 oh, this is gonna be a real problem 983 00:44:24,772 --> 00:44:27,003 for these guys that are short. 984 00:44:27,038 --> 00:44:28,906 This is gonna be a major short squeeze. 985 00:44:28,941 --> 00:44:31,205 - What's known as a short squeeze. 986 00:44:31,240 --> 00:44:32,668 - Short squeeze is a term 987 00:44:32,703 --> 00:44:33,603 that sounds really hard to understand, 988 00:44:33,638 --> 00:44:35,077 but it's not that complicated. 989 00:44:35,112 --> 00:44:37,849 It's basically when a share price of a certain stock 990 00:44:37,884 --> 00:44:39,851 skyrockets very fast 991 00:44:39,886 --> 00:44:42,018 and it causes the people who were betting 992 00:44:42,053 --> 00:44:45,791 that that stock will go down in price tons of losses. 993 00:44:47,927 --> 00:44:52,721 - I kept on at GMEshortsqueeze because I knew the story. 994 00:44:52,756 --> 00:44:54,866 - And I'm like, that guy feels so strong about it, 995 00:44:54,901 --> 00:44:57,869 he named himself GMEshortsqueeze. 996 00:44:57,904 --> 00:44:58,771 - Hey, I gotta say, 997 00:44:58,806 --> 00:45:00,696 you know I've been kind of like, 998 00:45:00,731 --> 00:45:01,697 is that squeeze gonna happen? 999 00:45:01,732 --> 00:45:02,698 Is this squeeze coming? 1000 00:45:02,733 --> 00:45:03,875 But today, I mean, 1001 00:45:03,910 --> 00:45:05,140 I think most people would agree 1002 00:45:05,175 --> 00:45:07,142 that felt a little bit squeezy today, right? 1003 00:45:07,177 --> 00:45:09,375 - [Dmitriy] I frankly thought that the probability 1004 00:45:09,410 --> 00:45:11,608 of the real short squeeze was very low. 1005 00:45:12,776 --> 00:45:14,116 - GameStop, I don't know. 1006 00:45:14,151 --> 00:45:15,986 We just gotta to see what happens, 1007 00:45:16,021 --> 00:45:18,087 but it would be nice if it goes up really quickly. 1008 00:45:18,122 --> 00:45:20,287 - Wait, if this is true, then this is true. 1009 00:45:20,322 --> 00:45:21,717 And if that's true, 1010 00:45:21,752 --> 00:45:23,323 then it's gonna set off this chain of events 1011 00:45:23,358 --> 00:45:26,997 where this firestorm of buying will just happen 1012 00:45:27,032 --> 00:45:29,362 and shoot this thing to the moon. 1013 00:45:30,662 --> 00:45:31,903 - That always had me motivated 1014 00:45:31,938 --> 00:45:33,432 and like excited for the future. 1015 00:45:33,467 --> 00:45:37,106 Like, oh man, something cool might happen here. 1016 00:45:37,141 --> 00:45:38,635 - The allure of a short squeeze 1017 00:45:38,670 --> 00:45:40,175 was kind of just a cherry on top. 1018 00:45:42,806 --> 00:45:44,344 It gave GameStop sex appeal. 1019 00:45:45,886 --> 00:45:47,776 - Joe sends out a tweet, 1020 00:45:47,811 --> 00:45:51,021 literally saying the squeeze is coming next week, 1021 00:45:51,056 --> 00:45:52,649 trust me, mark my word. 1022 00:45:54,125 --> 00:45:55,784 - Wall Street Bets picked it up 1023 00:45:55,819 --> 00:45:58,523 and you start seeing all this crazy short squeeze rhetoric. 1024 00:46:00,967 --> 00:46:04,870 - The last article I wrote, I concluded it as following, 1025 00:46:04,905 --> 00:46:08,104 almost anything is possible except bankruptcy. 1026 00:46:08,139 --> 00:46:10,876 Even bond holders currently ascribe zero chance 1027 00:46:10,911 --> 00:46:14,374 of GameStop going bankrupt by 2023. 1028 00:46:14,409 --> 00:46:16,277 The short seller thesis is dead. 1029 00:46:16,312 --> 00:46:19,280 GameStop is not Blockbuster. 1030 00:46:19,315 --> 00:46:20,776 Get your popcorn ready. 1031 00:46:20,811 --> 00:46:22,349 This story isn't over yet. 1032 00:46:23,891 --> 00:46:25,682 - [Male Speaker] Holy shit. 1033 00:46:25,717 --> 00:46:26,958 GameStop's website just crashed 1034 00:46:26,993 --> 00:46:29,785 'cause everybody's trying to order the PS5. 1035 00:46:29,820 --> 00:46:32,227 The stock is gonna skyrocket tomorrow. 1036 00:46:32,262 --> 00:46:34,900 - GameStop just did all of their pre-sales 1037 00:46:34,935 --> 00:46:37,969 for the PlayStation 5 and the new Xbox. 1038 00:46:38,004 --> 00:46:42,072 And Rod is like, send me your order numbers. 1039 00:46:43,273 --> 00:46:45,735 - I placed a bunch of orders on GameStop.com 1040 00:46:45,770 --> 00:46:47,836 and I was looking at my order numbers, 1041 00:46:47,871 --> 00:46:49,376 and I'm like, 1042 00:46:49,411 --> 00:46:51,807 this really looks like it's just going up sequentially. 1043 00:46:51,842 --> 00:46:53,479 - So if you place an order, 1044 00:46:53,514 --> 00:46:55,052 and then someone places an order right after you, 1045 00:46:55,087 --> 00:46:56,922 their order number's one higher. 1046 00:46:56,957 --> 00:46:58,484 And you could use that to analyze, 1047 00:46:58,519 --> 00:47:00,552 well, how many sales did GameStop get today? 1048 00:47:03,854 --> 00:47:04,996 - All of a sudden, 1049 00:47:05,031 --> 00:47:05,931 everyone just started providing Rod 1050 00:47:05,966 --> 00:47:07,229 with all these order numbers. 1051 00:47:12,203 --> 00:47:15,237 - They are all out of PlayStation 5's already. 1052 00:47:15,272 --> 00:47:17,107 It goes to show you the demand. 1053 00:47:17,142 --> 00:47:18,944 - It tells me the brand's not dead 1054 00:47:18,979 --> 00:47:21,045 and it tells me there's still a rabid consumer base 1055 00:47:21,080 --> 00:47:22,145 that wants their products. 1056 00:47:23,874 --> 00:47:26,182 - I personally bought a lot more GameStop products 1057 00:47:26,217 --> 00:47:28,019 just to see what the order number was. 1058 00:47:28,054 --> 00:47:31,583 - I went into GameStop today to pick up some more boxes. 1059 00:47:34,060 --> 00:47:36,357 - I never go to GameStop. 1060 00:47:36,392 --> 00:47:37,886 - Who shops there anymore? 1061 00:47:37,921 --> 00:47:38,854 - They're dead. 1062 00:47:38,889 --> 00:47:41,032 There's no one shopping there. 1063 00:47:41,067 --> 00:47:42,858 - I'm just like, that's complete bullshit 1064 00:47:42,893 --> 00:47:45,102 because people are Googling it. 1065 00:47:46,072 --> 00:47:47,896 - [Justin] Farris had discovered 1066 00:47:47,931 --> 00:47:52,043 the number one search on Google was GameStop. 1067 00:47:52,078 --> 00:47:53,440 (laughing) 1068 00:47:53,475 --> 00:47:58,478 - Ryan Cohen sent an insane letter to the company. 1069 00:47:59,910 --> 00:48:01,811 - The guy clearly has a vision now in this letter. 1070 00:48:01,846 --> 00:48:05,056 - It highlights what he wants to do with the company. 1071 00:48:05,091 --> 00:48:07,091 He was basically doing all the things 1072 00:48:07,126 --> 00:48:08,224 I feel like we've been talking about 1073 00:48:08,259 --> 00:48:09,885 in this Roaring Kitty chat. 1074 00:48:09,920 --> 00:48:11,920 - He actually might be thinking 1075 00:48:11,955 --> 00:48:15,264 about taking over the company himself. 1076 00:48:15,299 --> 00:48:16,661 - That's something, huh? 1077 00:48:18,830 --> 00:48:20,335 - The kids are gonna lose it 1078 00:48:20,370 --> 00:48:22,172 when they open these gifts from GameStop. 1079 00:48:23,868 --> 00:48:27,177 (upbeat electronic music) 1080 00:48:42,029 --> 00:48:44,425 - Breaking freaking news, 1081 00:48:44,460 --> 00:48:49,265 Microsoft has entered a multi-year strategic partnership 1082 00:48:49,300 --> 00:48:50,497 with GameStop. 1083 00:48:51,236 --> 00:48:52,202 What? 1084 00:48:53,964 --> 00:48:55,271 - The Microsoft deal came out 1085 00:48:55,306 --> 00:48:58,010 and that's something that Justin uncovered. 1086 00:48:58,045 --> 00:49:00,342 - Justin did some serious due diligence here 1087 00:49:00,377 --> 00:49:02,344 trying to pick apart what the hell they meant 1088 00:49:02,379 --> 00:49:03,279 in this press release, 1089 00:49:03,314 --> 00:49:05,182 kind of tearing it to shreds. 1090 00:49:05,217 --> 00:49:08,944 - I was able to confirm it was a revenue share agreement. 1091 00:49:08,979 --> 00:49:11,221 I put that out as a tweet. 1092 00:49:11,256 --> 00:49:13,190 - That means that GameStop 1093 00:49:13,225 --> 00:49:14,818 is gonna be getting a huge chunk of money. 1094 00:49:14,853 --> 00:49:16,886 - If they signed up for Game Pass through GameStop, 1095 00:49:16,921 --> 00:49:18,294 does that mean that you got a cut? 1096 00:49:18,329 --> 00:49:19,856 Yeah, that's what it means. 1097 00:49:19,891 --> 00:49:22,496 - It's basically pure profit to GameStop. 1098 00:49:22,531 --> 00:49:25,994 - This is a major multi-year deal. 1099 00:49:26,029 --> 00:49:27,567 - [Male Speaker] DOMO Capital Management President, 1100 00:49:27,602 --> 00:49:29,635 Justin Dopierala. 1101 00:49:29,670 --> 00:49:31,043 - Just look at this. 1102 00:49:31,078 --> 00:49:32,308 Justin, 300 likes, 61 quote tweets. 1103 00:49:32,343 --> 00:49:33,441 He's a celebrity. 1104 00:49:34,510 --> 00:49:36,213 - There's some times I have some reaction 1105 00:49:36,248 --> 00:49:38,380 when good news comes out, like, yeah! 1106 00:49:40,549 --> 00:49:43,319 - We got a famous person on the stream here tonight, 1107 00:49:43,354 --> 00:49:44,914 so props to Justin, 1108 00:49:44,949 --> 00:49:46,454 Justin getting the word out right. 1109 00:49:53,265 --> 00:49:54,660 - [Jenn] Everyone on Wall Street Bets 1110 00:49:54,695 --> 00:49:57,025 started going crazy for GameStop. 1111 00:49:57,060 --> 00:49:58,697 - On my desk right now 1112 00:49:58,732 --> 00:50:00,864 is perhaps the best thing I've seen in the last six months. 1113 00:50:00,899 --> 00:50:04,032 - And wanted to be a part of it. 1114 00:50:04,067 --> 00:50:05,275 - It's called GameStop. 1115 00:50:05,310 --> 00:50:06,936 - Things started blowing up on Reddit. 1116 00:50:06,971 --> 00:50:08,509 - Hey, everyone's talking about GameStop. 1117 00:50:08,544 --> 00:50:10,181 Should we buy? 1118 00:50:10,216 --> 00:50:14,911 - This stock could run to $50, $100, or even to the moon. 1119 00:50:18,422 --> 00:50:21,423 (monkey vocalizing) 1120 00:50:23,427 --> 00:50:24,591 - Now that people started seeing 1121 00:50:24,626 --> 00:50:26,560 the Chewification of gaming, 1122 00:50:26,595 --> 00:50:30,025 my graphics started popping up on Wall Street Bets 1123 00:50:30,060 --> 00:50:31,268 and going viral. 1124 00:50:31,303 --> 00:50:34,535 People would start mentioning rhetoric 1125 00:50:34,570 --> 00:50:38,935 and content in the same way that I would phrase it. 1126 00:50:38,970 --> 00:50:41,146 It was too much of a coincidence. 1127 00:50:41,181 --> 00:50:43,940 And it was my graphic in someone else's Reddit article. 1128 00:50:45,680 --> 00:50:47,075 - Have you heard of GameStop? 1129 00:50:47,110 --> 00:50:48,714 - [Male Speaker] GameStop surges 44%. 1130 00:50:48,749 --> 00:50:50,980 - [Male Speaker] Their stock did kind of go up quite a bit. 1131 00:50:51,015 --> 00:50:53,554 - GameStop ascended to meme stock status 1132 00:50:53,589 --> 00:50:56,986 after the brilliant, amazing, incredible Ryan Cohen, 1133 00:50:57,021 --> 00:50:58,229 the co-founder of Chewy, 1134 00:50:58,264 --> 00:50:59,560 bought a big chunk of stock 1135 00:50:59,595 --> 00:51:01,056 and joined the board of directors. 1136 00:51:01,091 --> 00:51:03,630 - Today, they announced Ryan Cohen 1137 00:51:03,665 --> 00:51:06,798 is going to be a board member. 1138 00:51:08,175 --> 00:51:10,406 - Hey, finally, guys, you finally woke up. 1139 00:51:10,441 --> 00:51:12,067 I've been posting about this for a year. 1140 00:51:12,102 --> 00:51:13,376 You guys blocked me. 1141 00:51:20,715 --> 00:51:23,617 - I was really struggling financially 1142 00:51:23,652 --> 00:51:27,192 because I wasn't selling like I needed to sell 1143 00:51:27,227 --> 00:51:29,326 to pay off debt, and I didn't. 1144 00:51:30,626 --> 00:51:33,264 it was more than just a share. 1145 00:51:33,299 --> 00:51:34,958 It was more than just money. 1146 00:51:36,500 --> 00:51:39,028 I also needed to get a job 1147 00:51:39,063 --> 00:51:40,667 and that was also stressing me out. 1148 00:51:42,209 --> 00:51:45,705 But then Christmas Eve in 2020, 1149 00:51:45,740 --> 00:51:47,575 I found out that I had breast cancer. 1150 00:51:50,217 --> 00:51:52,382 I wasn't even on health insurance at the time 1151 00:51:52,417 --> 00:51:53,977 because I was unemployed. 1152 00:51:56,146 --> 00:52:01,226 It wasn't an expense that I had planned for, obviously. 1153 00:52:01,261 --> 00:52:03,360 Like, no one plans to have breast cancer. 1154 00:52:06,827 --> 00:52:09,663 I ended up crying every single day, 1155 00:52:09,698 --> 00:52:12,402 not knowing how I'm going to afford chemotherapy, 1156 00:52:12,437 --> 00:52:16,505 like a lifesaving, a lifesaving treatment. 1157 00:52:21,248 --> 00:52:26,251 I was using GameStop to distract myself 1158 00:52:27,111 --> 00:52:28,385 from this really dark time. 1159 00:52:32,083 --> 00:52:33,357 All day, it was like, 1160 00:52:33,392 --> 00:52:34,655 I was going to doctor's appointments 1161 00:52:34,690 --> 00:52:37,856 and I was checking the GameStop stock chart 1162 00:52:37,891 --> 00:52:39,561 at my doctor's appointments. 1163 00:52:41,191 --> 00:52:42,531 Is this price going up? 1164 00:52:42,566 --> 00:52:43,862 Like, is it time to sell? 1165 00:52:43,897 --> 00:52:46,436 Should I wait, should I hold, should I buy more, 1166 00:52:46,471 --> 00:52:49,164 or like, just see what's gonna happen? 1167 00:52:49,199 --> 00:52:50,605 And then like also, 1168 00:52:50,640 --> 00:52:54,103 like making all these life changing decisions. 1169 00:52:54,138 --> 00:52:56,743 It was like an emotion I couldn't even process. 1170 00:52:58,549 --> 00:53:00,043 I'm getting a lot of messages today 1171 00:53:00,078 --> 00:53:03,387 about GameStop share price going to $20. 1172 00:53:03,422 --> 00:53:06,522 I've been in this company since the beginning. 1173 00:53:06,557 --> 00:53:08,788 I don't know what's gonna happen next, 1174 00:53:08,823 --> 00:53:10,427 but I'm not selling. 1175 00:53:10,462 --> 00:53:11,857 - Meanwhile, the stock, 1176 00:53:11,892 --> 00:53:16,730 it was just kind of hovering around like 24, $22. 1177 00:53:18,470 --> 00:53:23,308 ♪ DeepFuckingValue ♪ 1178 00:53:23,343 --> 00:53:27,609 ♪ Goddamn Deep Motherfucking Value ♪ 1179 00:53:28,612 --> 00:53:30,282 - On Christmas, 1180 00:53:30,317 --> 00:53:32,647 DeepFuckingValue shared his portfolio like he always does, 1181 00:53:32,682 --> 00:53:36,288 but stamped into it was a picture of Roaring Kitty. 1182 00:53:38,787 --> 00:53:39,621 - Surprise. 1183 00:53:42,329 --> 00:53:46,397 - It was him saying that he was DeepFuckingValue 1184 00:53:46,432 --> 00:53:49,191 without him explicitly saying that he was DeepFuckingValue. 1185 00:53:50,700 --> 00:53:52,370 - This was a true YOLO for me. 1186 00:53:53,439 --> 00:53:56,473 - Whoa, whoa, whoa. 1187 00:53:56,508 --> 00:53:57,441 This is insane. 1188 00:53:57,476 --> 00:53:58,442 This is nutty. 1189 00:53:59,610 --> 00:54:01,676 - When I was building this position last year, 1190 00:54:01,711 --> 00:54:04,415 we had nowhere close to a million dollars. 1191 00:54:04,450 --> 00:54:08,276 - All of this adoration I had for Roaring Kitty, 1192 00:54:08,311 --> 00:54:11,818 when I found out that he was DeepFuckingValue, 1193 00:54:11,853 --> 00:54:14,326 that just intensified everything. 1194 00:54:14,361 --> 00:54:15,921 You know, we started looking up to him 1195 00:54:15,956 --> 00:54:18,693 like this Messiah or something. 1196 00:54:18,728 --> 00:54:21,289 (engine roaring) 1197 00:54:21,324 --> 00:54:23,368 ♪ DeepFuckingValue ♪ 1198 00:54:23,403 --> 00:54:25,931 ♪ Is coming to make some tendies ♪ 1199 00:54:25,966 --> 00:54:30,507 ♪ Not selling GME 'til we finish this short squeeze ♪ 1200 00:54:30,542 --> 00:54:31,937 ♪ Woohoo! ♪ 1201 00:54:31,972 --> 00:54:34,137 ♪ DeepFuckingValue ♪ 1202 00:54:34,172 --> 00:54:37,140 ♪ Is holding on to them calls ♪ 1203 00:54:37,175 --> 00:54:42,079 ♪ He's got diamond hands and he's got big brass balls ♪ 1204 00:54:42,851 --> 00:54:45,852 (upbeat rock music) 1205 00:54:48,395 --> 00:54:50,186 - [Male Speaker] His channel just blew up. 1206 00:54:51,728 --> 00:54:54,465 - [Jenn] There were thousands of people in the stream. 1207 00:54:54,500 --> 00:54:56,291 I mean, it was crazy. 1208 00:54:56,326 --> 00:54:59,899 (upbeat rock music) 1209 00:54:59,934 --> 00:55:02,473 We couldn't have an intellectual conversation 1210 00:55:02,508 --> 00:55:03,837 because it was just getting blown up 1211 00:55:03,872 --> 00:55:05,410 with like rocket emojis. 1212 00:55:05,445 --> 00:55:07,676 - It just king of destroyed the community 1213 00:55:07,711 --> 00:55:09,073 that had been built up. 1214 00:55:11,011 --> 00:55:12,813 - I just messaged on there one day and was like, 1215 00:55:12,848 --> 00:55:16,344 hey, like, anyone from the previous people here? 1216 00:55:16,379 --> 00:55:18,819 And then Jenn reached out to me like, hey, Rigo. 1217 00:55:18,854 --> 00:55:21,393 - We created our own like side chat, 1218 00:55:21,428 --> 00:55:25,826 so I started to know the people behind the username. 1219 00:55:25,861 --> 00:55:29,324 ♪ Don't understand how the last card is played ♪ 1220 00:55:29,359 --> 00:55:31,227 ♪ But somehow, a vital connection is made ♪ 1221 00:55:31,262 --> 00:55:32,437 - Now, if you check out Reddit, 1222 00:55:32,472 --> 00:55:33,405 there's a fricking cult on there. 1223 00:55:33,440 --> 00:55:34,769 It's hilarious. 1224 00:55:35,706 --> 00:55:37,541 - [Dmitriy] There was a lot of enthusiasm. 1225 00:55:37,576 --> 00:55:39,543 - I could get used to that. 1226 00:55:39,578 --> 00:55:41,413 - They were believing 1227 00:55:41,448 --> 00:55:44,075 that the short squeeze was almost inevitable. 1228 00:55:44,110 --> 00:55:46,418 - Do you want to see what a short squeeze looks like? 1229 00:55:47,751 --> 00:55:49,586 (explosion blasting) ♪ A connection is made ♪ 1230 00:55:49,621 --> 00:55:51,346 - When Melvin Capital got found out 1231 00:55:51,381 --> 00:55:53,788 that they were shorting this to the point that they did, 1232 00:55:53,823 --> 00:55:55,592 Reddit saw that happening, 1233 00:55:55,627 --> 00:55:58,496 and they said, whoa, whoa, whoa, we can stop this. 1234 00:56:03,602 --> 00:56:04,898 - My friends were starting to be like, 1235 00:56:04,933 --> 00:56:06,933 oh, well, maybe she had a point. 1236 00:56:09,641 --> 00:56:11,366 And this is where my dad was like, 1237 00:56:11,401 --> 00:56:12,939 oh, maybe you're not crazy. 1238 00:56:12,974 --> 00:56:13,907 And my mom was like, 1239 00:56:13,942 --> 00:56:15,480 should we invest in GameStop? 1240 00:56:17,913 --> 00:56:19,913 No longer was I this crazy person. 1241 00:56:23,083 --> 00:56:25,050 - Yo, a bunch of people online just realized 1242 00:56:25,085 --> 00:56:28,625 if they buy a bunch of stock that hedge funds are shorting, 1243 00:56:28,660 --> 00:56:30,627 they can actually force the hedge fund's position 1244 00:56:30,662 --> 00:56:31,727 and take a bunch of their money. 1245 00:56:31,762 --> 00:56:33,058 Isn't that cool? 1246 00:56:33,093 --> 00:56:35,390 - Oh, we're bad people. 1247 00:56:35,425 --> 00:56:36,897 I hear that all the time. 1248 00:56:36,932 --> 00:56:40,065 - The worst of the worst, the worst of the worst. 1249 00:56:40,100 --> 00:56:41,330 - First of all, I'm not a short seller. 1250 00:56:41,365 --> 00:56:42,969 I'm an investor. 1251 00:56:43,004 --> 00:56:44,905 I'm an investor whose specialty happens to be short-selling. 1252 00:56:44,940 --> 00:56:49,778 - Andrew Left, you are shorting Tesla, I understand. 1253 00:56:49,813 --> 00:56:51,615 - I have a small short position, yes, I do. 1254 00:56:51,650 --> 00:56:53,980 So when people dislike short sellers, 1255 00:56:55,049 --> 00:56:56,444 it's just misinformed. 1256 00:56:56,479 --> 00:56:57,687 The short sellers come in 1257 00:56:57,722 --> 00:56:59,920 and give you another side of the story. 1258 00:56:59,955 --> 00:57:03,121 Short sellers actually help regulate the market. 1259 00:57:08,491 --> 00:57:12,064 (intense orchestral music) 1260 00:57:14,805 --> 00:57:16,508 When the stock in January hit 40, 1261 00:57:16,543 --> 00:57:18,433 it was at all time highs. 1262 00:57:18,468 --> 00:57:19,643 Next, let's move on to their business. 1263 00:57:19,678 --> 00:57:22,437 - Yes, let's move on to their business. 1264 00:57:22,472 --> 00:57:25,550 - Their business trajectory was at all time lows. 1265 00:57:25,585 --> 00:57:29,114 Traditionally, that would be a good time to short a stock. 1266 00:57:29,149 --> 00:57:30,720 - Andrew Left (indistinct) 1267 00:57:30,755 --> 00:57:31,985 I was gonna have these five reasons 1268 00:57:32,020 --> 00:57:33,855 of why GameStop was a horrible investment. 1269 00:57:35,859 --> 00:57:38,860 I thought, oh, maybe he's discovered something. 1270 00:57:38,895 --> 00:57:40,389 - Justin, 1271 00:57:40,424 --> 00:57:42,358 I mean, when he spoke, we listened, you know? 1272 00:57:43,669 --> 00:57:46,395 - Knowing Justin's reputation, I was getting scared. 1273 00:57:46,430 --> 00:57:47,704 I was like, oh, you know, 1274 00:57:47,739 --> 00:57:49,508 if this guy is thinking about selling, 1275 00:57:50,676 --> 00:57:52,335 why am I not thinking about selling? 1276 00:57:54,009 --> 00:57:56,174 - I was getting really scared. 1277 00:57:58,112 --> 00:58:00,079 - It was constant monitoring. 1278 00:58:00,114 --> 00:58:02,554 And you're like, oh man, this could tank any day. 1279 00:58:07,022 --> 00:58:09,055 - I play the ball, not the man. 1280 00:58:09,090 --> 00:58:11,090 I looked at the business itself 1281 00:58:11,125 --> 00:58:14,566 and it wasn't making the progress they would have desired. 1282 00:58:16,636 --> 00:58:17,998 - There we go, 1283 00:58:18,033 --> 00:58:20,165 Andrew Left live on the Power Hour. 1284 00:58:20,200 --> 00:58:21,606 - Andrew is brilliant. 1285 00:58:22,609 --> 00:58:23,707 The difference between Andrew 1286 00:58:23,742 --> 00:58:25,500 and a lot of other short sellers 1287 00:58:25,535 --> 00:58:27,535 is that he generally gets on companies 1288 00:58:27,570 --> 00:58:29,042 that are really disasters. 1289 00:58:29,077 --> 00:58:30,505 - Please, sue me. 1290 00:58:30,540 --> 00:58:31,946 Let's go. 1291 00:58:31,981 --> 00:58:33,409 I will take your whole company from top-down. 1292 00:58:35,919 --> 00:58:37,919 - Most of my clients are not very wealthy. 1293 00:58:37,954 --> 00:58:39,624 They're just everyday people. 1294 00:58:41,584 --> 00:58:42,924 It wasn't worth the risk. 1295 00:58:44,994 --> 00:58:47,731 - Justin Dopierala gets on our group chat being like, 1296 00:58:47,766 --> 00:58:50,558 hey, guys, I just want to let you know 1297 00:58:50,593 --> 00:58:54,430 that I sold all of DOMO's shares in GameStop 1298 00:58:54,465 --> 00:58:55,607 a little bit above 40. 1299 00:58:58,073 --> 00:58:58,940 What? 1300 00:59:06,147 --> 00:59:07,652 Is this something that we should be doing? 1301 00:59:07,687 --> 00:59:09,786 Like, why are you selling? 1302 00:59:10,580 --> 00:59:12,052 - He's like, 1303 00:59:12,087 --> 00:59:15,220 maybe you should think about getting out of GameStop. 1304 00:59:15,255 --> 00:59:18,058 - I just didn't want to see anyone get burned. 1305 00:59:18,093 --> 00:59:20,159 - I thought about it multiple times to sell. 1306 00:59:21,591 --> 00:59:23,063 - [Male Speaker] I completely understand 1307 00:59:23,098 --> 00:59:25,494 where DOMO's coming from with this. 1308 00:59:25,529 --> 00:59:28,805 - I didn't intend to sell all the shares, 1309 00:59:28,840 --> 00:59:30,741 but as I started selling more and more, 1310 00:59:30,776 --> 00:59:33,304 there just was almost like a weight off my shoulders 1311 00:59:33,339 --> 00:59:34,569 and it just became evident to me 1312 00:59:34,604 --> 00:59:36,912 that this was the right thing to do. 1313 00:59:36,947 --> 00:59:40,014 - It's hard to buy things that everyone hates 1314 00:59:40,049 --> 00:59:42,720 and it's hard to sell things that everyone loves, 1315 00:59:43,888 --> 00:59:45,855 but you should buy them when people hate them 1316 00:59:45,890 --> 00:59:47,989 and you should sell when people love them. 1317 00:59:50,994 --> 00:59:52,862 - Okay, if you bought at four, 1318 00:59:52,897 --> 00:59:55,667 now, you're up almost 1,000%. 1319 00:59:55,702 --> 00:59:57,163 Amazing. You should sell, right? 1320 00:59:58,738 --> 01:00:01,497 No, not if it's worth a lot more than that. 1321 01:00:02,632 --> 01:00:04,203 You should be buying more actually. 1322 01:00:05,976 --> 01:00:07,943 Look, we need to put something together 1323 01:00:07,978 --> 01:00:11,507 as a counter to what Andrew puts out with Citron. 1324 01:00:14,853 --> 01:00:17,689 We compiled all of that industry information, 1325 01:00:17,724 --> 01:00:20,615 he made it all open source that people could access. 1326 01:00:20,650 --> 01:00:22,727 - We wanted the media to have a place they could turn to 1327 01:00:22,762 --> 01:00:25,521 and be like, well, GMEdd says differently. 1328 01:00:29,164 --> 01:00:32,836 I had seen Rod's postings for months 1329 01:00:32,871 --> 01:00:35,234 and I saw he was creating GMEdd. 1330 01:00:40,010 --> 01:00:42,175 - [Abbe] Rod sort of took Joe under his wing. 1331 01:00:43,607 --> 01:00:46,883 - Rod and I get along like Jesse Pinkman and Walter White. 1332 01:00:46,918 --> 01:00:48,214 He understands the financials 1333 01:00:48,249 --> 01:00:50,348 and I understand the social side of it. 1334 01:00:51,615 --> 01:00:54,726 - Rod is the cook, Joe is the peddler. 1335 01:00:54,761 --> 01:00:55,826 - $40,000. 1336 01:00:55,861 --> 01:00:57,157 - Hey, you said, raise the prices. 1337 01:00:57,192 --> 01:00:59,588 - It's really a great relationship they have. 1338 01:00:59,623 --> 01:01:01,227 (cheering) 1339 01:01:01,262 --> 01:01:02,030 - Yes! 1340 01:01:02,065 --> 01:01:03,625 - And they have a van. 1341 01:01:07,202 --> 01:01:09,774 - Nobody knows what the price should be precisely, 1342 01:01:09,809 --> 01:01:11,270 but we could at least paint a picture. 1343 01:01:11,305 --> 01:01:13,239 And I thought we painted a damn good one. 1344 01:01:14,913 --> 01:01:17,749 - And 69 was, you know. 1345 01:01:21,216 --> 01:01:23,788 - So, let's talk stocks, people. 1346 01:01:23,823 --> 01:01:26,351 I'm gonna put out a presentation today about my thesis, 1347 01:01:26,386 --> 01:01:28,760 five reasons why GameStop is going back to $20 1348 01:01:28,795 --> 01:01:30,256 and it's going there pretty fast. 1349 01:01:30,291 --> 01:01:32,687 - When Andrew makes a comment about something, 1350 01:01:32,722 --> 01:01:34,359 people take it pretty serious 1351 01:01:34,394 --> 01:01:37,868 because he's a very serious guy who does very serious work. 1352 01:01:37,903 --> 01:01:40,233 - Hey, this is Andrew Left at Citron Research 1353 01:01:40,268 --> 01:01:43,599 giving you five reasons why GameStop is going to 20. 1354 01:01:45,812 --> 01:01:48,241 - [Farris] His web stream died. 1355 01:01:49,739 --> 01:01:51,673 - And it kept doing the wheel of death. 1356 01:01:53,248 --> 01:01:55,644 - You have this big, bad boogeyman 1357 01:01:55,679 --> 01:01:57,580 that's gonna put out a research report this week. 1358 01:01:57,615 --> 01:01:59,054 Then he postpones it to the next week. 1359 01:01:59,089 --> 01:02:00,748 So obviously, you have all these people 1360 01:02:00,783 --> 01:02:02,288 that are scared of what he's gonna say. 1361 01:02:02,323 --> 01:02:04,092 And people are gonna sell beforehand. 1362 01:02:08,758 --> 01:02:11,726 - One, this is a failing mall-based retailer. 1363 01:02:11,761 --> 01:02:13,970 - Less than 10% Of the U.S. stores 1364 01:02:14,005 --> 01:02:16,170 are in traditional malls. 1365 01:02:16,205 --> 01:02:19,844 - Number two, numbers don't lie. 1366 01:02:19,879 --> 01:02:21,241 People lie. 1367 01:02:21,276 --> 01:02:25,410 - He's not saying anything that we don't know. 1368 01:02:25,445 --> 01:02:28,919 - Number three, valuations matter. 1369 01:02:28,954 --> 01:02:31,482 There were down 17% year over year. 1370 01:02:31,517 --> 01:02:33,253 I was just bringing out hard data, 1371 01:02:33,288 --> 01:02:35,827 which traditionally, stocks trade on. 1372 01:02:35,862 --> 01:02:39,259 - He didn't dive deep into GameStop's fundamentals. 1373 01:02:39,294 --> 01:02:40,931 - Number four, 1374 01:02:40,966 --> 01:02:44,033 there's no short squeeze that is happening as we speak. 1375 01:02:44,068 --> 01:02:46,332 - Everything that he said was complete bullshit. 1376 01:02:46,367 --> 01:02:47,795 - And last thing 1377 01:02:47,830 --> 01:02:49,797 is the company could be Blockbuster video 1378 01:02:49,832 --> 01:02:51,843 that never adapted to technology. 1379 01:02:51,878 --> 01:02:53,108 - It's Blockbuster 2.0. 1380 01:02:53,143 --> 01:02:55,946 I'm like, really, dude? 1381 01:02:55,981 --> 01:02:58,014 - I know who's long GameStop right now, 1382 01:02:58,049 --> 01:02:59,884 the people who are ordering pizzas to my house 1383 01:02:59,919 --> 01:03:01,149 or signing me up for Tinder. 1384 01:03:02,988 --> 01:03:06,121 In retrospect, I probably should not have done a video, 1385 01:03:06,156 --> 01:03:09,960 but maybe I thought at the time it is a bit of hubris. 1386 01:03:09,995 --> 01:03:13,128 Everyone started calling me a boomer, a loser, old man. 1387 01:03:13,163 --> 01:03:16,197 And I'm like, then I realized something's bigger here. 1388 01:03:17,398 --> 01:03:18,793 I didn't realize it was gonna become 1389 01:03:18,828 --> 01:03:21,070 some form of default religion or something. 1390 01:03:22,832 --> 01:03:25,833 - The stock was bubbling by that time, 1391 01:03:25,868 --> 01:03:27,879 it's just ready to explode. 1392 01:03:27,914 --> 01:03:31,542 (intense orchestral music) 1393 01:03:34,019 --> 01:03:35,986 - Whether you are in the stock market or not, 1394 01:03:36,021 --> 01:03:39,891 you have probably heard in the last 24 hours about GameStop. 1395 01:03:39,926 --> 01:03:43,620 (upbeat electronic music) 1396 01:03:45,063 --> 01:03:46,931 - GameStop is killing it! 1397 01:03:48,528 --> 01:03:50,033 - The game retailer GameStop 1398 01:03:50,068 --> 01:03:52,563 has set to continue their head-spinning ascent today. 1399 01:03:53,467 --> 01:03:54,631 - Whoa! - Whoa! 1400 01:03:56,239 --> 01:03:59,801 - (indistinct) $15,000! 1401 01:04:01,376 --> 01:04:02,507 - [Female Speaker] This involves a firm 1402 01:04:02,542 --> 01:04:03,871 called Melvin Capital. 1403 01:04:03,906 --> 01:04:06,247 - Melvin Capital. - Melvin Capital. 1404 01:04:06,282 --> 01:04:08,249 - The ploy to wipe out Gabe Plotkin's firm 1405 01:04:08,284 --> 01:04:11,021 surfaced on the subreddit forum known as Wall Street Bets. 1406 01:04:11,056 --> 01:04:12,847 - A bunch of crazy white boys on Reddit 1407 01:04:12,882 --> 01:04:15,454 have driven the price up to $123. 1408 01:04:15,489 --> 01:04:18,655 (upbeat electronic music) 1409 01:04:20,164 --> 01:04:21,966 - Yeah, I was maybe a little concerned 1410 01:04:22,001 --> 01:04:23,297 for the people that were still in it. 1411 01:04:23,332 --> 01:04:25,365 - Are you guys watching GameStop? 1412 01:04:25,400 --> 01:04:27,367 It just hit 200 a couple of minutes ago. 1413 01:04:27,402 --> 01:04:28,335 It's crazy! 1414 01:04:32,407 --> 01:04:35,771 - It was just GameStop day and night. 1415 01:04:35,806 --> 01:04:39,445 And while I'm preparing myself for chemo, 1416 01:04:39,480 --> 01:04:41,315 it was just too much going on. 1417 01:04:42,153 --> 01:04:43,812 - Huge blow, 1418 01:04:43,847 --> 01:04:46,485 Melvin suffering losses upwards of 30% in a year. 1419 01:04:46,520 --> 01:04:51,688 - I'm Tyrone and I'm here to fuck Melvin's Capital's wife, GameStop style. 1420 01:04:53,197 --> 01:04:55,428 - [Male Speaker] Cohen and Griffin of hedge fund fame 1421 01:04:55,463 --> 01:04:57,727 have come in and bailed out a hedge fund. 1422 01:04:57,762 --> 01:04:59,564 - [Male Speaker] Citadel's all over this thing. 1423 01:04:59,599 --> 01:05:04,074 - Citadel gave Melvin a $2.75 billion cash infusion. 1424 01:05:04,109 --> 01:05:06,010 (vehicle crashing) 1425 01:05:06,045 --> 01:05:08,507 - Mr. Griffin, let me tell you something, 1426 01:05:08,542 --> 01:05:11,477 there's only one Kenny G and it ain't you. 1427 01:05:14,878 --> 01:05:16,119 - [Male Speaker] Elon Musk jumping into the action, 1428 01:05:16,154 --> 01:05:20,288 tweeting gamestonk. 1429 01:05:20,323 --> 01:05:22,488 (sobbing) 1430 01:05:23,392 --> 01:05:24,853 - Fuck Wall Street. 1431 01:05:24,888 --> 01:05:26,195 - Fuck Wall Street. 1432 01:05:26,230 --> 01:05:27,790 - Fuck Wall Street. 1433 01:05:31,631 --> 01:05:33,928 - They go after the ones that are heavily shorted 1434 01:05:33,963 --> 01:05:35,930 in order to come up with the short squeeze. 1435 01:05:35,965 --> 01:05:37,437 - [Female Speaker] And it raised the price, 1436 01:05:37,472 --> 01:05:40,044 forcing these major hedge funds to lose a ton of dough. 1437 01:05:40,079 --> 01:05:41,441 (man yelling) 1438 01:05:41,476 --> 01:05:43,278 - [Female Speaker] Those betting against GameStop 1439 01:05:43,313 --> 01:05:47,315 lost $14.3 billion today alone. 1440 01:05:47,350 --> 01:05:49,119 - I was on a golf course. 1441 01:05:49,154 --> 01:05:52,155 I wasn't checking my emails or my messages. 1442 01:05:52,190 --> 01:05:54,025 And then I went home that day 1443 01:05:54,060 --> 01:05:55,026 and I'm like, oh my God. 1444 01:06:00,528 --> 01:06:01,857 - People lost their minds. 1445 01:06:05,027 --> 01:06:08,138 The interesting thing is there were other hedge funds 1446 01:06:08,173 --> 01:06:10,899 who were investing in GameStop. 1447 01:06:10,934 --> 01:06:13,077 - I think the hedge funds saw blood in the water. 1448 01:06:13,112 --> 01:06:16,146 - If you don't think a hedge fund would buy this stock at 70 1449 01:06:16,181 --> 01:06:17,004 thinking it was going to 350, 1450 01:06:17,039 --> 01:06:18,049 you're wrong. 1451 01:06:18,084 --> 01:06:19,314 Everyone would do it. 1452 01:06:19,349 --> 01:06:21,976 - There will be carnage, I can guarantee you. 1453 01:06:22,011 --> 01:06:23,186 - It was a little bit too crazy. 1454 01:06:25,256 --> 01:06:28,488 I started taking profits. 1455 01:06:28,523 --> 01:06:30,688 - I just thought, okay, I'm out. 1456 01:06:31,691 --> 01:06:34,197 - You want to take profits when you can. 1457 01:06:34,232 --> 01:06:35,957 - Keep moving, keep ahead! 1458 01:06:38,104 --> 01:06:39,334 - My wife, 1459 01:06:39,369 --> 01:06:42,238 I was like, babe, I don't know what to do. 1460 01:06:42,273 --> 01:06:43,371 She's like, don't look at me. 1461 01:06:43,406 --> 01:06:45,538 I don't know anything about it. 1462 01:06:45,573 --> 01:06:46,506 I was like, should I sell it? 1463 01:06:46,541 --> 01:06:47,507 She was like, I don't know. 1464 01:06:47,542 --> 01:06:48,871 (people cheering) 1465 01:06:48,906 --> 01:06:51,610 - I was just like, loving the chaos. 1466 01:06:58,388 --> 01:06:59,882 - My parents found out about GameStop 1467 01:06:59,917 --> 01:07:02,423 when the New York Times put out its cover story 1468 01:07:02,458 --> 01:07:03,886 with me in it. 1469 01:07:03,921 --> 01:07:08,429 - Joe's face is right there with Ryan Cohen, 1470 01:07:09,300 --> 01:07:11,300 Roaring Kitty, and Rod Alzmann. 1471 01:07:11,335 --> 01:07:13,236 - What was it about it that made you believe 1472 01:07:13,271 --> 01:07:15,535 that there was a growth story there 1473 01:07:15,570 --> 01:07:17,031 that no one else saw? 1474 01:07:17,066 --> 01:07:19,836 - It sure felt like I was wrong for a long time. 1475 01:07:22,071 --> 01:07:24,115 - This picture is just hilarious to me 1476 01:07:24,150 --> 01:07:25,545 because it was just something 1477 01:07:25,580 --> 01:07:27,448 I never even could have dreamed of. 1478 01:07:30,189 --> 01:07:31,551 - [Male Speaker] The Roaring Kitty on YouTube, 1479 01:07:31,586 --> 01:07:33,157 DFV on Reddit. 1480 01:07:33,192 --> 01:07:35,918 And of course, now we all know his name is Keith Gill. 1481 01:07:42,267 --> 01:07:43,134 - What? 1482 01:07:44,434 --> 01:07:47,061 - [Male Speaker] Melvin Capital is now out of the stock. 1483 01:07:47,096 --> 01:07:50,339 They've taken a rather huge loss. 1484 01:07:52,508 --> 01:07:56,609 - It was the perfect storm to destroy a hedge fund. 1485 01:08:01,011 --> 01:08:03,253 - [Male Speaker] This is the Citadel headquarter in Chicago, 1486 01:08:03,288 --> 01:08:05,079 the center of this GameStop drama. 1487 01:08:05,114 --> 01:08:06,157 They're the biggest market maker 1488 01:08:06,192 --> 01:08:08,357 and hedge fund in the world. 1489 01:08:08,392 --> 01:08:10,656 - So when Citadel got involved, 1490 01:08:10,691 --> 01:08:13,428 I called my brother who worked in the financial world. 1491 01:08:13,463 --> 01:08:17,091 He's like, dude, Citadel's getting involved? 1492 01:08:17,126 --> 01:08:20,369 Whoa, Citadel like runs the world, man. 1493 01:08:21,900 --> 01:08:25,704 That doesn't bode well for the future of GameStop. 1494 01:08:30,909 --> 01:08:32,678 - GameStop shares tanking today. 1495 01:08:34,715 --> 01:08:36,814 - GameStop shares have been tumbling 1496 01:08:36,849 --> 01:08:40,686 as a growing number of firms move to halt trading. 1497 01:08:40,721 --> 01:08:43,018 - The action is so wild that TD Ameritrade 1498 01:08:43,053 --> 01:08:45,295 and Robinhood have restricted trading of these stocks. 1499 01:08:45,330 --> 01:08:47,462 - [Female Speaker] Forcing GameStop's shares to drop 1500 01:08:47,497 --> 01:08:48,826 like a ton of bricks. 1501 01:08:48,861 --> 01:08:50,399 - The stocks just plummeted. 1502 01:08:52,161 --> 01:08:54,634 - Now, if you can only sell stocks, 1503 01:08:54,669 --> 01:08:56,207 those stocks only go down. 1504 01:08:56,242 --> 01:08:59,804 - They said, well, the crazies can't buy it anymore. 1505 01:08:59,839 --> 01:09:02,543 Well, the only reason it's up is because of the crazies. 1506 01:09:02,578 --> 01:09:04,578 - I am beyond frustrated. 1507 01:09:04,613 --> 01:09:08,549 My portfolio is getting absolutely obliterated today. 1508 01:09:08,584 --> 01:09:11,222 - [Female Speaker] A class action complaint was just filed 1509 01:09:11,257 --> 01:09:14,016 in the Southern District of New York against Robinhood. 1510 01:09:15,118 --> 01:09:16,656 - Why? 1511 01:09:16,691 --> 01:09:17,591 Why? 1512 01:09:17,626 --> 01:09:19,021 Explain why you had to do it 1513 01:09:19,056 --> 01:09:21,232 if it wasn't to protect the big hedge funds. 1514 01:09:22,697 --> 01:09:25,335 - They sell information they gather from their customers 1515 01:09:25,370 --> 01:09:28,162 to the hedge funds who use it for their advantage, 1516 01:09:28,197 --> 01:09:29,801 and most customers don't even know. 1517 01:09:30,639 --> 01:09:32,606 - Robinhood trades are not free. 1518 01:09:32,641 --> 01:09:35,169 When you pay for order flow, 1519 01:09:35,204 --> 01:09:36,841 you're probably charging your customers more 1520 01:09:36,876 --> 01:09:38,381 and pretending to be free. 1521 01:09:38,416 --> 01:09:41,285 - Citadel is actually Robinhood's biggest customer. 1522 01:09:41,320 --> 01:09:44,453 So when Citadel tells Robinhood to stop trades on GameStop, 1523 01:09:44,488 --> 01:09:45,685 Robinhood's gonna listen. 1524 01:09:45,720 --> 01:09:47,258 - And that looks like a stinky conflict 1525 01:09:47,293 --> 01:09:50,085 that you didn't come out straight on from the start. 1526 01:09:51,825 --> 01:09:53,594 - [Male Speaker] This is a (beeping) crime 1527 01:09:53,629 --> 01:09:55,629 what Robinhood app is doing. 1528 01:09:55,664 --> 01:09:58,368 Do not sell, hold the line. 1529 01:09:58,403 --> 01:10:00,128 (beeping) 1530 01:10:00,163 --> 01:10:02,306 - [Female Speaker] Somewhat allegedly threw dog feces 1531 01:10:02,341 --> 01:10:03,868 at the front door. 1532 01:10:03,903 --> 01:10:05,375 - [Male Speaker] One investor chartered a plane 1533 01:10:05,410 --> 01:10:08,477 to fly a banner over the company's headquarters saying, 1534 01:10:08,512 --> 01:10:10,446 suck my nuts, Robinhood. 1535 01:10:12,318 --> 01:10:13,548 - I don't think there's anything nefarious 1536 01:10:13,583 --> 01:10:15,748 behind the scenes as you hear people say, 1537 01:10:15,783 --> 01:10:19,147 oh, 'cause Ken Griffin owns a piece of Robinhood. 1538 01:10:19,182 --> 01:10:20,786 No, I don't believe any of that. 1539 01:10:21,921 --> 01:10:23,250 - There's a lot to unpack 1540 01:10:23,285 --> 01:10:24,757 with what happened with Robinhood 1541 01:10:24,792 --> 01:10:29,498 because that has led to a lot of conspiracy theories. 1542 01:10:31,370 --> 01:10:33,601 - It's just a little bit too convenient 1543 01:10:33,636 --> 01:10:36,769 that you got Melvin Capital losing billions of dollars, 1544 01:10:36,804 --> 01:10:38,408 Citadel backing them. 1545 01:10:38,443 --> 01:10:40,267 And then two days later, 1546 01:10:40,302 --> 01:10:43,039 Robinhood stopping people from buying it. 1547 01:10:43,943 --> 01:10:45,349 If that's what's happening, 1548 01:10:45,384 --> 01:10:48,715 they all are in bed with each other, which is scary. 1549 01:10:51,214 --> 01:10:54,248 - But there will never be any proof, right? 1550 01:10:54,283 --> 01:10:59,220 'Cause no one's gonna own up to a hedge fund 1551 01:11:00,322 --> 01:11:01,299 colluding with another company. 1552 01:11:05,371 --> 01:11:06,700 - I don't think that's what happened. 1553 01:11:06,735 --> 01:11:09,263 I think what happened is they just got stretched. 1554 01:11:09,298 --> 01:11:10,341 - Tenev effectively argued 1555 01:11:10,376 --> 01:11:11,804 that if he didn't take any action, 1556 01:11:11,839 --> 01:11:14,378 the company would have likely faced a liquidity issue. 1557 01:11:14,413 --> 01:11:16,204 - I don't believe it was nefarious, 1558 01:11:16,239 --> 01:11:18,514 but the fact that it was so poorly communicated 1559 01:11:18,549 --> 01:11:20,351 to the public really fed into this narrative 1560 01:11:20,386 --> 01:11:23,651 that this was all some sort of big collusion 1561 01:11:23,686 --> 01:11:25,785 by these hedge funds that were losing money. 1562 01:11:25,820 --> 01:11:27,358 And when they were losing the game, 1563 01:11:27,393 --> 01:11:29,283 they were able to just shut the game off. 1564 01:11:29,318 --> 01:11:30,889 - [Male Speaker] And it's gone! 1565 01:11:30,924 --> 01:11:33,023 - And it has kind of fostered this whole ape movement. 1566 01:11:34,763 --> 01:11:35,729 - What do we make of this, 1567 01:11:35,764 --> 01:11:37,291 what do we make of the apes? 1568 01:11:37,326 --> 01:11:38,963 - [Rod] The apes have Robinhood accounts 1569 01:11:38,998 --> 01:11:41,328 and their form of sticking it to the man 1570 01:11:41,363 --> 01:11:43,803 is buying more of the stocks 1571 01:11:43,838 --> 01:11:45,871 that they were not allowed to buy. 1572 01:11:47,413 --> 01:11:49,303 - It's hard to tell how high it would have gone 1573 01:11:49,338 --> 01:11:52,581 if they didn't implement these restrictions. 1574 01:11:52,616 --> 01:11:54,715 Who knows if there is a practical limit? 1575 01:11:57,753 --> 01:12:00,347 - Robinhood's decision and what they did 1576 01:12:00,382 --> 01:12:03,251 absolutely transferred wealth from the small retail investor 1577 01:12:03,286 --> 01:12:05,319 into the hands of the big hedge funds 1578 01:12:05,354 --> 01:12:06,892 that were short GameStop. 1579 01:12:08,390 --> 01:12:11,501 - When you have AOC and Donald Trump Jr. 1580 01:12:11,536 --> 01:12:13,701 both on the same side of an issue, 1581 01:12:13,736 --> 01:12:15,604 you know something's dramatically wrong. 1582 01:12:15,639 --> 01:12:19,872 - It is the warning bell that we have a stock market 1583 01:12:19,907 --> 01:12:21,610 that is subject to manipulation. 1584 01:12:21,645 --> 01:12:25,009 - There are people buying digital assets that have no value 1585 01:12:25,044 --> 01:12:27,682 just to make a joke about it on Twitter. 1586 01:12:27,717 --> 01:12:29,849 - The 99% to 1% meme. 1587 01:12:29,884 --> 01:12:30,751 - What's a meme? 1588 01:12:32,315 --> 01:12:33,754 - I'm so sorry. 1589 01:12:33,789 --> 01:12:36,460 - Meme stocks are generating so much buzz 1590 01:12:36,495 --> 01:12:38,352 that institutional investors 1591 01:12:38,387 --> 01:12:41,927 and financial institutions are now generating watch lists. 1592 01:12:41,962 --> 01:12:46,360 AMC, Blackberry has moved for some reason, and Dogecoin. 1593 01:12:46,395 --> 01:12:47,603 - Which is a cryptocurrency 1594 01:12:47,638 --> 01:12:49,473 that was originally started off as a joke 1595 01:12:49,508 --> 01:12:51,805 and it is up over 800%. 1596 01:12:51,840 --> 01:12:53,939 The cryptocurrency equivalent of GameStop. 1597 01:12:56,812 --> 01:12:58,779 - The trading frenzy around GameStop 1598 01:12:58,814 --> 01:13:00,748 is the focus on Capitol Hill today. 1599 01:13:06,118 --> 01:13:09,592 - This hearing is entitled GameStopped: 1600 01:13:10,826 --> 01:13:14,388 Who Wins and Loses when Short Sellers, 1601 01:13:14,423 --> 01:13:18,392 Social Media, and Retail Investors Collide. 1602 01:13:18,427 --> 01:13:21,934 I want to know how each of the witnesses here today 1603 01:13:21,969 --> 01:13:26,334 contributed to the historic trading events. 1604 01:13:26,369 --> 01:13:27,335 Mr. Plotkin. 1605 01:13:31,979 --> 01:13:32,978 Mr. Plotkin? 1606 01:13:36,379 --> 01:13:38,621 - I was muted. I apologize, I do. 1607 01:13:38,656 --> 01:13:39,488 - [Maxine] Thank you. 1608 01:13:40,625 --> 01:13:42,020 - There are laws governing shorting stock, 1609 01:13:42,055 --> 01:13:44,594 and of course, we always follow them. 1610 01:13:44,629 --> 01:13:45,760 We have been short GameStop 1611 01:13:45,795 --> 01:13:48,422 since Melvin's inception six years earlier 1612 01:13:48,457 --> 01:13:49,632 because we believed 1613 01:13:49,667 --> 01:13:51,535 and still believe that its business model 1614 01:13:51,570 --> 01:13:53,460 is being overtaken by digital downloads 1615 01:13:53,495 --> 01:13:54,329 through the internet. 1616 01:13:55,497 --> 01:13:56,771 In addition. 1617 01:13:56,806 --> 01:13:58,839 - In addition, I am a robot. 1618 01:13:59,908 --> 01:14:01,677 - Mr. Vlad Tenev. 1619 01:14:01,712 --> 01:14:04,548 - Thank you for the invitation to speak about Robinhood 1620 01:14:04,583 --> 01:14:06,781 and the millions of people we serve. 1621 01:14:06,816 --> 01:14:09,883 The financial system should be built to work for everyone, 1622 01:14:09,918 --> 01:14:11,621 not just a select few, 1623 01:14:11,656 --> 01:14:13,887 but only half of U.S. households participate in. 1624 01:14:13,922 --> 01:14:16,450 - [Maxine] Mr. Tenev, 1625 01:14:16,485 --> 01:14:18,727 I would like you to use your limited time 1626 01:14:18,762 --> 01:14:22,060 to talk directly to what happened January 28. 1627 01:14:22,997 --> 01:14:24,128 - Certainly. 1628 01:14:24,163 --> 01:14:25,701 - A lot of attention on Vlad Tenev. 1629 01:14:25,736 --> 01:14:27,395 He seems to be getting most of the airtime here 1630 01:14:27,430 --> 01:14:30,464 and most of the questions are being fielded to him. 1631 01:14:30,499 --> 01:14:31,806 - Mr. Tenev, 1632 01:14:31,841 --> 01:14:35,073 isn't it true that there was a liquidity problem? 1633 01:14:35,108 --> 01:14:36,844 Could you just answer yes or no? 1634 01:14:38,177 --> 01:14:40,584 - We always felt comfortable with our liquidity. 1635 01:14:40,619 --> 01:14:42,652 - [Maxine] Please answer yes or no. 1636 01:14:42,687 --> 01:14:44,214 - We always felt comfortable-- 1637 01:14:45,514 --> 01:14:46,590 - I don't have time. 1638 01:14:46,625 --> 01:14:48,053 I just need a yes or no answer. 1639 01:14:50,926 --> 01:14:54,158 - I think that, thank you for the question. 1640 01:14:54,193 --> 01:14:56,259 It's an important question. 1641 01:14:56,294 --> 01:14:58,492 - Yes or no! 1642 01:14:58,527 --> 01:14:59,933 Yes or no! 1643 01:14:59,968 --> 01:15:02,133 Yes or no! 1644 01:15:03,642 --> 01:15:06,038 - Mr. Griffin, if I could just ask you the first question, 1645 01:15:06,073 --> 01:15:08,876 how many people are in the room with you? 1646 01:15:08,911 --> 01:15:10,108 If you can just count 1647 01:15:10,143 --> 01:15:11,406 how many people are in the room with you. 1648 01:15:14,378 --> 01:15:16,719 - There are five people, including myself, 1649 01:15:16,754 --> 01:15:18,017 in this room, sir. 1650 01:15:18,052 --> 01:15:18,886 - Awesome. 1651 01:15:21,220 --> 01:15:23,055 - Mr. Gill, my first question for you 1652 01:15:24,586 --> 01:15:27,554 is how many people are in the room with you right now? 1653 01:15:27,589 --> 01:15:28,665 - Zero, congressmen. 1654 01:15:30,636 --> 01:15:32,966 - So proud of Roaring Kitty. 1655 01:15:33,001 --> 01:15:34,605 - Roaring Kitty was great. 1656 01:15:34,640 --> 01:15:36,464 - Roaring Kitty was the most wholesome face 1657 01:15:36,499 --> 01:15:38,103 GameStop could have asked for. 1658 01:15:38,138 --> 01:15:40,875 - Mr. Gill, you are now recognized for five minutes-- 1659 01:15:40,910 --> 01:15:42,074 - There we go! 1660 01:15:42,109 --> 01:15:43,042 - To present your oral testimony. 1661 01:15:43,077 --> 01:15:44,615 - The guy we all came here for. 1662 01:15:44,650 --> 01:15:46,540 - A few things I am not. 1663 01:15:46,575 --> 01:15:50,720 I am not a cat, I am not an institutional investor. 1664 01:15:50,755 --> 01:15:53,657 - I love that he started by saying, I am not a cat. 1665 01:15:53,692 --> 01:15:57,221 - My favorite line of the day was from Roaring Kitty. 1666 01:15:57,256 --> 01:15:59,630 And he said, I am not a cat. 1667 01:15:59,665 --> 01:16:01,489 - There was a reference to a Zoom call 1668 01:16:01,524 --> 01:16:03,964 where somebody in court was looking like a cat 1669 01:16:03,999 --> 01:16:05,097 with a filter. 1670 01:16:05,132 --> 01:16:06,131 - I'm here live. 1671 01:16:06,166 --> 01:16:07,132 I'm not a cat. 1672 01:16:09,708 --> 01:16:11,807 - As for me, I liked the stock. 1673 01:16:11,842 --> 01:16:13,567 - He liked the stock. 1674 01:16:13,602 --> 01:16:15,107 - I would be the first to acknowledge 1675 01:16:15,142 --> 01:16:17,505 that investing in stocks and options is incredibly risky. 1676 01:16:17,540 --> 01:16:19,650 And it's so important for people 1677 01:16:19,685 --> 01:16:22,609 to do their own thorough research before investing. 1678 01:16:22,644 --> 01:16:25,579 - He was more professional than these billionaires. 1679 01:16:25,614 --> 01:16:27,658 - Yes, yes or no? 1680 01:16:27,693 --> 01:16:29,517 Yes or no, Lizzie, are you gonna do this? 1681 01:16:29,552 --> 01:16:31,695 - There's an actually more complicated answer-- 1682 01:16:31,730 --> 01:16:33,092 - Yes or no?! 1683 01:16:33,127 --> 01:16:34,665 - It's a more complicated answer than that. 1684 01:16:35,734 --> 01:16:37,668 - Yes or no, yes or no! 1685 01:16:37,703 --> 01:16:39,494 - Are you a cat, Joe? Are you a cat? 1686 01:16:40,662 --> 01:16:42,673 - So yes or no, are you buying the stock? 1687 01:16:42,708 --> 01:16:44,235 - For me personally, yes. 1688 01:16:45,568 --> 01:16:48,536 - He is literally moving the needle right now 1689 01:16:48,571 --> 01:16:50,010 like straight up. 1690 01:16:50,045 --> 01:16:50,879 It's crazy. 1691 01:16:55,182 --> 01:16:57,215 - Roaring Kitty, Keith Gill, 1692 01:16:57,250 --> 01:16:58,612 made it publicly known 1693 01:16:58,647 --> 01:17:02,583 that he doubled down his position that day. 1694 01:17:04,092 --> 01:17:05,619 - [Male Speaker] The congresspeople all thought 1695 01:17:05,654 --> 01:17:06,521 this was over. 1696 01:17:07,326 --> 01:17:08,798 I knew it wasn't over. 1697 01:17:08,833 --> 01:17:11,735 That was just the first inning. 1698 01:17:11,770 --> 01:17:14,067 - The battle between GameStop investors 1699 01:17:14,102 --> 01:17:16,069 and the short sellers is raging on. 1700 01:17:16,104 --> 01:17:18,709 And this week, the short sellers are losing again. 1701 01:17:20,075 --> 01:17:21,635 - We can't have anyone freak out out there, okay?! 1702 01:17:21,670 --> 01:17:23,978 We've gotta keep our composure! 1703 01:17:24,013 --> 01:17:25,749 We've gone too far! 1704 01:17:25,784 --> 01:17:27,817 There's too much to lose! 1705 01:17:27,852 --> 01:17:29,148 ♪ We want the stock ♪ 1706 01:17:29,183 --> 01:17:30,721 ♪ We want the stock ♪ 1707 01:17:30,756 --> 01:17:32,184 ♪ Yes, we want the stock ♪ 1708 01:17:32,219 --> 01:17:34,186 ♪ We want GameStop ♪ 1709 01:17:34,221 --> 01:17:37,255 - Actually, we've got it right here, 1710 01:17:37,290 --> 01:17:39,587 the original OGs, right? 1711 01:17:39,622 --> 01:17:40,687 Look at us. 1712 01:17:40,722 --> 01:17:42,062 Roaring Kitty had made this poster 1713 01:17:42,097 --> 01:17:44,163 using "Avengers: Endgame." 1714 01:17:44,198 --> 01:17:49,135 He photoshopped all the OG's photos into the characters. 1715 01:17:52,811 --> 01:17:57,143 And so it turns out that it ended up being his endgame. 1716 01:17:59,708 --> 01:18:03,017 - Keith Gill, otherwise known as Roaring Kitty 1717 01:18:03,052 --> 01:18:05,283 and another name online, 1718 01:18:05,318 --> 01:18:08,022 he did increase his stake in the company 1719 01:18:08,057 --> 01:18:09,892 by out to 50,000 shares. 1720 01:18:09,927 --> 01:18:13,687 He's now up to 200,000 shares of GameStop, 1721 01:18:13,722 --> 01:18:16,327 and that is valued at 33 million dollars now. 1722 01:18:19,233 --> 01:18:21,904 - DeepFuckingValue makes his final post. 1723 01:18:24,139 --> 01:18:25,270 - He likes the stock. 1724 01:18:26,977 --> 01:18:27,943 - Cheers, everyone. 1725 01:18:32,510 --> 01:18:37,447 - Ryan Cohen tweeted out fist bump after his final post. 1726 01:18:38,747 --> 01:18:40,219 - I have not heard from Roaring kitty since the squeeze 1727 01:18:40,254 --> 01:18:41,759 and I don't know anyone who has. 1728 01:18:43,257 --> 01:18:46,192 - He does post cat pictures on Twitter. 1729 01:18:49,428 --> 01:18:52,330 - I'd love to talk about other prospective investments, 1730 01:18:52,365 --> 01:18:54,134 and see what he's thinking about markets, 1731 01:18:54,169 --> 01:18:56,664 and just shoot the shit with my friend again. 1732 01:18:57,700 --> 01:19:01,207 (upbeat electronic music) 1733 01:19:03,112 --> 01:19:06,344 (rocket exploding) 1734 01:19:06,379 --> 01:19:09,182 - Wall Street Bets never stopped talking about GameStop. 1735 01:19:10,350 --> 01:19:11,745 After the squeeze, people are like, 1736 01:19:11,780 --> 01:19:13,417 oh, there's gonna be another squeeze. 1737 01:19:13,452 --> 01:19:16,024 I want to see the price keep going up. 1738 01:19:16,059 --> 01:19:18,752 - Is that possible? Sure, it's possible. 1739 01:19:18,787 --> 01:19:19,786 Bad bet. 1740 01:19:19,821 --> 01:19:20,655 Could happen. 1741 01:19:20,690 --> 01:19:21,997 Not a great bet. 1742 01:19:22,032 --> 01:19:23,130 I thumb that one down. 1743 01:19:25,200 --> 01:19:28,839 - Now, some believe that all the juice 1744 01:19:28,874 --> 01:19:30,874 has not been squeezed, 1745 01:19:30,909 --> 01:19:32,634 but they use the term squoze. 1746 01:19:32,669 --> 01:19:34,812 Has the squeeze been squozed? 1747 01:19:37,916 --> 01:19:41,115 - My point when I say squeeze has been squozed is, 1748 01:19:41,150 --> 01:19:42,215 let's look at the data. 1749 01:19:42,250 --> 01:19:43,887 - Is the squeeze squozed? 1750 01:19:43,922 --> 01:19:46,021 - The squeeze has squozed. 1751 01:19:46,056 --> 01:19:47,781 - Is the squeezed squozed? 1752 01:19:47,816 --> 01:19:50,861 - It's turned into a gigantic cult almost online. 1753 01:19:50,896 --> 01:19:55,525 - Had the squeeze been squozed and the answer is no. 1754 01:19:58,101 --> 01:20:01,729 - The current data show massively reduced short interest. 1755 01:20:08,507 --> 01:20:13,147 What's funny is when I voice an opinion, 1756 01:20:13,182 --> 01:20:16,678 I am called out as a quote hedgie shill. 1757 01:20:18,187 --> 01:20:19,923 The big issue is the people 1758 01:20:19,958 --> 01:20:21,925 that are putting massive sums of their wealth, 1759 01:20:21,960 --> 01:20:23,157 money they've earned, 1760 01:20:23,192 --> 01:20:24,356 in the hopes of just making it rich, 1761 01:20:24,391 --> 01:20:26,996 and that's not investing. 1762 01:20:27,031 --> 01:20:28,228 - There are many reasons 1763 01:20:28,263 --> 01:20:30,164 why the squeeze has not been squozed yet. 1764 01:20:30,199 --> 01:20:31,759 - The game of squeeze hasn't happened. 1765 01:20:31,794 --> 01:20:36,467 It could be valued at $7 trillion. - Whew. 1766 01:20:38,977 --> 01:20:41,241 - What's unique about GameStop for me personally 1767 01:20:41,276 --> 01:20:45,080 is it evolved from a deep value and loved physical retailer 1768 01:20:45,115 --> 01:20:49,018 to a potential e-commerce growth story. 1769 01:20:49,053 --> 01:20:52,450 - To see GameStop run up to such incredible levels, 1770 01:20:52,485 --> 01:20:54,782 it makes you start to wonder what comes next. 1771 01:20:54,817 --> 01:20:56,454 - Let's put it this way. 1772 01:20:56,489 --> 01:20:59,930 If GameStop is successful at making a turnaround, 1773 01:20:59,965 --> 01:21:04,198 and the stock ends up having a valuation of $10 billion, 1774 01:21:04,233 --> 01:21:05,430 $7 billion, 1775 01:21:05,465 --> 01:21:07,762 let's call it double where it was, 1776 01:21:07,797 --> 01:21:09,137 that puts the stock significantly lower 1777 01:21:09,172 --> 01:21:10,402 than where it is today. 1778 01:21:10,437 --> 01:21:12,734 And that's with the successful turnaround. 1779 01:21:12,769 --> 01:21:13,867 - We'll know within the next year 1780 01:21:13,902 --> 01:21:15,374 if GameStop can be the next Chewy, 1781 01:21:15,409 --> 01:21:16,243 and I think it will be. 1782 01:21:16,278 --> 01:21:17,442 - Ryan Chewy. 1783 01:21:17,477 --> 01:21:18,278 - You've got it. 1784 01:21:18,313 --> 01:21:19,411 Yes. 1785 01:21:19,446 --> 01:21:21,083 You've gotta bet on him, right? 1786 01:21:21,118 --> 01:21:24,548 And you gotta bet on the Chewy.com model. 1787 01:21:24,583 --> 01:21:27,056 - People are basing daily trades 1788 01:21:27,091 --> 01:21:29,993 off of whether Ryan Cohen tweets or not. 1789 01:21:30,028 --> 01:21:32,556 - And what's funny about it is if you're a short seller, 1790 01:21:32,591 --> 01:21:35,064 you don't know what the hell like, 1791 01:21:35,099 --> 01:21:37,099 what does a poop emoji mean? 1792 01:21:37,134 --> 01:21:38,331 - Oh, so it's like a, what, 1793 01:21:38,366 --> 01:21:40,069 like some form of a Rosetta stone. 1794 01:21:40,104 --> 01:21:42,170 He's gonna put this out and that out, 1795 01:21:42,205 --> 01:21:44,799 and then it's gonna be the great plan, right? 1796 01:21:44,834 --> 01:21:47,901 It's Professor Plum with the wrench in the conservatory. 1797 01:21:47,936 --> 01:21:48,836 Oh, that's great! 1798 01:21:48,871 --> 01:21:50,475 The company is going to 500. 1799 01:21:51,940 --> 01:21:53,412 Whatever. 1800 01:21:53,447 --> 01:21:57,185 - It's a McDonald's ice cream cone. 1801 01:21:57,220 --> 01:21:58,912 - [Male Speaker] Just like that, 1802 01:21:58,947 --> 01:22:02,718 GameStop after hours absolutely fucking crushes it. 1803 01:22:03,952 --> 01:22:05,919 - Ryan Cohen voted in as chairman. 1804 01:22:05,954 --> 01:22:07,492 That's a big step for the company. 1805 01:22:11,630 --> 01:22:13,333 - They've been making a lot of hires 1806 01:22:13,368 --> 01:22:14,961 of technology oriented bets 1807 01:22:14,996 --> 01:22:16,600 ever since the agreement 1808 01:22:16,635 --> 01:22:18,866 between Ryan and the company was reached. 1809 01:22:18,901 --> 01:22:20,142 - His vision is to fire everybody 1810 01:22:20,177 --> 01:22:22,573 and bring in buddies from various websites. 1811 01:22:23,972 --> 01:22:26,610 - He's bringing in an all star cast of players 1812 01:22:26,645 --> 01:22:28,282 that don't need jobs. 1813 01:22:28,317 --> 01:22:30,350 These people are doing it for passion. 1814 01:22:30,385 --> 01:22:32,121 They don't need the money. 1815 01:22:32,156 --> 01:22:34,255 They do it because they want to win. 1816 01:22:36,391 --> 01:22:38,622 - This team is a dream team! 1817 01:22:38,657 --> 01:22:39,986 - And you just have to wonder, 1818 01:22:40,021 --> 01:22:41,790 what is he pitching these people 1819 01:22:41,825 --> 01:22:43,462 where they're leaving these high paying jobs 1820 01:22:43,497 --> 01:22:45,167 at some of the biggest firms in the world? 1821 01:22:45,202 --> 01:22:46,960 - They hired a few Amazon executives 1822 01:22:46,995 --> 01:22:47,994 and everyone thinks that's great, 1823 01:22:48,029 --> 01:22:48,962 to which I say, 1824 01:22:48,997 --> 01:22:50,073 if you want to find a company 1825 01:22:50,108 --> 01:22:51,635 that has some Amazon executives, 1826 01:22:51,670 --> 01:22:52,966 buy Amazon. 1827 01:22:53,001 --> 01:22:54,407 They have all Amazon executives. 1828 01:22:56,114 --> 01:22:58,972 - I am impressed, Paul, with the GameStop team. 1829 01:22:59,007 --> 01:23:00,380 I really am. 1830 01:23:00,415 --> 01:23:01,810 They're good. 1831 01:23:01,845 --> 01:23:03,713 - You always follow the man with a plan. 1832 01:23:07,125 --> 01:23:09,983 - We're going to bring back in GMEdd.com 1833 01:23:10,018 --> 01:23:11,754 co-proprietor Rod Alzmann 1834 01:23:11,789 --> 01:23:14,229 who's been a long time GameStop investor. 1835 01:23:15,265 --> 01:23:17,925 - From Rod's perspective, it's vindicated. 1836 01:23:17,960 --> 01:23:20,994 He's been screaming into the abyss for how long? 1837 01:23:21,029 --> 01:23:23,436 - A GameStop bull since 2017, 1838 01:23:23,471 --> 01:23:24,767 one of the originals. 1839 01:23:24,802 --> 01:23:26,703 - How's life in the fast lane these days? 1840 01:23:27,970 --> 01:23:29,112 - Life's been pretty crazy. 1841 01:23:29,147 --> 01:23:31,081 I'm not gonna lie. 1842 01:23:31,116 --> 01:23:33,006 - Happy birthday, by the way, if that balloon is for your birthday, Rod. 1843 01:23:33,041 --> 01:23:34,975 - Belatedly one day, thank you. 1844 01:23:36,979 --> 01:23:38,352 - Finally, we get to the point 1845 01:23:38,387 --> 01:23:42,554 where the actual reputable professional 1846 01:23:42,589 --> 01:23:45,293 covering the stock is agreeing with him. 1847 01:23:45,328 --> 01:23:47,526 - [Male Speaker] Jefferies analyst, Stephanie Wissink, 1848 01:23:47,561 --> 01:23:50,925 ups her price target for GameStop's stock to $175 1849 01:23:52,731 --> 01:23:54,104 late on Wednesday morning. 1850 01:23:54,139 --> 01:23:57,140 - It's pretty clear there's a very euphoric, 1851 01:23:57,175 --> 01:23:58,603 excited investor base. 1852 01:23:59,672 --> 01:24:01,144 - What's happening with GameStop 1853 01:24:01,179 --> 01:24:03,069 isn't just about this company 1854 01:24:03,104 --> 01:24:05,038 and it's not just about the stock market. 1855 01:24:05,073 --> 01:24:06,413 It's a much bigger reaction 1856 01:24:06,448 --> 01:24:09,152 to what is happening in our society as a whole. 1857 01:24:09,187 --> 01:24:11,913 Think populism comes to Wall Street. 1858 01:24:11,948 --> 01:24:13,079 - Occupy Wall Street! 1859 01:24:13,114 --> 01:24:15,125 - I was at Occupy Wall Street. 1860 01:24:15,160 --> 01:24:18,722 - And today, we are at the Reoccupy Wall Street event. 1861 01:24:18,757 --> 01:24:21,461 - So when this was happening again, 1862 01:24:21,496 --> 01:24:22,726 I was like, oh my God, 1863 01:24:22,761 --> 01:24:24,563 I cannot believe this is going on. 1864 01:24:24,598 --> 01:24:25,993 - This is class warfare. 1865 01:24:26,028 --> 01:24:28,468 I'm going to call this Occupy Wall Street 2.0. 1866 01:24:28,503 --> 01:24:33,473 - This is everything we had hoped for actually happening, 1867 01:24:33,508 --> 01:24:35,838 which is rare. 1868 01:24:37,314 --> 01:24:39,743 - Everyone who's participated in this in one way or another 1869 01:24:39,778 --> 01:24:41,283 isn't just gonna forget. 1870 01:24:41,318 --> 01:24:43,252 - That shit was historic. 1871 01:24:43,287 --> 01:24:45,551 (laughing) 1872 01:24:56,729 --> 01:24:58,124 (rocket exploding) - Five! 1873 01:24:58,159 --> 01:25:01,567 - Us, the StockTwits is seeking alpha OGs. 1874 01:25:03,307 --> 01:25:05,032 We were the original diamond hands. 1875 01:25:06,244 --> 01:25:10,972 We just diamond handed through all the chaos. 1876 01:25:11,711 --> 01:25:12,710 - AMC, GME, CBD. 1877 01:25:14,175 --> 01:25:17,748 - STD, ODB, Blackberry, raspberry, pump it, pump it! 1878 01:25:20,588 --> 01:25:22,291 - Everybody that came later 1879 01:25:22,326 --> 01:25:23,886 and they're diamond handing now, 1880 01:25:25,659 --> 01:25:27,296 they're just copycats, man. 1881 01:25:27,331 --> 01:25:29,199 They just picked up on our movement. 1882 01:25:31,731 --> 01:25:33,896 - GameStop is one of several stocks 1883 01:25:33,931 --> 01:25:36,569 at the center of this pretty extraordinary 1884 01:25:36,604 --> 01:25:38,307 David and Goliath story. 1885 01:25:38,342 --> 01:25:41,574 - The David versus Goliath brawl on Wall Street. 1886 01:25:41,609 --> 01:25:44,346 - [Female Speaker] It's like a David versus Goliath story. 1887 01:25:44,381 --> 01:25:46,612 - And David won. 1888 01:25:48,517 --> 01:25:51,254 - They played the game better than I played the game. 1889 01:25:51,289 --> 01:25:52,255 That's it. 1890 01:25:52,290 --> 01:25:54,180 This one particular stock. 1891 01:25:54,215 --> 01:25:57,150 ♪ Pray help from above because ♪ 1892 01:25:57,185 --> 01:25:59,592 - Individual day traders are cashing in tonight 1893 01:25:59,627 --> 01:26:01,759 after taking on big investment companies. 1894 01:26:01,794 --> 01:26:03,332 - One Reddit user even posting 1895 01:26:03,367 --> 01:26:05,158 that he paid off his student loan debt 1896 01:26:05,193 --> 01:26:07,567 thanks for the money he made off of GameStop. 1897 01:26:09,131 --> 01:26:10,933 - Robinhood is planning to list its shares next week. 1898 01:26:10,968 --> 01:26:13,342 In its IPO, the company is asking for market cap 1899 01:26:13,377 --> 01:26:15,608 as high as $35 billion. 1900 01:26:15,643 --> 01:26:17,544 - I mean, it's a very special moment for me 1901 01:26:17,579 --> 01:26:18,941 and for my co-founder. 1902 01:26:20,714 --> 01:26:23,011 - A lot of kids are investing now. 1903 01:26:23,046 --> 01:26:24,683 I think kids are gonna dress up as astronauts now 1904 01:26:24,718 --> 01:26:28,181 for Halloween because they want to go to the moon. 1905 01:26:28,216 --> 01:26:29,952 (rocket exploding) 1906 01:26:29,987 --> 01:26:31,525 - I do think this is a seminal moment. 1907 01:26:31,560 --> 01:26:33,054 I don't think we go back. 1908 01:26:33,089 --> 01:26:35,221 - It felt like almost the first time 1909 01:26:35,256 --> 01:26:38,631 that anybody was holding these folks accountable. 1910 01:26:40,338 --> 01:26:42,899 - Do you believe there could ever really be a free and fair market? 1911 01:26:46,608 --> 01:26:48,234 It's a good question. 1912 01:26:48,269 --> 01:26:51,237 - Rival movies about the GameStop stock market events 1913 01:26:51,272 --> 01:26:53,041 are being rushed into production. 1914 01:26:53,076 --> 01:26:54,746 Ooh, the minute we find out 1915 01:26:54,781 --> 01:26:57,419 which one Hollywood thinks is the most likely to succeed, 1916 01:26:57,454 --> 01:26:59,784 let's all buy tickets to the other one. 1917 01:27:01,359 --> 01:27:03,722 - You don't have to be a financial expert 1918 01:27:03,757 --> 01:27:05,658 to be a good investor, to be a good trader. 1919 01:27:06,859 --> 01:27:09,728 Anybody can analyze a company. 1920 01:27:09,763 --> 01:27:11,598 Nowadays, you can just go onto the internet 1921 01:27:11,633 --> 01:27:12,797 and start reading. 1922 01:27:13,602 --> 01:27:15,701 - I think if I see another GME, 1923 01:27:17,133 --> 01:27:20,376 I'll buy more and hold it longer. 1924 01:27:21,940 --> 01:27:23,676 That's everybody's dream mistake. 1925 01:27:23,711 --> 01:27:25,348 Oh, can I find the next one? 1926 01:27:25,383 --> 01:27:27,240 You know, probably not. 1927 01:27:27,275 --> 01:27:29,748 ♪ More, more, more ♪ 1928 01:27:29,783 --> 01:27:34,951 ♪ With the rebel yell, more, more, more ♪ 1929 01:27:36,317 --> 01:27:37,492 - [Male Speaker] We were all just sharing stories 1930 01:27:37,527 --> 01:27:38,361 about how this changed our lives. 1931 01:27:39,628 --> 01:27:41,628 - There's this one nurse who ended up calling me 1932 01:27:41,663 --> 01:27:43,696 and I'm like, hey, have you logged into your account at all? 1933 01:27:43,731 --> 01:27:46,369 She said, no, I'm terrified, I don't want to look. 1934 01:27:46,404 --> 01:27:48,767 I haven't looked at any of your emails. 1935 01:27:48,802 --> 01:27:51,297 So she logged in, she looked at her account, 1936 01:27:51,332 --> 01:27:52,738 and now, she's a millionaire. 1937 01:27:55,974 --> 01:27:57,479 That's why I do what I do. 1938 01:27:58,713 --> 01:28:00,482 - This is not just a one-time thing. 1939 01:28:00,517 --> 01:28:01,780 This isn't a snow leopard. 1940 01:28:01,815 --> 01:28:03,386 This is something where we're seeing more 1941 01:28:03,421 --> 01:28:04,783 and more of this happening. 1942 01:28:04,818 --> 01:28:06,884 - I think if you take the best amateur 1943 01:28:06,919 --> 01:28:10,789 and you toss them up on somewhere on Wall Street, 1944 01:28:10,824 --> 01:28:12,395 you won't tell the difference. 1945 01:28:13,827 --> 01:28:17,796 - What I underestimated was the size of the retail investor. 1946 01:28:17,831 --> 01:28:19,325 As of today, 1947 01:28:19,360 --> 01:28:22,031 Citron Research will no longer be publishing 1948 01:28:22,066 --> 01:28:23,967 short selling reports. 1949 01:28:24,002 --> 01:28:25,903 I mean, everywhere I went, people were like, hey, you're the GameStop guy. 1950 01:28:25,938 --> 01:28:27,872 I'm like, oh God. 1951 01:28:27,907 --> 01:28:30,303 All these years of work to be a GameStop guy. 1952 01:28:30,338 --> 01:28:32,877 We've actually become the establishment. 1953 01:28:34,342 --> 01:28:37,552 - I created an LLC called Kruza Capital 1954 01:28:37,587 --> 01:28:39,521 that I'm trading in full time, 1955 01:28:39,556 --> 01:28:42,117 but I'm still gonna work in the music business. 1956 01:28:44,528 --> 01:28:46,319 I mean, everything is pretty much on hold 1957 01:28:46,354 --> 01:28:48,057 until I'm done with chemotherapy. 1958 01:28:50,930 --> 01:28:54,536 - I'm a college student, I need money, I need to move out. 1959 01:28:54,571 --> 01:28:56,329 You know, I have to move out of the house. 1960 01:28:56,364 --> 01:28:57,264 Hey, you guys. 1961 01:28:57,299 --> 01:28:59,002 This is my new apartment. 1962 01:28:59,037 --> 01:29:02,071 GameStop just accelerated all that stuff for me. 1963 01:29:02,106 --> 01:29:03,072 I mean, a couple years ago, 1964 01:29:03,107 --> 01:29:04,337 I was a broke college student. 1965 01:29:04,372 --> 01:29:07,010 I don't think it's easy for the parents. 1966 01:29:07,045 --> 01:29:08,583 They act like it's okay, but I don't know, 1967 01:29:08,618 --> 01:29:10,387 I think they're crying inside. 1968 01:29:11,951 --> 01:29:14,424 - We're trying to think of a business we could start. 1969 01:29:14,459 --> 01:29:17,251 We're thinking we could build more vans and rent them out. 1970 01:29:18,386 --> 01:29:20,529 - I've always been driven to win. 1971 01:29:20,564 --> 01:29:22,960 I want to make money, I want to be self-sufficient. 1972 01:29:24,425 --> 01:29:25,534 I don't want to work for anybody else. 1973 01:29:25,569 --> 01:29:27,569 I want to be financially independent. 1974 01:29:27,604 --> 01:29:29,098 ♪ She cried more, more, more ♪ 1975 01:29:29,133 --> 01:29:31,870 - All of us who participated in this GameStop saga 1976 01:29:31,905 --> 01:29:34,268 learned quite a bit from that experience. 1977 01:29:35,975 --> 01:29:39,405 GameStop is something that I considered initially 1978 01:29:39,440 --> 01:29:43,277 a boring deep volume investment become this phenomenon. 1979 01:29:45,853 --> 01:29:48,381 - Truthfully, the first stock I ever bought in real life 1980 01:29:48,416 --> 01:29:51,494 was GameStop in like the mid 2000's. 1981 01:29:51,529 --> 01:29:53,463 - How often do you make big trades like this 1982 01:29:53,498 --> 01:29:55,388 or get so passionate about a trade? 1983 01:29:55,423 --> 01:29:56,730 Have you ever like created a website 1984 01:29:56,765 --> 01:29:58,391 and done this before in other? 1985 01:29:58,426 --> 01:29:59,766 - No. 1986 01:29:59,801 --> 01:30:01,328 - This will be a business school case study 1987 01:30:01,363 --> 01:30:02,967 at some point down the road. 1988 01:30:03,002 --> 01:30:05,299 - You're witnessing the French Revolution of finance. 1989 01:30:07,468 --> 01:30:12,614 - My father, I think he would be pretty proud, man. 1990 01:30:13,210 --> 01:30:14,308 I hope so. 1991 01:30:15,443 --> 01:30:18,686 (upbeat rock music) 1992 01:30:18,721 --> 01:30:20,853 I would love to have that conversation with him someday. 1993 01:30:20,888 --> 01:30:22,492 Who knows? 1994 01:30:22,527 --> 01:30:23,493 Hereafter. 1995 01:30:23,528 --> 01:30:27,288 (whimsical orchestral music) 1996 01:31:03,161 --> 01:31:05,931 (people cheering) 1997 01:31:07,836 --> 01:31:11,541 (whimsical orchestral music)