$GME And Wall Street Bets

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During their recent episode of the VALUE: After Hours Podcast, Taylor, Brewster, and Carlisle discussed $GME And Wall Street Bets. Here’s an excerpt from the episode:

Bill: I’ll talk about Game because that’s what people want to hear about.

Tobias: GameStop?

Bill: Yeah.

Jake: Getting GameStopped.

Tobias: That’s the big news at the moment. That’s the thing that’s–

Jake: Is that a verb yet?

Tobias: Yeah. I think someone suggested it to the Urban Dictionary, GameStopped when your shorts get taken over by WallStreetBets and ramped to the moon or ramped to Mars. That’s game over. Some big hedge fund comes in and says–

Jake: Did you see yesterday? [crosstalk] It was wild. Based on the price action, you could have been down 50% yesterday if you top ticked it. Well, on the day, the whole thing is still up 50%.

Tobias: [laughs]

Jake: Wow.

Tobias: Nobody’s just in the equity though, everybody’s in the options. The moves are bigger than that.

Jake: Yeah, I don’t even know what the options look like. What are you, like 3X all those numbers?

Tobias: Maybe more, I don’t know. I think some guys are really blown themselves up. I think some guys have made some real money, too.

Jake: Jesus.

Tobias: We’ve got a shoutout to Scotty who called it back on the podcast with me in August, he said WallStreetBets are all over GameStop. There’s 100% of shares short, so they’re trying to engineer a short squeeze. I think I laughed and thought there’s no way that’s going to happen, but he was right. Full credit. Well done. I think you’re on [unintelligible [00:03:55] at the top. Give me a shoutout– [crosstalk]

Bill: Yeah, he’s one of the guys that I actually count as like truly correct.

Tobias: Yeah. Right for the right season. [crosstalk]

Bill: Some people are like, “Oh, I held Game, too.” It’s like, “All right.” Look, I get it. If you’re down, put yourself in good situations, and good things can happen if you define it as a good situation. I still never got there with that, but whatever. Fine, if you want to take your little lap now, but Scotty’s one of the only ones that I actually saw articulate that WallStreetBets might put a crazy short squeeze on this thing, and it’s worth it for that reason. That’s called actually being right.

Tobias: Yeah. He said– a little clip that he put out that I retweeted that it was a melting ice cube, but you got Burry in there and WallStreetBets and 100% short, so there could be a nuclear explosion at some point, which was his words and that’s exactly what happened. Good job.

Bill: That’s right. I’m not taking a shot at Burry here, but I don’t consider this Burry being proven correct. This is closer to Scotty being right and Burry just being in the right pond and getting lucky, which I would rather be lucky and rich than good and poor. I’m not trying to be–

Tobias: You don’t know [crosstalk] Burry was in there, though.

Bill: Okay, that’s fair. I guess if Mike Burry was there in the WallStreetBets thesis, then I will chalk it up to a win for him.

Tobias: I mean, if someone like Burry gets right again and again and again, you got to stop thinking this is enemy action, this isn’t happenstance or coincidence, this is the real thing.

Bill: Yeah. I don’t know, maybe Mike Burry was in there for the WallStreetBets squeeze. I tend to think that he probably wasn’t, but that something really good happened and he was in the right pond. Again, I’d rather–

Tobias: If you go back and read Burry’s letters, those early letters, he talks about– he’s explicit about the three types of investments that he looks at. He wants to fill the portfolio with compounders, but if he can’t find compounders, then he will do earnings plays. If he can’t find earnings plays, he will do asset plays.

Bill: If this was none of it, this is a speculation play driven by the options market.

Tobias: It’s an asset play.

Bill: No, it’s not an asset play. It’s a betting play.

During their recent episode of the VALUE: After Hours Podcast, Taylor, Brewster, and Carlisle discussed $GME And Wall Street Bets. Here’s an excerpt from the episode:

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