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Ein paar Tage alt, abermE interessant re Gamestop

4) My friend Andrew Left of Citron Capital, who was up 155% last year, was publicly short GameStop, so I called him last night to ask for his thoughts. He had plenty – and gave me permission to share them:

The market has come to its lowest form. This is even crazier than Tilray (TLRY) and Tesla (TSLA). The Reddit crowd apparently said, "Let's find a company that's completely dead – and because everyone knows that, there's a big short interest – and engineer a short squeeze."

There's not a five-year-old in the country who can kick my ass... but 1,000 of them probably could. That's what happened here.

Even so, my losses have been minimal – and I'm making it back by selling ridiculously priced calls. For example, when the stock was at $75 today, I was getting paid $18 for $90 strike calls and $14 for at-the-money calls that expire on Friday! If you're a professional player, you adjust to the market to make money off it.

There's no "there, there." GameStop is toast. If they're smart, they'll do an equity offering, but then they'll continue puking quarter and quarter and the Reddit traders will move on. They're already saying, "What's the next one we're going to go after?" They are so crazy they wouldn't buy a stock that would make them 40% in a year. I'll bet most of them aren't even aware that they're going to have to pay taxes on their 2020 gains on April 15.

I've never been more bearish on the market than I am right now because of foolishness like this. The market today is a total get-rich-quick scheme. The lunatics are running the asylum.

I don't know how it ends, but it's not sustainable. The frenzy, the gang mentality, if you say anything negative, they go crazy on you, posting their trade tickets and bragging about their winnings... It's nutty.

Whitney Tilson


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