Would you like to inspect the original subtitles? These are the user uploaded subtitles that are being translated:
1
00:01:11,270 --> 00:01:13,522
So, I'm here.
2
00:01:13,605 --> 00:01:17,860
{\an8}- And, I do not see anything happening.
- Right.
3
00:01:17,943 --> 00:01:19,736
{\an8}- Right.
- At all.
4
00:01:19,820 --> 00:01:20,839
Look, I'm very sorry, sir.
5
00:01:20,863 --> 00:01:23,758
Guess what I'm trying to understand is,
what is the reason for this delay exactly?
6
00:01:23,782 --> 00:01:24,783
Yeah. Mr. Plotkin,
7
00:01:24,867 --> 00:01:26,285
- Specifically.
- I'm so sorry.
8
00:01:26,368 --> 00:01:29,705
- But it's just that when we set out...
- Yeah, we closed in November.
9
00:01:29,788 --> 00:01:31,182
We had all the permit applications in
10
00:01:31,206 --> 00:01:32,684
- before the end of the year.
- Right. Once we get...
11
00:01:32,708 --> 00:01:33,852
...the final stamp of approval.
12
00:01:33,876 --> 00:01:35,395
And we can't get the trucks here
a little early?
13
00:01:35,419 --> 00:01:37,272
- Just, you know, get 'em started.
- Miami Beach ordinances...
14
00:01:37,296 --> 00:01:38,690
- won't let me do that.
- Is anyone actually...
15
00:01:38,714 --> 00:01:40,775
- ...enforcing those regulations?
- Look, Mr. Plotkin,
16
00:01:40,799 --> 00:01:42,402
I know that you're eager to move in.
Okay.
17
00:01:42,426 --> 00:01:44,112
- Once we get the final stamp of approval.
- No.
18
00:01:44,136 --> 00:01:45,572
- You're gonna be the first...
- One second.
19
00:01:45,596 --> 00:01:46,638
Sure.
20
00:01:47,139 --> 00:01:48,223
{\an8}Hello?
21
00:01:51,101 --> 00:01:53,061
{\an8}You see what's going on at GME?
22
00:01:53,145 --> 00:01:54,688
{\an8}There's more of these idiots?
23
00:01:54,771 --> 00:01:57,649
...the short sellers, now they're getting
creamed by the little guy.
24
00:01:57,733 --> 00:01:58,817
A lot more.
25
00:01:58,901 --> 00:02:00,360
They won't hold much longer.
26
00:02:00,444 --> 00:02:01,486
Go away.
27
00:02:02,362 --> 00:02:04,823
Oh Gabe, honey, they're holding.
28
00:02:05,616 --> 00:02:07,784
It just crossed a hundred.
29
00:02:07,868 --> 00:02:10,120
Gabe, where are you?
30
00:02:10,204 --> 00:02:11,288
Fuck!
31
00:02:11,371 --> 00:02:13,081
You should probably dial in.
32
00:02:13,165 --> 00:02:14,374
Yeah, be on in one sec.
33
00:02:31,517 --> 00:02:33,036
{\an8}I will tell you I've never seen
anything like it.
34
00:02:33,060 --> 00:02:34,520
I'm concerned about it.
35
00:02:34,603 --> 00:02:36,480
I'm calling it the ultimate short squeeze.
36
00:02:36,563 --> 00:02:38,774
{\an8}You can lose money to infinity.
37
00:02:38,857 --> 00:02:42,319
It's very different, more highly leveraged
game on the other side.
38
00:02:43,695 --> 00:02:44,905
Holy fucking shit.
39
00:02:46,031 --> 00:02:48,826
Right now we're gonna talk about GameStop.
Those shares...
40
00:02:48,909 --> 00:02:52,037
- are nonstop earning of about 130% today.
- Holy fucking shit!
41
00:02:52,120 --> 00:02:53,747
- Holy shit!
- What the...
42
00:02:53,831 --> 00:02:54,998
...fuck!
43
00:02:59,545 --> 00:03:00,671
Holy shit.
44
00:03:00,754 --> 00:03:02,506
- Yes. Hello?
- Great news, Mr. Plotkin.
45
00:03:02,589 --> 00:03:05,229
I think we'll be able to get you
into your new home a little sooner
46
00:03:05,300 --> 00:03:07,195
- than I actually thought.
- I think we're having some sort of
47
00:03:07,219 --> 00:03:09,697
miscommunication here. Because I'm not
trying to move into that house.
48
00:03:09,721 --> 00:03:12,391
I'm trying to tear that house down
so I can build a tennis court
49
00:03:12,474 --> 00:03:14,394
for me and my family to play
during the pandemic.
50
00:03:14,476 --> 00:03:15,954
- I see.
- I thought it would be very simple.
51
00:03:15,978 --> 00:03:17,914
Apparently, it isn't because
the pandemic is almost over
52
00:03:17,938 --> 00:03:19,541
- and there's no tennis court.
- Okay, Mr. Plotkin.
53
00:03:19,565 --> 00:03:20,899
Thank you for your time.
54
00:03:20,983 --> 00:03:22,651
Yes, what? Hello?
55
00:03:22,734 --> 00:03:25,487
Hi, it's Ken Griffin.
56
00:03:31,034 --> 00:03:33,370
Hi there, Ken, how are you?
Great to hear from you.
57
00:03:34,538 --> 00:03:35,581
Do you have a minute?
58
00:03:37,666 --> 00:03:38,750
I...
59
00:03:40,335 --> 00:03:42,838
{\an8}I gotta call you right back.
If that's okay. I'm so sorry.
60
00:03:44,047 --> 00:03:45,382
- Sure.
- Okay, great.
61
00:03:46,925 --> 00:03:48,468
Hi. What's happening right now?
62
00:03:48,552 --> 00:03:51,013
It looks like there's one guy driving
all the buying.
63
00:03:51,096 --> 00:03:52,347
What... what... what guy?
64
00:03:53,515 --> 00:03:56,560
I believe his name is "Roaring Kitty."
65
00:03:59,855 --> 00:04:01,106
Oh, wait, or...
66
00:04:02,983 --> 00:04:04,818
"Deep Fucking Value."
67
00:04:04,902 --> 00:04:07,446
"Roaring Kitty" or "Deep Fucking Value."
What?
68
00:04:08,405 --> 00:04:11,533
He's "Roaring Kitty" on YouTube
and "Deep Fucking Value" on Reddit.
69
00:04:11,617 --> 00:04:14,077
Both? He couldn't pick one name?
70
00:04:14,161 --> 00:04:15,829
I don't know. I love this guy.
71
00:04:22,961 --> 00:04:24,379
Who is this schmuck?
72
00:04:24,463 --> 00:04:26,256
I don't know, but I think I just came.
73
00:05:32,030 --> 00:05:34,241
- Ruby... Ruby, right?
- Yeah.
74
00:05:34,324 --> 00:05:35,844
- Can I get a couple of Heinies, please?
- One.
75
00:05:35,868 --> 00:05:37,619
Sorry...
76
00:05:37,703 --> 00:05:39,955
- I'm gonna have a...
- What? What's wrong with a Heinie?
77
00:05:40,038 --> 00:05:41,456
Drinking it since we were 17!
78
00:05:41,540 --> 00:05:43,542
Hey, drink what you like. No judgment.
79
00:05:44,126 --> 00:05:45,210
You have a Hamm's?
80
00:05:45,294 --> 00:05:47,796
- I'll have one of those.
- The fuck did you just order?
81
00:05:47,880 --> 00:05:50,674
Oh, it's a nice one outta Milwaukee.
Good quality.
82
00:05:50,757 --> 00:05:53,594
- Fifty cents a can before markup.
- C'mon, Kitty. Forget about price.
83
00:05:53,677 --> 00:05:54,877
Get him a Heineken, thank you.
84
00:05:54,928 --> 00:05:56,305
- It's on me.
- Thanks, man.
85
00:05:56,388 --> 00:05:59,016
Thank you, that's nice.
I'll have a Hamm's.
86
00:05:59,099 --> 00:06:00,642
So a Heineken and a Hamm's?
87
00:06:00,726 --> 00:06:01,768
Thank you.
88
00:06:01,852 --> 00:06:02,978
Please.
89
00:06:03,061 --> 00:06:04,313
Thank you, Ruby.
90
00:06:09,943 --> 00:06:10,944
How you been, man?
91
00:06:11,028 --> 00:06:13,071
The whole Sara thing.
92
00:06:13,155 --> 00:06:16,283
Oh, yeah. Okay...
93
00:06:16,366 --> 00:06:17,701
Up and down.
94
00:06:18,327 --> 00:06:19,453
Yeah.
95
00:06:21,163 --> 00:06:22,807
- How's your asshole brother?
- Still an asshole.
96
00:06:22,831 --> 00:06:24,541
- Okay.
- Yeah.
97
00:06:25,125 --> 00:06:26,752
Keeping busy at least?
98
00:06:26,835 --> 00:06:30,047
Got the day job at MassMutual.
Working on my portfolio.
99
00:06:30,130 --> 00:06:32,530
That's the last thing you should be
worrying about right now.
100
00:06:32,758 --> 00:06:34,760
Why? It's a... It's a good distraction.
101
00:06:34,843 --> 00:06:36,136
Lemme take that over for you.
102
00:06:36,220 --> 00:06:37,739
We got thousands of analysts at B of A
103
00:06:37,763 --> 00:06:40,200
- that do just this. C'mon, Kitty.
- All good, man. Thank you.
104
00:06:40,224 --> 00:06:41,743
You should be focused on your family
right now.
105
00:06:41,767 --> 00:06:43,244
Not fucking around with penny stocks.
106
00:06:43,268 --> 00:06:45,896
They're not all penny stocks.
GameStop isn't a penny stock.
107
00:06:45,979 --> 00:06:47,397
GameStop?
108
00:06:47,481 --> 00:06:48,917
- Dude...
- You used to love GameStop!
109
00:06:48,941 --> 00:06:52,027
- Yeah, then I grew up.
- Well, I think it's undervalued.
110
00:06:52,611 --> 00:06:54,672
I just sold off a bunch of other shit
to double down.
111
00:06:54,696 --> 00:06:56,573
How much are we talking? A grand?
112
00:06:56,657 --> 00:06:57,699
- Fifty.
- Bucks?
113
00:06:57,783 --> 00:06:58,826
Grand.
114
00:06:58,909 --> 00:06:59,952
53 grand.
115
00:07:00,661 --> 00:07:01,912
Yeah.
116
00:07:06,542 --> 00:07:07,542
Kitty...
117
00:07:09,336 --> 00:07:11,606
- Man, you don't even own a house.
- It's got a ton of short interest,
118
00:07:11,630 --> 00:07:13,441
- You got a one-year-old.
- which is artificially pushing...
119
00:07:13,465 --> 00:07:14,800
- Jesus, bro.
- the price down.
120
00:07:14,883 --> 00:07:17,320
- You never bet against Wall Street!
- Wall Street gets it wrong all the time.
121
00:07:17,344 --> 00:07:18,863
- Look at '08.
- That was a one-off, Kitty.
122
00:07:18,887 --> 00:07:20,287
These guys, they have all the money
123
00:07:20,347 --> 00:07:22,450
and the fancy degrees
and the political juice in the world,
124
00:07:22,474 --> 00:07:24,661
- and they get it wrong all the time.
- Are you out of your fucking mind?
125
00:07:24,685 --> 00:07:27,396
They've got the advantage,
and they still get it wrong.
126
00:07:29,022 --> 00:07:31,567
No, gimme that, I'm drinking it.
Even if it's 50 cents.
127
00:07:31,650 --> 00:07:32,651
It's 4 bucks.
128
00:07:32,734 --> 00:07:34,736
Well, my man just spent 53K
on a penny stock.
129
00:07:34,820 --> 00:07:36,613
So, all he can afford is water.
130
00:07:36,697 --> 00:07:39,116
- You're a Wall Street guy?
- Very much no.
131
00:07:39,199 --> 00:07:40,659
I'm a Wall Street guy.
132
00:07:40,742 --> 00:07:42,161
What was the stock?
133
00:07:43,412 --> 00:07:44,496
GameStop.
134
00:07:45,873 --> 00:07:47,225
The video game store. At the mall.
135
00:07:47,249 --> 00:07:50,794
- You really bought $53,000 of it?
- Yeah, I don't believe it.
136
00:07:50,878 --> 00:07:53,022
I think he's fucking with us.
You're fucking with us, right?
137
00:07:53,046 --> 00:07:54,673
You don't even have 50 grand.
138
00:07:54,756 --> 00:07:55,841
Let's see.
139
00:07:58,260 --> 00:07:59,386
{\an8}Oh, shit.
140
00:08:01,471 --> 00:08:03,449
How is she falling for this?
How are you falling for this?
141
00:08:03,473 --> 00:08:05,767
He won't spend 5 bucks for a beer,
142
00:08:05,851 --> 00:08:09,188
but he'll put 50k in a stock
that you think is a joke.
143
00:08:09,271 --> 00:08:10,772
And that's interesting to you?
144
00:08:11,648 --> 00:08:12,733
Yeah.
145
00:08:13,942 --> 00:08:15,068
It is.
146
00:08:21,033 --> 00:08:22,618
Drink your shitty beer.
147
00:08:32,085 --> 00:08:33,085
Hey!
148
00:08:33,128 --> 00:08:34,630
Hey!
149
00:08:36,590 --> 00:08:38,133
Bedtime's already done?
150
00:08:38,217 --> 00:08:41,512
Yeah, she was exhausted.
She skipped her nap.
151
00:08:43,305 --> 00:08:44,848
How was Briggsy?
152
00:08:44,932 --> 00:08:46,308
Good. Yeah.
153
00:08:54,608 --> 00:08:56,360
You guys talk about Sara?
154
00:09:02,783 --> 00:09:04,451
You wanna sit down a minute?
155
00:09:04,535 --> 00:09:06,620
I'll feel better if I finish these first.
156
00:09:07,663 --> 00:09:09,832
No, you won't.
157
00:09:35,232 --> 00:09:36,233
Do you think I'm insane?
158
00:09:36,316 --> 00:09:37,568
Yeah.
159
00:09:38,861 --> 00:09:40,487
Sorry. About what?
160
00:09:41,655 --> 00:09:42,781
GameStop.
161
00:09:42,865 --> 00:09:45,534
The most compelling
asymmetric opportunity in the market?
162
00:09:47,661 --> 00:09:49,955
- What, did Briggsy make you jumpy?
- A little.
163
00:09:50,038 --> 00:09:52,082
- What was his argument?
- He didn't have one.
164
00:09:52,166 --> 00:09:54,668
- Well.
- He just said it was a reckless bet.
165
00:09:54,751 --> 00:09:56,312
He said "you're putting your money
in the next
166
00:09:56,336 --> 00:09:57,963
- Blockbuster."
- Enough. Fuck Briggsy.
167
00:09:58,046 --> 00:10:01,341
Babe, you literally know more about
this damn company than you know about me.
168
00:10:01,800 --> 00:10:02,926
It's true.
169
00:10:03,010 --> 00:10:05,780
And because of you, I know more about
this company than I know about myself.
170
00:10:05,804 --> 00:10:09,516
But what if I'm missing something?
We can't afford to miss something.
171
00:10:10,851 --> 00:10:12,603
It's all our savings.
172
00:10:13,312 --> 00:10:14,479
Go do a video.
173
00:10:15,772 --> 00:10:17,608
I can finish these first. I'm happy to...
174
00:10:17,691 --> 00:10:19,735
Go see what the nerds have to say.
175
00:10:19,818 --> 00:10:22,404
Our Wall Street Bets people
aren't nerds, Caroline.
176
00:10:22,487 --> 00:10:24,907
They're gangsters.
You make a dumb case and post it,
177
00:10:24,990 --> 00:10:27,390
- they'll rip you apart.
- Well, then don't make a dumb case.
178
00:10:46,470 --> 00:10:47,971
Okay, let's see what's new.
179
00:10:50,933 --> 00:10:52,976
Oh, there's a share. Okay, here we go.
180
00:10:55,896 --> 00:10:57,189
Oh shit.
181
00:11:20,546 --> 00:11:22,005
Alright...
182
00:11:22,798 --> 00:11:25,384
Just check on... See here.
183
00:11:35,686 --> 00:11:38,438
Yo, what up, everybody?
Roaring Kitty here.
184
00:11:38,522 --> 00:11:41,817
I've done a few of these now,
mostly on my investing methodology.
185
00:11:41,900 --> 00:11:44,403
But today I'm gonna try something
a little different.
186
00:11:44,486 --> 00:11:47,823
I appreciate the feedback
you guys have been leaving me by the way.
187
00:11:48,657 --> 00:11:51,493
Oh! More feedback comin' in hot.
188
00:11:51,577 --> 00:11:55,289
"Less cats." Okay. Great.
189
00:11:55,372 --> 00:11:59,877
Ah, like I was saying, what was I saying?
Ah, I'm gonna try...
190
00:11:59,960 --> 00:12:02,087
Oh, and here's one from Ballz.
191
00:12:02,171 --> 00:12:03,589
"Nerd."
192
00:12:03,672 --> 00:12:05,591
And nerd is in all capitals.
193
00:12:05,674 --> 00:12:09,595
Like, okay, that's kinda mean.
But okay, fair.
194
00:12:10,804 --> 00:12:12,723
"Nice shirt, Grandpa"?
195
00:12:12,806 --> 00:12:16,018
What? How old do you think I am?
196
00:12:16,101 --> 00:12:16,977
You know what?
197
00:12:17,060 --> 00:12:20,147
Thanks for the comments.
We're gonna come back to them at the end.
198
00:12:20,230 --> 00:12:21,470
Here's what I wanna talk about.
199
00:12:22,566 --> 00:12:25,527
I'm gonna pick a stock and talk about
why I think it's interesting.
200
00:12:25,611 --> 00:12:27,446
And that stock is...
201
00:12:28,906 --> 00:12:30,115
GameStop.
202
00:12:31,700 --> 00:12:33,619
I know it's a polarizing stock and...
203
00:12:33,702 --> 00:12:35,972
some of you probably gonna tune out
of the stream right now when you hear
204
00:12:35,996 --> 00:12:38,123
I'm bullish on GameStop. But I am.
205
00:12:38,207 --> 00:12:42,169
You can see it is now the biggest position
by far in the Roaring Kitty portfolio.
206
00:12:42,252 --> 00:12:43,086
So...
207
00:12:43,170 --> 00:12:46,131
yeah, I think everyone else is crazy,
and I think I'm right.
208
00:12:46,215 --> 00:12:49,927
But I've been wrong plenty of times
in the past. So...
209
00:12:50,761 --> 00:12:54,223
So there are a lot of aspects to this
bold thesis, a lot of moving parts,
210
00:12:54,306 --> 00:12:56,725
but I boil it down
to what I consider the three overs:
211
00:12:56,808 --> 00:12:59,144
The digital risks seem to me
to be overblown,
212
00:12:59,228 --> 00:13:02,290
the negative sentiment is overdone, you
can see it with the huge short interest,
213
00:13:02,314 --> 00:13:04,191
and the value is overlooked.
214
00:13:04,274 --> 00:13:06,360
Wall Street just doesn't see it.
215
00:13:06,985 --> 00:13:08,153
Why?
216
00:13:08,237 --> 00:13:11,406
Mr. Market, why?
217
00:13:12,157 --> 00:13:14,868
The hedge funds are overlooking
the value in the company
218
00:13:14,952 --> 00:13:17,621
just like they overlook
the people who shop there.
219
00:13:17,704 --> 00:13:20,332
They assume most people download
games online now.
220
00:13:20,415 --> 00:13:24,670
{\an8}But look, 25% of gamers
still buy new discs from GameStop,
221
00:13:24,753 --> 00:13:27,589
and 40% buy used games from the store.
222
00:13:27,673 --> 00:13:29,716
And the market's kinda forced
my hand here.
223
00:13:29,800 --> 00:13:32,636
What more can I say?
I just like the stock.
224
00:13:32,719 --> 00:13:33,720
Hey!
225
00:13:34,429 --> 00:13:35,848
Shit!
226
00:13:36,890 --> 00:13:38,559
- Did I wake you?
- Please stop.
227
00:13:38,642 --> 00:13:41,478
Mr. Donaldson, I need you in your bed.
228
00:13:41,562 --> 00:13:42,980
Kerin, can you please
229
00:13:43,063 --> 00:13:44,791
- make sure Mr. Donaldson...
- I don't need to go to bed.
230
00:13:44,815 --> 00:13:47,234
- I need a cup of coffee.
- We can get you a cup of coffee.
231
00:13:47,317 --> 00:13:48,777
Kerin, coffee.
232
00:13:48,861 --> 00:13:49,903
Oh!
233
00:13:50,571 --> 00:13:51,738
Well, isn't that beautiful?
234
00:13:52,322 --> 00:13:53,448
Oh shit.
235
00:13:54,867 --> 00:13:59,663
"100% short GameStop stock"?
236
00:13:59,746 --> 00:14:00,998
It's an investment video.
237
00:14:01,081 --> 00:14:03,625
Hey, Jenny, for real,
238
00:14:03,709 --> 00:14:06,461
{\an8}I wouldn't take investment advice
from a guy in a cat shirt.
239
00:14:06,545 --> 00:14:09,089
Oh, okay.
Who do you take investment advice from?
240
00:14:09,173 --> 00:14:15,762
I don't have investments. And if I did,
I'd listen to, like, a banker.
241
00:14:15,846 --> 00:14:17,264
Just the way they like it.
242
00:14:17,347 --> 00:14:21,226
"They." Oh boy. Here we go...
243
00:14:21,310 --> 00:14:22,436
Just never mind.
244
00:14:22,519 --> 00:14:23,854
No, no, no, please tell me.
245
00:14:23,937 --> 00:14:27,065
I'm dying to know what Luke Wilson
from The Royal Tenenbaums
246
00:14:27,149 --> 00:14:29,693
thinks we should do
with our $68,000 a year.
247
00:14:29,776 --> 00:14:30,819
Who from what?
248
00:14:30,903 --> 00:14:31,904
Ugly Bjƶrn Borg.
249
00:14:31,987 --> 00:14:33,071
{\an8}Okay, fine.
250
00:14:33,155 --> 00:14:35,991
{\an8}Wall Street is betting
that this company is gonna fail.
251
00:14:36,074 --> 00:14:37,576
It's called shorting.
252
00:14:37,659 --> 00:14:41,163
And if it fails, well, then
everybody loses their job,
253
00:14:41,246 --> 00:14:43,832
but these hedge fund assholes make
a shit ton of money.
254
00:14:44,291 --> 00:14:48,170
It's bullshit. It's a bullshit way
for rich people to get richer.
255
00:14:48,253 --> 00:14:49,838
How did you even find this guy?
256
00:14:49,922 --> 00:14:52,466
70,000 people have watched this video.
257
00:14:52,549 --> 00:14:54,885
He posts his balance sheets
and everything.
258
00:14:54,968 --> 00:14:56,720
Wall Street Bets is going crazy over this.
259
00:14:56,803 --> 00:14:58,847
- Who?
- It's an Internet forum.
260
00:15:00,724 --> 00:15:01,975
- On Reddit.
- Now, see. No, no.
261
00:15:02,059 --> 00:15:04,412
I'm not gonna do this with you.
The last time you brought up Reddit,
262
00:15:04,436 --> 00:15:07,105
it was just all these oil paintings of
Donald Trump on horseback.
263
00:15:07,189 --> 00:15:08,899
- You liked it.
- Detestable.
264
00:15:08,982 --> 00:15:11,568
- Look.
- Okay, yeah. Let's take a look.
265
00:15:13,237 --> 00:15:15,614
"Shit's not a pump-and-dump
266
00:15:15,697 --> 00:15:18,992
if it never dumps, you fuckheads..."
267
00:15:19,076 --> 00:15:23,121
"Feed me your tears, I use it
as anal lube on your wives."
268
00:15:23,205 --> 00:15:24,285
Why did you go to that one?
269
00:15:24,331 --> 00:15:27,793
Oh! Oh! Oh! "Strap on ur theta dildo
270
00:15:27,876 --> 00:15:31,922
- n start pounding."
- Okay. Yes, that shit exists on here.
271
00:15:32,005 --> 00:15:35,717
But I also learned the difference between
a delta squeeze and a gamma squeeze.
272
00:15:35,801 --> 00:15:37,719
And now everyone is talking about
call options.
273
00:15:37,803 --> 00:15:39,304
Jenny, baby,
274
00:15:39,888 --> 00:15:41,448
you're never gonna find a man on there.
275
00:15:42,766 --> 00:15:44,935
And you're never gonna date Puff Daddy.
276
00:15:45,018 --> 00:15:47,354
First of all, no one has said Puff Daddy
since the '90s
277
00:15:47,437 --> 00:15:49,731
and second of all, this isn't Puff Daddy.
278
00:15:50,524 --> 00:15:51,692
This is Loop Daddy.
279
00:15:52,609 --> 00:15:56,488
Okay, well, whatever Daddy he's called,
he's weird looking.
280
00:15:56,572 --> 00:15:59,241
Hey, well, my guy has, what,
5 million TikTok followers.
281
00:15:59,324 --> 00:16:01,004
- How many does yours have?
- I don't know.
282
00:16:01,076 --> 00:16:03,745
Quick scroll. 412.
283
00:16:03,829 --> 00:16:06,081
- Who cares?
- The Internet at large.
284
00:16:06,165 --> 00:16:08,125
But hey. Least I aim high.
285
00:16:09,168 --> 00:16:10,294
I aim high.
286
00:16:46,413 --> 00:16:48,916
What up, everybody? Roaring Kitty here.
287
00:16:48,999 --> 00:16:53,879
{\an8}Yo! Yo! Yo! This price action,
gettin' kind of ridiculous, am I right?
288
00:16:53,962 --> 00:16:56,232
Let's see what happens.
See what happens at the end of the week.
289
00:16:56,256 --> 00:16:58,509
But it's all about the trend
staying intact.
290
00:16:58,592 --> 00:17:00,469
But this, this looks sick.
291
00:17:03,972 --> 00:17:05,098
Morning, Marcos!
292
00:17:05,598 --> 00:17:08,559
Shit... Yo, what's... Hey, Brad.
293
00:17:15,776 --> 00:17:19,613
Yo, I was wondering if could I get
an advance on my pay?
294
00:17:20,239 --> 00:17:24,201
I can run it up the chain, but
with all the cutbacks, that's unlikely.
295
00:17:25,285 --> 00:17:27,412
Oh, hey! You could do
the employee TikTok contest.
296
00:17:27,496 --> 00:17:29,873
You do a lip sync,
you can win 10 labor hours.
297
00:17:29,957 --> 00:17:31,583
Yeah, man, totally.
298
00:17:32,292 --> 00:17:35,254
That's dope. I was thinkin' "Savage."
299
00:17:36,630 --> 00:17:38,590
Yeah, sure, I love it.
300
00:17:38,674 --> 00:17:41,051
Or yo, that Drake one with Lil Durk.
301
00:17:42,678 --> 00:17:43,887
That's a great one too.
302
00:17:43,971 --> 00:17:45,681
Because I know you love Lil Durk.
303
00:17:46,223 --> 00:17:47,223
C'mon.
304
00:17:47,266 --> 00:17:49,828
No, I'm gonna do Megan Thee Stallion.
For sure, for sure, for sure.
305
00:17:49,852 --> 00:17:50,852
I'm a savage
306
00:17:51,520 --> 00:17:53,814
Classy, bougie, ratchet
307
00:17:53,897 --> 00:17:56,525
Sassy, moody, nasty
308
00:17:56,608 --> 00:17:58,652
Okay, mask! Mask.
309
00:17:59,778 --> 00:18:01,071
Sorry.
310
00:18:01,154 --> 00:18:03,615
Acting stupid, what was happening?
311
00:18:04,158 --> 00:18:06,160
What's happening? I'm a savage
312
00:18:06,243 --> 00:18:09,371
Huh, A+ man. You're a shoo-in
with moves like that.
313
00:18:09,454 --> 00:18:11,290
Yo, you think so for real, though?
314
00:18:12,332 --> 00:18:14,042
That's sweet, real.
315
00:18:14,835 --> 00:18:16,170
Ten labor hours.
316
00:18:16,962 --> 00:18:18,442
Damn, it's like Christmas came early!
317
00:18:20,007 --> 00:18:21,508
I'm pullin' for ya!
318
00:18:21,592 --> 00:18:22,885
Thanks, man.
319
00:18:38,567 --> 00:18:40,819
...only fit fake booties
320
00:18:40,903 --> 00:18:41,945
Fuck cash shit
321
00:18:45,115 --> 00:18:46,450
Fries.
322
00:18:55,000 --> 00:18:56,793
No, fuck!
323
00:18:57,961 --> 00:18:58,879
God!
324
00:18:58,962 --> 00:19:01,048
Goddamn it! Fuck!
325
00:19:01,131 --> 00:19:04,009
But first, cheers! Cheers, everybody.
326
00:19:04,092 --> 00:19:07,179
I mean, look. I know we still got
a lot of bear takes out there.
327
00:19:07,262 --> 00:19:08,907
But as I dive deeper and deeper
into this thing,
328
00:19:08,931 --> 00:19:10,933
it's looking increasingly
compelling to me.
329
00:19:11,016 --> 00:19:14,204
And then you got the huge short interest.
Now, I'm not betting on a short squeeze.
330
00:19:14,228 --> 00:19:16,539
I've been saying that the whole time.
You guys have been talking about it.
331
00:19:16,563 --> 00:19:18,124
Thesis is grounded in fundamentals,
but I'm not...
332
00:19:18,148 --> 00:19:19,708
But to... I mean, today, I mean, I'm...
333
00:19:19,775 --> 00:19:21,461
I mean, it's starting to feel
a little squeezy, right?
334
00:19:21,485 --> 00:19:22,962
Starting to feel a little squeezy. Honk!
335
00:19:22,986 --> 00:19:24,446
I mean, hello. Okay!
336
00:19:24,530 --> 00:19:26,657
All right, all right. I need a drink.
I need a drink.
337
00:19:29,076 --> 00:19:32,496
Now. A lot of you are accusing me
of talking a big game.
338
00:19:32,579 --> 00:19:33,664
- Keith?
- But...
339
00:19:33,747 --> 00:19:36,708
- Babe, where are you?
- Oh... Coming!
340
00:19:37,543 --> 00:19:40,128
Duh... I'm on Daddy duty tonight.
I'll be right back.
341
00:20:09,158 --> 00:20:11,660
Okay. There you go.
342
00:20:14,288 --> 00:20:15,372
Sorry.
343
00:20:15,455 --> 00:20:16,915
Quick tendie break.
344
00:20:18,417 --> 00:20:19,668
Gotta love those tendies.
345
00:20:19,751 --> 00:20:21,044
Sweet, sweet tendies.
346
00:20:22,004 --> 00:20:23,589
Speaking of tendies.
347
00:20:24,631 --> 00:20:27,426
Look at this. Look at this chart.
348
00:20:28,677 --> 00:20:32,389
We go from four, to six, to seven. Now...
349
00:20:32,931 --> 00:20:33,931
ten.
350
00:20:34,474 --> 00:20:37,144
Wall Street must be seeing this, right?
351
00:20:37,227 --> 00:20:39,646
Or are we just screaming into the void?
352
00:20:39,730 --> 00:20:43,108
Hello, Mr. Market. We got tendies too.
353
00:20:43,192 --> 00:20:45,527
We got tendies too.
354
00:20:47,321 --> 00:20:48,321
Maybe we are.
355
00:20:48,363 --> 00:20:53,702
They never saw the, like, 9 billion
resumes I sent from 2016 to 2019.
356
00:20:53,785 --> 00:20:56,205
Or in 2009,
right after I graduated college.
357
00:20:56,288 --> 00:20:59,791
I guess they were busy
with that whole "market crash" thing then.
358
00:21:05,631 --> 00:21:06,631
Fuck!
359
00:21:15,516 --> 00:21:16,808
Kevin, you son of a bitch!
360
00:21:16,892 --> 00:21:18,828
You can't run with a baby.
You can't run with a baby!
361
00:21:18,852 --> 00:21:21,855
- Don't take my car, man!
- I fucked up your seat!
362
00:21:21,939 --> 00:21:23,482
There's no gas left.
363
00:21:25,609 --> 00:21:27,110
I know.
364
00:21:36,870 --> 00:21:38,664
How did that taste?
365
00:21:40,958 --> 00:21:43,001
Hey-oh, can I put my pants back on?
366
00:21:43,085 --> 00:21:44,086
No!
367
00:21:44,169 --> 00:21:49,508
"Choose a player and put your hand
down their panties for a whole minute."
368
00:21:49,591 --> 00:21:51,051
Panties, who's got panties?
369
00:21:51,134 --> 00:21:53,303
"Two shots if they refuse."
370
00:21:53,387 --> 00:21:54,972
I mean, I got some panties.
371
00:21:56,682 --> 00:21:57,850
Bro.
372
00:22:00,853 --> 00:22:02,229
- Hello.
- All right.
373
00:22:04,147 --> 00:22:05,941
- All right.
- Hey, girl.
374
00:22:06,024 --> 00:22:07,442
You said two shots, right?
375
00:22:07,526 --> 00:22:08,861
Oh, c'mon.
376
00:22:10,779 --> 00:22:12,239
Fuck, all good.
377
00:22:12,322 --> 00:22:14,658
- Can someone start the timer?
- I got you. I got you.
378
00:22:14,741 --> 00:22:17,077
- Should I just...? Okay.
- Get in there.
379
00:22:17,161 --> 00:22:18,579
- You sure?
- Yeah.
380
00:22:22,040 --> 00:22:23,375
Okay...
381
00:22:24,042 --> 00:22:25,085
Hi.
382
00:22:25,169 --> 00:22:26,253
Hi.
383
00:22:28,505 --> 00:22:29,882
How are you?
384
00:22:31,008 --> 00:22:32,426
Can you shut the fuck up?
385
00:22:32,509 --> 00:22:34,011
Fuck off!
386
00:22:35,220 --> 00:22:36,722
So what'd you do today?
387
00:22:36,805 --> 00:22:40,392
Well, I attended a Zoom seminar
388
00:22:40,475 --> 00:22:44,229
during which I watched
two hours of TikTok.
389
00:22:47,149 --> 00:22:50,485
Oh! I purchased three shares of stock.
390
00:22:51,403 --> 00:22:52,821
Okay, what stock?
391
00:22:52,905 --> 00:22:55,616
- GameStop.
- Yo, Roaring Kitty!
392
00:22:55,699 --> 00:22:57,284
C'mon. Yes, James.
393
00:22:59,077 --> 00:23:00,797
- Can I please put some pants back on?
- No!
394
00:23:00,871 --> 00:23:02,591
- Sit down.
- I'm three days into that shit.
395
00:23:02,664 --> 00:23:05,709
Look it. That's just, that's only
from today. I don't care.
396
00:23:05,792 --> 00:23:08,229
I don't know what the fuck I'm doing.
I just know I'm making money.
397
00:23:08,253 --> 00:23:09,713
I'm not sold on that.
398
00:23:09,796 --> 00:23:11,507
It's doubled since summer.
399
00:23:11,590 --> 00:23:13,967
And the more people
who buy in, the higher it'll go.
400
00:23:14,051 --> 00:23:16,428
That sounds like the literal definition
of a pyramid scheme.
401
00:23:17,304 --> 00:23:18,931
- That's time.
- Bravo!
402
00:23:42,287 --> 00:23:46,124
Sorry, I have terrible allergies.
And a killer headache.
403
00:23:46,208 --> 00:23:48,377
Could just be the music coming
from next door though.
404
00:23:48,460 --> 00:23:52,214
You see your buddy Ken's up to
57 billion in short positions?
405
00:23:52,297 --> 00:23:54,216
Yeah, smart. The economy's in free fall.
406
00:23:58,428 --> 00:24:00,806
I honestly can't tell
if that was you or Romeo.
407
00:24:00,889 --> 00:24:02,432
Very funny.
408
00:24:02,516 --> 00:24:05,519
I'm telling you. This is when
they drag out the guillotines.
409
00:24:06,103 --> 00:24:08,230
- You're obsessed with him.
- The man is an asshole.
410
00:24:08,313 --> 00:24:12,276
He stole five analysts from me.
All mediocre by the way.
411
00:24:13,068 --> 00:24:14,278
Oh, and two paintings.
412
00:24:14,361 --> 00:24:16,572
- What paintings?
- A Picasso and a de Kooning.
413
00:24:16,655 --> 00:24:18,073
He overpaid 500 million.
414
00:24:18,156 --> 00:24:20,284
That is my entire nut from last year.
415
00:24:20,367 --> 00:24:22,077
The man is an asshole. Just admit it.
416
00:24:22,161 --> 00:24:24,496
You're just bitter he stole
those analysts.
417
00:24:24,580 --> 00:24:26,540
You seen Citadel's projected revenue?
418
00:24:26,623 --> 00:24:28,750
$7 billion.
419
00:24:28,834 --> 00:24:31,378
That's double last year.
420
00:24:31,461 --> 00:24:33,505
Hoovering up all the stimulus checks.
421
00:24:33,589 --> 00:24:35,650
-They go straight from the retail traders
-Thank you.
422
00:24:35,674 --> 00:24:37,384
right into Kenny boy's pockets.
423
00:24:37,467 --> 00:24:41,555
The man just gets away with murder.
Look at what I just sent you.
424
00:24:49,229 --> 00:24:52,816
Is this a video of a man drinking
his own urine because a stock went up?
425
00:24:52,900 --> 00:24:54,067
#1 post on the site.
426
00:24:54,151 --> 00:24:55,694
Where did you get this?
427
00:24:55,777 --> 00:24:57,654
My analysts sent it to me.
428
00:24:57,738 --> 00:25:02,826
They call themselves apes and r-words.
Retard, can they say that?
429
00:25:02,910 --> 00:25:06,955
Remarkably self-aware. They've hooked
into GameStop for whatever reason.
430
00:25:07,039 --> 00:25:08,707
They think it's funny, it seems.
431
00:25:08,790 --> 00:25:10,125
I think it's funny.
432
00:25:10,209 --> 00:25:11,853
I think they think it's a good investment.
433
00:25:11,877 --> 00:25:14,171
Retail traders always lose.
434
00:25:16,006 --> 00:25:18,133
We've actually been short GameStop
since 2014.
435
00:25:18,217 --> 00:25:23,180
The company is a complete disaster.
They've had six CEOs in two years.
436
00:25:24,181 --> 00:25:26,683
Guess these guys are ignoring
obvious secular market trends.
437
00:25:26,767 --> 00:25:29,811
Or they're... the stupidest people
on earth.
438
00:25:29,895 --> 00:25:32,272
You're shorting more right now,
aren't you?
439
00:25:32,356 --> 00:25:34,775
600,000 shares, maybe.
440
00:25:35,359 --> 00:25:36,985
Dumb money, man.
441
00:25:37,069 --> 00:25:38,487
I'm happy to take it.
442
00:25:47,788 --> 00:25:49,623
Listen up, retards,
443
00:25:49,706 --> 00:25:54,670
Melvin Capital has declared war on GME
by shorting the stock even more.
444
00:25:54,753 --> 00:25:58,757
{\an8}This is our call to activate
diamond hands, my fellow warriors.
445
00:25:58,841 --> 00:26:03,762
{\an8}We will not let the gay bears defeat us.
We are on a mission to the fucking moon.
446
00:26:03,846 --> 00:26:06,807
{\an8}This is one that is bigger than
your personal gains.
447
00:26:06,890 --> 00:26:09,434
{\an8}More than just tendies for a new Lambo.
448
00:26:09,518 --> 00:26:13,605
{\an8}This is our chance to rise up together.
To stick it to the big man.
449
00:26:13,689 --> 00:26:15,858
{\an8}Squeezing Melvin by the fucking balls
450
00:26:15,941 --> 00:26:18,777
{\an8}with the collective power
of diamond handing autists.
451
00:26:19,361 --> 00:26:22,781
Wall Street Bets I thought were a bunch
of idiots just throwing money at a stock
452
00:26:22,865 --> 00:26:24,491
because they thought it was funny.
453
00:26:24,575 --> 00:26:25,826
I was wrong.
454
00:26:25,909 --> 00:26:28,370
Now I see what Wall Street Bets really is.
455
00:26:28,453 --> 00:26:31,415
- It is a revolution.
- This is one of those rare moments
456
00:26:31,498 --> 00:26:33,542
where Wall Street are the ones
getting screwed over.
457
00:26:33,625 --> 00:26:35,210
And when we decide we're hungry,
458
00:26:35,294 --> 00:26:37,713
there is very little
the rich can do to stop us
459
00:26:37,796 --> 00:26:39,816
- from beating them.
- It's a GameStop to stop the game.
460
00:26:39,840 --> 00:26:42,050
- Power to the people.
- I'm jerking off right now.
461
00:26:42,134 --> 00:26:43,134
Jerking off right now.
462
00:26:43,177 --> 00:26:47,681
So welcome aboard, grab your peanuts,
and get the fuck in, retard.
463
00:26:47,764 --> 00:26:49,725
Ho, ho, ho!
464
00:26:49,808 --> 00:26:54,479
What up, everybody? Merry Christmas,
Happy New Year's, happy holidays.
465
00:26:55,355 --> 00:26:57,691
2020... See ya.
466
00:26:57,774 --> 00:27:00,819
2020 has been a very rough year
for my family too.
467
00:27:00,903 --> 00:27:03,906
So this GameStop news has been
a bit of a bright spot.
468
00:27:04,573 --> 00:27:06,492
Look at this, I mean, where it's at.
469
00:27:06,575 --> 00:27:10,204
{\an8}It's a five bagger from where it was
over the summer.
470
00:27:10,287 --> 00:27:14,291
You don't often see a thesis
play out like this.
471
00:27:14,374 --> 00:27:15,374
So we gotta...
472
00:27:15,417 --> 00:27:17,920
We can't take it for granted, right?
We gotta appreciate it.
473
00:27:18,504 --> 00:27:21,381
Thank you, Santa. Right.
474
00:27:22,799 --> 00:27:25,802
I wanted to say cheers all of you.
475
00:27:25,886 --> 00:27:28,055
You're why I'm here in the first place.
476
00:27:30,015 --> 00:27:33,185
It's fun to talk about. I mean, I figure,
if I worked at a hedge fund,
477
00:27:33,268 --> 00:27:34,871
I'd compare notes with my colleagues.
But I don't.
478
00:27:34,895 --> 00:27:36,813
I'm stuck at home like you guys. So...
479
00:27:37,523 --> 00:27:39,358
{\an8}I believe in this stock.
480
00:27:39,441 --> 00:27:41,818
{\an8}And I believe in this community.
481
00:27:43,654 --> 00:27:48,450
I'll be honest,
it's been kind of a shitty year.
482
00:27:50,160 --> 00:27:54,456
For a lot of people. Lotta people
lost people the past 12 months. I did too.
483
00:27:54,540 --> 00:27:56,583
My sister, Sara.
484
00:28:05,759 --> 00:28:07,636
I don't talk about it much.
485
00:28:09,429 --> 00:28:11,390
But it felt right to tell you.
486
00:28:11,473 --> 00:28:13,725
We've been through so much together.
487
00:28:13,809 --> 00:28:16,854
You've made me feel a part of something,
something big.
488
00:28:17,813 --> 00:28:20,649
{\an8}So, Merry Christmas. Cheers.
489
00:28:54,516 --> 00:28:55,642
I like your car.
490
00:28:58,145 --> 00:28:59,354
It's a classic.
491
00:28:59,438 --> 00:29:01,023
- '95.
- Yes!
492
00:29:01,106 --> 00:29:02,900
Sadly, it's a gas-guzzler.
493
00:29:02,983 --> 00:29:05,402
Yeah, yup, this one too.
494
00:29:06,361 --> 00:29:10,407
But she's such a beauty I couldn't stand
to trade her.
495
00:29:10,491 --> 00:29:12,075
'96 Honda Accord?
496
00:29:12,743 --> 00:29:15,496
2003. Not quite a classic.
497
00:29:23,879 --> 00:29:27,966
It's kinda weird to talk to someone
and see their whole face. Right?
498
00:29:28,050 --> 00:29:29,510
It's been so long.
499
00:29:30,344 --> 00:29:34,097
I... I work at a hospital,
you could probably tell.
500
00:29:34,181 --> 00:29:35,349
Essential worker.
501
00:29:35,933 --> 00:29:37,351
Thank you for everything you do.
502
00:29:37,434 --> 00:29:38,602
Oh, you're very welcome.
503
00:29:50,113 --> 00:29:51,532
Hey...
504
00:29:52,658 --> 00:29:54,076
Have a good night.
505
00:29:54,993 --> 00:29:56,119
Cool.
506
00:29:56,912 --> 00:29:58,413
Safe travels.
507
00:30:15,097 --> 00:30:17,266
Remember when you were just
making fun of me
508
00:30:17,349 --> 00:30:20,686
- and now you're literally obsessed.
- No, I don't recall.
509
00:30:20,769 --> 00:30:23,730
- How much are you up?
- 948.
510
00:30:23,814 --> 00:30:26,859
Stock dipped a little,
it was like 2,000 before Christmas.
511
00:30:26,942 --> 00:30:28,485
Maybe you should sell.
512
00:30:30,654 --> 00:30:32,781
No. It's not about the money.
513
00:30:32,865 --> 00:30:34,700
The stock market is not about the money?
514
00:30:34,783 --> 00:30:37,369
No. You just gotta read
some of the stuff on here.
515
00:30:37,953 --> 00:30:41,665
Never understood why my dad
was so pissed off about this whole thing,
516
00:30:41,748 --> 00:30:42,791
but now I do.
517
00:30:44,376 --> 00:30:45,878
I told you about his store, right?
518
00:30:45,961 --> 00:30:47,337
Costco?
519
00:30:48,005 --> 00:30:49,506
Shopko.
520
00:30:49,590 --> 00:30:51,175
It was like, this like...
521
00:30:52,009 --> 00:30:53,802
big chain in our area.
522
00:30:54,636 --> 00:30:58,515
My dad, he worked his way all the way up
from bag boy to general manager.
523
00:30:59,266 --> 00:31:01,894
Then one of these Wall Street funds
came in, bought it,
524
00:31:01,977 --> 00:31:06,440
and vampire-sucked all the money out of it
and then declared bankruptcy.
525
00:31:06,523 --> 00:31:07,608
Fuck.
526
00:31:08,734 --> 00:31:09,818
Yeah.
527
00:31:11,528 --> 00:31:14,573
He lost his pension. Everything.
528
00:31:15,908 --> 00:31:18,785
It's why he had to work at
Pick 'n fuckin' Save till the day he died.
529
00:31:18,869 --> 00:31:21,246
And now that's why I'm up to my ass
in debt.
530
00:31:22,581 --> 00:31:25,250
And these fuckers are trying to do
the same thing to GameStop.
531
00:31:26,710 --> 00:31:27,878
Fuck 'em.
532
00:31:29,505 --> 00:31:30,839
Fuck 'em all.
533
00:31:52,486 --> 00:31:54,363
Wait, look.
534
00:31:54,446 --> 00:31:55,781
Look at this.
535
00:31:55,864 --> 00:31:58,659
-This guy wants to CashApp me $100
-Shut the fuck up.
536
00:31:58,742 --> 00:32:02,704
to send him a selfie. Or 500
if I live chat him from a bubble bath.
537
00:32:02,788 --> 00:32:04,623
Yes! Yes, we should do it.
538
00:32:04,706 --> 00:32:06,834
- What?
- Yes, we do it.
539
00:32:06,917 --> 00:32:09,294
And then put the money into GameStop.
540
00:32:09,837 --> 00:32:13,590
- Who am I talking to right now?
- C'mon, bitch, let's go get a tub.
541
00:32:27,396 --> 00:32:30,607
Your entire business is kids spending
their lunch money on random stocks.
542
00:32:30,691 --> 00:32:32,401
They come to you because it's free.
543
00:32:32,484 --> 00:32:36,530
{\an8}But if you don't charge a commission
on their trades,
544
00:32:36,613 --> 00:32:38,448
how do you make money?
545
00:32:39,491 --> 00:32:45,080
The idea for Robinhood really came out
of the Occupy Wall Street movement.
546
00:32:45,164 --> 00:32:46,844
All those people
with no way of getting in.
547
00:32:46,874 --> 00:32:49,126
Is that what Occupy was about?
548
00:32:49,209 --> 00:32:51,920
I mean, were they trying to get in or...
549
00:32:52,004 --> 00:32:54,131
So we said, it's not enough to occupy.
550
00:32:54,214 --> 00:32:57,092
- We need to democratize Wall Street.
- Nat, I'm not sure you know this,
551
00:32:57,176 --> 00:32:58,611
but Baiju and I are both immigrants.
552
00:32:58,635 --> 00:33:00,387
I was born in Bulgaria,
553
00:33:00,470 --> 00:33:03,056
and Baiju's parents immigrated from India
to the Deep South.
554
00:33:03,932 --> 00:33:07,477
Can you imagine growing up
in rural Virginia with a name like
555
00:33:07,561 --> 00:33:09,730
Baiju Prafulkumar Bhatt?
556
00:33:10,731 --> 00:33:13,984
We created commission-free trading
so that anyone can get in the game.
557
00:33:14,067 --> 00:33:17,529
You don't even need a bank account.
People have really responded.
558
00:33:17,613 --> 00:33:21,492
We've added 5 million users
in the last six months,
559
00:33:21,575 --> 00:33:24,244
- for a total of...
- Close to 20 at this point. Million.
560
00:33:24,328 --> 00:33:27,331
So, you're one of these tech companies
that's exploded growth-wise,
561
00:33:27,414 --> 00:33:28,499
but doesn't make any money.
562
00:33:28,582 --> 00:33:30,334
- We make money.
- But how?
563
00:33:30,417 --> 00:33:33,396
- If you don't charge commission then...
- From interest on people's accounts.
564
00:33:33,420 --> 00:33:34,922
But your users are mostly young.
565
00:33:35,005 --> 00:33:37,090
So, how much money
can they really be keeping
566
00:33:37,174 --> 00:33:39,402
- in their account?
- There's also payment for order flow.
567
00:33:39,426 --> 00:33:40,260
What's that?
568
00:33:40,344 --> 00:33:43,138
We prefer the term "stock order routing."
569
00:33:43,222 --> 00:33:45,098
When you buy or sell a stock on our app,
570
00:33:45,182 --> 00:33:47,893
we send your order to market makers,
who process the order.
571
00:33:47,976 --> 00:33:50,270
They pay us a tiny rebate on every trade.
572
00:33:50,354 --> 00:33:52,064
- Tiny.
- But it adds up.
573
00:33:52,147 --> 00:33:53,732
We should really get back to how we...
574
00:33:53,815 --> 00:33:55,919
- started our company.
- What market maker do you work with?
575
00:33:55,943 --> 00:33:58,195
A few. Citadel Securities mostly.
576
00:33:58,278 --> 00:34:00,572
Ken Griffin's firm?
Isn't that a hedge fund?
577
00:34:00,656 --> 00:34:04,159
Well, Ken Griffin's hedge fund
is called Citadel.
578
00:34:04,243 --> 00:34:06,829
But Citadel Securities
is a completely different company.
579
00:34:06,912 --> 00:34:08,622
Also owned by Ken Griffin?
580
00:34:10,040 --> 00:34:11,124
All right,
581
00:34:11,792 --> 00:34:14,461
we weren't gonna do this,
but we'll give you a scoop.
582
00:34:15,128 --> 00:34:16,964
Off the record for now.
583
00:34:17,631 --> 00:34:18,674
Okay.
584
00:34:20,008 --> 00:34:21,927
We're looking to IPO soon.
585
00:34:23,803 --> 00:34:26,305
Damn. Okay.
586
00:34:27,432 --> 00:34:28,684
That's big.
587
00:34:54,459 --> 00:34:56,378
- Okay, don't say the bad word.
- Be humble
588
00:34:57,087 --> 00:34:58,672
Sit down
589
00:35:00,340 --> 00:35:02,926
Sit down, be humble
590
00:35:03,552 --> 00:35:04,845
-Sit down
-Sit down
591
00:35:11,727 --> 00:35:14,479
-Be humble, sit down, lil bitch
-Kev, please.
592
00:35:14,563 --> 00:35:16,875
-Well, sit down, lil bitch
-Your father needs to concentrate.
593
00:35:16,899 --> 00:35:20,235
Drove long-haul for forty years.
I don't need to concentrate.
594
00:35:20,319 --> 00:35:22,654
Fine. I need to concentrate.
595
00:35:22,738 --> 00:35:24,907
What do you need to concentrate about?
596
00:35:25,491 --> 00:35:26,325
What?
597
00:35:26,408 --> 00:35:28,178
I thought they were veering over
into our lane.
598
00:35:28,202 --> 00:35:30,871
Nobody was veering, Elaine. It's okay.
599
00:35:34,833 --> 00:35:36,877
You talk to any of the girls
at the clinic?
600
00:35:36,960 --> 00:35:38,587
A few of them have called.
601
00:35:41,965 --> 00:35:43,300
I miss it.
602
00:35:43,383 --> 00:35:45,135
Boys, never retire.
603
00:35:45,802 --> 00:35:47,471
Keith, never retire.
604
00:35:48,138 --> 00:35:50,140
Kevin, if you ever get a job,
never retire.
605
00:35:50,224 --> 00:35:51,225
I have a job!
606
00:35:51,308 --> 00:35:53,519
Yet you still live with Ma and Dad.
607
00:35:53,602 --> 00:35:57,147
Oh, you're some big professional now
cuz you're fucking king dork on YouTube?
608
00:35:57,231 --> 00:35:58,815
Just one of many dorks.
609
00:35:58,899 --> 00:36:00,776
This asshole
thinks he's Jimmy Buffett now.
610
00:36:00,859 --> 00:36:02,402
- C'mon.
- Warren Buffett.
611
00:36:02,486 --> 00:36:04,446
- Warren Buffett.
- See?
612
00:36:04,530 --> 00:36:07,449
You're not either of the Buffetts, Kitty!
613
00:36:10,702 --> 00:36:11,954
You're Ballz?
614
00:36:15,249 --> 00:36:16,959
- Hey!
- Ah, good Christ.
615
00:36:17,042 --> 00:36:18,042
- Fellas.
- Ma.
616
00:36:18,460 --> 00:36:20,337
Drop! Stop it!
617
00:36:24,800 --> 00:36:25,968
Door Dash is not a job.
618
00:36:27,135 --> 00:36:28,178
MassMutual's a job.
619
00:36:28,262 --> 00:36:30,430
- A job's got business cards.
- Door Dash is a job.
620
00:36:30,514 --> 00:36:31,723
Okay, I'm a first responder.
621
00:36:31,807 --> 00:36:34,518
And second of all, Ma,
nobody uses business cards anymore.
622
00:36:36,270 --> 00:36:38,188
We're proud of you, honey.
623
00:36:39,231 --> 00:36:40,482
Get a room.
624
00:37:00,377 --> 00:37:03,380
Take your time. I'll be in the car.
625
00:37:15,559 --> 00:37:16,894
Yeah.
626
00:37:25,485 --> 00:37:26,778
Love you.
627
00:37:50,844 --> 00:37:52,387
It has been dragging on.
628
00:37:52,471 --> 00:37:54,723
Honestly, I don't know
when we'll be able to start demo
629
00:37:54,806 --> 00:37:56,558
because local ordinances are a nightmare.
630
00:37:56,642 --> 00:37:59,811
My heart bleeds for you.
Having to borrow a tennis court.
631
00:37:59,895 --> 00:38:01,438
"Borrower is slave to the lender."
632
00:38:01,522 --> 00:38:02,689
Is that Buffett?
633
00:38:02,773 --> 00:38:04,566
It's the Bible. Proverbs.
634
00:38:04,650 --> 00:38:05,919
My Grandpa Melvin used to say it.
635
00:38:05,943 --> 00:38:07,623
When he was starting
his convenience store,
636
00:38:07,653 --> 00:38:08,880
he refused to borrow one dollar.
637
00:38:08,904 --> 00:38:09,947
It was a point of pride.
638
00:38:10,030 --> 00:38:11,740
Ah yes, your humble beginnings.
639
00:38:11,824 --> 00:38:15,869
"Grandpa Melvin" Capital, now with
16 billion under management.
640
00:38:16,453 --> 00:38:19,122
Better than "Citadel." You sound like
you're preparing for war.
641
00:38:19,206 --> 00:38:20,249
I'm a man of the people.
642
00:38:20,332 --> 00:38:21,458
You rented out a resort,
643
00:38:21,542 --> 00:38:24,878
relocated your entire firm here
so you could stay open during lockdown.
644
00:38:24,962 --> 00:38:28,131
Says the man who flew his whole firm down
private just for a party.
645
00:38:28,215 --> 00:38:30,050
And anyway, what kind of company
shuts down
646
00:38:30,133 --> 00:38:31,927
just because the government tells them to?
647
00:38:32,010 --> 00:38:34,137
All the ones in your short portfolio.
648
00:38:34,221 --> 00:38:35,389
And yours.
649
00:38:36,181 --> 00:38:38,725
{\an8}- All except for one actually.
- Which one?
650
00:38:38,809 --> 00:38:40,686
- GameStop.
- How?
651
00:38:40,769 --> 00:38:43,355
They sell computer mouses. Mice?
652
00:38:43,438 --> 00:38:45,524
They claim it makes them
an essential business.
653
00:38:45,607 --> 00:38:48,110
That is the smartest dumbest thing
I've ever heard.
654
00:38:48,193 --> 00:38:49,295
I know, it's actually a fun one.
655
00:38:49,319 --> 00:38:53,699
The revenue's in the toilet.
632 million net loss last year.
656
00:38:53,782 --> 00:38:56,743
They'd be better off just burning
the whole company down.
657
00:38:56,827 --> 00:38:59,913
The stock though, it has been volatile.
It's been up.
658
00:38:59,997 --> 00:39:02,499
- Buybacks?
- Retail traders.
659
00:39:03,584 --> 00:39:04,668
Bro. I don't have it, bro.
660
00:39:04,751 --> 00:39:05,854
- Damn, brother.
- Sorry, man.
661
00:39:05,878 --> 00:39:07,355
- Yeah, yeah, yeah.
- Have a good one, bro.
662
00:39:07,379 --> 00:39:08,297
- Yo, stay up though!
- Yeah.
663
00:39:08,380 --> 00:39:09,715
Aight, bro. Aight.
664
00:39:15,387 --> 00:39:17,014
I'm gonna put these back real quick.
665
00:39:24,521 --> 00:39:25,689
Hey, Marcos.
666
00:39:26,648 --> 00:39:27,816
Yes, Bradley?
667
00:39:29,860 --> 00:39:31,700
I... I love how you engaged
with that customer,
668
00:39:31,737 --> 00:39:33,947
but we really wanna close
those pre-owned sales.
669
00:39:34,031 --> 00:39:35,324
The margin's more than double.
670
00:39:35,407 --> 00:39:36,867
Oh shit, double.
671
00:39:36,950 --> 00:39:38,845
Yeah, you didn't do
any of the five prongs, dude:
672
00:39:38,869 --> 00:39:42,331
Pre-orders. Reward-card subscriptions.
Used sales. New sales. Trade-ins.
673
00:39:42,414 --> 00:39:43,975
Yeah, I mean,
when I was a 16-year-old gamer,
674
00:39:43,999 --> 00:39:46,043
all I wanted was a reward-card
subscription.
675
00:39:46,126 --> 00:39:49,379
$5 cash back monthly,
20 points for every dollar spent...
676
00:39:49,963 --> 00:39:51,649
- Don't get me started.
- A lot of really smart people
677
00:39:51,673 --> 00:39:53,217
{\an8}in corporate put this plan together.
678
00:39:53,300 --> 00:39:55,844
{\an8}Yeah, but any of them ever
played a video game?
679
00:39:55,928 --> 00:39:58,764
{\an8}It doesn't matter, Marcos,
because they own our asses.
680
00:39:58,847 --> 00:40:01,934
Yo, they don't own my ass, so.
681
00:40:02,476 --> 00:40:03,560
They do,
682
00:40:03,644 --> 00:40:05,020
and they always will.
683
00:40:08,106 --> 00:40:09,149
Mask.
684
00:40:11,068 --> 00:40:12,319
Hey, Bradley.
685
00:40:15,447 --> 00:40:17,533
You ever heard of a short squeeze?
686
00:40:25,290 --> 00:40:27,084
Is that a sexual thing?
687
00:40:28,919 --> 00:40:30,295
No.
688
00:40:31,713 --> 00:40:33,131
Oh, yeah!
689
00:40:33,215 --> 00:40:34,216
{\an8}Here's what's going on.
690
00:40:34,299 --> 00:40:35,634
{\an8}Late last year,
691
00:40:35,717 --> 00:40:40,430
{\an8}hedge funds started shorting stock
in the retail store GameStop.
692
00:40:40,514 --> 00:40:44,017
Meaning they had bet against it
and needed it to drop in price
693
00:40:44,101 --> 00:40:47,813
for their investments to be successful.
Now unfortunately for the hedge funds,
694
00:40:47,896 --> 00:40:53,360
small investors started buying the stock
led by something called Wall Street Bets,
695
00:40:53,443 --> 00:40:57,030
{\an8}a popular, juvenile,
foul-mouthed Reddit page.
696
00:40:57,114 --> 00:40:58,866
And when Wall Street Bets noticed
697
00:40:58,949 --> 00:41:02,536
that hedge funds had taken
a large short position in GameStop stock,
698
00:41:02,619 --> 00:41:05,372
they decided to punish
the Wall Street big boys
699
00:41:05,455 --> 00:41:08,208
and launched a coordinated buying spree.
700
00:41:08,834 --> 00:41:11,712
{\an8}The revolutionaries on Reddit
are spanking Wall Street's ass.
701
00:41:11,795 --> 00:41:17,926
{\an8}GameStop shares absolutely going nuts.
I think it was up over 70% at one point.
702
00:41:18,010 --> 00:41:19,887
-Massive short squeeze,
-Show me...
703
00:41:19,970 --> 00:41:22,639
-closing there, with a gain of 51%
-the tendiesss!
704
00:41:22,723 --> 00:41:24,600
after traders on message boards...
705
00:41:28,103 --> 00:41:29,438
What?
706
00:41:29,521 --> 00:41:34,443
Happy Wednesday! Happy hump day!
Gee... look at this!
707
00:41:34,526 --> 00:41:35,861
Look at this shit!
708
00:41:35,944 --> 00:41:39,072
A 90% increase in one day?
In one fucking day!
709
00:41:39,156 --> 00:41:42,701
We're goin' to the mooooon.
710
00:41:45,704 --> 00:41:48,248
Okay, now, if you've been watching
this price action,
711
00:41:48,332 --> 00:41:49,476
this is what I'm talking about.
712
00:41:49,500 --> 00:41:51,561
Yeah, but you can really feel that panic
from Wall Street, right.
713
00:41:51,585 --> 00:41:53,938
When they start... we're starting to feel
a little squeeze. Starting to feel it.
714
00:41:53,962 --> 00:41:55,482
You're starting to really feel
a little squeeze.
715
00:41:55,506 --> 00:41:58,217
I need a drink. I need a drink.
I know we all drinking tonight.
716
00:41:58,300 --> 00:41:59,760
We fucking did it!
717
00:41:59,843 --> 00:42:02,554
We started from the bottom
and now we're here!
718
00:42:03,722 --> 00:42:05,933
Let's raise a glass
719
00:42:06,016 --> 00:42:09,853
to a great company
that's undervalued, cheers.
720
00:42:10,437 --> 00:42:14,066
Soon may the tendiemen come...
Show me the tendies. Show me the tendies.
721
00:42:14,149 --> 00:42:15,317
I got 'em right here.
722
00:42:15,400 --> 00:42:18,695
Show me the tendies. I just gotta...
I just gotta dip.
723
00:42:18,779 --> 00:42:20,489
I just gotta... I just gotta dip.
724
00:42:29,414 --> 00:42:31,041
11 fucking million dollars?
725
00:42:31,124 --> 00:42:32,000
What the fuck!
726
00:42:32,084 --> 00:42:34,753
- Oh, language. The baby's here.
- What are you gonna do?
727
00:42:34,837 --> 00:42:37,047
Get a Ferrari? A Lambo?
728
00:42:37,130 --> 00:42:38,858
Caroline, you're gonna ask for
a big diamond, right?
729
00:42:38,882 --> 00:42:40,175
I have a diamond.
730
00:42:40,259 --> 00:42:42,695
Keith, you get a fucking diamond!
If I were you, I'd look like
731
00:42:42,719 --> 00:42:45,222
- DJ Khaled right now.
- Kev! It's not real.
732
00:42:45,305 --> 00:42:46,865
I mean, it's real, but it's just paper.
733
00:42:46,932 --> 00:42:49,935
Just on paper! You're gonna sell, right?
734
00:42:50,018 --> 00:42:51,228
- No!
- Maybe.
735
00:42:51,770 --> 00:42:53,522
I mean, I don't know.
736
00:42:54,565 --> 00:42:57,985
- We... we haven't talked about it.
- What the fuck is wrong with you?
737
00:42:58,068 --> 00:43:01,238
I'm riding Mom's bike every day
to Dorchester to drop off cheeseburgers
738
00:43:01,321 --> 00:43:02,757
because you won't let me use
your fucking car.
739
00:43:02,781 --> 00:43:04,926
And you're mister "I won't sell
and take millions of dollars."
740
00:43:04,950 --> 00:43:07,202
And, well, what you do with your life
is your choice.
741
00:43:07,286 --> 00:43:10,126
You think I wanted to get laid off
from Dick's during a global pandemic?
742
00:43:10,205 --> 00:43:13,333
I love those sneakers, man.
I loved that store. I love Dick's.
743
00:43:13,417 --> 00:43:16,479
- Mom's bike doesn't even have gears.
- We don't know if it's reached the top.
744
00:43:16,503 --> 00:43:19,339
The stock jumped like 23% yesterday.
745
00:43:19,423 --> 00:43:21,263
- Double from Friday's close.
- But he's right.
746
00:43:21,300 --> 00:43:23,594
I mean, 11 million dollars
is a lot of fucking dough.
747
00:43:23,677 --> 00:43:24,678
- Thank you!
- Okay, yes,
748
00:43:24,761 --> 00:43:27,973
but since Ryan Cohen
joined the board, the...
749
00:43:28,056 --> 00:43:29,308
This fucking guy.
750
00:43:29,391 --> 00:43:31,703
...got a 2 billion market cap.
I mean, could it go pff? Yeah.
751
00:43:31,727 --> 00:43:34,688
But that's not what I'm seeing.
That's not what I'm seeing, Kev.
752
00:43:35,772 --> 00:43:37,524
Kev? You there?
753
00:43:40,152 --> 00:43:41,278
Did he hang up?
754
00:43:41,987 --> 00:43:43,322
Yeah.
755
00:43:53,832 --> 00:43:55,709
Fuck, I think hold.
756
00:43:59,087 --> 00:44:00,087
Girl, you gotta sell.
757
00:44:00,130 --> 00:44:01,715
I'm not selling.
758
00:44:01,798 --> 00:44:02,925
How much are you up?
759
00:44:03,008 --> 00:44:05,552
58,000 and some change.
760
00:44:07,471 --> 00:44:09,806
Baby girl, what the fuck?
761
00:44:09,890 --> 00:44:11,934
You need to get out while you can.
762
00:44:12,017 --> 00:44:14,603
- Don't be an idiot.
- You remember red headband guy.
763
00:44:14,686 --> 00:44:18,106
He's worth 11 million dollars.
And he's not selling.
764
00:44:18,190 --> 00:44:20,150
- No fucking way.
- Yes fucking way.
765
00:44:20,234 --> 00:44:22,778
This is what I'm telling you.
Diamond hands.
766
00:44:23,946 --> 00:44:27,491
Diamond hands. You hold the line
no matter what the market does.
767
00:44:27,574 --> 00:44:28,909
No matter what Wall Street says.
768
00:44:28,992 --> 00:44:30,786
What happens
when everyone else sells first
769
00:44:30,869 --> 00:44:33,705
and before you get out
you've lost all your money?
770
00:44:33,789 --> 00:44:35,457
Are there any volunteers?
771
00:44:35,541 --> 00:44:37,334
- I'm...
- Anyone?
772
00:44:37,417 --> 00:44:39,545
- We're gonna hold the line.
- C'mon.
773
00:44:39,628 --> 00:44:41,672
- Someone has to go first.
- Okay, yeah. I'll do it.
774
00:44:47,052 --> 00:44:48,595
Here we go everyone.
775
00:44:48,679 --> 00:44:51,598
The first Covid vaccine
at Pittsburgh Presbyterian.
776
00:44:53,141 --> 00:44:54,518
Fuck! Fuck!
777
00:44:54,601 --> 00:44:58,522
Fuck! Guys, we need your help.
What should we do?
778
00:44:59,773 --> 00:45:03,610
So listen, my girl bought in under 20
and now it is over 60.
779
00:45:03,694 --> 00:45:05,529
So like, should she sell?
780
00:45:05,612 --> 00:45:07,823
On the one hand, she has principles.
781
00:45:08,866 --> 00:45:12,244
On the other, she has 100k
in student debt. So...
782
00:45:12,327 --> 00:45:14,997
One way you could think
about the comparison between
783
00:45:15,080 --> 00:45:17,624
Marxism and Utilitarian tradition
784
00:45:17,708 --> 00:45:21,336
is that they both have a micro story
and a macro story.
785
00:45:21,420 --> 00:45:23,714
When you think of Utilitarian tradition...
786
00:45:23,797 --> 00:45:28,135
The only thing that would convince her
to sell is if Roaring Kitty sold.
787
00:45:29,344 --> 00:45:31,763
So... Where my pussy at?
788
00:45:31,847 --> 00:45:34,850
You have the micro story
for the Pareto principle
789
00:45:34,933 --> 00:45:37,603
for how each individual action will go.
790
00:45:38,437 --> 00:45:41,815
- But you also have a macro story.
- Where my pussy at? Where my pussy at?
791
00:45:41,899 --> 00:45:43,192
Where my pussy at?!
792
00:45:43,275 --> 00:45:47,237
- Sorry.
- Where my pussy aaaaatttt?!
793
00:45:47,321 --> 00:45:48,780
I'm so sorry.
794
00:45:48,864 --> 00:45:52,159
Hey, hey, where my pussy at? Ha!
795
00:45:52,242 --> 00:45:55,037
- Where is my pussy at?
- It's not in here.
796
00:46:15,974 --> 00:46:17,643
Whoa,
797
00:46:18,393 --> 00:46:20,270
wait, listen, hold on.
798
00:46:21,647 --> 00:46:25,317
"Future generations will look back
and say 'Good men stood here,
799
00:46:25,400 --> 00:46:28,028
good men fought, and died
on this ground...
800
00:46:28,111 --> 00:46:32,699
as they point to a TradingView daily chart
of GME zoomed in on January.'
801
00:46:33,367 --> 00:46:35,035
Since the spawn of the stonkmarket,
802
00:46:35,118 --> 00:46:37,663
two classes of people
have been pitted against each other..."
803
00:46:37,746 --> 00:46:42,251
"Eternal enemies, forever forced and
fated to combat: lions and hyenas."
804
00:46:42,334 --> 00:46:46,046
"These lions...
these Wall Street hedge funds have it all.
805
00:46:46,129 --> 00:46:47,297
Billions of dollars,
806
00:46:47,381 --> 00:46:52,177
bailouts for reckless trades,
these dirty fucking criminal bastards."
807
00:46:52,261 --> 00:46:56,932
Yup, these fucking motherfuckers.
808
00:46:57,015 --> 00:46:58,517
"And then there's us.
809
00:46:58,600 --> 00:47:03,188
The working man, the average Joe.
What do we have?
810
00:47:03,772 --> 00:47:06,567
What the fuck do we have?
811
00:47:06,650 --> 00:47:08,652
They literally call us 'dumb money.'"
812
00:47:08,735 --> 00:47:10,487
"These lions, these hedge fund guys,
813
00:47:10,571 --> 00:47:12,489
were born with silver spoons
in their mouths.
814
00:47:12,573 --> 00:47:14,116
The top 1% of the 1%.
815
00:47:14,199 --> 00:47:17,786
They have massive bank accounts,
eat medium rare Grade A Wagyu steak."
816
00:47:17,870 --> 00:47:20,164
What the fuck is that?
That sounds delicious.
817
00:47:20,247 --> 00:47:22,541
"With truffle shavings for lunch."
That's fuck!
818
00:47:22,624 --> 00:47:24,418
"They frequent the finest strip clubs.
819
00:47:24,501 --> 00:47:26,587
They have blow and escorts
on their yacht parties."
820
00:47:26,670 --> 00:47:28,505
Why do we hate these guys?
821
00:47:28,589 --> 00:47:30,549
"Then you know what
they will tell these escorts?"
822
00:47:30,632 --> 00:47:32,718
- What's an escort?
- Stop listening!
823
00:47:32,801 --> 00:47:37,014
"When the smoking hot blonde asks them,
'Like, how do you have so much money?'"
824
00:47:37,931 --> 00:47:42,769
"You know what they say? They say
'Ha, dumb money, babe. Dumb money.'"
825
00:47:44,980 --> 00:47:46,690
Something's burning.
826
00:47:47,816 --> 00:47:50,277
Oh... damn it.
827
00:47:50,360 --> 00:47:52,112
- Shit!
- You said "shit".
828
00:48:00,954 --> 00:48:05,042
"Last, the GME trade is about
class warfare. Plain and simple.
829
00:48:05,751 --> 00:48:09,004
We may be hyenas, yes. But guess what?
830
00:48:09,087 --> 00:48:12,341
You put enough of us together,
and we can destroy a lion."
831
00:48:13,509 --> 00:48:15,594
It's on, motherfuckers!
832
00:48:18,597 --> 00:48:20,849
Aw, we coming for y'all.
833
00:48:20,933 --> 00:48:22,768
Y'all better get ready.
834
00:48:22,851 --> 00:48:24,019
We fucking coming for you.
835
00:48:24,102 --> 00:48:26,730
That is some nerdy shit, man.
836
00:48:27,397 --> 00:48:30,067
My brother is a fucking nerd.
837
00:48:36,406 --> 00:48:38,450
Fuck!
838
00:48:44,122 --> 00:48:46,792
Counting down from 5 and then
I'm coming back in there.
839
00:48:46,875 --> 00:48:48,877
I don't think you want that.
840
00:48:50,504 --> 00:48:51,504
5.
841
00:48:52,005 --> 00:48:53,757
- 4.
- 3.
842
00:48:53,841 --> 00:48:55,467
2.
843
00:48:56,301 --> 00:48:57,594
Thank you.
844
00:48:57,678 --> 00:48:59,429
- How was your day?
- Long.
845
00:48:59,513 --> 00:49:04,017
It's so hard to keep them focused
on Zoom school. They're just not into it.
846
00:49:04,893 --> 00:49:06,520
How was your day?
847
00:49:06,603 --> 00:49:07,688
Good.
848
00:49:09,982 --> 00:49:12,442
You're not worried
about the short squeeze thing?
849
00:49:12,526 --> 00:49:14,528
The dam'll break next week.
850
00:49:14,611 --> 00:49:17,048
A few of them will decide it's gone
high enough, they'll cash out,
851
00:49:17,072 --> 00:49:20,200
the rest will follow,
whole thing will come crashing down.
852
00:49:20,284 --> 00:49:23,370
I can't think of the last short squeeze
that actually worked.
853
00:49:24,329 --> 00:49:25,664
Ackman and Herbalife.
854
00:49:26,248 --> 00:49:28,250
Before that... Piggly Wiggly?
855
00:49:28,333 --> 00:49:29,585
Piggly Wiggly.
856
00:49:29,668 --> 00:49:34,256
Yeah. 1923, a bear cartel was shorting
the Piggly Wiggly grocery store.
857
00:49:34,339 --> 00:49:39,303
The founder, he takes out a loan for
what would be $150 million today.
858
00:49:39,386 --> 00:49:41,763
He buys back almost all the stock,
like 99% of the stock.
859
00:49:41,847 --> 00:49:44,099
The price of the stock goes up 50%.
860
00:49:44,183 --> 00:49:46,351
- How much is GameStop up?
- Then, the exchange,
861
00:49:46,435 --> 00:49:48,228
they halt trading on the stock
862
00:49:48,312 --> 00:49:51,064
so the short sellers
can cover their positions.
863
00:49:51,148 --> 00:49:52,733
Is that legal?
864
00:49:52,816 --> 00:49:55,485
The founder had to declare bankruptcy.
So...
865
00:49:56,361 --> 00:49:57,863
it was all fine in the end.
866
00:49:57,946 --> 00:50:00,407
And you knew all that or you looked it up?
867
00:50:01,700 --> 00:50:03,660
Every fund manager knows that story.
868
00:50:07,748 --> 00:50:09,124
You looked it up.
869
00:50:10,959 --> 00:50:12,836
Double checked some numbers maybe.
870
00:50:22,221 --> 00:50:25,265
Oh, do you see what's going on at GME?
871
00:50:25,349 --> 00:50:27,309
- There's more of these idiots.
- A lot more.
872
00:50:27,392 --> 00:50:28,602
They won't hold much longer.
873
00:50:28,685 --> 00:50:31,355
Oh, Gabe, honey, they're holding.
874
00:50:31,438 --> 00:50:33,440
It just crossed a hundred.
875
00:50:35,817 --> 00:50:37,319
Gabe?
876
00:50:37,402 --> 00:50:38,820
Where are you?
877
00:50:43,242 --> 00:50:45,244
You should probably dial in.
878
00:50:45,327 --> 00:50:46,870
Yeah, be on in one sec.
879
00:50:46,954 --> 00:50:49,581
GameStop, extraordinary volatility today.
880
00:50:49,665 --> 00:50:51,893
You know, we might want
to make this the stock of the day.
881
00:50:51,917 --> 00:50:54,586
Now that it's gaining 103%.
882
00:50:54,670 --> 00:50:55,939
- That is volatility.
- I will tell you,
883
00:50:55,963 --> 00:50:57,283
{\an8}I've never seen anything like it.
884
00:50:58,257 --> 00:50:59,758
I'm concerned about it deeply.
885
00:50:59,842 --> 00:51:02,052
I'm calling it the ultimate short squeeze.
886
00:51:02,135 --> 00:51:04,721
- How much money is being made...
- Holy fucking shit.
887
00:51:04,805 --> 00:51:07,057
...now we're gonna talk about GameStop.
Those shares...
888
00:51:07,140 --> 00:51:10,185
- nonstop earning about of 130% today.
- Holy fucking shit!
889
00:51:10,269 --> 00:51:12,271
As bullish retail traders frenetically
buy shares.
890
00:51:12,354 --> 00:51:13,188
Holy fucking shit!
891
00:51:13,272 --> 00:51:14,565
Yo, holy shit!
892
00:51:15,148 --> 00:51:16,358
Shit balls.
893
00:51:16,441 --> 00:51:18,652
- Holy shit!
- You look at the chart for the month.
894
00:51:18,735 --> 00:51:21,280
- It's up 220%.
- Oh, fuck!
895
00:51:21,864 --> 00:51:23,633
- Look there... It's crazy.
- Everything okay?
896
00:51:23,657 --> 00:51:25,325
Holy fucking shit!
897
00:51:25,409 --> 00:51:26,535
Holy fucking shit!
898
00:51:26,618 --> 00:51:30,205
{\an8}...if you go short in some of these
elaborate options trades,
899
00:51:30,289 --> 00:51:32,416
{\an8}you can lose money to infinity.
900
00:51:32,499 --> 00:51:36,086
GameStop now at 123 and change,
another record high.
901
00:51:36,170 --> 00:51:38,090
- Holy fucking shit!
- Completely disconnected...
902
00:51:38,130 --> 00:51:39,381
from the fundamentals.
903
00:51:39,464 --> 00:51:42,467
And this is very much being driven
by retail investors.
904
00:51:42,551 --> 00:51:45,512
- Many of them trading on Robinhood.
- When the music stops, somebody...
905
00:51:45,596 --> 00:51:48,849
{\an8}- is gonna be left without a seat.
- This for casino money only.
906
00:51:48,932 --> 00:51:50,893
{\an8}They're literally putting the game
in GameStop.
907
00:51:50,976 --> 00:51:52,936
{\an8}...is the craziest I think I've ever seen.
908
00:51:53,020 --> 00:51:56,773
True investors never heard of Reddit
a few years ago.
909
00:51:56,857 --> 00:51:58,650
But for that to drive a short squeeze...
910
00:51:58,734 --> 00:52:00,986
It is Wall Street Bets.
It's worth going to the site
911
00:52:01,069 --> 00:52:02,863
because it is incredibly compelling.
912
00:52:02,946 --> 00:52:05,699
You may think it's froth,
but they are using arguments
913
00:52:05,782 --> 00:52:07,743
that they think hold up under scrutiny.
914
00:52:07,826 --> 00:52:10,245
- I just like the stock!
- I can't look.
915
00:52:10,329 --> 00:52:12,456
- I can't look. I can't look.
- It's up another 4%.
916
00:52:12,539 --> 00:52:13,933
I'm gonna have a fucking heart attack.
917
00:52:13,957 --> 00:52:15,560
- Should we sell?
- And betray your boyfriend?
918
00:52:15,584 --> 00:52:16,710
Absolutely not. No.
919
00:52:16,793 --> 00:52:18,712
- The stock is up 581%.
- Maybe.
920
00:52:18,795 --> 00:52:20,881
...they are being very specific:
921
00:52:20,964 --> 00:52:22,174
- To break the shorts.
- Yes.
922
00:52:22,257 --> 00:52:24,017
I mean, what's going on
in GameStop right now
923
00:52:24,051 --> 00:52:26,136
conceivably could take
a couple of firms out.
924
00:52:26,220 --> 00:52:28,972
Hedge funds if they were
stupid enough to be short.
925
00:52:29,056 --> 00:52:31,016
Babe, how much did we make today?
926
00:52:32,476 --> 00:52:33,476
5 million.
927
00:52:33,936 --> 00:52:34,936
And yesterday?
928
00:52:35,521 --> 00:52:36,605
4 million.
929
00:52:39,149 --> 00:52:40,149
Babe...
930
00:52:40,692 --> 00:52:41,735
Yeah?
931
00:52:42,694 --> 00:52:45,405
We're, like, really fucking rich.
932
00:52:52,079 --> 00:52:53,831
How much did we lose today?
933
00:52:56,375 --> 00:52:57,375
A billion.
934
00:52:59,878 --> 00:53:00,878
And yesterday?
935
00:53:02,422 --> 00:53:03,423
A billion.
936
00:53:07,845 --> 00:53:09,471
Some news to bring you right now is that
937
00:53:09,555 --> 00:53:11,098
{\an8}Melvin Capital Management,
938
00:53:11,181 --> 00:53:15,227
{\an8}this is the hedge fund
that had shorted this company,
939
00:53:15,310 --> 00:53:20,899
{\an8}that had effectively been attacked
by an army of investors trying to push up
940
00:53:20,983 --> 00:53:23,735
{\an8}and press up the stock of GameStop.
941
00:53:23,819 --> 00:53:26,321
They've taken a rather huge loss...
942
00:53:26,405 --> 00:53:29,241
Sorry, if you could just
put your head up for a sec?
943
00:53:29,908 --> 00:53:30,908
Thanks.
944
00:53:31,326 --> 00:53:32,744
How long've you been down here?
945
00:53:33,245 --> 00:53:34,245
A few months.
946
00:53:35,539 --> 00:53:36,874
You like the weather?
947
00:53:39,042 --> 00:53:42,504
Heat is nice. The humidity not as much.
948
00:53:42,588 --> 00:53:43,755
I can see that.
949
00:53:45,591 --> 00:53:47,926
All right, I think you're good to go.
950
00:54:13,619 --> 00:54:15,537
- Hey!
- Hey, man.
951
00:54:15,621 --> 00:54:17,372
- Hi.
- It's good to connect.
952
00:54:17,456 --> 00:54:18,582
You too. Great to be here.
953
00:54:18,665 --> 00:54:19,809
- Excited.
- I'm glad you are.
954
00:54:19,833 --> 00:54:21,251
Listen, I want to get right to it.
955
00:54:21,335 --> 00:54:24,421
From what I'm hearing,
you guys are bankrupt.
956
00:54:26,173 --> 00:54:27,674
No! What? No.
957
00:54:27,758 --> 00:54:30,761
'Cause the word on the street is
that you're drowning.
958
00:54:30,844 --> 00:54:33,013
No, that's... That's crazy.
959
00:54:33,096 --> 00:54:35,516
- We're doing great.
- You're on the record with that?
960
00:54:36,099 --> 00:54:36,975
Obviously.
961
00:54:37,059 --> 00:54:40,229
All right man. Well, then, we're gonna
get the live feed up right now,
962
00:54:40,312 --> 00:54:42,665
and then we're gonna get to you
right after this next advertising break.
963
00:54:42,689 --> 00:54:44,316
Perfect, great. Yes, can't wait.
964
00:54:49,071 --> 00:54:51,132
All right, one more spot
and then you're gonna be up.
965
00:54:51,156 --> 00:54:54,159
I really do think this is the right time
for you to communicate.
966
00:54:54,243 --> 00:54:56,163
- Great, yes. Agreed.
- Great. We're gonna do it.
967
00:54:56,203 --> 00:54:58,747
Address it all head on.
It's gonna be good.
968
00:55:00,833 --> 00:55:03,001
- No.
- What? Gabe, we're on in 10 seconds.
969
00:55:03,085 --> 00:55:04,294
I can't do this. I'm sorry.
970
00:55:04,378 --> 00:55:05,254
Gabe, seriously.
971
00:55:05,337 --> 00:55:07,023
- Bye, I'm terribly sorry.
- Seriously, c'mon.
972
00:55:07,047 --> 00:55:09,687
- Good to see you. The pleasure's here.
- We're going on right now.
973
00:55:15,556 --> 00:55:16,556
Babe,
974
00:55:17,558 --> 00:55:18,725
what's the damage?
975
00:55:51,049 --> 00:55:52,342
Let me guess, you need cash.
976
00:55:52,426 --> 00:55:54,386
Didn't call Ken first, did you?
977
00:55:54,469 --> 00:55:56,054
He had Phillips reach out.
978
00:55:56,555 --> 00:55:57,931
How much did he offer?
979
00:55:59,433 --> 00:56:00,893
I haven't called him back yet.
980
00:56:00,976 --> 00:56:02,311
Well, how much do you need?
981
00:56:02,394 --> 00:56:04,771
You know what? Don't answer that.
The number doesn't matter.
982
00:56:04,855 --> 00:56:06,356
Whatever it is, I'd love to buy in.
983
00:56:06,440 --> 00:56:08,442
Tell Ken to fill in the rest.
984
00:56:08,525 --> 00:56:09,651
Prick.
985
00:56:15,699 --> 00:56:16,742
- Hey, Ken.
- Hey.
986
00:56:16,825 --> 00:56:19,870
Hi... So, I might need...
987
00:56:22,623 --> 00:56:23,624
A new investor.
988
00:56:23,707 --> 00:56:24,917
Consider it done.
989
00:56:25,000 --> 00:56:26,919
Just keep moving forward.
990
00:56:27,002 --> 00:56:29,546
Don't think about
what Grandpa Melvin used to say.
991
00:56:29,630 --> 00:56:30,881
Prick.
992
00:56:32,758 --> 00:56:34,718
- Thank you.
- Both Citadel
993
00:56:34,801 --> 00:56:38,430
-and Point72 have infused
-Poor guy.
994
00:56:38,514 --> 00:56:41,934
$3 billion into Melvin Capital
995
00:56:42,017 --> 00:56:44,811
- to try to shore up...
- Another goddamn bailout.
996
00:56:44,895 --> 00:56:46,522
Can you believe this crap?
997
00:56:46,605 --> 00:56:47,731
Nobody bailed me out
998
00:56:47,814 --> 00:56:50,734
when Richard left me alone
with two toddlers, a mortgage,
999
00:56:50,817 --> 00:56:52,027
a shit car that never works.
1000
00:56:52,110 --> 00:56:53,779
You can say "shit" but we can't?
1001
00:56:53,862 --> 00:56:55,822
It's just so damn unfair and you know it.
1002
00:56:55,906 --> 00:56:59,827
All we've done for the last year
is work our asses off helping people,
1003
00:56:59,910 --> 00:57:02,538
and all we've gotten is one $600 check.
1004
00:57:02,621 --> 00:57:05,582
This idiot effs up just about as bad
as anyone could eff,
1005
00:57:05,666 --> 00:57:08,627
and his friends come running in
with $3 billion.
1006
00:57:08,710 --> 00:57:10,879
That's why I keep telling you:
you're never gonna win.
1007
00:57:10,963 --> 00:57:13,483
Just take the money and do something nice.
Pay off your mortgage.
1008
00:57:13,507 --> 00:57:15,008
Get that one braces.
1009
00:57:15,592 --> 00:57:17,094
Look who's still holding.
1010
00:57:18,554 --> 00:57:20,556
If he's in, I'm in.
1011
00:57:20,639 --> 00:57:22,516
Yeah, he's still gonna need braces.
1012
00:57:22,599 --> 00:57:23,600
Your teeth are perfect.
1013
00:57:23,684 --> 00:57:25,811
So what? The stock's up $150.
1014
00:57:25,894 --> 00:57:27,789
- How much higher is it gonna go?
- We control the price now.
1015
00:57:27,813 --> 00:57:30,566
Not Wall Street.
And no one on there is selling.
1016
00:57:30,649 --> 00:57:31,692
Shoes.
1017
00:57:31,775 --> 00:57:33,318
You're all so delusional.
1018
00:57:33,402 --> 00:57:36,321
Maybe. But look at what we managed to do
with these hedge funds.
1019
00:57:36,405 --> 00:57:37,948
If we keep driving up the price,
1020
00:57:38,031 --> 00:57:41,118
maybe we'll scare more of these guys
into closing out their shorts,
1021
00:57:41,201 --> 00:57:43,203
and then all of that bailout money...
1022
00:57:43,287 --> 00:57:44,621
- Wait...
- becomes ours.
1023
00:57:44,705 --> 00:57:45,705
your screen name...
1024
00:57:46,331 --> 00:57:47,875
is Stonkmom?
1025
00:57:52,296 --> 00:57:53,297
- Hey!
- Help your mother.
1026
00:57:53,380 --> 00:57:55,799
- Why me and not Keith?
- Just shut up and do it, okay?
1027
00:57:55,883 --> 00:57:58,010
- Kev, take the potatoes.
- 'Cause you're rich now?
1028
00:57:58,093 --> 00:58:00,095
Mr. 23 million on paper but I won't sell.
1029
00:58:00,179 --> 00:58:02,347
- Kevin.
- Loser says what?
1030
00:58:03,348 --> 00:58:05,809
- What?
- Kevin, let Keith tell them.
1031
00:58:09,021 --> 00:58:10,021
Tell us what?
1032
00:58:11,523 --> 00:58:17,362
Oh... I was waiting to tell you in person.
But the stock we bet on, GameStop is up.
1033
00:58:17,446 --> 00:58:18,530
Ah, good.
1034
00:58:19,656 --> 00:58:22,117
- How much up?
- He's up 23 million, Pop.
1035
00:58:22,701 --> 00:58:23,702
You're an asshole.
1036
00:58:23,785 --> 00:58:26,246
- Don't kid us.
- It's real.
1037
00:58:26,330 --> 00:58:28,916
Yeah, it's real.
And he's refusing to sell.
1038
00:58:30,792 --> 00:58:31,835
What is going on?
1039
00:58:32,878 --> 00:58:34,213
- You're pulling our leg.
- No.
1040
00:58:34,296 --> 00:58:36,131
Your son's a huge Internet celebrity now.
1041
00:58:36,215 --> 00:58:38,967
Millions of people including "Stonkmom"
thinks he's some like,
1042
00:58:39,051 --> 00:58:41,070
- I don't know, investment genius.
- No, he is a genius.
1043
00:58:41,094 --> 00:58:42,346
No, he's not.
1044
00:58:42,429 --> 00:58:44,097
You're up 23 million?
1045
00:58:45,098 --> 00:58:46,517
And you're not selling.
1046
00:58:48,143 --> 00:58:49,478
Jesus, Mary and Joseph.
1047
00:58:49,561 --> 00:58:50,979
What the fuck is wrong with you?
1048
00:58:51,063 --> 00:58:53,315
Do you even know
how much $23 million is?
1049
00:58:53,398 --> 00:58:55,668
And you're just gonna let it ride?
What's the matter with you?
1050
00:58:55,692 --> 00:58:57,879
- I know what I'm doing, Dad.
- But why aren't you selling?
1051
00:58:57,903 --> 00:58:59,756
What, wait! Is this illegal?
Are you in trouble?
1052
00:58:59,780 --> 00:59:01,114
No. No, he's not in trouble.
1053
00:59:01,198 --> 00:59:02,759
- It's totally legal.
- Yeah, he's posting
1054
00:59:02,783 --> 00:59:03,617
his balance sheet on the Internet.
1055
00:59:03,700 --> 00:59:04,952
- What?
- Hedge fund managers,
1056
00:59:05,035 --> 00:59:07,412
they go on CNBC all the time
to pump up the stock.
1057
00:59:07,496 --> 00:59:09,873
All I do is post my balance sheet
on Wall Street Bets
1058
00:59:09,957 --> 00:59:13,126
- after market close.
- You post your balance sheet?
1059
00:59:13,210 --> 00:59:14,294
Yeah, the same idiot
1060
00:59:14,378 --> 00:59:17,148
who left a fresh pair of Nikes out on
the bleachers for just anyone to take.
1061
00:59:17,172 --> 00:59:18,316
So you admit they were stolen!
1062
00:59:18,340 --> 00:59:19,943
- We gotta talk about this.
- I admit you're a fuckin' moron.
1063
00:59:19,967 --> 00:59:21,486
- Least I won the race.
- What's the point of winning the race
1064
00:59:21,510 --> 00:59:22,946
if you let some dipshit steal the prize?
1065
00:59:22,970 --> 00:59:24,280
You would've broke a four
if you had the Zooms on.
1066
00:59:24,304 --> 00:59:25,782
A four minute mile
isn't everything, Kevin.
1067
00:59:25,806 --> 00:59:27,599
Maybe we should get in touch
with Briggsy.
1068
00:59:27,683 --> 00:59:29,017
You know, he works in finance.
1069
00:59:29,101 --> 00:59:30,561
- Yes.
- You think Briggsy knows
1070
00:59:30,644 --> 00:59:31,788
more about this than Keith does?
1071
00:59:31,812 --> 00:59:33,915
Well, can you talk about why
you're putting your stocks
1072
00:59:33,939 --> 00:59:35,583
- in the Wall Street Journal?
- Wall Street Bets.
1073
00:59:35,607 --> 00:59:37,609
What if someone tries to rob you?
Kidnap the baby?
1074
00:59:37,693 --> 00:59:38,944
No one's gonna kidnap the baby.
1075
00:59:39,027 --> 00:59:40,880
- Nobody wants that baby, Mom.
- I'm just saying,
1076
00:59:40,904 --> 00:59:42,173
that if we're gonna talk to somebody,
1077
00:59:42,197 --> 00:59:43,883
- you need to talk to Briggsy.
- Yes, honey.
1078
00:59:43,907 --> 00:59:45,409
- This is the point...
- Enough!
1079
00:59:46,493 --> 00:59:48,078
You guys, Keith has literally
1080
00:59:48,162 --> 00:59:50,431
poured his heart and his soul
into this for the past year.
1081
00:59:50,455 --> 00:59:51,748
He knows what he's doing.
1082
00:59:57,504 --> 01:00:00,007
I know it's been a tough time, Elaine.
1083
01:00:07,931 --> 01:00:09,016
You should still sell.
1084
01:00:11,435 --> 01:00:12,603
Think you should sell.
1085
01:00:16,523 --> 01:00:18,734
And just fuck the principle
of the whole thing?
1086
01:00:18,817 --> 01:00:20,569
I don't like it any more than you do.
1087
01:00:36,043 --> 01:00:37,562
You really don't think
that he's fucking selling?
1088
01:00:37,586 --> 01:00:38,586
No!
1089
01:00:38,921 --> 01:00:39,921
Ladies.
1090
01:00:41,298 --> 01:00:42,298
Masks.
1091
01:00:45,677 --> 01:00:48,972
Kids are with their father for a few days.
So, I'm going to Florida.
1092
01:00:49,056 --> 01:00:51,808
You finally fucking sold.
HalleĀfuckin-lujah.
1093
01:00:51,892 --> 01:00:53,936
No, I'm putting it on my Visa.
1094
01:00:54,019 --> 01:00:55,020
You shitting me?
1095
01:00:55,103 --> 01:00:57,248
You're worth hundreds of thousands
of dollars in stock,
1096
01:00:57,272 --> 01:00:58,815
and you're amassing credit card debt.
1097
01:00:58,899 --> 01:01:00,817
You really are out of your mind.
1098
01:01:00,901 --> 01:01:04,821
No, babe, I'm all in. Diamond hand.
1099
01:01:04,905 --> 01:01:06,907
Did you know that Gabe Plotkin
gave an interview?
1100
01:01:06,990 --> 01:01:09,451
He's been getting death threats,
anti-Semitic messages
1101
01:01:09,535 --> 01:01:11,787
- from these WSB guys.
- It was ten comments.
1102
01:01:11,870 --> 01:01:14,182
There's always bad apples.
And the moderators deleted it right away.
1103
01:01:14,206 --> 01:01:16,583
You're just gonna ride this thing
till zero?
1104
01:01:16,667 --> 01:01:19,002
No. I'm buying call options.
1105
01:01:19,086 --> 01:01:22,548
- That could go to 600 by tomorrow.
- Your kid is never getting braces.
1106
01:01:30,556 --> 01:01:32,742
There's 8 million people in there
and they're all holding.
1107
01:01:32,766 --> 01:01:34,226
It's only going to go up.
1108
01:01:34,309 --> 01:01:35,769
It's a joke, Marcos.
1109
01:01:35,853 --> 01:01:37,813
But you're treating it
like it's real life.
1110
01:01:38,689 --> 01:01:39,689
Pops.
1111
01:01:41,733 --> 01:01:42,733
Look.
1112
01:01:43,610 --> 01:01:44,610
This is real.
1113
01:01:45,070 --> 01:01:46,070
- Hold it. Look.
- Hey.
1114
01:01:46,113 --> 01:01:47,113
Aw, man.
1115
01:01:48,657 --> 01:01:50,367
8 million people is real.
1116
01:01:50,450 --> 01:01:52,035
H-O-D-L.
1117
01:01:52,744 --> 01:01:56,206
8 million don't even know
how to spell "hold."
1118
01:01:56,290 --> 01:01:57,124
It's a joke.
1119
01:01:57,207 --> 01:01:58,458
A corny joke.
1120
01:01:58,542 --> 01:01:59,542
It's not funny.
1121
01:02:03,672 --> 01:02:04,672
Mom,
1122
01:02:05,841 --> 01:02:06,884
look.
1123
01:02:06,967 --> 01:02:09,511
I got $175,000 in stock right now.
1124
01:02:09,595 --> 01:02:10,679
What?
1125
01:02:10,762 --> 01:02:13,533
Like serious money, like I could get you
a house and get you up out of here,
1126
01:02:13,557 --> 01:02:14,725
kind of money.
1127
01:02:14,808 --> 01:02:15,893
Baby.
1128
01:02:15,976 --> 01:02:18,312
Where did you get the money to buy this?
1129
01:02:19,479 --> 01:02:22,274
I bought call options, for cheap.
1130
01:02:22,357 --> 01:02:23,357
And they hit.
1131
01:02:24,026 --> 01:02:25,360
So now you're gonna sell?
1132
01:02:25,444 --> 01:02:26,778
Nah. No, I buy more.
1133
01:02:27,613 --> 01:02:29,448
At this price!?
1134
01:02:29,531 --> 01:02:31,492
When they hit,
I'm gonna buy you a mansion.
1135
01:02:31,575 --> 01:02:32,576
It's gonna be crazy.
1136
01:02:32,659 --> 01:02:35,370
My son, I don't need a mansion.
1137
01:02:39,041 --> 01:02:40,209
Be careful.
1138
01:02:40,709 --> 01:02:43,086
Don't get addicted to this, my son.
1139
01:02:43,170 --> 01:02:44,796
This can be like a drug.
1140
01:02:50,844 --> 01:02:55,599
{\an8}Some breaking news right now
on what has turned into the soap opera
1141
01:02:55,682 --> 01:02:59,937
{\an8}and saga of the markets right now.
And that is the story of GameStop.
1142
01:03:00,020 --> 01:03:02,731
A month ago today, it was trading
at about 20 bucks per share.
1143
01:03:02,814 --> 01:03:04,900
Two days ago, it was under $80.
1144
01:03:04,983 --> 01:03:08,320
Today, nearly $350 a share.
1145
01:03:08,403 --> 01:03:12,366
{\an8}The GameStop stock frenzy even now
has the attention of the White House.
1146
01:03:12,449 --> 01:03:14,785
{\an8}...our economic team
including Secretary Yellen and others
1147
01:03:14,868 --> 01:03:17,037
{\an8}- are monitoring the situation.
- You're witnessing
1148
01:03:17,120 --> 01:03:18,872
{\an8}the French Revolution of finance.
1149
01:03:18,956 --> 01:03:20,316
{\an8}There is a rebellion aspect to it.
1150
01:03:20,374 --> 01:03:22,376
{\an8}There is
an anti-establishment aspect to it.
1151
01:03:22,459 --> 01:03:23,812
{\an8}I don't know if Wall Street's ever seen it
1152
01:03:23,836 --> 01:03:24,837
{\an8}- like this before.
- No.
1153
01:03:24,920 --> 01:03:26,231
{\an8}- We never have.
- It's generational.
1154
01:03:26,255 --> 01:03:27,881
{\an8}It's like generational injustices.
1155
01:03:27,965 --> 01:03:31,343
{\an8}This is like,
little poor guys vs. rich guys.
1156
01:03:31,426 --> 01:03:34,221
And poor guys are winning right now.
1157
01:03:34,304 --> 01:03:36,825
{\an8}Fucking hold! If you're new here
and you're trying to make a profit,
1158
01:03:36,849 --> 01:03:38,660
{\an8}- fuck off!
- Stop what you're doing, and listen up.
1159
01:03:38,684 --> 01:03:41,019
I own GameStop on Robinhood
and I am not selling.
1160
01:03:41,103 --> 01:03:44,731
Hold. All you need to do is hold.
Keep fucking holding.
1161
01:03:44,815 --> 01:03:48,443
Soon the Tendieman comes to send
our rocket to the sun.
1162
01:03:48,527 --> 01:03:51,697
See this right here is the human being
who's largely responsible
1163
01:03:51,780 --> 01:03:53,574
for all this GameStop stuff.
1164
01:03:53,657 --> 01:03:59,955
Just a pure specimen.
A God-like undefeatable creature.
1165
01:04:00,038 --> 01:04:03,584
This is what excellence looks like.
1166
01:04:03,667 --> 01:04:05,919
- I just like the stock.
- Yesterday he posted this,
1167
01:04:06,003 --> 01:04:08,338
that he's in profit, wait for it...
1168
01:04:09,339 --> 01:04:11,884
47 million.
1169
01:04:13,218 --> 01:04:14,928
What the fuck is happening?
1170
01:04:15,679 --> 01:04:17,097
What the fuck?
1171
01:04:19,224 --> 01:04:20,702
Hey, did you try a different browser?
1172
01:04:20,726 --> 01:04:22,978
- I plugged the browser.
- Shit, we're fucked.
1173
01:04:24,146 --> 01:04:25,314
Bro, what the fuck?
1174
01:04:25,397 --> 01:04:27,597
- What the fuck, dude?
- I told you this shit is rigged.
1175
01:04:28,859 --> 01:04:29,985
What the fuck is going on?
1176
01:04:32,529 --> 01:04:33,739
I can't get it to load.
1177
01:04:40,204 --> 01:04:41,204
Fuck!
1178
01:04:45,417 --> 01:04:46,417
What?
1179
01:04:49,421 --> 01:04:51,215
{\an8}They shut down Wall Street Bets.
1180
01:04:51,715 --> 01:04:54,718
{\an8}- What?
- "Hateful and discriminatory content."
1181
01:04:54,801 --> 01:04:56,428
That stuff has always been on there.
1182
01:05:01,934 --> 01:05:03,268
That's weird.
1183
01:05:03,352 --> 01:05:04,352
No?
1184
01:05:05,312 --> 01:05:08,649
I mean, it's like they're trying
to stop people from talking to each other.
1185
01:05:15,989 --> 01:05:17,157
Babe, are you gonna get that?
1186
01:05:17,241 --> 01:05:18,241
Yes.
1187
01:05:21,119 --> 01:05:22,119
Hello?
1188
01:05:23,622 --> 01:05:26,583
Ah, yes, I am...
1189
01:05:27,084 --> 01:05:30,337
I am the Roaring Kitty
and Deep F-ing Value.
1190
01:05:32,130 --> 01:05:35,551
Ah no, but nobody ever asked me.
1191
01:05:37,636 --> 01:05:38,971
Oh, okay.
1192
01:05:39,054 --> 01:05:41,765
Sir, I just want to say
how grateful I am for this job
1193
01:05:41,849 --> 01:05:43,684
and how much it means
to me and my family.
1194
01:05:43,767 --> 01:05:46,103
I would never let a hobby jeopardize...
1195
01:05:47,813 --> 01:05:49,773
Okay. I understand.
1196
01:05:55,737 --> 01:05:58,198
- Yeah?
- It's MassMutual. They're...
1197
01:05:58,282 --> 01:06:01,618
getting calls from reporters "concerned"
about my "outside activities."
1198
01:06:01,702 --> 01:06:03,495
Was all this against the rules?
1199
01:06:03,579 --> 01:06:06,415
I wasn't...? Maybe now it is...
1200
01:06:06,498 --> 01:06:07,498
Okay.
1201
01:06:10,377 --> 01:06:11,920
Well, what was that call?
1202
01:06:13,547 --> 01:06:15,007
- Keith?
- It's okay.
1203
01:06:15,090 --> 01:06:16,276
What, are you going to lose your job?
1204
01:06:16,300 --> 01:06:17,300
- What?
- It's fine.
1205
01:06:18,260 --> 01:06:20,095
- They gave me a choice.
- Between what?
1206
01:06:20,179 --> 01:06:21,889
Between your job and Roaring Kitty?
1207
01:06:23,891 --> 01:06:25,726
Resign or I'm fired.
1208
01:06:25,809 --> 01:06:26,809
That's what he just said?
1209
01:06:28,061 --> 01:06:29,061
I got it.
1210
01:06:31,148 --> 01:06:32,584
Fuck it, Wall Street Bets is down,
I can't see
1211
01:06:32,608 --> 01:06:34,210
- Roaring Kitty's balance sheet.
- Oh fuck.
1212
01:06:34,234 --> 01:06:35,402
I don't know what to do.
1213
01:06:35,903 --> 01:06:36,987
This could be the sell-off.
1214
01:06:37,070 --> 01:06:39,031
I really don't wanna do that.
1215
01:06:39,114 --> 01:06:42,201
Well, me neither.
But you can't let it go to zero.
1216
01:06:43,076 --> 01:06:45,412
It's 150 grand. You need that money.
1217
01:06:45,496 --> 01:06:47,873
And nobody is gonna hold
if they can't see what he's doing.
1218
01:06:50,584 --> 01:06:52,044
Close your eyes and count to three.
1219
01:06:52,753 --> 01:06:53,753
One.
1220
01:06:55,589 --> 01:06:56,589
- Two.
- Two.
1221
01:06:57,716 --> 01:06:58,842
{\an8}- Three.
- Three.
1222
01:07:03,597 --> 01:07:04,431
Your phone's ringing.
1223
01:07:04,515 --> 01:07:06,642
This is the sound of the world.
1224
01:07:06,725 --> 01:07:08,352
Your phone is ringing!
1225
01:07:08,435 --> 01:07:12,481
Oh, Robinhood. Yeah. It's an app.
1226
01:07:13,065 --> 01:07:14,358
It's on the phone.
1227
01:07:14,441 --> 01:07:16,735
- Yeah, no, your phone is ringing.
- Oh.
1228
01:07:17,778 --> 01:07:18,862
Yes.
1229
01:07:18,946 --> 01:07:20,072
Yes...
1230
01:07:23,033 --> 01:07:24,868
Slow down, Norm, what did you say?
1231
01:07:25,369 --> 01:07:29,790
The NSCC just sent us a file,
they want a deposit of 3 billion
1232
01:07:29,873 --> 01:07:31,500
to clear all the trades coming in.
1233
01:07:32,209 --> 01:07:33,502
Sorry.
1234
01:07:33,585 --> 01:07:34,586
Wait, who?
1235
01:07:34,670 --> 01:07:40,133
They're a subsidiary of the DTCC.
And they're requesting 3 billion.
1236
01:07:40,217 --> 01:07:45,097
Ah... Okay. Sorry, it's a little loud in
here. I thought you just said 3 billion.
1237
01:07:45,597 --> 01:07:46,640
I did!
1238
01:07:47,933 --> 01:07:50,644
- But we don't have 3 billion, Norm.
- That's correct.
1239
01:07:50,727 --> 01:07:53,689
We've only ever raised 2 billion
in the history of the company.
1240
01:07:54,565 --> 01:07:56,525
Holy fuck! What if we don't pay?
1241
01:07:56,608 --> 01:07:57,985
They shut us down.
1242
01:07:58,944 --> 01:08:01,947
The IPO, like, everything... poof.
1243
01:08:02,030 --> 01:08:04,825
Gretchen, Dan and I are going to
jump on a call with Citadel at 9.
1244
01:08:08,662 --> 01:08:11,707
Maybe this would be a good time for me
to chat with Ken Griffin.
1245
01:08:11,790 --> 01:08:14,418
Sure. We'll mention that.
1246
01:08:16,003 --> 01:08:17,295
I can't sleep.
1247
01:08:17,379 --> 01:08:18,379
Me neither.
1248
01:08:18,839 --> 01:08:20,132
I just feel sick!
1249
01:08:21,133 --> 01:08:22,718
We'll buy it back first thing.
1250
01:08:24,553 --> 01:08:25,971
Please shut up.
1251
01:08:40,818 --> 01:08:42,278
What the fuck.
1252
01:08:45,365 --> 01:08:46,492
Oh! What the fuck!
1253
01:08:47,534 --> 01:08:49,620
- What the fuck!
- Okay, let me try.
1254
01:08:50,704 --> 01:08:52,080
Is it frozen?
1255
01:08:57,335 --> 01:08:59,129
They cut off the buy option.
1256
01:08:59,838 --> 01:09:01,380
What?! That's fucking criminal.
1257
01:09:01,465 --> 01:09:02,674
I can't hear you, Baiju!
1258
01:09:02,758 --> 01:09:04,009
What the fuck did you do?
1259
01:09:04,092 --> 01:09:05,760
- Calm down.
- Me calm down?
1260
01:09:05,844 --> 01:09:07,346
You shut down trading on GameStop?
1261
01:09:07,429 --> 01:09:08,514
Not all trading.
1262
01:09:08,597 --> 01:09:09,681
Norm worked it out.
1263
01:09:09,764 --> 01:09:13,227
The DTCC agreed to lower the deposit
to 700 million
1264
01:09:13,309 --> 01:09:15,394
if we shut off buying,
and that's what I did.
1265
01:09:15,478 --> 01:09:17,438
The Depository Trade Commission?
1266
01:09:17,523 --> 01:09:19,691
They're like one degree away
from Ken Griffin.
1267
01:09:19,775 --> 01:09:20,943
One more time, Baiju.
1268
01:09:21,985 --> 01:09:22,985
...butt boys!
1269
01:09:24,905 --> 01:09:27,032
- What?
- It's not going to be okay.
1270
01:09:27,115 --> 01:09:28,282
You need to fix this...
1271
01:09:28,367 --> 01:09:29,910
I know, it's okay.
1272
01:09:30,786 --> 01:09:32,204
I did fix it, Baiju.
1273
01:09:34,414 --> 01:09:37,125
We've been watching shares of
GameStop all day long
1274
01:09:37,209 --> 01:09:40,795
after hitting a staggering high of $483.
1275
01:09:40,879 --> 01:09:43,757
The shares are now down to about 140.
1276
01:09:43,840 --> 01:09:46,718
Now, the best we can tell is
the Robinhood app
1277
01:09:46,802 --> 01:09:51,348
that seems to have triggered what really
has become a panic sell-off in this name.
1278
01:09:51,431 --> 01:09:55,978
And so if you're a retail investor
or a Reddit user and you've held,
1279
01:09:56,061 --> 01:09:59,106
well, you are feeling some serious pain
right now.
1280
01:09:59,940 --> 01:10:01,108
Oh God.
1281
01:10:02,568 --> 01:10:04,987
- Fuck.
- Now the criticism centered on Robinhood
1282
01:10:05,070 --> 01:10:09,324
for abandoning their followers here
in favor of helping those who had shorted
1283
01:10:09,408 --> 01:10:12,368
- all these stocks in the first place.
- I don't particularly like the move
1284
01:10:12,411 --> 01:10:13,245
on Robinhood today.
1285
01:10:13,328 --> 01:10:15,122
I'm talking to people this morning
that say,
1286
01:10:15,205 --> 01:10:16,999
"Okay, that is anti-capitalism.
1287
01:10:17,082 --> 01:10:18,560
- You can't do that."
- Fuck you, Robinhood!
1288
01:10:18,584 --> 01:10:23,213
There's been some controversy
about Citadel and some vague accusations
1289
01:10:23,297 --> 01:10:26,383
that somehow Citadel may have been
involved in Robinhood's decision, Wolf,
1290
01:10:26,466 --> 01:10:29,845
{\an8}to stop or restrict trading
in GameStop and other shorts...
1291
01:10:29,928 --> 01:10:30,928
Who is it from?
1292
01:10:30,971 --> 01:10:33,682
{\an8}The Tendieman...?
1293
01:10:35,559 --> 01:10:36,476
Come back inside.
1294
01:10:36,560 --> 01:10:38,020
Diamond fucking hands!
1295
01:10:40,189 --> 01:10:42,608
We all know how I feel about him.
1296
01:10:42,691 --> 01:10:44,359
I think he's a rat, a liar.
1297
01:10:44,443 --> 01:10:49,198
Okay, Vlad, you know everybody here
who's watching us hates your guts, right?
1298
01:10:50,199 --> 01:10:53,702
Thank you, Dave, that's... what I hear.
1299
01:10:53,785 --> 01:10:57,623
But I'm a really big fan of your show
and hopefully I can answer
1300
01:10:57,706 --> 01:10:59,708
- some of your questions.
- Vlad, can you hear us?
1301
01:10:59,791 --> 01:11:02,753
- Vlad the stock impaler.
- Yes, I'm here... Hi.
1302
01:11:02,836 --> 01:11:04,880
Spill the beans, man,
what happened last week?
1303
01:11:04,963 --> 01:11:07,674
Why couldn't people buy GameStop shares?
1304
01:11:07,758 --> 01:11:09,593
The people demand an answer.
1305
01:11:09,676 --> 01:11:13,138
To give you some background,
I'm chief executive of Robinhood...
1306
01:11:13,222 --> 01:11:14,532
- Robbing executive.
- Yeah, we know that.
1307
01:11:14,556 --> 01:11:16,141
And I just want to say,
1308
01:11:16,225 --> 01:11:18,810
- we had no liquidity problem.
- Well, did something maybe shady
1309
01:11:18,894 --> 01:11:20,705
go down here?
Seems weird that you'd get a sudden
1310
01:11:20,729 --> 01:11:22,832
- 10 billion dollar demand... You know.
- Three, 3 billion...
1311
01:11:22,856 --> 01:11:24,983
-Okay, but 3 billion just suddenly,
-Yeah.
1312
01:11:25,067 --> 01:11:27,069
- out of nowhere and...
- Well, I wouldn't impute
1313
01:11:27,152 --> 01:11:30,197
any shadiness to any of this...
1314
01:11:30,280 --> 01:11:34,910
I don't have the full context as to what
was going on with the NSCC to,
1315
01:11:34,993 --> 01:11:37,955
to make these calculations.
1316
01:11:38,038 --> 01:11:40,415
To what degree are you beholden
to Citadel?
1317
01:11:40,499 --> 01:11:43,669
I mean, like, basically,
if Citadel is unhappy, then what happens?
1318
01:11:43,752 --> 01:11:46,839
- It was a hard temperance.
- Is anyone holding you hostage right now?
1319
01:11:46,922 --> 01:11:48,257
- No.
- There's just
1320
01:11:48,340 --> 01:11:51,552
{\an8}no rational explanation on
why they would do what they did
1321
01:11:51,635 --> 01:11:54,263
{\an8}without outside pressure, interference.
1322
01:11:54,346 --> 01:11:56,932
{\an8}And they basically cratered the stock
on purpose.
1323
01:11:57,015 --> 01:11:59,977
{\an8}So, I just don't believe
anything that guy says.
1324
01:12:00,060 --> 01:12:02,354
{\an8}I wanted to take a cold shower
after seeing him say that.
1325
01:12:02,437 --> 01:12:05,023
{\an8}Robinhood is facing lawsuits,
we know that.
1326
01:12:05,107 --> 01:12:07,401
{\an8}After halting trade, they are accused
1327
01:12:07,484 --> 01:12:09,570
{\an8}- of rigging the market.
- When the big guys,
1328
01:12:09,653 --> 01:12:12,823
{\an8}including one of your main investors
in your company started to lose,
1329
01:12:12,906 --> 01:12:15,492
{\an8}you shut down the game
to starve the little guy.
1330
01:12:15,576 --> 01:12:18,495
{\an8}They're stealing from the poor
and giving back to the rich.
1331
01:12:18,579 --> 01:12:21,874
{\an8}They're robbing from the 'hood! Why?
1332
01:12:21,957 --> 01:12:24,918
{\an8}-I want to be 100% clear,
-All of you guys deserve to burn in hell.
1333
01:12:25,002 --> 01:12:26,354
- this decision to...
- And go to jail.
1334
01:12:26,378 --> 01:12:27,480
restrict trade was not made
on the direction
1335
01:12:27,504 --> 01:12:28,731
I'm just trying to get my mom
out the 'hood.
1336
01:12:28,755 --> 01:12:31,466
- of Citadel or any market maker.
- What the fuck? Fuck you!
1337
01:12:31,550 --> 01:12:32,944
And your Mama Dukes,
you motherfucking fraud.
1338
01:12:32,968 --> 01:12:33,968
Fuck this guy.
1339
01:12:34,678 --> 01:12:37,181
This guy is just
an obfuscating piece of shit.
1340
01:12:37,264 --> 01:12:38,473
Fucker.
1341
01:12:38,557 --> 01:12:40,809
There's only one man
I wanna hear from right now.
1342
01:12:40,893 --> 01:12:43,437
And Wall Street Bets is down,
so it's crickets.
1343
01:12:43,520 --> 01:12:45,022
It's crickets out here.
1344
01:12:45,898 --> 01:12:47,024
Say it with me.
1345
01:12:47,524 --> 01:12:49,526
- Where my pussy at!
- Where my pussy at!
1346
01:12:50,235 --> 01:12:51,778
- Mr. Gill!
- Mr. Gill!
1347
01:12:52,571 --> 01:12:56,408
- Roaring Kitty, I fucking love you!
- Keith Gill!
1348
01:12:56,492 --> 01:12:58,160
- Keith Gill, please!
- Okay.
1349
01:12:58,243 --> 01:13:01,288
- Please.
- Oh, sorry, this is, like, my house...
1350
01:13:01,371 --> 01:13:02,873
- You want my autograph?
- Yeah.
1351
01:13:03,790 --> 01:13:04,790
You've been served.
1352
01:13:07,753 --> 01:13:10,589
Hey, to the moon, baby! To the moon.
1353
01:13:10,672 --> 01:13:11,798
Holy shit.
1354
01:13:16,720 --> 01:13:20,557
Sorry to interrupt. We need to talk
about the GameStop situation.
1355
01:13:20,641 --> 01:13:21,743
I thought Mecane was handling it.
1356
01:13:21,767 --> 01:13:24,770
So did we. But the committee's
specifically requested you, sir.
1357
01:13:24,853 --> 01:13:26,980
If they want specifics,
they can have Mecane.
1358
01:13:27,689 --> 01:13:29,608
It's not a choice, unfortunately.
1359
01:13:33,820 --> 01:13:35,072
Shitballs.
1360
01:13:37,950 --> 01:13:38,950
Keith?
1361
01:13:40,369 --> 01:13:43,455
- A congressional subpoena.
- I never did anything illegal.
1362
01:13:43,539 --> 01:13:44,915
And I always had disclaimers...
1363
01:13:45,582 --> 01:13:47,702
Why would you have disclaimers
if you weren't worried?
1364
01:13:48,335 --> 01:13:50,754
They're standard practice, Caroline,
everyone has them.
1365
01:13:55,759 --> 01:13:56,759
Babe...
1366
01:14:00,138 --> 01:14:02,683
- the answer is not in your computer.
- Whoa!
1367
01:14:03,308 --> 01:14:07,271
There's a dozen reporters on our lawn!
You have to testify before Congress.
1368
01:14:07,938 --> 01:14:10,691
- The game has changed.
- I know. I hear you.
1369
01:14:10,774 --> 01:14:12,109
I don't think you do.
1370
01:14:17,656 --> 01:14:19,074
Oh, my God. We're...
1371
01:14:20,617 --> 01:14:21,952
We're gonna go to my mother's.
1372
01:14:22,035 --> 01:14:24,121
No, she has terrible Wi-Fi.
1373
01:14:24,204 --> 01:14:26,165
I'm not talking about you.
1374
01:14:26,248 --> 01:14:28,041
I'm talking about me and her.
1375
01:14:28,792 --> 01:14:30,335
You need to figure this out.
1376
01:14:43,515 --> 01:14:45,392
- Where are you going?
- To the track.
1377
01:14:45,475 --> 01:14:47,603
- You were just on the track.
- I'm going again.
1378
01:14:58,238 --> 01:15:00,657
Hi. Can I interest you in
some champagne or a mimosa?
1379
01:15:00,741 --> 01:15:02,951
- Is it free?
- It is when you sit up here.
1380
01:15:03,035 --> 01:15:04,953
Well, there is a last time for everything.
1381
01:15:05,037 --> 01:15:06,455
Oh, you'll be back.
1382
01:15:06,538 --> 01:15:10,709
I had half a million in stocks last week,
but Wall Street cheated.
1383
01:15:11,210 --> 01:15:12,377
Surprise, surprise.
1384
01:15:14,171 --> 01:15:15,422
I could have cashed out.
1385
01:15:16,548 --> 01:15:18,342
I could have paid my mortgage.
1386
01:15:18,425 --> 01:15:20,052
Could have gotten my kid braces.
1387
01:15:20,135 --> 01:15:20,969
Got a new car.
1388
01:15:21,053 --> 01:15:22,739
Honey, I'm gonna get you
something stronger.
1389
01:15:22,763 --> 01:15:24,181
- Thank you.
- You're welcome.
1390
01:15:30,312 --> 01:15:31,438
Meow!
1391
01:15:31,522 --> 01:15:32,564
Kitty!
1392
01:15:32,648 --> 01:15:35,335
You know you can't just eat other people's
food. They do reviews, right?
1393
01:15:35,359 --> 01:15:36,359
Very funny.
1394
01:15:36,401 --> 01:15:37,401
Here.
1395
01:15:37,819 --> 01:15:39,112
What's this?
1396
01:15:39,196 --> 01:15:40,590
Look, they were on sale, all right,
1397
01:15:40,614 --> 01:15:43,617
- before you get all emotional and shit.
- Holy shit, you fucking softy.
1398
01:15:43,700 --> 01:15:45,828
Who put you up to this? Caro? Ma?
1399
01:15:45,911 --> 01:15:48,288
No, Dad called me in tears,
said my big brother needed
1400
01:15:48,372 --> 01:15:50,541
- some moral support.
- Ah, fuck off.
1401
01:15:51,208 --> 01:15:52,811
- I can't.
- C'mon, man. Will you at least try 'em on?
1402
01:15:52,835 --> 01:15:54,002
Please?
1403
01:15:54,086 --> 01:15:56,086
Try 'em. C'mon,
you're the richest man in Brockton,
1404
01:15:56,129 --> 01:15:58,632
- you dress like an asshole.
- I lost 15 million yesterday.
1405
01:15:58,715 --> 01:16:01,653
- And another 15 the day before that.
- You're still the richest man in Brockton,
1406
01:16:01,677 --> 01:16:02,970
like, by far.
1407
01:16:03,637 --> 01:16:07,474
Bro, you got rich dudes
pissing in their pants right now.
1408
01:16:07,558 --> 01:16:10,269
I mean, c'mon, man, how many people
from Brockton High can say that?
1409
01:16:10,352 --> 01:16:11,436
This has gone crazy,
1410
01:16:11,520 --> 01:16:14,273
I got reporters hounding me
outside my house.
1411
01:16:14,356 --> 01:16:16,400
Yeah, man, me too.
They're coming after you.
1412
01:16:17,985 --> 01:16:19,695
You didn't talk to them, did you?
1413
01:16:19,778 --> 01:16:23,031
What do I look like? I said no.
I said give me 50 grand maybe.
1414
01:16:23,115 --> 01:16:24,116
Tell me you're kidding.
1415
01:16:24,199 --> 01:16:26,845
Well, if you give me 20, then maybe
we wouldn't have to deal with this shit.
1416
01:16:26,869 --> 01:16:27,887
The fuck is wrong with you!?
1417
01:16:27,911 --> 01:16:31,248
Kevin, I've just been subpoenaed
by Congress, man.
1418
01:16:31,331 --> 01:16:32,916
I do not have time for your bullshit.
1419
01:16:33,000 --> 01:16:35,460
- Oh, come off it, man!
- Seriously, asshole.
1420
01:16:35,544 --> 01:16:37,421
- Chill! It was a joke!
- Fuck!
1421
01:16:45,345 --> 01:16:46,345
I know.
1422
01:16:47,014 --> 01:16:48,014
Sorry.
1423
01:16:54,980 --> 01:16:57,149
We never used to fight this much.
1424
01:17:00,068 --> 01:17:02,029
- Sara.
- I miss her.
1425
01:17:02,654 --> 01:17:03,654
Me too.
1426
01:17:04,114 --> 01:17:05,532
She kept your ego in check.
1427
01:17:06,200 --> 01:17:08,368
Whole fuckin' world kept my ego in check.
1428
01:17:09,453 --> 01:17:12,080
What the fuck are you gonna tell
Congress, Keith? Huh?
1429
01:17:13,207 --> 01:17:15,250
Beg them not to send me to prison?
1430
01:17:17,503 --> 01:17:18,503
Hey...
1431
01:17:19,087 --> 01:17:23,217
Hey, do you remember back at Stonehill
when they dared me to run that mile naked?
1432
01:17:23,717 --> 01:17:25,427
Yeah, there was a crazy storm that night.
1433
01:17:25,511 --> 01:17:27,137
- You dumb shit.
- Fuck you, man.
1434
01:17:27,221 --> 01:17:29,556
That was dope, man.
I'm a legend over there.
1435
01:17:29,640 --> 01:17:30,807
Everybody remembers that!
1436
01:17:30,891 --> 01:17:31,934
- Okay.
- They do, man.
1437
01:17:32,017 --> 01:17:34,037
You don't think people remember
your 4-minute 3-second mile?
1438
01:17:34,061 --> 01:17:35,938
Oh... what is this, a pep talk?
1439
01:17:36,021 --> 01:17:37,439
Motherfucker, stop hiding.
1440
01:17:37,523 --> 01:17:40,984
Seriously. Okay, stop being all meek
and shit and running away.
1441
01:17:41,818 --> 01:17:44,363
What, you want me to run through
lightning with my dick out?
1442
01:17:44,446 --> 01:17:45,364
Yeah.
1443
01:17:45,447 --> 01:17:47,533
Please, exactly that.
1444
01:17:48,242 --> 01:17:50,536
Run through lightning with your dick out.
Fuck it.
1445
01:17:58,752 --> 01:18:00,212
You didn't go to your mom's?
1446
01:18:02,130 --> 01:18:03,340
You took the car.
1447
01:18:05,092 --> 01:18:07,177
How was the run? Did it clear your head?
1448
01:18:07,970 --> 01:18:09,513
Kev found me, brought me these.
1449
01:18:10,764 --> 01:18:12,015
You guys talked?
1450
01:18:12,516 --> 01:18:15,269
Yup, he told me to run naked.
1451
01:18:15,769 --> 01:18:17,354
- You ran naked?
- No.
1452
01:18:18,021 --> 01:18:21,525
It's a metaphor. He's saying
I gotta take this thing head on.
1453
01:18:22,609 --> 01:18:23,609
Well...
1454
01:18:29,032 --> 01:18:30,617
I'd kinda like to see you run naked.
1455
01:18:34,329 --> 01:18:36,915
By the way, Wall Street Bets is back up.
1456
01:18:38,542 --> 01:18:39,918
The motherfucker held.
1457
01:18:40,669 --> 01:18:45,048
Holy shit! He lost 30 million,
and he still fucking held.
1458
01:18:48,427 --> 01:18:50,137
- Robinhood's back up.
- What?
1459
01:18:50,929 --> 01:18:53,348
- We gotta get back in.
- Where's the stock at right now?
1460
01:18:54,099 --> 01:18:55,100
109.
1461
01:18:55,601 --> 01:18:56,643
Are you sure?
1462
01:18:57,144 --> 01:18:59,897
That's like all of the money
that we made back into the stock.
1463
01:19:03,775 --> 01:19:06,278
Yeah. We can't let them
get away with this.
1464
01:19:08,363 --> 01:19:09,363
Fuck 'em.
1465
01:19:09,781 --> 01:19:10,991
If he's in, I'm in.
1466
01:19:11,867 --> 01:19:13,076
If he's in, I'm in.
1467
01:19:16,580 --> 01:19:17,581
Okay.
1468
01:19:19,249 --> 01:19:20,249
Fuck!
1469
01:19:26,256 --> 01:19:30,886
{\an8}The frenzy continues with retail investors
bidding back up GameStop.
1470
01:19:30,969 --> 01:19:33,013
- Meme stock mania is back.
- ...up more than 80%
1471
01:19:33,096 --> 01:19:35,599
as those message board traders
simply sent it higher.
1472
01:19:35,682 --> 01:19:37,267
Stock volatility continuing,
1473
01:19:37,351 --> 01:19:40,145
it looks like this morning once again
GameStop are involved in
1474
01:19:40,229 --> 01:19:43,565
an ongoing battle between
retail investors and short sellers.
1475
01:19:43,649 --> 01:19:45,168
We're gonna have a lot more
on this story.
1476
01:19:45,192 --> 01:19:46,544
{\an8}CEOs of Robinhood, Reddit, Citadel
1477
01:19:46,568 --> 01:19:48,195
{\an8}and Melvin Capital.
1478
01:19:48,278 --> 01:19:51,615
{\an8}Along with Keith Gill,
better known as Roaring Kitty
1479
01:19:51,698 --> 01:19:54,993
on social media, will be in the hot seat.
1480
01:19:59,456 --> 01:20:02,543
I'm here testifying today far removed
from my background.
1481
01:20:02,626 --> 01:20:05,629
I grew up in a middle-class family
in Portland, Maine.
1482
01:20:05,712 --> 01:20:07,297
My dad was a grocery store executive.
1483
01:20:07,381 --> 01:20:08,757
Maybe leave that part out.
1484
01:20:10,092 --> 01:20:11,176
The part about my dad?
1485
01:20:11,260 --> 01:20:12,302
The executive part.
1486
01:20:12,386 --> 01:20:13,887
Okay... okay.
1487
01:20:17,224 --> 01:20:21,687
I went to a public high school.
I studied hard and got into Northwestern.
1488
01:20:21,770 --> 01:20:23,772
- Just say "a good college."
- Upon...
1489
01:20:23,856 --> 01:20:25,357
I can't say I went to Northwestern?
1490
01:20:25,440 --> 01:20:27,234
- Too elite.
- Northwestern's too...
1491
01:20:27,901 --> 01:20:28,901
All right.
1492
01:20:32,739 --> 01:20:37,327
Upon graduation, I did not have a job.
Today, I'm married with four children.
1493
01:20:37,411 --> 01:20:39,580
Gabe, where do you plan on
doing your testimony?
1494
01:20:41,957 --> 01:20:44,710
- Here.
- In front of your wine collection?
1495
01:20:46,753 --> 01:20:49,923
I mean, this is... I don't have that big
of a wine collection honestly.
1496
01:20:50,007 --> 01:20:51,007
Yeah, it's huge.
1497
01:20:51,049 --> 01:20:52,885
Digital risks seem to be overblown.
1498
01:20:52,968 --> 01:20:55,387
Two, the negative sentiment is overdone.
1499
01:20:55,470 --> 01:20:59,183
- Three, the value...
- Maybe... here would be nice.
1500
01:21:02,477 --> 01:21:04,479
- Too many windows.
- Too many windows... Oh.
1501
01:21:04,563 --> 01:21:05,647
It's very bright.
1502
01:21:05,731 --> 01:21:08,817
- Yeah, ocean front's not a great idea.
- It's blue.
1503
01:21:08,901 --> 01:21:11,361
Yeah. Okay, I hadn't thought of that.
That...
1504
01:21:11,445 --> 01:21:12,946
Yeah, downstairs there's more...
1505
01:21:13,030 --> 01:21:14,257
- there's probably darker rooms.
- What a bandit.
1506
01:21:14,281 --> 01:21:17,284
Most of you know this guy,
who is the Roaring Kitty character,
1507
01:21:17,367 --> 01:21:18,803
- who was really pushing it.
- Holy shit.
1508
01:21:18,827 --> 01:21:20,847
- You know, voicing the information.
- Yo, Riri, our boy's on the news.
1509
01:21:20,871 --> 01:21:22,706
And what's the potentially systemic risk?
1510
01:21:22,789 --> 01:21:25,042
Those relationships in D.C. are strong.
1511
01:21:25,125 --> 01:21:29,171
The guys who run those hedge funds are
the guys who fund presidential campaigns.
1512
01:21:29,254 --> 01:21:31,191
-You know Roaring Kitties don't have
-That's a good point.
1513
01:21:31,215 --> 01:21:32,609
-that kind of influence,
-Gill is now being sued
1514
01:21:32,633 --> 01:21:33,693
- but the hedge fund managers do.
- for securities fraud
1515
01:21:33,717 --> 01:21:35,969
over his alleged role
in the GameStop rally.
1516
01:21:36,053 --> 01:21:38,847
{\an8}Is Mr. Gill likely to appear,
and if he appears,
1517
01:21:38,931 --> 01:21:43,018
{\an8}is he likely to talk
if he faces the potential of prosecution?
1518
01:21:43,101 --> 01:21:48,023
Fundamentals are based on three things:
One, digital risks are overblown.
1519
01:21:48,106 --> 01:21:49,942
Two, the negative sentiment is overdone.
1520
01:21:50,025 --> 01:21:51,151
And three...
1521
01:21:54,863 --> 01:21:55,697
Fuck.
1522
01:21:55,781 --> 01:21:57,908
- Ah, c'mon, shut up.
- I know all this.
1523
01:21:59,409 --> 01:22:01,829
You guys, you guys, stop.
Stop, let's keep going.
1524
01:22:01,912 --> 01:22:03,890
- All right, let's go again.
- You're right, this is serious.
1525
01:22:03,914 --> 01:22:05,290
You can go to jail forever.
1526
01:22:05,374 --> 01:22:06,976
- A long time. Long, long time.
- All right. You ready?
1527
01:22:07,000 --> 01:22:08,877
You ready here we go. Back in the game.
1528
01:22:08,961 --> 01:22:11,463
Mr. Gill. Mr. Gill,
may I call you Mr. Gill, sir?
1529
01:22:11,547 --> 01:22:13,590
- It's my name.
- Why the fuck wouldn't you be able
1530
01:22:13,674 --> 01:22:14,984
- to call him Mr. Gill?
- What were your intentions
1531
01:22:15,008 --> 01:22:18,136
with the YouTube videos
and your social media posts on GameStop?
1532
01:22:18,220 --> 01:22:19,721
- Yes.
- Thank you, congresswoman.
1533
01:22:19,805 --> 01:22:20,639
You're welcome.
1534
01:22:20,722 --> 01:22:23,225
I developed a theory
that the company was undervalued
1535
01:22:23,308 --> 01:22:25,143
despite the significant short interest.
1536
01:22:25,227 --> 01:22:27,145
Oh, so you were aware
of the short interest.
1537
01:22:27,229 --> 01:22:28,522
It is public knowledge.
1538
01:22:28,605 --> 01:22:29,791
You can see it in the SEC filings.
1539
01:22:29,815 --> 01:22:31,543
And your goal was
to break these shorts, yes?
1540
01:22:31,567 --> 01:22:35,696
To rally an online mob to artificially
push the price of GameStop soaring,
1541
01:22:35,779 --> 01:22:39,074
ah, "to the moon" as they say,
isn't that correct, Mr. Gill?
1542
01:22:39,158 --> 01:22:40,242
Objection, objection,
1543
01:22:40,325 --> 01:22:41,427
- you're leading the witness.
- Kev...
1544
01:22:41,451 --> 01:22:43,537
- Witness.
- I yield my time to the chair.
1545
01:22:43,620 --> 01:22:45,164
You were hoping for the short squeeze,
1546
01:22:45,247 --> 01:22:47,016
- weren't you, Mr. Gill?
- You short squeezing bastard.
1547
01:22:47,040 --> 01:22:48,709
The short squeeze was a marginal
1548
01:22:48,792 --> 01:22:50,270
- point of the thesis.
- Then why did you talk about it
1549
01:22:50,294 --> 01:22:51,938
- in your videos all the time?
- You did talk about it in your videos.
1550
01:22:51,962 --> 01:22:53,046
You talked about it a lot.
1551
01:22:53,130 --> 01:22:54,649
- You remember about the squeeze.
- Exactly.
1552
01:22:54,673 --> 01:22:55,859
You were like
"It's just a little squeeze."
1553
01:22:55,883 --> 01:22:56,800
Exactly.
1554
01:22:56,884 --> 01:22:59,344
Are you really asking us to believe
that you weren't a leader
1555
01:22:59,428 --> 01:23:01,555
- to all these retail traders?
- You're fucked, buddy.
1556
01:23:01,638 --> 01:23:03,724
- My point of view...
- Asking. Yes or no?
1557
01:23:03,807 --> 01:23:05,225
- Yes or no?
- Yes. So yes.
1558
01:23:05,309 --> 01:23:06,494
- Yes or no?
- You are admitting it. Yes.
1559
01:23:06,518 --> 01:23:07,912
Remember you with a cheap bottle
of champagne.
1560
01:23:07,936 --> 01:23:09,062
At any moment... Kevin!
1561
01:23:09,146 --> 01:23:10,165
- Kevin!
- Dunking tendies like a fucking...
1562
01:23:10,189 --> 01:23:11,189
What?
1563
01:23:12,316 --> 01:23:14,693
I'm running with my dick out.
1564
01:23:15,777 --> 01:23:17,154
Okay, why don't you just say that?
1565
01:23:17,237 --> 01:23:18,530
Okay, I'll stop.
1566
01:23:19,323 --> 01:23:24,203
All right. Mr. Gill, what exactly
about the fundamentals
1567
01:23:24,286 --> 01:23:27,498
- led you to build this bull case?
- What the fuck's with the voice?
1568
01:23:27,581 --> 01:23:29,833
I don't know, I was trying to do AOC,
but it was flat.
1569
01:23:29,917 --> 01:23:31,186
I don't even think she's on the panel.
1570
01:23:31,210 --> 01:23:32,395
You shut the fuck up, Briggsy.
1571
01:23:32,419 --> 01:23:33,771
- I'll slap the shit out of you.
- Is she on that panel?
1572
01:23:33,795 --> 01:23:34,630
- I swear to God.
- You're gonna slap me?
1573
01:23:34,713 --> 01:23:36,065
- Yeah, let's go.
- You ready to go?
1574
01:23:36,089 --> 01:23:38,634
- Let's go.
- I've been waiting for this, dog.
1575
01:23:56,109 --> 01:23:57,109
Come here.
1576
01:24:05,702 --> 01:24:07,663
You're gonna be great.
1577
01:24:08,914 --> 01:24:11,625
If it goes bad, it's gonna be real bad.
1578
01:24:11,708 --> 01:24:13,418
Well, don't let it go bad.
1579
01:24:13,502 --> 01:24:17,673
This hearing will be first in a series
of hearings by the committee
1580
01:24:17,756 --> 01:24:22,761
to examine the recent market volatility
involving GameStop.
1581
01:24:22,845 --> 01:24:27,349
I want to know how each
of the witnesses here today
1582
01:24:27,432 --> 01:24:29,577
- contributed to the historic...
- Gabe, can you sit up?
1583
01:24:29,601 --> 01:24:32,688
trading events in January.
1584
01:24:33,230 --> 01:24:35,482
This recent market volatility
1585
01:24:35,566 --> 01:24:40,070
has put a national spotlight
on institutional practices
1586
01:24:40,153 --> 01:24:41,738
by Wall Street firms.
1587
01:24:41,822 --> 01:24:45,409
And they have demonstrated
the enormous potential power
1588
01:24:45,492 --> 01:24:48,120
of social media in our markets.
1589
01:24:48,704 --> 01:24:52,249
We will hear firsthand from the witnesses
regarding these events.
1590
01:24:52,875 --> 01:24:57,045
The hearing will be an opportunity
for this committee to get the facts
1591
01:24:57,129 --> 01:25:00,299
about the role
each of the witnesses represent,
1592
01:25:00,382 --> 01:25:03,927
played in the events
we are examining today.
1593
01:25:04,011 --> 01:25:06,447
Well, now, Mr. Griffin, if I could
just ask you this first question.
1594
01:25:06,471 --> 01:25:07,306
Of course.
1595
01:25:07,389 --> 01:25:09,474
{\an8}How many people
are in the room with you?
1596
01:25:10,392 --> 01:25:11,393
That's your question?
1597
01:25:11,476 --> 01:25:13,956
If you can just count how many
people are in the room with you.
1598
01:25:18,108 --> 01:25:21,612
There are five people,
including myself, in this room.
1599
01:25:21,695 --> 01:25:23,339
- Did anyone in your organization...
- Such a prick.
1600
01:25:23,363 --> 01:25:25,491
since January 1st, contact Robinhood?
1601
01:25:25,574 --> 01:25:30,329
We of course talk to Robinhood routinely
in the ordinary course of business.
1602
01:25:30,412 --> 01:25:32,140
We manage a substantial portion
of their order flow.
1603
01:25:32,164 --> 01:25:35,042
{\an8}But did you talk to them about restricting
1604
01:25:35,125 --> 01:25:39,254
{\an8}or doing anything to prevent people
from buying GameStop?
1605
01:25:39,338 --> 01:25:42,049
I want to be perfectly clear.
1606
01:25:42,132 --> 01:25:45,761
We had no role in Robinhood's decision
1607
01:25:45,844 --> 01:25:48,044
- to limit trading in GameStop.
- Fuck you, Ken Griffin.
1608
01:25:48,096 --> 01:25:51,892
So, if we depose everyone
in your organization, we would find that?
1609
01:25:52,559 --> 01:25:53,477
That is correct.
1610
01:25:53,560 --> 01:25:56,104
Looks like a Disney Channel villain.
1611
01:25:56,188 --> 01:26:00,692
Mr. Plotkin, do you believe
that there is manipulation, distrust,
1612
01:26:00,776 --> 01:26:03,612
and overall inequality
within American finance?
1613
01:26:03,695 --> 01:26:05,781
My focus is on my company, Melvin...
1614
01:26:07,533 --> 01:26:08,617
Hello?
1615
01:26:08,700 --> 01:26:10,327
You're on mute, dick!
1616
01:26:10,410 --> 01:26:11,954
Ah, I'm sorry, you're on mute.
1617
01:26:16,166 --> 01:26:17,835
He just keeps going.
1618
01:26:17,918 --> 01:26:19,670
...my area of expertise.
1619
01:26:19,753 --> 01:26:23,423
You're still on mute. I haven't been able
to hear a word you said, unfortunately.
1620
01:26:23,507 --> 01:26:25,347
Mr. Tenev, would you be willing
to commit today
1621
01:26:25,384 --> 01:26:27,970
- to voluntarily pass on the proceeds...
- Oh. Marry me.
1622
01:26:28,053 --> 01:26:30,764
of the payment for order flow
to Robinhood customers?
1623
01:26:30,848 --> 01:26:33,308
Congresswoman, I appreciate that question.
1624
01:26:33,392 --> 01:26:37,521
{\an8}When the statement you refer to was made,
it was before Robinhood forced
1625
01:26:37,604 --> 01:26:39,523
{\an8}the entire industry to drop
1626
01:26:39,606 --> 01:26:41,292
{\an8}- commissions and replicate our...
- I should take that as a no.
1627
01:26:41,316 --> 01:26:44,069
{\an8}You're not willing to pass on
the proceeds of payment for order flow
1628
01:26:44,152 --> 01:26:45,028
to your customers?
1629
01:26:45,112 --> 01:26:47,739
{\an8}- When the other brokers drop...
- I'm just talking about today.
1630
01:26:47,823 --> 01:26:49,008
- Asshole.
- I don't want to be rude.
1631
01:26:49,032 --> 01:26:50,325
I just have limited time,
1632
01:26:50,409 --> 01:26:54,329
but if removing the revenues that you make
from a payment for order flow
1633
01:26:54,413 --> 01:26:57,833
would cause the removal
of free commissions,
1634
01:26:57,916 --> 01:26:59,626
doesn't that mean that
trading on Robinhood
1635
01:26:59,710 --> 01:27:01,587
isn't actually free to begin with?
1636
01:27:01,670 --> 01:27:02,963
Good question.
1637
01:27:09,595 --> 01:27:11,847
Thank you very much, Mr. Gill.
1638
01:27:11,930 --> 01:27:16,476
You are now recognized for five minutes
to present your oral testimony.
1639
01:27:28,405 --> 01:27:30,866
Thank you, members of the committee.
1640
01:27:33,410 --> 01:27:36,705
I am happy to discuss my purchase
of GameStop shares
1641
01:27:37,289 --> 01:27:40,667
and my discussions of their fair value
on social media.
1642
01:27:41,502 --> 01:27:43,128
But before I do that,
1643
01:27:43,212 --> 01:27:45,047
a few things I am not:
1644
01:27:46,840 --> 01:27:48,050
I am not a cat.
1645
01:27:49,593 --> 01:27:51,845
- What did he say?
- He just said cat, Ma.
1646
01:27:51,929 --> 01:27:54,097
- It's like a kitty thing.
- Nor am I a hedge fund.
1647
01:27:54,181 --> 01:27:55,557
I do not have clients,
1648
01:27:55,641 --> 01:28:00,896
and I do not provide personalized
investment advice for fees or commissions.
1649
01:28:00,979 --> 01:28:02,981
I grew up in Brockton, Mass.
1650
01:28:03,732 --> 01:28:05,609
My family was not wealthy.
1651
01:28:05,692 --> 01:28:08,946
My father was a truck driver
and my mom a registered nurse.
1652
01:28:09,029 --> 01:28:11,156
- That's you, Ma!
- I was one of three kids
1653
01:28:11,240 --> 01:28:14,201
and the first in my family
to earn a four-year college degree
1654
01:28:14,284 --> 01:28:18,413
when I graduated from Stonehill College
in 2009.
1655
01:28:18,497 --> 01:28:20,541
That was not a good time
to be looking for a job.
1656
01:28:20,624 --> 01:28:23,043
From 2010-2017,
1657
01:28:23,126 --> 01:28:26,505
there were significant periods
when I was unemployed.
1658
01:28:26,588 --> 01:28:28,882
I took an interest in the stock market,
1659
01:28:28,966 --> 01:28:31,176
and even though I had very little money,
1660
01:28:31,260 --> 01:28:35,389
I used those times to educate myself
and learn more about investing.
1661
01:28:35,472 --> 01:28:39,351
Mr. Gill, I find it hard to believe
that you predicted everything
1662
01:28:39,434 --> 01:28:43,021
that happened to GameStop
with no inside information.
1663
01:28:43,105 --> 01:28:44,773
I didn't predict it.
1664
01:28:44,857 --> 01:28:48,151
I honestly couldn't explain everything
that happened in January.
1665
01:28:48,235 --> 01:28:49,278
I've seen your videos.
1666
01:28:49,361 --> 01:28:52,614
You honestly couldn't recount
to the committee what caused
1667
01:28:52,698 --> 01:28:56,577
every single up and down of the stock
in January?
1668
01:28:57,161 --> 01:28:58,287
I think you could.
1669
01:28:59,621 --> 01:29:03,000
I did follow the stock very closely,
1670
01:29:03,083 --> 01:29:06,628
but threshold lists, order flows,
halting purchases, according to the press,
1671
01:29:06,712 --> 01:29:08,589
these all had a material impact
on the stock.
1672
01:29:08,672 --> 01:29:11,258
Here's the thing: I have
a bit of experience with this stuff,
1673
01:29:11,341 --> 01:29:13,260
and even I barely understand
these matters.
1674
01:29:13,343 --> 01:29:17,139
It's alarming how little we all know
about the inner workings of the market.
1675
01:29:17,222 --> 01:29:19,909
Which is why I'm glad that this committee
is examining what happened,
1676
01:29:19,933 --> 01:29:22,644
particularly with the exorbitant
short interest
1677
01:29:22,728 --> 01:29:25,522
as well as any potentially
manipulative shorting practices
1678
01:29:25,606 --> 01:29:29,776
and brokers' reported failures to
timely deliver shares and settle trades.
1679
01:29:33,071 --> 01:29:35,282
A lot of people feel the system is broken.
1680
01:29:35,365 --> 01:29:39,369
The whole idea of the stock market is to
be, like, kind of a fair playing field,
1681
01:29:39,453 --> 01:29:43,207
where if you're smart, maybe with a little
luck, you could make your fortune.
1682
01:29:44,082 --> 01:29:46,418
But, if it ever was that,
it's certainly not any more.
1683
01:29:47,503 --> 01:29:50,839
The big firms have such a big advantage,
in terms of technology and information
1684
01:29:50,923 --> 01:29:54,176
and just sheer wealth, there's no hope
for the little guy anymore.
1685
01:29:54,927 --> 01:29:56,803
Or there was no hope.
1686
01:29:57,554 --> 01:29:59,598
Maybe now, there is.
1687
01:30:01,767 --> 01:30:03,227
And as for me,
1688
01:30:03,936 --> 01:30:05,103
I like the stock.
1689
01:30:06,188 --> 01:30:08,565
He's a gangster for that.
1690
01:30:08,649 --> 01:30:10,275
I don't plan on selling any time soon.
1691
01:30:10,359 --> 01:30:11,985
- Hold it.
- Say that shit.
1692
01:30:12,069 --> 01:30:13,069
Diamond fucking hands.
1693
01:30:13,111 --> 01:30:14,111
Diamond hands, baby.
1694
01:30:15,155 --> 01:30:16,698
Attaboy.
1695
01:30:16,782 --> 01:30:18,075
What a nerd.
1696
01:30:18,700 --> 01:30:19,700
{\an8}Thank you.
1697
01:30:27,292 --> 01:30:29,711
It was good. I think.
1698
01:30:30,879 --> 01:30:33,882
Yesterday's Reddit hearing in Congress
brought together
1699
01:30:33,966 --> 01:30:35,217
some of the power players
1700
01:30:35,300 --> 01:30:36,760
behind the January trading frenzy.
1701
01:30:36,844 --> 01:30:38,446
Representative Maxine Waters did say that
1702
01:30:38,470 --> 01:30:40,448
-there will be additional hearings
-What you got here involves people...
1703
01:30:40,472 --> 01:30:42,700
-and there will be two more to follow
-named you know, DFV and Roaring Kitty...
1704
01:30:42,724 --> 01:30:44,786
-to find more answers
-same guy by the way, and ultimately...
1705
01:30:44,810 --> 01:30:45,644
one market expert advocate...
1706
01:30:45,727 --> 01:30:47,205
Whether it's markets or social media,
1707
01:30:47,229 --> 01:30:49,290
or I'll just call it media
because that's what it is now.
1708
01:30:49,314 --> 01:30:51,149
Do you think any new regulation
gets done?
1709
01:30:51,233 --> 01:30:53,318
What's clear is that
we're in the Wild West
1710
01:30:53,402 --> 01:30:56,488
and that there is so much activity
that's going on, on these online forums.
1711
01:30:56,572 --> 01:30:59,783
And we've seen in the last month
and the last six weeks how much force
1712
01:30:59,867 --> 01:31:03,412
day traders en masse can bring
to the market and actually affect it.
1713
01:31:03,495 --> 01:31:05,223
They used to just make some noise
around the edges.
1714
01:31:05,247 --> 01:31:07,958
Now they can actually move markets,
move securities.
1715
01:31:39,740 --> 01:31:40,866
Cheers, everyone.
1716
01:31:57,382 --> 01:31:58,926
You're a fucking gangster.
1717
01:32:18,570 --> 01:32:20,906
Hey, man, I notice you've been selling
a lot of new games,
1718
01:32:20,989 --> 01:32:24,368
and I just wanted to remind you, again,
that we really wanna be pushing customers
1719
01:32:24,451 --> 01:32:26,954
towards the higher-margin pre-owned games.
1720
01:32:27,996 --> 01:32:29,957
Yeah, I'm not gonna do that.
1721
01:32:30,040 --> 01:32:30,916
Excuse me?
1722
01:32:30,999 --> 01:32:33,645
Oh, and in fact, I'm not gonna do
any of the Circle of Life bullshit.
1723
01:32:33,669 --> 01:32:35,045
Or your TikTok dance contest.
1724
01:32:35,128 --> 01:32:36,129
You're quitting, then.
1725
01:32:38,090 --> 01:32:39,091
Okay.
1726
01:32:39,174 --> 01:32:40,926
No, I mean, I thought about it, but...
1727
01:32:41,927 --> 01:32:43,720
Like, yo, I love it here.
1728
01:32:43,804 --> 01:32:45,472
So I think I'm gonna stay.
1729
01:32:45,556 --> 01:32:49,017
Well, you're awfully smug for a kid
who lost all his money buying stock.
1730
01:32:49,518 --> 01:32:51,937
What did you say it was going to?
A thousand?
1731
01:32:53,188 --> 01:32:55,691
I'm also not gonna work
at the ass crack of dawn any more.
1732
01:32:56,817 --> 01:32:57,817
You're fired.
1733
01:32:59,611 --> 01:33:00,863
No, I'm not.
1734
01:33:00,946 --> 01:33:03,657
You gotta get that approved
by like seven levels of people, yo.
1735
01:33:04,158 --> 01:33:06,702
Thanks to the geniuses
who put that together.
1736
01:33:06,785 --> 01:33:08,745
The ones who used to own my ass.
1737
01:33:09,246 --> 01:33:10,247
You sold?
1738
01:33:11,540 --> 01:33:12,540
Half.
1739
01:33:13,709 --> 01:33:15,669
Right at the tippy tippy top.
1740
01:33:15,752 --> 01:33:18,505
And I'm holding the other half
for the long haul.
1741
01:33:18,589 --> 01:33:20,340
'Cause I'm a savage
1742
01:33:20,841 --> 01:33:23,427
Classy, bougie, ratchet
1743
01:33:23,969 --> 01:33:26,805
Sassy, moody, nasty
1744
01:33:26,889 --> 01:33:29,474
Acting stupid what was happening
1745
01:34:09,932 --> 01:34:11,183
Fuck yeah!
1746
01:34:11,725 --> 01:34:14,478
I'm here testifying today far removed
from my background.
1747
01:34:14,561 --> 01:34:16,772
I grew up in a middle-class family
in Portland, Maine.
1748
01:34:16,855 --> 01:34:18,440
I went to a public high school.
1749
01:34:18,524 --> 01:34:20,859
I studied hard
and got into a good college.
1750
01:34:20,943 --> 01:34:23,403
Upon graduation, I did not have a job.
1751
01:34:26,573 --> 01:34:32,454
When the statement you refer to was made,
I believe 2015 or 2016,
1752
01:34:32,538 --> 01:34:35,541
it was before Robinhood forced
the entire industry
1753
01:34:35,624 --> 01:34:38,353
- to drop commissions and replicate our...
- I should take that as a no.
1754
01:34:38,377 --> 01:34:41,213
You're not willing to pass on
the proceeds of payment for order flow
1755
01:34:41,296 --> 01:34:42,422
to your customers?
1756
01:34:51,515 --> 01:34:56,812
But did you talk to them about restricting
or doing anything to prevent people
1757
01:34:56,895 --> 01:35:00,232
from buying, not selling
but buying, in GameStop?
1758
01:35:00,315 --> 01:35:02,359
Let me be perfectly clear.
1759
01:35:03,110 --> 01:35:05,404
Absolutely not.
1760
01:35:30,220 --> 01:35:32,347
As for me, I like the stock.
1761
01:35:35,100 --> 01:35:36,560
Hurry up, dick, it's cold.
1762
01:35:37,436 --> 01:35:39,104
I can't believe you're my brother.
1763
01:35:39,188 --> 01:35:40,582
You look like a fucking Ninja Turtle.
1764
01:35:40,606 --> 01:35:42,232
- Ready?
- Yup.
1765
01:35:43,066 --> 01:35:44,484
- Set... What?
- Fuck you!
1766
01:35:44,568 --> 01:35:45,568
Kevin!
1767
01:35:47,779 --> 01:35:48,779
C'mon, Kitty!
142021
Can't find what you're looking for?
Get subtitles in any language from opensubtitles.com, and translate them here.