A Reddit forum founder who got banned from Wall Street Bets says the group is ‘tired’ of talking about GameStop – and that they really were behind the silver short-squeeze

Screenshot 2021 03 19 at 13.08.16
Ivan Bayoukhi, founder of WallStreetSilver.


Ivan Bayoukhi, the founder of subreddit Wall Street Silver, told Kitco News this week Wall Street Bets users are tired of talking about GameStop, and they did in fact trigger the silver short-squeeze in January, even though they said at the time this was not the case.

But the notorious subreddit had claimed they were not the ones behind silver’s rally as they were more focused on members buying into GameStop, AMC, and other heavily shorted stocks.

“The Silver Squeeze is a hedge-fund coordinated attack so they can keep fighting the $GME fight,” one user wrote last month.

Bayoukhi, who was among users calling for betting on silver, said one can just scroll back five to six months on the WSB forum to find several silver-related posts. Some posts would even mention the Hunt Brothers who managed to push silver prices from $6 an ounce to over $50 an ounce within a year more than three decades ago, he said.

“We’ve kept track of absolutely everything,” he said. “That’s in our extras section, or the information section on Wall Streets Silver reddit. We literally have a section for Wall Streets Bets posts for silver that they’ve deleted or kept up.”

But anyone attempting to post about silver on WSB, including Bayoukhi, was banned from the community because the majority of them didn’t want focus to stray from GameStop, he said. Still, at least 30 to 40% of the WSB forum loves silver, he said. This indicates there was conflicting opinion among members of the subreddit, with some wanting to continue the GameStop short-squeeze, while others wanted to expand it to silver.

“That’s why most of their users are coming to us for silver, because they’re tired of just talking about one stock all day.”

Shortly after Reddit day traders drove up the prices of GameStop earlier this year, silver prices rocketed to their highest since 2013, driven by messages urging Reddit day traders to buy the metal and hike its price. Some members of the community claimed to not be a part of it and banned posts that mentioned silver.

Bayoukhi compared silver to fiat currencies. When asked why he likes silver, he said traditional currencies aren’t backed by anything and 99% of them have failed historically. On the other hand, silver is used in everyday life, such as in solar panels or industrial goods, has affordability, and works as a real store of value and hedge against inflation, he said.

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Billionaire investor Jeffrey Gundlach warns stocks are hugely overvalued – and amateur traders will worsen the coming crash

Jeffrey Gundlach
Jeffrey Gundlach.

  • Jeffrey Gundlach warned stocks are overvalued and face a brutal downturn.
  • The billionaire investor predicted the stock market will tumble by far more than 15%.
  • The DoubleLine Capital boss also slammed the latest round of US stimulus.
  • See more stories on Insider’s business page.

Billionaire investor Jeffrey Gundlach sounded the alarm on stocks and predicted a painful crash on DoubleLine’s Total Return Webcast last week.

Suggesting the stock market is “anything other than very overvalued versus history is just to be ignorant of all the metrics of valuation,” the DoubleLine Capital boss said.

Gundlach gave that reply when asked whether he agrees with Michael Burry of “The Big Short” fame that markets are in a “speculative bubble” and will suffer a “dramatic and painful” decline. He voiced a similar view, saying stocks would fall much more than 15% when the downturn comes.

The so-called “bond king” predicted that many retail investors will cash out when equities turn south, exacerbating the inevitable correction. “We’ll have a tremendous unwind of a lot of the money that thinks that the stock market is a one-way thing,” he said.

Gundlach also issued a stark warning about federal spending during the pandemic. “We’re pretty clearly in a speculative bubble regarding debt and government activity,” he said.

The DoubleLine boss deployed a wealth of economic data to make his arguments. For example, he pointed to rising trade and budget deficits, depressed consumer confidence, record readings on the “Buffett indicator” and other market gauges, heady price-earnings ratios, and the disconnect between growth, employment, and the stock market.

Gundlach made several calls during the webcast. He expects year-on-year inflation of over 3% in June or July, the dollar to weaken in the coming months, and gold prices to bounce back.

Moreover, the investor predicted the VIX – an index known as the market’s “fear gauge” because it measures investors’ volatility expectations – will surge past 100 for the first time when the crash comes. Lofty valuations and the “amateur aspect of the market with Robinhood” will fuel volatility, he said.

Gundlach also criticized President Biden’s $1.9 trillion stimulus bill, which was signed into law last week. He called it “shocking” that couples with a household income of $150,000 and three children are set to receive $6,000 in federal support.

Stimulus initiatives are “cooking all of us frogs in a pot,” he said, comparing them to “monetization” programs where governments fund themselves by printing money instead of collecting taxes or borrowing.

“The biggest problem is that we’ve become totally addicted to these stimulus programs,” Gundlach said. He argued that the government is training people to rely on federal support, and could struggle to turn off the tap as a result.

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Investor Chris Sacca highlights the key risks of betting on startups – and offers 3 tips for amateurs

chris sacca
Chris Sacca.

  • Chris Sacca highlighted the risks to amateur investors of backing startups.
  • The billionaire venture capitalist pointed out that professionals often lose money.
  • Sacca advised casual investors to spread their bets, avoid debt, and expect to fail.
  • See more stories on Insider’s business page.

Investor Chris Sacca praised new rules allowing more people to bet on startups in a Twitter thread this week. However, he told amateur investors to exercise caution given the significant risks.

“Mom & Pop shouldn’t be shut out anymore,” Sacca said, after regulators expanded the definition of “accredited investor” and loosened restrictions on how much people can invest in crowdfunding rounds.

Yet early-stage companies rarely succeed, the Lowercase Capital founder and former “Shark Tank” star warned.

“Most startups shit the bed,” he said. “Don’t invest money that you can’t afford to lose.”

Sacca – an early investor in Uber, Twitter, and Instagram – pointed out professional investors back dozens of businesses to boost their chances of finding a winner.

“The real danger is when everyday folks put money into one of these companies, but can’t afford to place multiple bets,” he said. “Letting it all ride on one venture stacks the odds against you.”

Amateurs shouldn’t get cocky and expect to outsmart the pros either, Sacca cautioned.

“I’ve shattered the market, put up silly numbers, and have an insanely high hit-rate,” he said. “Yet I’m here to tell you that we still have companies go to zero.”

Angel investors and venture capitalists stomach losses even though they can help their portfolio companies find a buyer, execute a turnaround, or raise more money, Sacca continued.

“We have the paddles and can yell ‘Clear!” he said. “And yet, we still have patients flatline on the table.”

Sacca dismissed the idea that betting on startups should be “reserved for the rich.” Yet he felt compelled to offer some tips to help casual investors avoid being the “inevitable horror story.”

“Only invest what you can lose. Don’t borrow,” he said. “Spread it around multiple investments. And, overall, assume you are going to lose your money and be pleasantly surprised if you get back more than you put in. Good luck.”

Sacca offered similar advice to day traders earlier this year. He warned them not to borrow money to make trades, highlighting his experience of turning his student loans into $12 million, only to wake up $4 million in debt after his debts soured.

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Robinhood CEO says investing ‘should be as ubiquitous as shopping online’ and should not be viewed as gambling

Vlad Tenev Robinhood

Robinhood Markets CEO Vlad Tenev defended the mission of his trading platform, which seeks to “democratize finance for all” amid backlash from lawmakers, regulators, and Wall Street firms blaming the mobile app for luring inexperienced investors and “gamifying” the stock market.

“Investing should be as ubiquitous as shopping online,” Tenev told Bloomberg. “It should just be something that people do.”

The Menlo Park, California-based company has faced scrutiny for its role at the center of the GameStop frenzy in January. This includes complaints that the mobile app used “aggressive” tactics to lure young and inexperienced investors with commission-free trades.

A five-hour congressional hearing in front of the House Financial Services Committee was held on February 18, scrutinizing the role the company played.

“This is what I signed up for,” Tenev said. “Any time you’re causing change in society and kind of upending the status quo, it’s probably not going to be the most comfortable process.”

The 34-year-old founder also rebuffed comments from various experts on the addictive nature of trading apps like Robinhood. The app has attracted over 13 million users since 2013, many of whom are younger retail traders.

“I reject the idea that investing in the US capital markets is gambling,” Tenev said. “We’d be happy to have the conversation, but of course we understand that investing is a serious thing.”

“The facts will come out and it will bear out that Robinhood is a customer-focused company that’s operating with the highest standards of integrity,” Tenev said.

In the February hearing, Tenev maintained that Robinhood has created opportunities for a new generation of investors. The CEO told lawmakers that the assets of his platform’s users have collectively grown by more than $35 billion, a claim challenged by some, including Rep. Jim Himes.

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GameStop stock surges 19% as retail investors pile into meme stocks again

gamestop line

GameStop shares jumped as much as 19% on Wednesday, as retail investors piled into meme stocks once again.

The video-game retailer’s stock price soared as high as $294 – a 550% increase in the space of 11 trading days. A key catalyst for the rally was the news that activist investor and Chewy cofounder Ryan Cohen will spearhead GameStop’s e-commerce transformation.

Several other stocks that are fan favorites on Reddit’s Wall Street Bets forum posted gains on Wednesday. AMC Entertainment shares rose as much as 15%, Express gained 30%, and Koss jumped 65%.

Despite their recent gains, GameStop shares are still down from their peak this year. They skyrocketed more than 2,500% in January, from about $17 at the start of the year to an intraday high of $483 on January 28.

The GameStop short squeeze in January hammered short-sellers, rattled financial markets, and prompted Congressional hearings to sort through what happened.

The event also sparked criticism from top investors. Warren Buffett’s business partner, Charlie Munger, likened it to people gambling on racehorses. Similarly, “The Big Short” investor and former GameStop shareholder Michael Burry denounced the buying frenzy as “insane” and “dangerous.”

Here’s a chart showing the sharp increases and declines in GameStop’s stock price this year:

GMEstockchart_100321
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GameStop extends 2-day surge to 278% as Reddit meme stocks find renewed life

GettyImages 1230960416

GameStop surged as much as 85% on Thursday after the stock more than doubled the previous day. The two-day move of 278% has been part of a broader surge for so-called meme stocks popular on Reddit.

The stock rose to an intraday high of $170 per share at of 9:35 a.m. ET after closing 104% higher at $91.71 on Wednesday. Among other Reddit stocks, AMC Entertainment rose 21%, Express Inc climbed 22%, and Koss gained 90% at intraday highs.

GameStop’s spike was spurred by a spike in final hour of regular market hours on Wednesday, after a session that saw trading in the stock halt multiple times due to volatility. The video-game retailer came back into focus after it announced the resignation of its chief financial officer, Jim Bell.

Sources told Insider Bell didn’t actually resign voluntarily, but was forced out by the board as part of a push by activist investor Ryan Cohen. The board aims to make way for an executive that is more in line with Cohen’s strategic vision.

Cohen’s addition to the board in early January, along with his boosted investment stake in the company, fueled the first flurry of moves in GameStop.

After GameStop’s stock doubled, Reddit’s website suffered an hour-long outage in after hours-trading. It is unclear whether the two instances were related, but the Wall Street Bets subreddit page is known to be a popular forum for day traders that recently triggered a rally in multiple shorted stocks.

The clearinghouse that forced Robinhood to restrict trading in volatile stocks because of higher margin requirements published a whitepaper on Wednesday that laid grounds for accelerating the stock-settlement process.  The Depository Trust & Clearing Corporation proposed shortening the settlement cycle for US equities to one day from two, prompting some renewed interest from the retail crowd on Reddit.

Read more: GOLDMAN SACHS: These 40 heavily shorted stocks could be the next GameStop if retail traders target them – and the group has already nearly doubled over the past 3 months

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GameStop surges another 85% alongside other popular Reddit meme stocks like AMC and Koss

GettyImages 1230960416

GameStop surged another 85% in early trading on Thursday after the stock more than doubled the previous day. The move was part of a broader surge for so-called meme stocks popular on Reddit.

The stock rose to an intraday high of $170 per share as of 9:35 a.m. ET, after closing 104% higher at $91.71 on Wednesday. Among other Reddit stocks, AMC Entertainment rose 18%, Express Inc climbed 21%, and Koss gained 78%.

GameStop’s spike was spurred by a spike in final hour of regular market hours on Wednesday, after a session that saw trading in the stock halt multiple times due to volatility. The video-game retailer came back into focus after it announced the resignation of its chief financial officer, Jim Bell.

Sources told Insider Bell didn’t actually resign voluntarily, but was forced out by the board as part of a push by activist investor Ryan Cohen. The board aims to make way for an executive that is more in line with Cohen’s strategic vision.

Cohen’s addition to the board in early January, along with his boosted investment stake in the company, fueled the first flurry of moves in GameStop.

After GameStop’s stock doubled, Reddit’s website suffered an hour-long outage in after hours-trading. It is unclear whether the two instances were related, but the Wall Street Bets subreddit page is known to be a popular forum for day traders that recently triggered a rally in multiple shorted stocks.

The clearinghouse that forced Robinhood to restrict trading in volatile stocks because of higher margin requirements published a whitepaper on Wednesday that laid grounds for accelerating the stock-settlement process.  The Depository Trust & Clearing Corporation proposed shortening the settlement cycle for US equities to one day from two, prompting some renewed interest from the retail crowd on Reddit.

Read more: GOLDMAN SACHS: These 40 heavily shorted stocks could be the next GameStop if retail traders target them – and the group has already nearly doubled over the past 3 months

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GameStop millionaire Keith Gill is testifying before Congress on Thursday. Meet the investor who upended Wall Street with cat memes, reaction GIFs, and fundamental analysis.

GameStop millionaire u/DeepFuckingValue
GameStop investor u/DeepF—ingValue.

  • GameStop millionaire Keith Gill is testifying before Congress on Thursday.
  • Gill goes by u/DeepFuckingValue on Reddit and Roaring Kitty on YouTube.
  • The value investor, who loves cat memes and reaction gifs, was a leading figure in Wall Street Bets’ clash with short-sellers.
  • Ten of his Wall Street Bets peers shared their views of him with Insider.
  • Visit Business Insider’s homepage for more stories.

A retail investor who goes by u/DeepFuckingValue on Reddit and the name Roaring Kitty on YouTube is set to testify before Congress on Thursday.

The man behind those usernames is Keith Gill, a 34-year-old marketer and financial educator at insurance firm MassMutual. He shot to fame last month for turning an initial $54,000 investment in GameStop in 2019 into a $48 million fortune at the height of the GameStop boom, according to screenshots he posted on Reddit that Insider was unable to verify.

DFV is one of several witnesses set to appear in front of the House Financial Services Committee to discuss their roles in the GameStop saga.

Members of Wall Street Bets – a retail-investing subreddit – led the charge in driving GameStop shares up as much as 2,000% in January. They also worked in concert to spike the stock prices of AMC, BlackBerry, Bed Bath & Beyond, and other heavily shorted stocks. Their goal was to score quick profits and squeeze short-sellers into covering their positions, sending the stocks even higher.

DFV didn’t respond to multiple requests for comment from Insider. However, several of his peers on Wall Street Bets shared their insights into his character and explained why he’s earned their respect and admiration.

Cat memes and cash flow

DFV is a far cry from the stereotypical day trader many associate with Wall Street Bets. Rather than flitting from hot stock to hot stock, his only posts on Reddit have been screenshots showing the value of his GameStop position, dating from September 2019 to February 3.

His Reddit comment history and Twitter feed may be littered with cat memes and reaction GIFs, but DFV has repeatedly stressed that his goal is to invest shrewdly and maximize his long-term returns. 

He’s calmly and confidently defended his GameStop investment thesis since his first post about it. He’s dismissed daily price moves, trumpeted the video-game retailer’s free cash flow, touted its cheap shares, highlighted its competitive moat, underscored the opportunity for share buybacks, and celebrated its shareholder-aligned management.

“I’m a fundamental value investor through and through,” he said in a Reddit post in December 2019.

Read more: A veteran options trader breaks down the intricate strategy that Reddit traders used to outsmart Wall Street’s bet against GameStop – and shares 2 ways the parabolic rally could permanently alter the stock market

On his YouTube channel, he even described GameStop as a “a roach not a cigar butt a la Warren Buffett,” referring to the famed investor’s analogy that buying cheap businesses in terminal decline can be like picking up a discarded cigar butt and enjoying one final puff.

“GameStop is an established, uniquely positioned player,” DFV said. “Its final puff is a legitimate opportunity to reinvent itself as a premier gaming hub. That last hit might not be the prettiest or the cleanest, but it could get the job done.”

Making the case

DFV laid out his investment case for GameStop in an hour-long YouTube video in July 2019, the month after he made the stock the biggest holding in his portfolio. The shares were trading around $4 then, giving the retailer a paltry $260 million market capitalization (it surged past $30 billion at one point last month).

The retail investor said he was bullish on GameStop because he viewed the threat of an industry-wide shift to digital game purchases as overblown, thought the negative sentiment around the company was overdone, and believed the value of its business was being overlooked.

While DFV takes investing seriously, he also plays to his audience. He often pairs a bandana with sunglasses, and recently dunked a chicken tender into a glass of champagne to celebrate his massive windfall – a reference to “tendies” being the slang for investment gains on Wall Street Bets.

Moreover, he has a self-deprecating sense of humor. When a commenter pointed out he had made a profit on his GameStop position in December 2019, he replied, “SO FAR BUT THAT IS IRRELEVANT YELL AT ME FOR BEING DUMB OR BE DOWNVOTED.”

Read more: A Wall Street expert warns that restricting GameStop and AMC trading from Robinhood could trigger ‘one of the worst-ever’ market crashes as retail investors lose trust

Yet DFV has been unabashed about the money he wants to make.

“Given the risk I’ve taken on, I’m shooting for at least 10x on the position,” he said in a Reddit comment on November 2019. “15-20x would be terrific. 20x+ is possible but not worth seriously entertaining right now.”

When GameStop shares hit $20 last December, he uploaded a screenshot to Reddit showing he had $1 million in cash and $2.5 million worth of stock and bullish call options.

DFV downplayed the rigorous research behind his lucrative bet in a Christmas Day video.

“When you have a thesis and by and large it unfolds as you hope that it could, that’s nice,” he said. “This was a true YOLO for me. I don’t know what I was doing, I still don’t.”

He also underscored what the gains meant to him.

“When I was building this position last year, we had nowhere close to $1 million,” he said. “I certainly do not drive a lambo, we rent this house that you see, so it’s been a wild ride for us as a family.”

Other Wall Street Bets members praised DFV’s diligence, humility, and unwavering self-belief in interviews with Insider.

They also compared him to Michael Burry, the investor from the book and movie “The Big Short” who was widely ridiculed for making a billion-dollar bet on the US housing bubble to burst in the mid-2000s, but ultimately proven right.

Here’s what 10 Reddit users said about DFV:

“He was never arrogant. He was the quirky guy doing his thing until people started to ask him what he saw.” – SoDakZak

“I don’t see him as a leader. I just see him as a guy who made a decision and stuck to it.” – Auslander

“He genuinely cares about helping people and showing the resources available to individual investors so they can study the market. He’s created the spark and now there’s a lot of momentum behind it.” – Dancinrobot

“DFV ultimately showed people that they can make it in the stock market just like the big hedge funds. He’s started a revolution.” – 360T-Posed

“DFV is the Michael Burry of this story. He believed in GameStop since 2019 and held despite all the bullying he received and all the losses he endured. He became a legend.” – mad-max-308

Read more: Value investor Adam Mead shares 7 key insights into Warren Buffett’s Berkshire Hathaway after writing its complete financial history

“A lot of people laughed and thought he would lose it all until a few months ago. He’s basically WSB’s Michael Burry. He had an impact on all of us.” – mEDo4

“DFV is an example of learning the ropes of trading, putting in the hours to gather all the relevant information for an investment thesis, and ultimately having the strength of willpower to stand by your plan.” – BarTendiess

“He’s been harping on about GameStop since it was $4 a share and was being laughed out of Wall Street Bets. He never faltered in his conviction. His ability to take criticism and roll with it is incredible. He would just reply with memes or little quips. I’d say he’s the Michael Burry of this generation. He saw an opportunity and he capitalized on it when no one else would even listen.” – Xylosoxidans

“Most of Wall Street Bets just wants to get a lucky lotto ticket, so when someone like DFV comes along and shows them a different way of doing things, it’s like seeing a shining star in the darkness. People tend to gather around the light and the light DFV gives off can’t be ignored.” – Xylosoxidans

“DFV taught a lot of people in this sub to be patient if they want to play out a thesis. You would think he is some arrogant douche that only flaunts his gains. Far from it. If you see his videos, he might be the most mild-mannered dude you might ever come across. And very humble too.” – GadnukBreakerOfWrlds

“He is the quintessential WSB member that we all aspire to become.” – I_shah

Read More: MORGAN STANLEY: Buy these 17 stocks with strong earnings that are expected to outperform into 2022 even if the broader market sinks

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AMC rips 8% higher as Reddit traders stick to their favorite meme stocks

amc movie theater nyc covid19
  • AMC gained as much as 8% on Tuesday as Reddit traders piled into the theater chain’s shares.
  • While the day-trading phenomenon died out earlier this month, Tuesday’s climb suggests the crowd still holds some sway in the market.
  • Reopenings and vaccination could lift AMC from its COVID-19 slump, one Reddit user said.
  • Watch AMC trade live here.

AMC Entertainment surged as much as 8% on Tuesday as retail investors banding together in online forums returned to the struggling theater chain.

The world’s biggest movie-theater company saw its stock price skyrocket in late January as traders in Reddit groups including r/wallstreetbets piled into highly shorted stocks. Shares soared as high as $20.36 on January 27 before plunging back to earth as the day-trader phenomenon fizzled out.

Tuesday’s price action suggests the crowd of casual investors is still somewhat in it. The gains placed shares at their highest in about a week. Posts on Wall Street Bets hailed AMC as a top recovery play and praised the company’s recent stock sales as a key lifeline. Vaccinations and economic reopening could revive AMC from its virus-induced downturn, Reddit user u/ImFedUpWithItAll said in a post detailing his bullish thesis.

“I’m not Buffett so I’m not buying for life. I’m in this for the rally to normalcy,” they added.

AMC was the most heavily traded company on the New York Stock Exchange before the market opened. Other stocks featured on Wall Street Bets fared worse. Investors looking to lift Palantir saw shares tumble in early trading. GameStop – the group’s favorite stock during the January rally – rose slightly.

Read more: GOLDMAN SACHS: These 40 heavily shorted stocks could be the next GameStop if retail traders target them – and the group has already nearly doubled over the past 3 months

The theater chain was among the few companies able to convert extraordinary retail-trader demand into a stronger balance sheet. The company raised more than $300 million last month by selling shares during the Reddit-trader rally. When coupled with a $411 million credit line, the fundraising efforts took bankruptcy talks “completely off the table,” CEO Adam Aron said in a statement.

To be sure, locations in key markets including California and New York remain closed as COVID-19 cases rise across the country. The halt to regular operations endangered the company earlier in the pandemic and forced warnings of extinguished cash reserves.

Daily COVID-19 case counts have since fallen, prompting investors to shift back into so-called reopening sectors including travel, leisure, and entertainment.

AMC closed at $5.59 on Friday, up roughly 158% year-to-date. The company has three “buy” ratings, 10 “hold” ratings, and four “sell” ratings from analysts, with a median price target of $3.99.

Read more: UBS says bitcoin is a bubble and too volatile to diversify a portfolio, unlike gold – here’s why the bank says it could end up ‘worthless’

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CEOs are joking about GameStop, worrying it signals a bubble, and preparing for the next meme-stock boom

gamestop line

The GameStop saga is still sparking conversations across corporate America.

Executives continue to marvel at the surge in the video-game retailer’s market capitalization to over $30 billion at one point. They’re questioning whether mass speculation among amateur investors is a bubble about to burst. At least one is ready to cash in if the meme-stock frenzy has a second act.

Here are the best comments from CEOs to date, drawn from earnings-call transcripts on Sentieo, a financial-research website. The quotes have been lightly edited and condensed for clarity:

1. “We can just change our name to GameStop.” – Mark Costa, CEO of Eastman Chemical, when asked if he would consider a SPAC spinoff to boost his company’s valuation.

2. “You have to pause and wonder, when GameStop is the most valuable company in the Russell 2000, that the world has certainly changed.” – Frank Gasior, CEO of BankFinancial.

3. “On GameStop and bitcoin, there are definitely bubbles out there.” – Scott Hartz, CIO of Manulife Financial Corporation.

Read More: These 3 cannabis stocks are ‘poised to be market leaders’ and have the infrastructure to grab up industry share when federal legalization happens in the US, according to an analyst for the top-performing ETF in the world this year

4. “GameStop required a very unique set of circumstances where the asset had been oversold. It’s not so much a GameStop movement. It’s a unique series of events that allow for a short squeeze.” – Muhamad Umar Swift, CEO of Bursa Malaysia Berhad.

5. “When you start looking at some of the alternative-energy stocks, you start looking at some of the small speculative stocks, what’s happened in the last several days with GameStop – there is an area that I think is overheated.” – Mark Stoeckle, CEO of Adams Diversified Equity Fund, highlighting bubbles in the market.

6. “The GameStop fever – we did see Japanese retail customers trading those shares a lot as well. It used to be when we talk about Japanese retail customers buying a US equity, it’s Amazon, Apple, Microsoft, something like that. But now they play around with the smaller stocks as well. Before the global financial crisis and before the internet bubble burst, we saw similar kinds of phenomena.” – Oki Matsumoto, CEO of Monex.

7. “The other problem is the GameStop thing that’s going on out there. We have a better feel for what’s going on right now, and I don’t see a dot-com bust.” – David Farr, CEO of Emerson Electric, comparing his current level of concern to his fears during the internet bubble and after the 9/11 terrorist attacks.

Read More: Bank of America shares 9 stocks to buy as the pandemic prompts consumers to shift their spending habits towards ‘solitary leisure’ activities like golf and biking

8. “The craziness in the market has very little impact on us, because we just don’t have any exposure to any of these kinds of companies. The high-flying growth stocks, the items that have caused the market to have these giant dislocations where you stare in amazement, we’re not in those. I wish I could tell you that we owned some in advance, and we benefited from them.” – Richard Pzena, CEO of Pzena Investment Management, asked about Tesla, GameStop, and bitcoin.

9. “We did that deal right at a time, where GameStop and AMC were destroying some hedge funds who got into a jam. It wouldn’t surprise me if some of them were in our stock and had to raise capital and just sold our stock.” – Ted Karkus, CEO of ProPhase Labs, discussing the downward pressure on  his company’s stock after it raised $37.5 million in a public stock offering.

10. “I don’t think we anticipated the spike related to GameStop. It got us thinking and we said, ‘Hey, it’s a good tool. We might as well have it back on the shelf.’ And so that’s why we renewed it.” – Thomas Hern, CEO of Macerich, explaining the shopping-mall owner renewed its at-the-market stock offering after watching its share price surge during the meme-stock frenzy.

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