For those of you who have been in GameStop, you know what I mean.
Let’s face it, it’s a sh*t store!
They have videogames (some that I like) that you can buy online for half the price and crappy toys and collectables (i.e. “made in China” trinkets)!
Hey, I think you can get some action hero socks on sale for $5.
The company makes nothing!
Their intellectual property is virtually nill!
Their assets are some leases in strip malls and shopping centers that have less and less traffic due to e-Commerce and Covid!
For those who drove the stock up from a year-low of $2.57 to a high this week of $483.98, congrats on showing that the market can be completely irrational and manipulated by the social media masses.
Like right before the dot.com bubble of 2000, showoff your brokerage statements and brag about your beefy balances, I remember the local yocals from the barber shop doing the same back then — when everyone was a stock maven and becoming a multimillion from the likes of Pets.com.
But GameStop and AMC (another almost dead company unable to face Netflix, Amazon Prime movies, and all the other streaming plus Covid) are probably worth in concept less than good ‘ol Pets.com or the Tulip Mania of the 17th century (at least flowers are beautiful).
This will end in tears for the ever “greater fool” who’s following the herd.
Let’s hope they and the spiraling, out of control national debt don’t take down all of us with them! ;-)
(Credit Photo: Andy Blumenthal)