Oh, my! Oh, my! What a storm of hilarious schadenfreude has overtaken the stock market this week! The hero of this saga is a guy with a Reddit account called “DeepF**kingValue” who, in September 2019, accumulated $53,000 in stock in the retail chain GameStop.
From any objective analysis, this was the Stupidest Investment Ever, because GameStop’s business model — selling physical copies of videogames and equipment in brick-and-mortar stores, mostly at shopping malls — is doomed in the online digital era. And yet . . .
“DeepF**kingValue” had a hunch that GameStop was drastically undervalued when it was selling as low as 30 cents per share. His argument was that the retailer was shifting to online sales, competing with Amazon, while cutting costs by closing many of its brick-and-mortar stores. So he kept buying, and the share price kept going up, and as “DeepF**kingValue” shared his story on the Reddit channel WallStreetBets, a cult following developed. By December, with GameStop selling at $4 a share, “DeepF**kingValue” was a legit millionaire.
God Bless America, land that I love!
UPDATE: Welcome, Instapundit readers! The Professor observes:
The way the establishment works is, they win, you lose. Then they say well, that’s just the rules, better luck next time! Then if you actually have better luck next time, they change the rules. Then they tell you the rules are the price we pay for civilization.
“Analysis: True.” Heh.
What is freedom of expression? Without the freedom to offend, it ceases to exist. -Salman Rushdie