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@Kokorache 2 months ago

Michael Burry is looking at GameStop again

Michael Burry is looking at GameStop again

Michael Burry posted on Substack that he is looking at GameStop again. He admitted he sold his original position in 2020 right before the squeeze but thinks the current setup is similar to his 2018 thesis, just with Ryan Cohen in charge and bigger numbers. GME reported Q3 net income of $77 million, up from $17 million last year. They have nearly $9 billion in cash and $519 million in Bitcoin on the balance sheet. Sales dropped to $821 million as they focus on higher margin collectibles, and expenses were cut by 21%. Short interest is currently at 15%. Burry noted the cash position gives them options even though the legacy business is shrinking.
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