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VRA Letter: Alert: Bought GameStop. VRA Market Update; Overbought, but Semis Still Leading. FEAR. GDX, Snowline Gold, XLE, Falcon. Money, Money, Money

Good Monday morning. Hope all the dads had a great father’s day weekend. We have a lot of bases to cover this AM. VRA Alert: on Friday we added GameStop (GME) to the VRA Portfolio @ $29.25. We’ve navigated “meme stock ...

Posted On June 17, 20248 MIN Read
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Good Monday morning. Hope all the dads had a great father’s day weekend. We have a lot of bases to cover this AM.
VRA Alert: on Friday we added GameStop (GME) to the VRA Portfolio @ $29.25. We’ve navigated “meme stock” plays well to date, booking combined profits of approximately 450% in AMC and Trump Media. We think our next win will be in GME. While we aren’t buying GME for their legacy business (GameStop stores), its nice to know they have a business that’s on solid footing, throwing off more than $4 billion/year in revenue with manageable losses. This play is about financial engineering (get used to this theme) along with a battle of longs vs short sellers. Officially, close to 30% of the shares are sold short…it’s highly likely that this number is much higher (illegal short-selling).
Key to the story is that following last weeks share issuance (we waited for this to act), GME now has more than $4 billion in cash, or roughly 35% of the shares outstanding in cash. CEO Ryan Cohen, ...

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