GameStop Again? GameStop Again.
Squeeze chatter, Ryan Cohen acquisition rumors, an eBay-shaped hole in the story. The lore continues because the lore is the product.
Every year the market gives us one week where GME volume triples and everyone pretends to be surprised. This time the fuel was a convergence of squeeze speculation and buzz that Ryan Cohen might be eyeing a major acquisition, with eBay floated as a possible target in the chatter.
Will it happen? Unclear. Does it matter? Also unclear. GameStop stopped being a video game retailer years ago. It is a balance sheet with a fandom, a cash pile with merch. The stock does not trade on earnings, it trades on lore, and the lore had a new chapter.
Our position on the eternal GME question is the same as always: any stock where the bull case begins with the phrase you just do not get it is a stock where position sizing matters more than being right. Plenty of people got rich on GameStop. Plenty of people round-tripped it. The difference between those groups was almost never conviction. It was size.