Gamestop Quotes

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I get home thirty minutes later, still holding my balled-up shirt to my nose to soak up the little blood coming down. I came in through the garage so I wouldn’t have to pass any of my friends all fucked up like this. I limp straight to the bathroom and the door is cracked open, lights on inside. Eric’s supposed to be working at GameStop, and Mom’s visiting one of her patients in prison. I open the door and when I see who’s sitting in the bathtub, I drop the shirt and blood just spills down my face and chest. Holy shit. Dad. His eyes are open but he’s not looking at me. He didn’t take his clothes off before getting into the tub. The water is a deep red, stained by the blood spilling from his slit wrists. He came home to kill himself. He came home to kill himself before I could bring a boy here. He came home to kill himself because of me. All this blood. All this red makes me black out. My
Adam Silvera (More Happy Than Not)
There's nothing wrong with a little delusion. Sometimes it helps you get through the day.
Ben Mezrich (The Antisocial Network: The GameStop Short Squeeze and the Ragtag Group of Amateur Traders That Brought Wall Street to Its Knees)
Because so many people were betting against GameStop —and brick-and-mortar retail in general — the overall short position was enormous, almost comically so. At certain points over the past six months, it had bounced between 50 and even 100 percent of the overall float, meaning nearly all the shares of GameStop in existence had been borrowed and sold by short sellers, all of whom had an obligation to rebuy those shares at some point in the future. So, what if Keith was right, and the stock went up instead of down? It would be like watching investors trying to get out of a burning building, through a single, narrow door. The stock would rocket. As a financial educator, Keith knew that short selling could be one of the riskiest plays on the market. You really needed to be certain a stock was going down, because your upside was limited, but your losses could, theoretically, be infinite. The fact that so many competent investors were short selling GameStop could mean the stock really was a dog; but it also meant the stock was loaded with rocket fuel, and it wouldn't take much to ignite and sent it right to the moon.
Ben Mezrich (The Antisocial Network: The GameStop Short Squeeze and the Ragtag Group of Amateur Traders That Brought Wall Street to Its Knees)
Which meant, if somehow GameStop did start to go up, the people who had shorted the company would begin to feel pressure to buy; the more the stock went up, the heavier that pressure became. As the shorts began to cover, buying shares to return them to their lenders, the stock would rise even higher. In financial parlance, this was something called a 'short squeeze.' It didn't happen often, but when it did, it could be spectacular. Most famously, in 2008, a surprise takeover attempt of the German automaker Volkswagen by rival Porsche drove Volkswagen's stock price up by a factor of 5 — briefly making it the most valuable company in the world — in two quick days of trading, as short selling funds struggled to cover their positions. Similarly, a battle between two hedge fund titans — Bill Ackman, of Pershing Square Capital Management, and Carl Icahn — led to a squeeze involving supplement maker — and alleged pyramid marketer — Herbalife, which cost Ackman a reported $1 billion. And perhaps the first widely reported short squeeze dated back a century, to 1923, when grocery magnate Clarence Saunders successfully decimated short sellers who had targeted his nascent chain of Piggly Wiggly grocery stores.
Ben Mezrich (The Antisocial Network: The GameStop Short Squeeze and the Ragtag Group of Amateur Traders That Brought Wall Street to Its Knees)
I left Brookstone and went to the Pottery Barn. When I was a kid and everything inside our house was familiar, cheap, and ruined, walking into the Pottery Barn was like entering heaven. If they really wanted people to enjoy church, I thought back then, they should make everything in church look and smell like the Pottery Barn. My dream was to surround myself one day with everything in the store, with the wicker baskets and scented candles, the brushed-silver picture frames. But that was a long time ago. I had already gone through a period of buying everything there was to buy at the Pottery Barn and decorating my apartment like a Pottery Barn outlet, and then getting rid of it all during a massive upgrade. Now everything at the Pottery Barn looked ersatz and mass-produced. To buy any of it now would be to regress in aspiration and selfhood. I didn’t want to buy anything at the Pottery Barn so much as I wanted to recapture the feeling of wanting to buy everything from the Pottery Barn. Something similar happened at the music store. I should try to find some new music, I thought, because there was a time when new music could lift me out of a funk like nothing else. But I wasn’t past the Bs when I saw the only thing I really cared to buy. It was the Beatles’ Rubber Soul, which had been released in 1965. I already owned Rubber Soul. I had owned Rubber Soul on vinyl, then on cassette, and now on CD, and of course on my iPod, iPod mini, and iPhone. If I wanted to, I could have pulled out my iPhone and played Rubber Soul from start to finish right there, on speaker, for the sake of the whole store. But that wasn’t what I wanted. I wanted to buy Rubber Soul for the first time all over again. I wanted to return the needle from the run-out groove to the opening chords of “Drive My Car” and make everything new again. That wasn’t going to happen. But, I thought, I could buy it for somebody else. I could buy somebody else the new experience of listening to Rubber Soul for the first time. So I took the CD up to the register and paid for it and, walking out, felt renewed and excited. But the first kid I offered it to, a rotund teenager in a wheelchair looking longingly into a GameStop window, declined on the principle that he would rather have cash. A couple of other kids didn’t have CD players. I ended up leaving Rubber Soul on a bench beside a decommissioned ashtray where someone had discarded an unhealthy gob of human hair. I wandered, as everyone in the mall sooner or later does, into the Best Friends Pet Store. Many best friends—impossibly small beagles and corgis and German shepherds—were locked away for display in white cages where they spent their days dozing with depression, stirring only long enough to ponder the psychic hurdles of licking their paws. Could there be anything better to lift your spirits than a new puppy?
Joshua Ferris (To Rise Again at a Decent Hour)
In his job as a financial educator, Keith had spent a fair amount of time breaking down the act — and sometimes art — of short selling, in a way that less savvy customers could understand. When a trader believed a company was in trouble, and its stock was overvalued, they could 'borrow' shares, sell them, and then when the stock went down as they'd predicted, rebuy the shares at a lower price, return them to whoever they'd borrowed them from, and pocket the difference. If GameStop was trading at 5, you could borrow 100 shares, sell them for $500; when the stock hit 1, you bought back the 100 shares for $100, returned them, pocketing $400 for yourself. You paid a little fee to the lender for their trouble and came out with a tidy profit. But what happened if the stock went up instead of down? What happened if GameStop figured out how to capitalize on its millions of nostalgic customers, who spent billions on video games every year? What if the stock went to 10 instead of 1? What happened was, the short seller was royally screwed. He'd borrowed those 100 shares and sold them at 5. Now the stock was at 10, but he still needed to return his 100 shares. Buying them on the market at 10 meant spending $1000. And what was worse, when he'd borrowed the shares, he'd agreed on a timeline to return them. There was a ticking clock hanging over his head, so he had a choice — buy the shares back at 10 now, losing $500 on the deal — or wait a little longer, hoping the stock went back down before his time limit was up. And what if he waited, and the stock kept going up? Sooner or later, he had to buy those shares back. Even if the stock went to 15, 20 — he was on the hook for those 100 shares. Theoretically, there was no limit to how much he could lose.
Ben Mezrich (The Antisocial Network: The GameStop Short Squeeze and the Ragtag Group of Amateur Traders That Brought Wall Street to Its Knees)
And as a long-short fund, he'd also been obligated to take short positions — betting against companies — which was a tactic that, to most experts in finance, was uncontroversial. The thinking went, when companies were performing poorly, or were mismanaged, or were in an industry that was being overrun, or were simply likely to fail, taking a short position wasn't just logical — it protected the marketplace by pointing out overpriced stocks, prevented fraud by acting as a check against dubious management, and poked holes in potential bubbles. Short sellers also added liquidity and volume to a stock — because they were obligated to buy the stock back at some point in the future. Yes, short sellers profited when companies failed, but usually a short seller wasn't banking on a company failing — just that the stock's price would eventually correct toward its true valuation. Sometimes, though, a trader picked up a short position because the company in question really was going to fail. Because, perhaps, it was in an industry that was dying; had management that seemed completely unable or unwilling to pivot; and had deep fundamental issues in its financing that seemed impossible to overcome.
Ben Mezrich (The Antisocial Network: The GameStop Short Squeeze and the Ragtag Group of Amateur Traders That Brought Wall Street to Its Knees)
By now, though, it had been a steep learning curve, he was fairly well versed on the basics of how clearing worked: When a customer bought shares in a stock on Robinhood — say, GameStop — at a specific price, the order was first sent to Robinhood's in-house clearing brokerage, who in turn bundled the trade to a market maker for execution. The trade was then brought to a clearinghouse, who oversaw the trade all the way to the settlement. During this time period, the trade itself needed to be 'insured' against anything that might go wrong, such as some sort of systemic collapse or a default by either party — although in reality, in regulated markets, this seemed extremely unlikely. While the customer's money was temporarily put aside, essentially in an untouchable safe, for the two days it took for the clearing agency to verify that both parties were able to provide what they had agreed upon — the brokerage house, Robinhood — had to insure the deal with a deposit; money of its own, separate from the money that the customer had provided, that could be used to guarantee the value of the trade. In financial parlance, this 'collateral' was known as VAR — or value at risk. For a single trade of a simple asset, it would have been relatively easy to know how much the brokerage would need to deposit to insure the situation; the risk of something going wrong would be small, and the total value would be simple to calculate. If GME was trading at $400 a share and a customer wanted ten shares, there was $4000 at risk, plus or minus some nominal amount due to minute vagaries in market fluctuations during the two-day period before settlement. In such a simple situation, Robinhood might be asked to put up $4000 and change — in addition to the $4000 of the customer's buy order, which remained locked in the safe. The deposit requirement calculation grew more complicated as layers were added onto the trading situation. A single trade had low inherent risk; multiplied to millions of trades, the risk profile began to change. The more volatile the stock — in price and/or volume — the riskier a buy or sell became. Of course, the NSCC did not make these calculations by hand; they used sophisticated algorithms to digest the numerous inputs coming in from the trade — type of equity, volume, current volatility, where it fit into a brokerage's portfolio as a whole — and spit out a 'recommendation' of what sort of deposit would protect the trade. And this process was entirely automated; the brokerage house would continually run its trading activity through the federal clearing system and would receive its updated deposit requirements as often as every fifteen minutes while the market was open. Premarket during a trading week, that number would come in at 5:11 a.m. East Coast time, usually right as Jim, in Orlando, was finishing his morning coffee. Robinhood would then have until 10:00 a.m. to satisfy the deposit requirement for the upcoming day of trading — or risk being in default, which could lead to an immediate shutdown of all operations. Usually, the deposit requirement was tied closely to the actual dollars being 'spent' on the trades; a near equal number of buys and sells in a brokerage house's trading profile lowered its overall risk, and though volatility was common, especially in the past half-decade, even a two-day settlement period came with an acceptable level of confidence that nobody would fail to deliver on their trades.
Ben Mezrich (The Antisocial Network: The GameStop Short Squeeze and the Ragtag Group of Amateur Traders That Brought Wall Street to Its Knees)
The fragility of the US economy had nearly destroyed him. It wasn't enough that Citadel's walls were as strong and impenetrable as the name implied; the economy itself needed to be just as solid. Over the next decade, he endeavored to place Citadel at the center of the equity markets, using his company's superiority in math and technology to tie trading to information flow. Citadel Securities, the trading and market-making division of his company, which he'd founded back in 2003, grew by leaps and bounds as he took advantage of his 'algorithmic'-driven abilities to read 'ahead of the market.' Because he could predict where trades were heading faster and better than anyone else, he could outcompete larger banks for trading volume, offering better rates while still capturing immense profits on the spreads between buys and sells. In 2005, the SEC had passed regulations that forced brokers to seek out middlemen like Citadel who could provide the most savings to their customers; in part because of this move by the SEC, Ken's outfit was able to grow into the most effective, and thus dominant, middleman for trading — and especially for retail traders, who were proliferating in tune to the numerous online brokerages sprouting up in the decade after 2008. Citadel Securities reached scale before the bigger banks even knew what had hit them; and once Citadel was at scale, it became impossible for anyone else to compete. Citadel's efficiency, and its ability to make billions off the minute spreads between bids and asks — multiplied by millions upon millions of trades — made companies like Robinhood, with its zero fees, possible. Citadel could profit by being the most efficient and cheapest market maker on the Street. Robinhood could profit by offering zero fees to its users. And the retail traders, on their couches and in their kitchens and in their dorm rooms, profited because they could now trade stocks with the same tools as their Wall Street counterparts.
Ben Mezrich (The Antisocial Network: The GameStop Short Squeeze and the Ragtag Group of Amateur Traders That Brought Wall Street to Its Knees)
If Jim was back at the imaginary dinner party, trying to explain what he did for a living, he'd have tried to keep it simple: clearing involved everything that took place between the moment someone started at trade — buying or selling a stock, for instance — and the moment that trade was settled — meaning the stock had officially and legally changed hands. Most people who used online brokerages thought of that transaction as happening instantly; you wanted 10 shares of GME, you hit a button and bought 10 shares of GME, and suddenly 10 shares of GME were in your account. But that's not actually what happened. You hit the Buy button, and Robinhood might find you your shares immediately and put them into your account; but the actual trade took two days to complete, known, for that reason, in financial parlance as 'T+2 clearing.' By this point in the dinner conversation, Jim would have fully expected the other diners' eyes to glaze over; but he would only be just beginning. Once the trade was initiated — once you hit that Buy button on your phone — it was Jim's job to handle everything that happened in that in-between world. First, he had to facilitate finding the opposite partner for the trade — which was where payment for order flow came in, as Robinhood bundled its trades and 'sold' them to a market maker like Citadel. And next, it was the clearing brokerage's job to make sure that transaction was safe and secure. In practice, the way this worked was by 10:00 a.m. each market day, Robinhood had to insure its trade, by making a cash deposit to a federally regulated clearinghouse — something called the Depository Trust & Clearing Corporation, or DTCC. That deposit was based on the volume, type, risk profile, and value of the equities being traded. The riskier the equities — the more likely something might go wrong between the buy and the sell — the higher that deposit might be. Of course, most all of this took place via computers — in 2021, and especially at a place like Robinhood, it was an almost entirely automated system; when customers bought and sold stocks, Jim's computers gave him a recommendation of the sort of deposits he could expect to need to make based on the requirements set down by the SEC and the banking regulators — all simple and tidy, and at the push of a button.
Ben Mezrich (The Antisocial Network: The GameStop Short Squeeze and the Ragtag Group of Amateur Traders That Brought Wall Street to Its Knees)
Keith was sophisticated enough to understand the inherent risk of options; buying options wasn't as dangerous as short selling, because your potential for loss was capped, because you could always let the options expire. You paid a fee for the right to buy a certain number of shares of a stock at a certain price by a certain date. Sold in 100-share blocks, the fee was based on demand, which related to where people thought the stock price was going. Because the fee you paid for those 100-share blocks was a fraction of the pegged price, you could leverage yourself into a very large position with a relatively small amount of money. If the price went up, you could make a lot; if it went down, your options were worthless, but you only lost what you initially paid. A full 80 percent of the options bought by retail traders like him expired worthless; but when you only had a little to work with, there was no better way to shoot for the moon. Fifty-three thousand dollars was a lot, considering he had a two-year-old, a house, a wife. It was as much money as his dad earned in a year when he was younger. But Keith was that sure, even when the stock was hovering around $5 a share, that he had found value that others had missed.
Ben Mezrich (The Antisocial Network: The GameStop Short Squeeze and the Ragtag Group of Amateur Traders That Brought Wall Street to Its Knees)
The popular appeal of WSB means that millions of ordinary people, not just high-flying financial traders, can participate in it. A new front in America’s class war opened up. As Robert Reich tweeted: “So let me get this straight: Redditors rallying GameStop is market manipulation, but hedge fund billionaires shorting a stock is just an investment strategy?”141 Who would have expected this: a class war transposed into a conflict among stock investors and dealers themselves?
Slavoj Žižek (Heaven in Disorder)
Driving into Huddersfield, Mary followed the signs for the city center and Kingsgate Shopping Centre. She managed to shoehorn the Volvo into the multistory car park without scraping too much paint off on the concrete pillars, then led the fractious and irritated children out in search of a toilet facility, fast food, and some sort of bribe. “There’s a GameStop in here,” she told Robert, “and something called The Entertainer Toy Shop. Wouldn’t you like to go there after lunch, children?
Charles Stross (Quantum of Nightmares (Laundry Files #11; The New Management, #2))
A good place to raise kids. The truth is he just couldn’t stand it anymore. The incredible freakin’ boredom. Couldn’t stand coming back from busts, the stakeouts, the roofs, the alleys, the chases to what, Hylan Plaza, Pathmark, Toys “R” Us, GameStop. He’d come home from a tour jacked up from speed, adrenaline, fear, anger, sadness, rage, and then go to someone’s cookie-cutter house to play Mexican Train or Monopoly or nickel poker. And they were nice people and he’d feel guilty sitting there sipping their wine coolers and making small talk when what he really wanted was to be back on the street in hot, smelly, noisy, dangerous, fun, interesting, stimulating, infuriating Harlem
Don Winslow (The Force)
This? Yeah. It’s, um, a purity ring?” “Oh. The old patriarchal chastity belt. Now in convenient ring form,” Adina snarled. “It’s not like that,” Mary Lou said, blushing. “It’s a symbol. It shows that you’ve made a pledge to bring your purity into the marriage. It’s the ultimate gift to your husband.” “Really? Like you can’t just give him a gift card to GameStop or something?
Libba Bray (Beauty Queens)