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Diamond Hands The Legend of WallStreetBets

but i sold a decent chunk. kirsten: i was alsolike kind of unsure, so i sold offabout half my shares. i remember, like,not sleeping that entire week. cameron perri:it was very, very hard to make decisionsat that point in time. stock expert: you could seethe risk in this name. the stock wentfrom $10 to $150. you know,then everyone thinks, well, it should go from $150 to $10,000, right?there is no limit. alvan chow: who knowshow high this could go? if it goes to $1,000or $2,000. you don't want to overreactor try to steal a ball and risk a foulin the key moments. you want to beextremely disciplined. and everything that you weretrained to do-- so i was training myself to look for this momentof euphoria. and then rightbefore after-hours, elon tweeted "gamestonk!!" reporter:the leader of this revolution?

Shares , Point , Kind , Kirsten , Decisionsat , Chunk , Offabout , Cameron-perri , Stock-expert , Risk , Alvan , Everyone

Diamond Hands The Legend of WallStreetBets

but i sold a decent chunk. kirsten: i was alsolike kind of unsure, so i sold offabout half my shares. i remember, like,not sleeping that entire week. cameron perri:it was very, very hard to make decisionsat that point in time. stock expert: you could seethe risk in this name. the stock wentfrom $10 to $150. you know,then everyone thinks, well, it should go from $150 to $10,000, right?there is no limit. alvan chow: who knowshow high this could go? if it goes to $1,000or $2,000. you don't want to overreactor try to steal a ball and risk a foulin the key moments. you want to beextremely disciplined. and everything that you weretrained to do-- so i was training myself to look for this momentof euphoria. and then rightbefore after-hours, elon tweeted "gamestonk!!" reporter:the leader of this revolution?

Shares , Point , Kind , Kirsten , Decisionsat , Chunk , Offabout , Cameron-perri , Risk , Stock-expert , Alvan , Everyone

Diamond Hands The Legend of WallStreetBets

if it isn't clear,i'm not betting that gamestop is going to stage the most epic turnaroundof all time. alvan chow: i was excitedwhen i first got the idea. after that, i was kindof annoyed [laughs] for quite a while because it didn't happen the wayi expected it to. [sigh] [laughs] - oh, then historyin the making. there was a lot of hypeleading up to their earnings reportand whether ryan cohen was goingto make a move or not. [music-"the final countdown"] man: greetings, and welcometo the gamestop third quarter2020 earnings call. sir jackalot: i rememberbeing the cocky asshole, literally playing"the final countdown," the song, making sure i was physically readyfor an earnings report. man: the call will includeforward-looking statements, which are subject to variousrisks and uncertainties that couldcause actual results to differ materiallyfrom expectations. - you know, you havelegendary investors,

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Diamond Hands The Legend of WallStreetBets

yes on h. recall chesa boudin now. director: scoot over 1 inchto your right, alvan? there you go. and just real quick,tell me what is jeffamazon? what isthat name? how did you come up with it? - yeah. jeffamazon was reallyan experiment, for me, to figure out if i couldcreate an online persona that was sogood at trading that it would be interviewedin a documentary. and it turned out to be true. [laughs] there are alwaysmany different forces in the stock market. so i guess if you couldimagine a boat in the ocean,

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Diamond Hands The Legend of WallStreetBets

matt kelly:this is where stuff started to shift for me, right?i'm not sleeping at all. i can't focuson anything else. i'm compulsivelylooking at my phone. and i started buying intothe whole diamond hands thing. i think luck is whenpreparation meets opportunity, and this was an opportunity. monday morning rolls aroundand my friend, theo, he messaged me like,hey, man, i don't think gamestop isgoing to do anything more. i don't think anything'sgoing to hire. i'm just going to sell.i was like, don't sell, dude. you're an idiot.like don't sell. what the hell is wrongwith you? and he sold. literally, 10 minutes later,it starts going. reporter: stock for gamestopis up dramatically. reporter: it's been justswinging wildly. alvan chow:the week of the squeeze, i was describing itto my girlfriend

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Diamond Hands The Legend of WallStreetBets

the 140%short interest figure. sir jackalot: 140% shortinterest ratio on one stock. that means there are moreshorts than shares that exist. [laughs] all the shares outstanding for the companywere basically shorted, which is absurdand unprecedented. alvan chow:so i tried to look for a historical precedenton what would happen if somethingwas over 100% shorted, but there was nothing. stock expert:when you sell stocks short, you're betting that the marketis going to go down. and if you're wrong,the stock can go up against youvery sharply, and you have to close thatposition, usually at a loss. so you can see guyson wallstreetbets who knew what they were doing. these guys are smart.they understand, ok, we can get leverageon this thing, right? i know that if we gathertogether, there's a point here at whichwe can really push against hedge funds enoughto force them to cover.

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Diamond Hands The Legend of WallStreetBets

matt kelly:this is where stuff started to shift for me, right?i'm not sleeping at all. i can't focuson anything else. i'm compulsivelylooking at my phone. and i started buying intothe whole diamond hands thing. i think luck is whenpreparation meets opportunity, and this was an opportunity. monday morning rolls aroundand my friend, theo, he messaged me like,hey, man, i don't think gamestop isgoing to do anything more. i don't think anything'sgoing to hire. i'm just going to sell.i was like, don't sell, dude. you're an idiot.like don't sell. what the hell is wrongwith you? and he sold. literally, 10 minutes later,it starts going. reporter: stock for gamestopis up dramatically. reporter: it's been justswinging wildly. alvan chow:the week of the squeeze, i was describing itto my girlfriend

Breaking-stuff , 401-k-s-matt-kelly , Anything-else , Thing , Phone , Opportunity , Whenpreparation , Compulsivelylooking , Luck , Gamestop , Man , Anything

Diamond Hands The Legend of WallStreetBets

alvan chow:so i tried to look for a historical precedenton what would happen if somethingwas over 100% shorted, but there was nothing. stock expert:when you sell stocks short, you're betting that the marketis going to go down. and if you're wrong,the stock can go up against youvery sharply, and you have to close thatposition, usually at a loss. so you can see guyson wallstreetbets who knew what they were doing. these guys are smart.they understand, ok, we can get leverageon this thing, right? i know that if we gathertogether, there's a point here at whichwe can really push against hedge funds enoughto force them to cover. we can force the market. we can forcethis stock higher. - all these short sellersbuying back their position drives the stock higher and squeezing outall the short players from the market.that's a short squeeze. - you've got to bereally greedy to keep shorting gamestop when it was at like $6a share or something.

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Diamond Hands The Legend of WallStreetBets

to retail sentiment. i was looking intothese opportunities, and i thinki had found one. gamestop jumped double digit percentages one random weekin september. and i thought, wow,what's going on with gamestop? gamestop is a brickand mortar retail store that basically sellsconsole games. it was a company that was runfairly poorly. commentator: it's kind ofa failing company. it's like you canalmost compare it to blockbuster video. their business model isnot really the best. alvan chow: i still thoughtthat this was a dying brick and mortar store. people are definitelygoing to go digital. but i looked into it and looked at everything onthe internet about gamestop, and roaring kittywas one of them. [music playing]

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Diamond Hands The Legend of WallStreetBets

if it isn't clear,i'm not betting that gamestop is going to stage the most epic turnaroundof all time. alvan chow: i was excitedwhen i first got the idea. after that, i was kindof annoyed [laughs] for quite a while because it didn't happen the wayi expected it to. [sigh] [laughs] - oh, then historyin the making. there was a lot of hypeleading up to their earnings reportand whether ryan cohen was goingto make a move or not. [music-"the final countdown"] man: greetings, and welcometo the gamestop third quarter2020 earnings call. sir jackalot: i rememberbeing the cocky asshole, literally playing"the final countdown," the song, making sure i was physically readyfor an earnings report. man: the call will includeforward-looking statements, which are subject to variousrisks and uncertainties that couldcause actual results to differ materiallyfrom expectations. - you know, you havelegendary investors,

Gamestop , Laughs , Alvan , Idea , Isn-t-clear , Didn-t , Epic-turnaroundof , Wayi , Ryan-cohen , Lot , Music , Earnings