like michael burryand bill gross - god. watching the earnings call. man: we continue toreduce expenses, delivering over $315 millionin its expense reductions so far this year. and weare pleased to end the quarter with almost $300 millionmore in cash and restricted cashcompared to the end of the prior year third quarter. sir jackalot:and gamestop, it was shooting up.i was like, this is it. this is the squeeze.this is finally happening. i was, like,literally jumping up and down. man: to summarizethe third quarter, we believe the pandemic,and importantly the sir jackalot: and a coupleof months afterwards, it just starts tanking. i was like, oh, no.oh, no. what s this mean? what s this mean? man: we have closedalmost 800 stores worldwide since the beginning of 2019 - and it started tankingeven more. and i was like, oh, fuck. man: in an adjusted lossof $0.53 per share. sir jackalot:it crashed like i don t know 15% to 20% instantly. i was like, whoa, i just lostsome serious money. alva
it did hit $420. ladies and gentlemen, themagic $420 has been achieved. it has been achieved.congratulations. you were here. when oh, $420.69.take a screenshot. take a screenshot. [music playing] sir jackalot:the esteemed $420. people were saying $1,000is not a dream anymore. $1,000 is not a meme. it s been likethis fairy tale, this myth. the motherof all short squeezes. - good evening, newly-mintedreddit millionaires. i m sure all of youare watching this from the marble bathtubson your hovercraft. - i didn t think i was oneto get swept up by the greed and the ego,but i was. anyone who can stomach $10 million swings in theirportfolio is sort of crazy. - has everybody been followingthis crazy gamestop
do you haveinvestment accounts you don t understand or pay attention to becauseyour meaningless desk job is all the excitementyou need? or are you atrader? [interposing voices] matt kelly:i loved the sentiment of wallstreetbets.i loved it. i was like,these guys are fucking nuts. [music playing] man: in a small,exceptionally unhelpful, and irreverent cornerof the internet, therein lies a battalionof nihilistic meme lords who discuss their positionsand strategies, speculate and argueover the markets moving, and provide sage advice to the humble stock trader who just so happens to stumbleupon this fine community. (singing) wallstreetbets. - hello.i am the sir jackalot. i m here wearing a maskbecause i m a millionaire, and i would like to stayanonymous. matt kelly:i started telling my friends, i m like, dude,this is a crazy subreddit.
i mean, guys are making money.they re also going broke.so if you like risk [laughs] - i saw all the people postinglike million dollar gains over the last year.i was like this sounds like my kind of place. chris garcia: you would seethe success stories of dudes who made a random call andthey came out with 100 grand. - nice. well, he s goingto get fucked on taxes. have fun with that. [music playing] woman: a fucking bros club,which was kind of fun. - i said words on there thati would never say in public. - and i m hearing about likeall these different lingos that are kind of fun. i m like, ooh, diamond hands, like paper hands.like, i m a bro now. - the whole joke is, like,diamond hands. you just have to notreally treat it like money. and that s when i took350k, and i just like yolo dthe fuck out of it. sir jackalot:if you re like me, you re watching every minuteof your favorite stock during the day.you want to be able to be with your people,
gather around,my fellow degenerates. grab a mug ofeggnog and find a cozy cornerof your mother s basement, and enjoy this taleof sir jackalot. this post here is my magnum dong opus. now listen, my convictionfor the gamestop mother of all short squeezes. the moass, it was insane. i had over a million dollarsinvested in this. that s all my net worth. but that 20%earnings drop, oh, man. oh, man. it hurt. it really hurton a spiritual level. it gave me taco belllevels of stomach cramps. i felt like i neededto cool down. you know, it was goingthrough the holidays. there was a britishvirus mutation on the way. you got hedge funds manipulating stuff to gettheir holiday bonuses. this all feltkind of dangerous. so yes, i ended upselling all my gamestop shares at $15.50. yes, i had a caseof paper hands, i admit it. i was wallowing back and forth in fetal position all day.good fucking riddance, 2020.