In short: A large insider buy he declines to read as a signal. "GameStop's CEO bought 1 million shares at an average price of 20.38. Don't know what he's doing." (The deck: Ryan Cohen's purchase is worth ~$20.4M, taking his beneficial ownership to 43.1M shares, 8.5%.) Contrast the same page's Uber entry, where a first CEO purchase since 2022 is read as information — the difference is whether the buyer's intent for the balance sheet is legible.
Full passage: premium transcript (PDF).
In short: No position — a fresh idea from her network, framed as "one off" if you have a view. "Wow, I can't believe I'm saying this… right now GameStop is trading for an EV/EBITDA of less than three… I don't have a view on this business," but the meme era left "a lot of cash" and stores "very cheap to close"; it is "increasingly… a player" in collectibles (Pokémon cards). Interesting "if you have a view on that market being durable and you think that the management is not entirely incompetent."
No position. EV/EBITDA compares a company's total value (market value plus debt, minus cash) with its operating profit; under three is extremely cheap. GameStop raised lots of cash during the meme-stock mania and can shut stores cheaply.
The possible story is that it becomes a trading-card and collectibles shop. Wilde says it's only interesting if you believe that market lasts and management is competent — she has no view either way.
In short: Higher profits on collectibles and a raised full-year outlook, but revenue fell to $790M vs $972M; it "now generates more revenue from collectibles than video games." "This was once a crazy meme stock. No longer. It's generating a profit, but EPS growth is slow, and revenue growth is negative" — a ~$9B cap that "has done nothing in years… No one seems to really care anymore."
GameStop was the video-game retailer that became the famous "meme stock" in 2021, when small investors bid it up to squeeze short sellers. Today it sells more collectibles (figures, trading cards and the like) than video games.
It is making a profit and raised its outlook, but sales are shrinking ($790 million versus $972 million a year ago) and profit growth is slow. Eisman's verdict is indifference, not hostility: a roughly $9 billion company whose stock has gone nowhere for years and that "no one seems to really care" about any more.
20:26GameStop now generates more revenue from collectibles than video games. This was once a crazy meme stock. No longer. It's generating a profit, but EPS growth is slow, and revenue growth is negative. The market cap is 9 billion. Despite its occasional volatility, the stock has done nothing in years, and is down slightly this year.
In short: Paired with Volkswagen as a squeeze example: "And obviously, recently we had GameStop, right? And what happened there? But they can also go down way more than you ever imagined possible as well." No stock view.
36:57ended up happening over two and a half years. So, I'm humble enough to know that stocks go up way more than you ever imagined possible, right? I remember Volkswagen quadrupling in two days during the global financial crisis because of a short squeeze and becoming the most valuable company in the world. And obviously, recently we had GameStop, right? And what happened there? But they can also go down way more than you ever imagined possible as well.
In short: Passing reference — the structural loser of the disc-free future: a model that "stops leaking resale value to GameStop" is exactly the fix a stagnant industry needs, since the used-game resale market that fed GameStop paid publishers nothing. (Recap, not a stance call.)
In short: Removed its CEO performance award to focus on acquiring eBay — but Singh is skeptical it can raise enough debt for the cash component ("probably have some trick up their sleeve to resubmit a bid").
Full passage: premium transcript (PDF).
In short: Historical sentiment analog, not a stance: the Jan-2021 GameStop/Reddit short squeeze that made retail "the unstoppable force that destroyed hedge funds" — his marker for the 2021 sentiment top, cited to frame today's Avis repeat.
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