Boise, ID — Mark Wagner has been a die-hard gamer his entire life. So when Covid hit some of his friends began bragging about all the money they were making day trading and Mark decided to give it a shot too. Robinhood made it so trading was like a game and really allows you to disassociate from your money.
Trying to trade what he knows, Mark bought calls in retailer Gamestop and then hung on as his small initial investment turned into over $1 million dollars. And with this incredible windfall Wagner estimates he’s now finally even on all the money he has lost trading in games.
“Gamestop is pretty notorious for paying almost nothing for your used games. You could pay $70 for it on a Monday and by Friday they might give you $3. Not a very good deal but a great business. It just made sense for me to buy it even though malls are likely dead for a while and physical discs aren’t really sold anymore,” said Wagner from his gaming/trading station. “The more I think about it the less sense it makes. So I try not to think about it.”
Another tail wind for Wagner was the historic short interest in Gamestop after the online trading community Wallstreetbets made the stock a top pick. It’s unclear if they know what they’re talking about but the stock was up over 50% yesterday on no news so it’s getting hard to argue with them.
“The money is great,” notes Wagner. “I had major animosity towards Gamestop for many years for ripping me off the way it did and this gives me some closure. Hell I might even go buy a PS5 from them if they ever get one in.”