The Wallstreetbets Gamestop saga has taken an unexpected turn when the Reddit message board pivoted from manic trading in the video game retailer to good old fashioned value investing until the stock can get back up above $500.
“Many people bought the highs on Jan 28th and then again March 10th however the stock is currently well above the lows of those days,” said Wallstreetbets moderator Apetard420. “As such we’ve decided to shift into a value investment strategy until everyone is in the green again. It’s worked for Warren Buffet lets just hope we’re not waiting over 20 years like that lunatic.”
The options markets are setting the odds of such a move higher at less than 3% however holders of Gamestop are undeterred.
Bill Gross, the famed bond king better known for getting in absurd fights with neighbors, divulged this week that he is short the company via options which should mean all these Gamestop value investors will be back to being degenerate gamblers in no time.