So now we have GameStop, a brick and mortar retailer of video games whose sales in Q3 have plunged by 30% from already beaten down levels a year earlier, despite the greatest boom in video games ever brought on by people having to spend lots of time at home, and whose sales have plunged by 52% since 2016 as video game sales have migrated to ecommerce.
Why exactly the zoo has gone nuts is still up for debate, but the Fed with its $3 trillion of printed money in three months has a prominent position in this discussion. When I say that “ the zoo has gone nuts,” I mean, “literally,” as in scientifically proven and peer-reviewed. What a show! Smallish traders, by ganging together on Reddit, succeeded fabulously in what famed big short-sellers have done for years in the opposite direction.
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