Keith Gill delivers his testimony at GameStop hearing: 'I like the stock'

thank you chairwoman waters ranking member mchenry members of the committee i'm happy to discuss with the committee my purchases of gamestop shares and my discussions of their fair value on social media it is true that my investment in that company multiplied in value many times for that i feel enormously fortunate i also believe the current price of the shares demonstrates that i've been right about the company a few things i am not i'm not a cat i am not an institutional investor nor am i a hedge fund i do not have clients and i do not provide personalized investment advice for fees or commissions i'm just an individual whose investment in gamestop and posts on social media were based upon my own research and analysis i grew up in brockton massachusetts my family was not wealthy my father was a truck driver and my mom a registered nurse i was one of three kids and the first in my family to earn a four-year college degree when i graduated from stonehill college in 2009 that was not a good time to be looking for a job from 2010 to 2017 i worked a few startup companies but there were significant periods when i was unemployed i took an interest in the stock market and even though i had very little money i used those times to educate myself and learn more about investing in 2019 after nearly two years unemployed i accepted a marketing and financial education job at massmutual my wife caroline and i were thrilled that i had an income and benefits my job was to help develop financial education classes that advisors could present to prospective clients i was not a stock broker or a financial advisor i did not talk to clients and i did not recommend stocks for them to buy before and after i joined mass mutual i studied and followed stocks one of those was gamestop early june of 2019 the price of gamestop stock declined below what i thought was its fair value i invested in gamestop in 2019 and 2020 because as i studied the company i became more and more confident in my analysis two important factors based entirely on publicly available information gave me confidence that gamestop was undervalued first the market was underestimating the prospects of gamestop's legacy business and overestimating the likelihood of bankruptcy i grew up playing video games and shopping at gamestop and i plan to continue shopping there gamestop stores still provide real value to consumers in reliable revenue for gamestop second i believe that gamestop has the potential to reinvent itself as the ultimate destination for gamers within the rapidly growing 200 billion dollar gaming industry gamestop has a unique opportunity to pivot toward a technology driven business by embracing the digital economy gamestop may be able to find new revenue streams that vastly exceed the value of its business i am hardly the only person who has advocated these points when i wrote and spoke about gamestop and social media with other individual investors our conversations were no different from people in a bar or in a golf course or at home talking or arguing about a stock hedge funds in other wall street firms have teams of analysts working together to compile research and analyze shares of companies individual investors do not have those resources social media platforms like reddit youtube and twitter are leveling the playing field the idea that i use social media to promote gamestop stock to unwitting investors and influence the market is preposterous my post did not cause the movement of billions of dollars into gamestop shares it is tragic that some people lost money in my heart goes out to them but what happened in january just demonstrates again that investing in public securities is extremely risky as i said earlier i consider myself and my family fortunate with our investment when the stock price broke 20 in december i knew my investment was a success i was so happy to visit my family in brockton for the holidays the money will go such a long way for us we had an incredibly difficult 2020. most difficult was the tragic and unexpected loss of my sister sarah in june i am grateful to be in a position to give back to and support my family as for what happened in january others will have to explain it it's alarming how little we know about the inner workings of the market and i am thankful that this committee is examining what happened i also want to say that i support retail investors right to invest in what they want when they want i support the right of individuals to send a message based on how they invest as for me i like the stock i'm as bullish as i've ever been at a potential turnaround for gamestop and i remain invested in the company thank you cheers everyone

Channel: CNBC Television

Views: 1,180,164

Rating: 4.9629812 out of 5

Keywords: Fast Money Halftime Report, CNBC, business news, finance stock, stock market, news channel, news station, breaking news, us news, world news, cable, cable news, finance news, money, money tips, financial news, stock market news, stocks

Id: ukXQGBpXaVM

Length: 5min 24sec (324 seconds)

Published: Thu Feb 18 2021

Reddit Comments

[u/Mustard_Sandwich]

I am not a cat. Classic.

[u/IntrigueDossier]

This is my first time seeing this. That was G shit start to finish.

Also didn’t know he’s from Brockton. Have family near there as well. Cheers to this guy 🍻

[u/NoLanSym]

What a god.

[u/graves4all]

Legend.

[u/HillarysDoubleChin]

His "hang in there" poster omg

[u/Zedsdeadbaby99]

"As for me - I like the stock." Wooooooow 😂

[u/patsonso]

A Fucking Legend. A bright spot on a rough year.