RUSH TRANSCRIPT Getting crushed ░░░░░░░░ 2 5 loss of ░░░░░░░░ points Let s begin ░░░░░░░░ the fox business alert ░░░░░░░░ where we stand at ░░░░░░░░ hour with the reddit ░░░░░░░░ reddit readers have claimed ░░░░░░░░ first investor victims and ░░░░░░░░ include some of the ░░░░░░░░ short sellers in the ░░░░░░░░ As we ve been ░░░░░░░░ you since last week ░░░░░░░░ swirls around shares of ░░░░░░░░ which right now are ░░░░░░░░ higher by 117 this ░░░░░░░░ when I checked it ░░░░░░░░ was saying well wow ░░░░░░░░ s about 200 now ░░░░░░░░ is at 320 a ░░░░░░░░ The stock rallied out ░░░░░░░░ the gate early this ░░░░░░░░ Andrew of citron research ░░░░░░░░ uncle on a short ░░░░░░░░ this on the heels ░░░░░░░░ that building capital had ░░░░░░░░ close out its bet ░░░░░░░░ the videogame retailer at ░░░░░░░░ big loss Here is ░░░░░░░░ Andrew left said Let ░░░░░░░░ answer this question I ░░░░░░░░ just fine citron capital ░░░░░░░░ just fine cover the ░░░░░░░░ at a loss 100 ░░░░░░░░ a small position and ░░░░░░░░ ll let it go ░░░░░░░░ as a Wall Street ░░░░░░░░ boomers smell blood they ░░░░░░░░ now turning into other ░░░░░░░░ shorted stocks from amc ░░░░░░░░ to a whole bunch ░░░░░░░░ other names beyond what ░░░░░░░░ have heard we heard ░░░░░░░░ bed bath beyond but ░░░░░░░░ about fumo these are ░░░░░░░░ largest U S shorts ░░░░░░░░ people with funds are ░░░░░░░░ against these names Is ░░░░░░░░ a victory for the ░░░░░░░░ investor or could this ░░░░░░░░ very badly with the ░░░░░░░░ s opinion reddit to ░░░░░░░░ out who is really ░░░░░░░░ some of the reddit ░░░░░░░░ let s bring a ░░░░░░░░ bush Michael proctor he ░░░░░░░░ been monitoring the situation ░░░░░░░░ by minute and he ░░░░░░░░ covered the stock of ░░░░░░░░ for 19 years and ░░░░░░░░ fox business exclusive Norm ░░░░░░░░ who ran the sec ░░░░░░░░ of inspection and examination ░░░░░░░░ to you first were ░░░░░░░░ a highly unusual improve ░░░░░░░░ powerful revolt going on ░░░░░░░░ retail investors who have ░░░░░░░░ together against Wall Street ░░░░░░░░ players what do you ░░░░░░░░ of this For an ░░░░░░░░ I cover amc and ░░░░░░░░ so I have three ░░░░░░░░ the four that you ░░░░░░░░ Liz lucky you I ░░░░░░░░ keenly interested in norm ░░░░░░░░ view on what insiders ░░░░░░░░ allowed to do especially ░░░░░░░░ members because ryan cohen ░░░░░░░░ 10 or more of ░░░░░░░░ stocks and has seven ░░░░░░░░ eight or 9 million ░░░░░░░░ he clearly bought it ░░░░░░░░ and had an exit ░░░░░░░░ in 20 or 30 ░░░░░░░░ 40 but not 300 ░░░░░░░░ I m curious when ░░░░░░░░ can sell I m ░░░░░░░░ fundamental research analyst which ░░░░░░░░ I don t tell ░░░░░░░░ what to do yes ░░░░░░░░ have a vibrating oura ░░░░░░░░ or neutral on gamestop ░░░░░░░░ the 16 target I ░░░░░░░░ really like them I ░░░░░░░░ the management team is ░░░░░░░░ and they re executing ░░░░░░░░ and I have a ░░░░░░░░ high earnings estimate for ░░░░░░░░ coming year I really ░░░░░░░░ the company I cannot ░░░░░░░░ up with a construct ░░░░░░░░ they will earn 15 ░░░░░░░░ 20 and justify a ░░░░░░░░ share price fortunately I ░░░░░░░░ t talk to individual ░░░░░░░░ I talked institutional investors ░░░░░░░░ they make intelligent decisions ░░░░░░░░ on my advice and ░░░░░░░░ people s advice and ░░░░░░░░ go the mosaic and ░░░░░░░░ it out They are ░░░░░░░░ me why do you ░░░░░░░░ a 95 cents price ░░░░░░░░ this year when they ░░░░░░░░ sense is a loss ░░░░░░░░ 17 I tell the ░░░░░░░░ is good and executing ░░░░░░░░ don t see how ░░░░░░░░ pay 300 times that ░░░░░░░░ that s where the ░░░░░░░░ are Liz let s ░░░░░░░░ to norm and tackle ░░░░░░░░ questions about company insiders ░░░░░░░░ specifically as Michael mentioned ░░░░░░░░ members For people who ░░░░░░░░ t know we ve ░░░░░░░░ telling you ryan cohen ░░░░░░░░ is the chewy cofounder ░░░░░░░░ in several months ago ░░░░░░░░ say I think gamestop ░░░░░░░░ be a much stronger ░░░░░░░░ if they went streaming ░░░░░░░░ instead of the brick ░░░░░░░░ mortar norm question and ░░░░░░░░ s a sort of ░░░░░░░░ When could somebody like ░░░░░░░░ by is there anything ░░░░░░░░ that you see of ░░░░░░░░ moment with your trained ░░░░░░░░ that is going on ░░░░░░░░ why is it even ░░░░░░░░ to point the finger ░░░░░░░░ a reddit room versus ░░░░░░░░ short sellers for years ░░░░░░░░ been sometimes with only ░░░░░░░░ truths banging down in ░░░░░░░░ companies I think what ░░░░░░░░ going to be interesting ░░░░░░░░ to think about what ░░░░░░░░ sec is going to ░░░░░░░░ in this situation I ░░░░░░░░ be very surprised if ░░░░░░░░ are not out there ░░░░░░░░ questions of various market ░░░░░░░░ that is going on ░░░░░░░░ A short squeeze is ░░░░░░░░ unheard of biz is ░░░░░░░░ very different one and ░░░░░░░░ don t think we ░░░░░░░░ anything quite like this ░░░░░░░░ m sure the sec ░░░░░░░░ at this and thinking ░░░░░░░░ what questions it wants ░░░░░░░░ ask and then figure ░░░░░░░░ what it might have ░░░░░░░░ do because there s ░░░░░░░░ couple of different things ░░░░░░░░ is a situation and ░░░░░░░░ m sure the sec ░░░░░░░░ look hard at it ░░░░░░░░ there might be a ░░░░░░░░ of are there any ░░░░░░░░ that need to be ░░░░░░░░ in market rules or ░░░░░░░░ shorting roles or anything ░░░░░░░░ that might address this ░░░░░░░░ term I would anticipate ░░░░░░░░ term no go for ░░░░░░░░ fact finding and figure ░░░░░░░░ what happens Liz let ░░░░░░░░ jump in may I ░░░░░░░░ say when they re ░░░░░░░░ gary chancellor is Joe ░░░░░░░░ s pick for the ░░░░░░░░ of the sec he ░░░░░░░░ a former Goldman guy ░░░░░░░░ he ran the commodity ░░░░░░░░ futures trading commission so ░░░░░░░░ knows what to look ░░░░░░░░ but would it be ░░░░░░░░ where the sec could ░░░░░░░░ reddit and figure out ░░░░░░░░ s behind the profiles ░░░░░░░░ the Wall Street best ░░░░░░░░ rooms which are piling ░░░░░░░░ I m not saying ░░░░░░░░ is fair is it ░░░░░░░░ possibility The sec certainly ░░░░░░░░ subpoena power Remember civil ░░░░░░░░ because the sec is ░░░░░░░░ civil enforcement agency In ░░░░░░░░ one hand the sec ░░░░░░░░ power to go look ░░░░░░░░ situations like this and ░░░░░░░░ would be very surprised ░░░░░░░░ they are not doing ░░░░░░░░ or planning to do ░░░░░░░░ When you re there ░░░░░░░░ s others in the ░░░░░░░░ saying I guarantee those ░░░░░░░░ are calling over the ░░░░░░░░ and saying what s ░░░░░░░░ on I m sure ░░░░░░░░ are planning to look ░░░░░░░░ it You re raising ░░░░░░░░ second question that is ░░░░░░░░ complicated as to whether ░░░░░░░░ it works with social ░░░░░░░░ sites and revealing people ░░░░░░░░ kind of thing which ░░░░░░░░ a whole other topic ░░░░░░░░ from the sec power ░░░░░░░░ Michael right now what ░░░░░░░░ have seen the charles ░░░░░░░░ and the td ameritrade ░░░░░░░░ which of course these ░░░░░░░░ online brokerages schwab bought ░░░░░░░░ ameritrade but were seen ░░░░░░░░ problems with online brokerages ░░░░░░░░ are preventing people from ░░░░░░░░ certain trades they are ░░░░░░░░ them from buying these ░░░░░░░░ what happens when those ░░░░░░░░ are lifted and do ░░░░░░░░ foresee we say it ░░░░░░░░ fun and games until ░░░░░░░░ loses and I everyone ░░░░░░░░ for a very small ░░░░░░░░ toward the same time ░░░░░░░░ seeing gamestop volume literally ░░░░░░░░ 600 million shares in ░░░░░░░░ last four sessions There ░░░░░░░░ only 65 million shares ░░░░░░░░ It is literally traded ░░░░░░░░ 10 times the outstanding ░░░░░░░░ in four days That ░░░░░░░░ unheard of I think ░░░░░░░░ schwab td ameritrade are ░░░░░░░░ the market has gotten ░░░░░░░░ insane shares of trading ░░░░░░░░ multiple times a day ░░░░░░░░ think the end of ░░░░░░░░ bubble doesn t happen ░░░░░░░░ ryan cohen or management ░░░░░░░░ stock and that s ░░░░░░░░ asked norm are they ░░░░░░░░ to are insiders allowed ░░░░░░░░ sell during the quiet ░░░░░░░░ the company allowed to ░░░░░░░░ a shelf and sell ░░░░░░░░ couple million shares at ░░░░░░░░ and pay off the ░░░░░░░░ that would be great ░░░░░░░░ are they allowed to ░░░░░░░░ think this is going ░░░░░░░░ keep growing until insider ░░░░░░░░ Liz norm quickly I ░░░░░░░░ we got a run ░░░░░░░░ are they allowed to ░░░░░░░░ a high price if ░░░░░░░░ are in insider I ░░░░░░░░ not involved in the ░░░░░░░░ of the situation I ░░░░░░░░ sure they re getting ░░░░░░░░ from folks on this ░░░░░░░░ think the sec is ░░░░░░░░ to take a look ░░░░░░░░ see what comes out ░░░░░░░░ that Liz we are ░░░░░░░░ the story and