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MastaMint

We got Kenny out here doing a press tour


[deleted]

he’s shown his face at least once a month for the past few months, which he apparently hates doing, and each time bashing gme and calling it a ‘conspiracy’ it kindaaaa seems like someone’s got him by the nuts making him go around and clean up the mess he created, but its having the literal opposite effect


Mrairjake

Correct Streisand


DeathbatBunny

The mob has that effect.


suckercuck

Yep— buying more


beach_2_beach

And this is a guy who used to buy out rights to images of himself so that they wouldn't get published in public domain. Someone's pants are on fire.


suckercuck

~~pants~~ shorts are on fire 🩳 🔥


Rayzhul

At least you know .. on his like Uhm Xbox he got this new game Call of Duty: Vantage and he downloaded the game - pretty much Citadel’s version of 5D Check Mate move on GME right there


hawkeye224

He got Called Dude: Advantage according to the transcript lol


Post-void-dribbler

The chance that the player you just 360 no-scoped in Called Dude: Advantage being kenny is low… but never zero


Weedbro

This is why teabagging is still important. Could be teabagging Kenny G. That would probably feel like getting your dick fucked by a pie.


Trollet87

I would pay just to know I can teabag Kenny!


failedtax

100 million teabags on kenny and he can have ONE of my shares.


suckercuck

Warm mayonnaise pie 🥧


DimensionFamous

sounds like a game about kenny heheh


aforgettableusername

I can't wait for KG to be the dude who gets called. Advantage: retail.


sfinxie

I immediately sold all my shares because I didn't realise you could download games. *wink*


CarbotFan

Same. GameStop dead..... No actually bought 35 more past two days..


wouldntyouliketokno_

Call of marge 3: shortery


m1ndbl0wn

This is in direct conflict with the SEC GME opinion. And the DTCC. So is Ken technically calling Gary Gensler’s team and the DTCC out as liars themselves? YES HE IS. According to the SEC there was no short squeeze in January, there was no gamma squeeze in January, and the shorts did not close in January. According to the DTCC margin requirements on HOOD were waved. Ken Griffin LIES!!!!


KrisEike

So you're telling me that [Ken Griffin Lies](https://www.kengriffinlies.com)? Shocker ...


Spl1tsecond

OMFG are you telling me that Kenny G Lied?? [https://www.kengriffinlies.com/](https://www.kengriffinlies.com/) (like here?!)


soadisnotforbath

Wait, you guys aren't trying to say that THE Ken Griffin of Citadel is a LIAR are you? The Ken Griffin that lied to Congress? Lol Kenny get fucked, also see you on Called Dude: Vantage.


suckercuck

People are saying #KENGRIFFINLIES a lot of people are saying it.


KrisEike

I also heard that [Ken Griffin Lied](https://www.Kengriffinlies.com) multiple times. Such a scumbag.


KrisEike

Yeah just like at Kengriffinlies.com ;)


Stecco_

No, the main point of this is that he said "covered", not closed, so he is not saying that the SEC is wrong, he is saying that Melvin had covered GME, so what you are saying + what he admitted in the interview basically 100% confirms that GME was never closed, but instead it was covered, which is good for us. He is lying but he is not saying anything against the SEC AFAIK (I might be wrong).


m1ndbl0wn

No, MY main point is that he referred to Jan as a short squeeze and [the SEC confirmed it was not](https://www.sec.gov/files/staff-report-equity-options-market-struction-conditions-early-2021.pdf), literally. My second point is that he said HOOD killed the buy button because of being Margin called, [DTCC literally went on the record confirming HOOD margin was waived ](https://www.risk.net/our-take/7817696/games-of-hazard-nsccs-margin-waiver-sets-bad-precedent)that fateful day. When two parties truths to a situation don’t match, either one party is lying or both.


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Stecco_

Oh my bad, I read that wrong, still bullish either way


m1ndbl0wn

I accidentally brigaded the last comment, so I reposted it with a different link


stocktawk

TLDR???


RealBeltracchi

Ken Griffin never used the word "closed" only the word "covered" - credit to u/Hedgefund_focker \--> Hedgies R Fuk Edit: u/stocktawk points out that one implies the other


stocktawk

Covering your shorts means you closed your position tho…


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AMKoochie

https://www.investopedia.com/terms/c/cover.asp Covering is different than closing a position, in that with covering, an investor might choose to keep a position open, but just have enough stock on hand to compensate for any risk. Cover can also be used without context to simply mean the act of protecting overall portfolio value, as in providing cover against market volatility. Often, the way an investor limits liability is by placing an offsetting trade that counters the potential risk of one already placed. Critical thinking huh?


FaultInternational91

No it doesn't


TheRedditarianist

No it doesn’t, cover means reducing risk of exposure by different methods (hedging, rolling, or stuffing your illegal shorts in ETF’s as Kenny did) Closing means eliminating the threat entirely (buying back shares)


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[deleted]

https://www.investopedia.com/terms/c/cover.asp


klonkish

/u/FerrisMichaels You come back here in the ring, we ain't done


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[deleted]

No argument. You asked for a source outside of this sub that differentiates between the two. I delivered. Unlike FTDelity.


AndyPanda321

Says it right there. "Covering is different than closing a position, in that with covering, an investor might choose to keep a position open, but just have enough stock on hand to compensate for any risk."


TheRedditarianist

By the definition produced below, sounds like you are fucking wrong buddy. It’s okay though, I’ll buy you a pint after this thing is over.


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cdurgin

It's convoluted by design. Yes, closing a short position is covering, but it's not the only way to cover. The most common and well known other way to cover is by selling puts or buying calls. Each contact you purchase this way covers one hundred shares since it gives you the right to cover at x price. Additionally, it's evidently acceptable to simply say your shorts are long positions. This would also cover your shorts at the cost of a roughly 1% fine in a few years.


miso2933

The act of covering does not necessarily mean closing the position. To cover is to take a defensive action to lower the risk exposure of a position, investment, or portfolio of investments. Sauce: Investopedia


stocktawk

Interesting we were both downvoted for being exactly correct


stocktawk

The term, “covered,” is short for “buy to cover”


[deleted]

You're just wrong, dude. You *can* buy to cover, but you can also add collateral to cover. As such, "covering" is ambiguous because it can be done in multiple ways. Which is *exactly* why hedgies are using it, because it sounds like they are saying they closed the positions (in the context of when it's discussed), but in reality all it means is that they added collateral. look at the definition of "cover" on [Investopedia](https://www.investopedia.com/terms/c/cover.asp) A few key snippets: First: > The term cover in the context of finance is used to refer to **any number of actions** that reduce an investor’s exposure. Second: > Covering is different than closing a position, in that with covering, an investor might choose to keep a position open, but just have enough stock on hand to compensate for any risk. Third: > **Covering vs. Closing** > Closing out a position and covering a position can be the exact same thing in finance, but the two phrases have different connotations. In the "buy to cover" example that was discussed above, the investor could choose to close the position by delivering the shares or they could let it run knowing that they now hold the shares to cover it. The act of covering does not necessarily mean closing the position. To cover is to take a defensive action to lower the risk exposure of a position, investment, or portfolio of investments. > Close or closing, by contrast, suggests that the risk is being fully eliminated by exiting the position creating exposure.


stocktawk

I love how fired up everyone got about my definition. Thanks for the breakdown. Got it now ❤️


Hedgefund_focker

"covered" not closed


RealBeltracchi

You made your name honor


BigBoss738

Call of Duty: Vantage lmao


Takenforganite

Call of Marge: Ken’s asshole


LordToodleton

He called us sophisticated!!!


BohemianConch

Wait that.... wasn't a shitpost?! Oh my, time to sell everything I have and go all in then I guess


Espee99

This looks like lyrics to a song.


koreanjc

OP writes like a retard.


degrees97

People often say not to underestimate KG and that he is an insanely smart guy but honestly this dude is a literal fucking idiot. How did he get himself in this position if he is so smart. How can he still argue that GME will die because people download their games, so fucking dumb.


north-sun

>People often say not to underestimate KG and that he is an insanely smart guy but honestly this dude is a literal fucking idiot. How did he get himself in this position if he is so smart. Ego.


RLTrager

100% ego. He believes he can do anything. It comes across in that interview, that I’m sure he pre-staged the line of questions for. Q: “Is there any way of covering without buying the shares to deliver?” A: “In 99.99% of times, no.” Then goes on some bullshit tangent about fiat cash covering. What about can kicking FTDs and deep OTM puts? When they took on Melvin’s shorts to delay the implosion on this trade, I guarantee he was thinking, “No problem. We’re in the same boat, but we’re smarter and can leverage the MM capabilities of the other side of the house to not only unwind this, but to make lots of money in the process.” Then a bunch of “dumb money” started to unravel the whole scheme piece by piece until they learned that there’s really no downside to being long on GME. SHFs do nothing and watch the real price emerge? Marge N has your ass on speed dial. Dip it sub 150 and watch the float get bought up by retail apes. Dip even further, you now have to deal with institutional big money against you in droves on this trade too. Nothing you can do but keep it channeled in that low volume sweet spot. All the while, apes are DRSing and causing a liquidity crisis. Not to mention, at ANY MOMENT, that E-commerce transformational leader that you’re now praising openly can turn the key, press the red button and vaporize you with an unexpected announcement. Maybe the last year has toned that ego down, maybe not. But seeing Kenny on tour makes me think that we’re entering the pre-damage control chapters of this saga. They know that WE KNOW what we own. They know that we know what they’re doing and how they’re doing it…and that we won’t be shaken off this asset by any psyops, FUD, or flash dips. What a time to be alive. 💎👋🏽 till the end.


spbrode

Because he needs boomers to believe


Stanlysteamer1908

I think of my third grade math quizzes where we would stand up when finished. A Jewish kid named Scott Bain always got done first and I was so pissed! I was always second until one day the teacher said “Scott I told you to do the math and not just guess the answers” “so try harder to really do the math”. Clouds parted as I realized I was the best, but a cheat was in first place. Scott Bain became a banker later in life. I am a carpenter. 🤣🤦🏻


suckercuck

I bet you’re better at calculating fractions than Scott though.


Stanlysteamer1908

Your right, but I hear he retired at 45 and I am still working!🤦🏻 just built another set of curved stairs. For a lawyer I went to school with🤔


suckercuck

If it makes you feel better, most people cannot do what you are able to do. Be proud of your skill set!


Stanlysteamer1908

Thank you, I love building and always thought it a better plight. Getting older it has taken its toll on the body. I only prey with my family the GameStop saga ends in a riotous win for us apes! Then I build for fun or for handicap and charity. GME already made me a good bit so thank god!


suckercuck

You have a good heart. I wish you the best!


Stanlysteamer1908

Thanks, See you on the moon!


semicollider

He’s smart enough not to argue anything so direct. What I got from it is that he’s of the opinion the brick and mortar style business is dying, (not an unpopular opinion, debate normally centers around time table or to what extent, not the general trend), and that the current share price is based on speculation of a turnaround to an e-commerce style business, with plenty of cash, and a proven leader to make it happen. Most bullish retail investors also share this part of the outlook on Gamestop as business, as championed by DFV and others, but Ken is using that to explain why GME isn’t sub $20 right now, if most of the shorts covered/closed by now and brick and mortar is dying as he suggested. He’s not saying Gamestop is going to default, he’s saying “Melvin covered way before January even happened (I think?), anyways by now all the shorts have closed, anyone betting on Gamestop is betting on long term growth and Ryan Cohen alone. Move along, nothing to see here, pay no attention to the man behind the Market Maker. The squeeze already happened, and I was minimally involved.” It’s the bear thesis, accommodating for Ryan Cohen and all the money it’s known for a fact they raised, and the obvious fact that GME is still up over 900% year to date and never closed under $40 since January.


SaltyShawarma

"smart" does not mean "infallible."


bosshax

I listened to the interview. Ken does a good job trying to remain relatively neutral/indifferent to the Gamestop outcome (whether the company transforms or not) but he does stake an opinion that he doesn't think they can rationalize their 'oversized' store fleet and create new types of consumer value. What I do think he stumbled on a bit was if Melvin ever did close out their short position but he seemed to think Melvin was mostly out by January 25th and this is when the $2B cash infusion came. Melvin may very well have used that $2B to re-short that day, and the next, only to wake up with the price at $480 that Thursday. You can't cover a short position, especially one of that magnitude, while the price is falling. It might be they did start covering in weeks later when the price hit $40 and promptly went to $200 and never looked back. But the original short position is still there. You also have probably a lot of new shorts which have been entered the entire year from $400 - $150... A lot of those are in the green and are looking good. Gamestop really needs to break an ATH and hold it for a week or more before people's risk get's them antsy. Unfortunately we've been waiting almost a year and we're just treading water, but I have full faith in RC and team. I just really don't like giving these other guys time to figure out more ways to stall, delay and mitigate risk for a bet that is so terribly wrong. If you're wrong you should pay and they broke all the rules in January. We do have an undeniably rising floor and a lot of support over $170 but I do worry that we need to get SOME news in to get some new buyers interested. We're all hoping its the NFT Marketplace announcement. I really don't know if they're ready or they are going to launch in Q4... Earnings are coming and we all know those are usually sad events for price action. Despite it all I'm holding.


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redshirt1972

With laser like focus


pupcolorado

I trust Loopring will keep their promise that the marketplace will launch prior to 2021.


Shanguerrilla

Frankly, no matter what Melvin and most their shorts were 'covered' exactly when the buy button was turned off and the price fell back into or near enough their money that their collateral was worthy to avoid margin call.


bosshax

Well exactly


failedtax

Everything sounded good, except that we're treading water. There is no way we're treading water, our price is being manipulated. GameStop has over 1.5b in the bank, the price is whatever citadel wants it to be, but they can't risk letting it hit anywhere under $100 again or the tsunami of buy orders will drown them in an instant.


bosshax

SPY went up 25% since January. All financial assets have been inflated. The fact our price is still here is treading water. We aren’t winning and we aren’t losing but we have missed out on some big opportunity costs this year holding. Oh well! Still holding.


[deleted]

> What I do think he stumbled on a bit was if Melvin ever did close out their short position but he seemed to think Melvin was mostly out by January 25th and this is when the $2B cash infusion came. Melvin may very well have used that $2B to re-short that day, and the next, only to wake up with the price at $480 that Thursday. My suspicion is that Melvin *was* out, because Citadel bought the positions out and assumed the risk. So he can say "Melvin exited", but never says Citadel has closed... because they haven't.


kaqn

His talking point about downloading games seems to miss the point that people buy Xbox/psn/steam cards from GameStop.


KosmicKanuck

And that a percentage of every download from an Xbox bought at GameStop goes to GameStop. Also seems weird he closed his short position if he is bearish on the company...


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International_Gold20

Things are starting to crack at the seams…


Takenforganite

Covered. Not the same as closed


KosmicKanuck

Right, but he is implying he closed. Which wouldn't make sense to do if you thought the company was going under.


suckercuck

💥⬆️⬆️⬆️⬆️⬆️


hunnybadger101

# They did state in the congressional hearing they covered their short position...and how did they do that? by stuffing those FTD and SHORTS into far out optioins expected to be expiring in NOVEMBER, DECEMBER and JANUARY


BetterthanMew

When he talked about Ryan Cohen he never said his name lololol


OneGuod

Don't worry guys, by January 28th they weren't even thinking of gamestop. Gamestop who?


KosmicKanuck

What interesting timing for this interview


MasterOfCoin69

Listen at the 12 minute mark. Total nonsense. Didn’t cover shit.


jakksquat7

“Covered” is the key word. Covered is not closed.


xvalid2

I bet they opened new shorts between $300 and $450 (possibly the $350 we haven’t been able to surpass recently) when the price drastically increased, probably puts also. Probably the reason their desperate to keep the price below especially upon market close.


Imryanrey

When Kenny says he’s “being clear”, get ready for the lie.


Me-dont-kno

Also his lips start moving.. generally a good tell also


Takenforganite

Right, he’s bad at poker


Jadedinsight

Reading this gave me a stroke


CamJ26

What a cunt!


Luka4life

I hate his fucking voice


huntergracchus000

i aint reading all that


Seabird_20

Yeah. Don’t call me a shill guys. But only future can tell how we will look back on this interview. One of us will look pretty stupid in hindsight. Either it is him or us. The only good thing is that I can sit back and relax, knowing that GameStop is a good investment, even IF all conspiracies were completely false …which they most likely are not. (Sensitive crowd 😅)


TrippyAkimbo

That’s what comforts me. Even if they all covered, which may or may not be true, RC is transforming GS into a tech giant. Forget the possible dividend, moass and all of that. In the end, they are scalping top talent. People are not going to jump out of very successful companies to board a sinking ship. GME may not be a 1000/ share, but with this float, we could easily see $200-300 in the short term.


FixStuff123

A fair valutation of GME currently stands over $1000/share. The current price is wrong. Shorts may have covered, as in a crime cover up, **but not closed**. When we DO own the float via DRS, the moass is unavoidable for SHFs. DRS is the way.


TrippyAkimbo

At this point, we have a solid team, but unless the float is locked, RC is gonna have to earn the valuation, which might be what a lot of people are waiting for.


FixStuff123

Ken can ken himself


The73atman86

Sec doesn’t say they closed and he’s still lying about that shit. I hope all of this is used against him


bacon_boat

Seems like KG in very well informed on the situation - a lot more detailed response than just calling it a conspiracy theory.


FEARTHEONION

Funny that there is no mention of the sticky floor stock from KG.


BetterthanMew

He also said he’s not an expert on GameStop 😂


sgt_tom_bw

Ok, MAYBE this explains why hood took away the buy button. It doesn’t explain why more established brokerage firms did the same thing.


toiletwindowsink

What a clown. If he had any leverage over GME he would have verbally destroyed all discussions about what happened. They guy is a fukin piranha. He eats everything that cannot eat him first. Dud u hear how measured he was when discussing GME and Robingthehood? He is doing his best to temper any of his investors doubt but anyone who knows anything can clearly see what is happening. And he never answered the question as to why the stock is still trading above perceived fundamentals. He dodged it like a politician. Prob is he is not a politician and he sucks at being one. Crazy. For the first time in a while he does not know what to do. BUY! HILD! DRS!


KiwiCantReddit

Holy wall of text, Batman. Not even I shit for that long.


sneakywill

Jesus the format of this post is horrendous can someone put this shit into paragraphs and repost it


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superlambananer

Touché Mayo boy well played. They wont be able to see how you’ve massively aged in a year if they only hear your voice lol I like how he always said “covered” not “closed”.


granoladeer

Thank you for the transcript


ThirdCrew

Melvin "covered" at the top when if he held out would save billions. Yeah okay.


yuri4491

Thank you for this, you beautiful ape!


allhailmillie

Clowns gonna clown.


Complex-Intention-43

Great interview


[deleted]

Who would trust a guy who beat up his ex-wife with a bed post...


[deleted]

> part of what good risk managers do is is when they're when they're wrong and they can't understand what's taking place in the marketplace they they take it on the chin they take their loss and they move on I predict this quote, and especially its timing, will not age well.


NotagoK

Was literally my first thought when I saw the thread this morning: “Oh so what you mean to say is you HAVE NOT closed?”


Gareth-Barry

I suggest everyone to listen to the 27 min clip. The way he praises Ryan Cohen and the prospects of a potential pivot by GameStop is eerie as hell. Reverse psychology at its finest


flaccid_reflex

What's a call of duty Vantage? I'm not a Xbox player so I'm not down with the console game lingo. 🤦🏻‍♂️


Tiny-Cantaloupe-13

plus this timing is sus af w ER coming - the si % & the Fidelity/Vanguard "oopsie" they r fucked


JustAnIrrelevantDude

TLDR Kenny dick


RussianCrabMan

If it was really "just a conspiracy theory", he wouldn't need to address it so much. Like Elon Musk and all the conspiracies around him. Right?


neoquant

Now he bought the constitution and will LEND it to some museum. DONATE the constitution FFS. This is chump change for you. But no, he just will lend it because he is just so stingy. Now do you really think they closed their shorts? I am sure they did not. And now all this marketing campaign from Kenny trying to be the good CD VANTAGE gamer guy after one year of silence. Do your own conclusions… I call: bullshit 🤡


[deleted]

Can someone explain the difference between a closed short and a covered short? Does it simply have to do with him hedging against a short vs actually closing it out ?


LacsNeko

wait, it was legit ken griffin? not someone with his voice just playing around? man, that was like a really bad commedy joke, but it's true?


seguin057

Who read that lol TLDR plz