Matt Poll Day Trading Gamestop Interview Transcript
Utah entrepreneur Matthew Poll was recently invited on the This, That, and The Other radio show.
Matt was asked several questions regarding gamestop and cryptocurrency. Furthermore, he was asked about the recent Gamestop shenanigans and more! See the transcript from part two of this interview below:
How did these guys know that the hedge funders were borrowing against these sort of innocent stocks that just are kind of there, you know, like, GameStop?
“I think GameStop is a place that people go and buy and trade and, you know, buy and sell games? I think they probably are in the new game business. But they’re also, you know, people are taking their, you know, Atari games or whatever. 1987 and selling them.
So, you know, this isn’t even though they are a chain, it’s we’re not we’re not talking like big business. I mean, they’re, they, to me sound like the blockbuster of video games. But you know, granted, No, you know what I mean? But okay, so this isn’t some, you know, this is just some kind of business that, you know, obviously, there’s some interest in people video game is a big industry, and people come and buy something and they don’t like it and they go swap it out, get it for a discount with me.”
Matt Poll Day Trading – How did they know?
So how did these guys become aware that this was going on? Is that is that public knowledge or industry? Yeah, so a lot of its public, a lot of these short positions you can actually see publicly, it’s called options trading. And so a lot of these guys who are options traders got in and some of these, they’re called mods on this Reddit group. They’re basically like the leaders of this huge Reddit group are very sophisticated traders, actually, this a lot of these guys.
We don’t know who they are their identities, but they I’ve read through some of these reddits and they are very educated Trek, like traders, and they’re kind of sticking up for the small guys in a way. Now, a lot of people think there’s some insider trading stuff going on. I’m not gonna disagree with that. I’m not gonna say that that is or isn’t happening, but there’s definitely money that’s being exchanged and someone’s making it and someone’s losing it like there’s no question.”
Matt Poll Day Trading – So what’s going on with GameStop?
“GameStop is kind of a unique thing cuz GameStop it was just a spike. You said I just like a blockbuster. Buy games, so games, and the stock price was only worth like 60 bucks before all this happened. And the People, the hedge funds the big guys that you know what these Reddit guys are calling the bad guys the Empire, they were shorting the stock, they were expecting GameStop to be worth less money.
Okay, and what the problem with this is when a stock gets targeted, the short buyers will actually short it so much that it creates bad press even. And then, you know, if the price of the stock goes down, now there’s investigations. They’re wondering if executives were like selling our stocks, knowing there’s going to be a crash, which then creates more bad news and it drives the price even further.”
Matt Poll Day Trading – How to make or lose a ton of money?
And then these guys make a ton of money, right? Well, you can’t have that happen. When the price goes from $60 to almost $468, in less than a week, right? And so that these guys are all they have their hands tied at this point.
And they’re going how do we get? How do we buy these stocks that we borrowed, back, so we can give it back to the person we borrowed it from? And they’re just like, we have to eat it, we alien, but there’s potential unlimited loss potential, because they could go up to any price, right? Yeah. But I can only go to zero when it goes down. So if you’re shorting a stock, you can lose a ton of money.”
Matt Poll Day Trading – Hindsight is always 20/20
“Say I come across this Reddit group, and I see a post from six hours ago that, hey, this, this is gonna go down, you should get, you know. So tell me the scenario that some people experienced, downloading the app, and then buying a bunch of shares. All while knowing or thinking that, you know, based on, you know, what is happening in the Reddit community that this stuff is gonna blow up. So that, you know, if you can lead me through, let’s say, I have $1,000, or whatever amount of money I needed to do this all work out, where some where, where people made money, or, and then also, are there some people staying in the game too long?
Or what would have been the right way to do this? If it was, you know, 96 hours ago? Yeah, yeah, hindsight is always 2020. You know, and I’m even looking at some of the trades I made. And it’s like, oh, my gosh, I wish I had held it a different way. Because it’s like, I would have made four times as much money, just, you never really know the impact.
But the more you’re around it, the longer you’re with it, the more you get used to like how the market reacts, right. But we’re dealing with something I want to say this. First off, we are dealing with something that hasn’t happened in over 25 years, we have not had a short squeeze like this in almost three decades. Wow. And so this is very new uncharted territory.”
Matthew Poll, AKA Matt Poll, is an entrepreneur, investor and life coach based out of Silicon Slopes in Lehi, Utah. Furthermore, he is the Co Founder of GTF, created in September of 2008.
In addition to this blog, you can find Matt Poll on social media by clicking the links below: