Extra! Extra! - GameStop (GME) Earnings

[Applause] [Music] will we never know our [Music] [Music] freedom I'm now with my the lady ble Ro for failure I hear in my world I got to cut the F before it burs you God has never answered my words but it don't matter I so hoping that's the I can really ask for I got to shake the so I can keep on running forward I wish I could forget but memories that canz found a path to shed by for heaven it only takes a spark for a fire St we hesitate we'll feel the place that is the way we'll make our own future I'm going to reach that finish life out of time keep going nothing can stop me we're not strong enough but I never give up and I leave this future behind me n I'll keep going nothing gets off me n n this is the single biggest principle and it bothers me that people are very careful their money the public when they buy refrigerator they get a consume reports they buy microw oven they do that they ask people what's the best kind of radar range what kind of car to buy they do research on the apartments when they go to when they go on a trip to Wyoming they get the mobile travel guide or California when they go to Europe they get the Michelin travel guide people will hear a tip on a bus on some stock and they put half their life savings in It Before Sunset and they wonder why they lose money in the stock market and when they lose money they blame it on the institutions in program training that is garbage they didn't do any research they bought a piece of junk they didn't look at the balance sheet and that's what you get for it and that's what we being driven to and it's self-fulfilling the public does terrible investing and they they say they don't have a chance it's because that's the way they're that's the way they're acting I'm trying to convince people there is a method there are reasons for soic hello everyone and welcome to another episode of the noisy corx Channel we have an extra extra episode for you this week normally I don't bring out Peter Lynch that's usually saved for the prince is a Mount stupid thing when we're lecturing people about not dealing with huers and grifters but I think it's important I guess for this episode that I accidentally brought Peter Lynch out because we're going to be going over uh the GameStop earnings report going to be going over in a objective manner we're we're not here to give you a hopium we're not here to uh you know it's it's a no Spin Zone as the the cliche goes we're we're we're here to look at this objectively look at the business potentially things that you know we like we don't like uh not just me but the guests I'm going to have on tonight our usual crew we've got our GameStop offici andado Platinum Sparkles how are you doing this evening hello I would not call that hello our our expert our our paid shill I would not I am definitely not paid [Laughter] either and uh our other guest our numbers Guru Amy here to uh well why don't why don't we why don't we start off with that let me see if I can get I I'm pretty sure I have it pre-loaded here yes yes the second quarter results um net sales were down but you know that was kind of expected you they cut a lot of stores so um surprise surprise sales were down quarter I mean year-over-year uh sgna that one was a real surprise to me that while it was down as a percentage of net sales it was up that kind of surprised me and then probably from closing stores though you know because closing stores is going to make that go up um short term like they even said that later on I'll hold that for later but I'm guessing that's probably what it's from yeah that's that's potentially possible and of course they actually uh made a profit because of their marketable Securities as you can see here on their Consolidated unaudited uh income statement uh net sales obviously down cost of goods uh is is down but you know again they C they cut stores which meant they cut inventory which meant cost good sold went down uh same with sgna um I don't know why this has brackets that usually means minus but like that was an income positive there so I guess that's just like a typo in the I don't think it is though because if you look at the if the interest income like if you go look at the the markable Securities where they have the government securities listed yeah like if you want do you have that up so for accounting purposes they they treat it as a negative but it's a positive onto the balance sheet that but it's not because they the operating loss of 22 and then the 39 that right I mean you have that you have the screenshot of the the marketable Securities not the marketable Securities but of the government securities the balance sheet and I have that but I do not have the marketable Securities I'm G to send it's not marketable Securities it's government securities but they actually uh I think there was a loss on it oh really so they sold some one sec okay we're doing we're doing movie Magic give us one second here sorry August so that would be August 3 let me also get the chat open in case people hey we got K over there on YouTube side nice nice nice nice okay I can share my screen yeah that works that absolutely works you have it I was just going to send it over yeah this is the actual like SEC filing this is where it breaks it down can you see it okay here I put it on full screen here I can see it just fine okay to do anything else though right now so I mean the thing the tricky thing about this is that you have to look at when they added so this is what they were holding if you go back to because they added in May 4th of 2024 they added uh whoops so the here I'll just may send this to you I don't know if you're gon want to pull it up uh what page and then yeah what page are you looking at it's on a different it's on a different it's not on their 10 Q or whatever not on this one okay let me in the group what am I doing here I need to get out of this big screen mode can we like specifically what maturity is that they have which makes it a little trickier to figure out but um that the right one I think that's the right one I just sent it in our group chat there oh in the the the X group chat or yeah so if you look on that one February 3rd look see interest income of 39.5 what are you looking where are you pulling so remember they did did they did do that negative but then here it does say positive yeah that's what was yeah that because if you pull it here let me pull mine up here because yeah like what you were yeah the 39.5 yeah it does show negative on that GameStop what are you doing but then it says 39.5 positive here so not share what's up here let me you were look at the the one that I just sent you so like in it says here like February 3rd is listed here then there's a there's an ad for May 4th which takes their their total government securities down to from 265 million to 60.8 million is that the one I just sent you yeah yeah so from May so from May to August so I was assuming they still were holding the 2 65.3 because that's what they have listed in that 10 q but yeah this is May 4th 2024 and they only had 60.8 million in May but then um what was what was the original um so I have oh okay I have um the cash and cash equivalents and then marketable Securities for right here okay I just threw it back up there well that's that's what they currently have currently for August they have 11.1 so the problem is that we don't yeah the problem is we don't know what they have it like which bomb specific or what yeah what bomb specifically they had and their uh maturity dates so the ones from [Applause] February like if those were different than the ones that they had in may like because it's a different filing so I don't know there's we probably have to dig a little bit deeper and track it back and I I have not done that leg work so but anyway go ahead well I I while you're talking about that I think that brings us to the point is is that I was replying to Jake who said why do you think they drastically redu this one yes marketable Securities getting ready to hop to that yeah so he's looking at February right but if you look if you go back in the filings in may they only they they're only showing 60 so they didn't they didn't drastic reduce it was a an accounting trick is is the way you explained it right where they could basically so any any marketable security that's got a maturity date of less than 90 days is usually written in as cash and it can be recorded as cash um if as long as it matures in under 90 days so it it was either that because theoretically by the next quarter it would have matured Into Cash anyway right so it was either that or it was the May cuz they don't have may listed on this one I'm not sure why they listed these the way that they did yeah they have February this is so weird because they have February June of June of 2023 no July 29th of 2023 That's So Random July right wait so they have February is this what you're showing right now wait which one in in this 10 Q they list August they list July 23 in February of 24 but then is that the last 10 q that you have the screenshot of that because now I'm looking at the screenshot you put in the group chat and I'm comparing no I think this was latest one so is that the 10K yeah yes I think it was the 10K okay yeah and so this one up here that we have now is the okay yeah so it we would need to know like what they're holding and and their maturities to like really kind no but they didn't drastically reduce it like if Jake is looking at February and then looking at August maybe that's you know like or I I don't really know I don't really know what he's doing I mean anyway the point is is that any marketable Securities expiring in under 90 days can be written in this cash and so they did one of the two basically you're saying that they they probably or so they could have held these marketable Securities but since now their expiration date is 90 days or less they're putting them in as cash so you're not going to see it right so but they're but they still have them either either that or they could have sold them also right like they or they could have sold some right I mean either way unless if they're callable well if they're callable they I mean like you hold to maturity I mean you can still sell based on you can yeah you can based on the face value but right they're probably just I don't know why he would yeah they're probably holding them un the only ones that they would trade is and I think they were holding some longer duration at like the 10 but we don't know specifically for sure one way or the other but most of them were short duration and so you would just hold the maturity because selling them doesn't make much sense there isn't much face value gain on like what what did you say it was like six or nine months duration yeah I don't know what they had okay so yeah if if it's shorter duration stuff there's not much point in selling it based on face value just hold the maturity if it's longer duration hold maturity right yeah just get your interest and and get your original but anyway um my point was is that like this is sort of indicative of of how they do everything right they just look at it and they're like they don't I mean Jak is claims to be like the king of research but like the the the the the research is is puddle deep yeah and and he's like I mean I know what he did he looked at the 265 million and I mean even I was like look they had 260 million in sgna expenses so if they counted that the one from February if it was six months it would be expiring wa right about now right so um or or end of August whatever um so they could have written that in to to the cash to cover the sgna expenses I mean there's there's multiple different things they could do or they just didn't have they weren't holding that much they because May said 60 so I know surprised that they're not holding more but whatever it wasn't drastic reduced it it either went in his cash or there's he didn't look back well that's the big thing with it is like if you're not going to be using the cash for something which I think you should be then why not put the majority of it in treasuries but they don't seem to be putting a lot into treasuries it's just I don't know if the yields are that great right now like I well I mean it depends what duration they're getting but we don't know you know like I'm definitely keeping more cash like I'm I have like like short duration like let me let me pull it up really close really quickly here we can take a look at the yield curve uh here I can roughly you want to know the yields well I mean what yeah that that would six month well six month right now well the three-month yield is 4.99 six month is 4.7 I mean we're looking at like yeah the one month is around 5% it's a little little under five for three months and then it really dips off like six month is 4.7 and then it just really sags from there back up to 4% on the long end right so um definitely that's probably somewhere here I would like think three like because if you get in further out like even the six month is really starting to Sag but I mean there's some like places you can still like stash money away at 5% so I mean there's I don't know can't pretend to know what Ryan I mean maybe that's what they're doing instead of holding treasuries they just have it in money market and are just getting interest on that right I mean that I mean like I'm I'm keeping quite a bit of cash I'm not I'm definitely not um as exposed as I was yeah just you know going into Ray cuts and you know things like that like well I mean I've been I I I wouldn't recommend it a whole bunch for something like GameStop but I'm definitely duration exposed so I can just appreciate on the face value we than worry about interest rate stuff yeah but um the other big news out of this week that everyone was screaming about GameStop is uh put out a perspectus for a shelf for 20 million new shares class a common um the screeching was is uh I don't know Platinum you're you're more in the community uh how how like what was the general gist of the opinion as so I was actually like on a live space call while this was going on right we were looking at everything so okay first of all um I'm long the stock so I probably have a bias right so I would I would take whatever I say with a grain of salt anyways you know what I mean but um so when I first saw the 8K that came out my first thought was well because the last quarter of Revenue was literally the worst quarter in their history and this quarter was actually lower than last quarter so to see it start with A7 like rather than a08 was like truly shocking um like that's the worst quarter in their history so it's crazy to see it that low then to see that they're actually that they were profitable was truly shocking like how is that even possible well I was even surprised like I I knew that they had put into like a lot of treasuries and stuff but even then I was like uh but yeah so I mean you know obviously it's not because of sales yeah no kiding exactly so obviously you know no matter what it is like it's still profits right profits are profits no matter what so it's good you know and it's they already just got a ton of cash so when then then they dropped this for the 20 million shares right after and I I I was just really surprised because first of all they didn't even do an investor call right you would think that they that's always been the most trust or anything because that's been like a year almost a year like almost two years going now that they haven't yeah they don't they don't answer I mean if you email investor relations nobody I know has ever gotten a response ever no one has ever answered the phone before like no one's ever gotten a call back you know what I mean so it's like at least have meetings and take questions from investors right like you think they would appreciate their shareholders I feel like the shareholders have done a lot for the company obviously right um so yeah not even to have the call and then to drop this like we need 20 million more shares and I'm thinking for not there's no discussion right like my guess but I'm gonna let you guys go they haven't I was reading what's your guess I mean everything would be speculation obviously but sure what's your guess like my best guess this is the best guess because I haven't like again like you've already said we haven't heard any plans we have no idea what they're guidances what do they plan to do with the four billion they already have and all this stuff but my only guess is if they're only using a small bit of it for treasuries and they're I don't know I guess they've got a Scrooge McDuck [ __ ] money bin over at at the corporate office that they just go swimming in or something with the rest of the cash but like my my only Theory the only thing that makes sense to me is if you think Fed rate cuts are coming You' want a little bit more cash to be able to put to marketable Securities if you still want to have some cash on on hand if you come up with a plan I don't know while sitting on the toilet I like at this point that's the best like most generous guess I can come up with because like you said there's been nothing no it's radio silence yeah I mean part of me wants to think like okay clearly they need it for something or else why would they do it and then part of me thinks do do they just think you know the stock is a little bit overpriced at this price and that's why he's doing it I'm not really sure because they didn't really say I mean they gave us a general idea of what they were going to do with the money before and obviously it's the same you know General very general statement exactly this time too and it's like I do want to see them I mean that's a shitload of money I'd love to see them do something with any amount of money I feel like I haven't seen something exciting happen for GameStop in a while and it's a good time to to do something and I have to wonder like how much of it is like the the plan that Ryan Cohen obviously wanted to do was some sort of storefront H have the digital storefront you know you had player you had the the nft stuff and it kind of flopped and I I can't get inside his mind but the guy doesn't want to talk to anybody so I have to pretend I can try well I looked it up I looked it up and like so GameStop hasn't given like forward guidance since 2019 and like there hasn't been an like a an earnings call since at least Ryan Cohen has been CEO well they've had earnings calls for the shareholder meeting but not for the quarterly meetings I know I mean the last one the last call on the shareholder meeting was three minutes two minutes probably yeah just he said nothing to his to the sharehold holders he took no questions he like he's not responsive on social media he doesn't speak to investors like it just like I mean he's got to start talking like he's got to give a plan for what he's doing with all his cash or people are going to start no not even he has to give a plan he just needs to do something like yeah he he has to well I mean I'll tell you that's all like he doesn't even have to say what he's doing he just needs to Legacy business it's that is what they're doing I mean it literally says even in here so one other thing that I saw in here that sort of to me like in my opinion kind of was a red flag but I'm not sure maybe there's something else going on was that he said um or they said that they plan to cut more stores than they've cut in the past two years like in the next year or so which is going to raise the sgna you know temporarily but in the long run we'll make it go down but also I mean the revenue is going down so what are they planning to do to make that go up that's my big problem is like how many more stores could you possibly cut like because what I'm worried about with GameStop right now is and i' I've seen this with a lot of like these retail outlets where they try and cut costs and it just becomes kind of this debt spiral of the the good thing with GameStop is they don't have this debt burden so yeah they have no problem that a lot of these retail outlets have but at the same time it's like you're kind of trying to TA Chase your own tail there you're just cutting and cutting and cutting and then you're making your business smaller and smaller and smaller smaller and smaller and I yeah and's it's like he's kind of cutting all the fun stuff too like I feel like gameing former was a fun thing and then the way they did it was kind of like trash you know what I mean I kind of figured that was going to happen but the way it happened was really right yeah and so you know I know at chewy they were um you know really obsessed with the customer experience and stuff like that where they were sending cards like where is that sort of um relationship yeah like with the customers here I feel like always been the biggest problem with gam not even the customers he's great to the customers he replies to them on Twitter he doesn't talk to those investors I mean yeah but the customers the employees actually should be number one according to um Bill py number one uh and his presentation and I feel like he's right like if you treat treat your employees well like that's the first step and then the customers matter and then the shareholders are probably last well I mean but yeah I get it but but his investors are his customers true the same what I'm saying I'm saying it as a customer I mean the same with Adam Aon yeah a lot of his investors are his customers that's true and they have no idea what's going on well and that's always been my biggest thing GameStop even before like Ryan con or anyone was involved was it's always been this like corporate monolith that's kind of had a reputation of being like you know G getting returns G giving used games to GameStop was always considered like the shittiest place you could go to get it's always had a reputation whereas that also means good margins right yeah well true but when I've like like worked at Toys R Us where you had like it gets back to some of the things I've said that they should do but like you had like the the trading card events or you had like different things right like this gets back to like be part of the community I think that would go a long way for GameStop yeah like if they just took even like if they had like a investor anything where they we could like give ideas or whatever I feel like it would be I don't know huge because they are the customers you're right yeah especially considering some of the stuff we've talked about I know I've talked about like uh what they really should focus on is since Hardware Sales seems to be the the majority of their income why not have a pre-built game Gamestop PC that's in like the5 to$ 700 range where a g a console would be you build like a gaming PC it's not going to be the hottest thing you know it's not going to be some like some high-end gaming PC I've been saying this for like over a year the same exact thing you're 100% you get 100% of the profit if you don't have to share it with Nintendo not even that like they could sell it in pieces or they could even pay their employees a little bit more you know per hour to put it together for the customer and the customer could pay you know something like1 one thing i' be careful about with the in store custom uh employees putting it together is QC um a lot of like what I've seen like Walmart even had like they did it not not in the store but like did it and they like completely flopped at making their own gaming so oh really if you're going to do it you've got you you QC has to be your top priority because gamers are gonna be straight up your ass if you're all right yeah forget it I'm not say say give up on the idea I'm just saying that if you're gonna execute it you need to execute on it you can't half asset yeah exactly or okay so I feel like that's one of the things they could do so some people you know invested in GameStop or like we don't care about the guidance and that's totally fine I mean that's a totally valid opinion too if you care Wall Street cares about the guidance yeah right that's why no analysts will look at it because yeah communicate that well nobody know what are you gonna write up on GameStop like what what what like sell-side analyst there's no catalysts there's nothing to look forward to there this is why you they give guidance right this is why you do earnings call and and you you give away little nuggets and stuff like that so that like sside analysts will write the value of your stock is based on forward projections and if you can't give even basic ideas of where where your company's headed they can only go based on what your balance sheet says right now and that's look nobody like is Ryan Cohen even excited about gme like can anyone answer that for me right now well he I can't know you don't talk about it I don't care about him selling his shares saying biggest shareholder still so but does he talk about it not really does he ever say like well he did in the um Bed Bath and Beyond deposition okay but I mean maybe there's your maybe there's your game plan guys keep suing Ryan Cohen he'll start talking about the company in deposition I'm not suggesting that he like overdoes it but like I mean go look at any company like go look at get any of the mag s CEOs go look at like companies other companies they're excited about their companies they talk about their companies they talk about their business he should join in with uh Henson W and start signing boobies no no but like if you if you don't want people to think that you're just like dead in the water you got to start [ __ ] talking or just doing like improve the website improve the app like improve it so that it's works perfectly like basically like Amazon like if you want it to be like you know people are buying like Amazon and you want more of a e-commerce uh you know pres then make it perfect yeah and I I think that's that's a lot of the the problem that I've seen because I've I know people who have asked for not used games but like new games and have gotten shipped used games or vice versa yeah and it's just execution seems to be the biggest problem with the online store for GameStop right now um I don't think cutting chobs and and cutting all the way down to the Bone's going to fix that but you know you got four billion maybe retrain your employees and like I I just I feel like money give them some their benefit there you go maybe they'll want to stick around if you do that I mean even if you're just like like you don't have to give away the farm you can but like tell people what you're working on bro like it like he's he puts out posts that says like I'm hiring for this I'm hiring for that or just like what if this what about this idea what about that idea and like like yeah I don't know maybe like I guess there are some some you know me maybe he's afraid to communicate at this point some people were extremely like they are siant and Loyalists and they're they're gonna stay forever and like you better like okay or maybe he just doesn't care yeah or maybe he just doesn't want to continue being sued so he just sh well I think that might be been part of it is just like it's it's been I'm just saying like maybe he's just like buy my stock if you want to but yeah well pretty much like Judge Me by what I'm doing and so that's what I am doing I'm judging him exactly by what he's doing you know if he doesn't want to say anything okay yeah well I I can see scen thing that's part of the reason why you have a CEO so if you're on the board you can just be part of the board in the corner and you have that does all the talking right it seems very much it kind of goes back to my main issue with GameStop right now is is kind of a management issue uh like we we've talked about how he isn't T been talking there's we we've talked on multiple live streams about the different things GameStop can do it seems very much like from the beginning since he showed up Ryan Cohen wants to be the guy that is in control of every aspect but it just doesn't seem like who the guy that they had in a CEO Platinum before was was an Amazon person right uh Matt Furlong yeah Fong yeah I think so I why what why are like I get that he wanted to do like the storefront thing and and and do digital stuff and stuff like that but I feel desperately like this this company needs a gaming person like they [ __ ] chased re Fe off can can we get a gaming person someone who knows gaming I agree because they are like the gaming Market there not really any gaming stores and gaming is huge especially like PC gaming is a giant thing that they need to take advantage of in my opin or or even like some of the other stuff they're venturing into like they they've had trading cards for a long time to my understanding they're now getting into like the the used kind of upkeep Market which is a little risky you know doing the like you know based on the value like Trading Card stuff but like there seems like a missing piece of the puzzle when I always talk about this is then why aren't you doing like gaming events at your store like trading card like tournaments and it seems like an easy way to get revenue and it just like like this is something that like you and me platinum and other Gamers would be just like that's off the top of our head that's really simple but like exact at GameStop what yeah they should ask the employees like I'll bet they're like real Gamers they're the ones who can actually tell them you know what to do they should be surveying their employees all the time yeah and so I like like even their earnings is not that much to talk about right you can talk about the sales decline like I mean since like over the last roughly decade they're they're down like over 50% sales decline so like they have a bunch of cash and they do have a crap load of money that's for sure CRA of money way more money than I rais more and of the end them back around to what are they thinking of doing because they won't tell us we could only basically go on like what would be good in their Market space and but yeah so cash flows provided by financing activities were an inflow of you know three billion uh 3.05 you know million they got they have like that's all you say about it listen compared to an outflow of 5.5 million like that is absolutely incredible that they were able to make that much money and then also make more money on top of that and the stock is still trading out you know about $20 um probably because people are thinking this is so much money and they can kind of do a lot of different things with that so is they continue to get this radio silenc we going to see what happened yeah people are mad about that last year it's just going to drain all the way down to book value and I mean I would be mad about it I mean it's not gonna like it's at least worth its cash value right which is somewhere between around where it was December of last year around the $10 range I'd be a buyer just based on Book value but that that's a little different I'm not so much buying because I think that the the company's revolutionary just it's trading below Book value that's that's an easy value trade um the issue is is that like it's just like like I was saying like what good is there to say about it if like we don't know because you're not telling anyone right like people like oh you just hate I don't hate GameStop like what do you say about GameStop at this point that's always the thing that I get it's like I don't hate the company I just would like to know something yeah I really like the company like I would love to be able to do more things at the store you know I like shopping there anyways like I've always loved to buy my kids games I like to PC game so let's [ __ ] go like make it more fun make I have a GameStop in in the town that I live in and it would be nice if it was a a gaming Hub because Lord knows the town that I live in needs more of those yeah right you can have like your Dungeons and Dragons night I would love together my friends do some world of Darkness costume up in tuxedo and that's like also free marketing too because people are going to post that on social media like I have no idea why they don't take advantage of that all the free marke right exact Community is not as big as like the general Gaming Community but if they knew that there was a place where they could hang out they would be there all the time and spend a bunch of money there like if you even had like the Warhammer 40K like figurines say like you had one night where you had one table it's like you know if you buy the set we'll you know set stuff out so you can like paint it and everything so you get The Upfront cost you make a little bit of a you know deduction from that to and you know it like it's just I I me they could make it talk if they tag GameStop or whatever like uh on social media you can get um some like U membership points or whatever some Pro points to get money off you know things like that yeah there there's there's all sorts of things they could do and I just I wish there was more there the the the only one other thing that I think yeah that I have really on my list is uh this one dealing with the whole pipe Hey look it's Michael like oh God talking about like what was this gobbly goo about because I happen to see it hold on go back up what's at the top let's see two point okay oh yeah would put him at uh okay yeah 44 M24 ATM is just P 9.9 literally means the market which means the entire Market is buying not just one person so that's where he's already wrong I just want to like is he talking about Roy Kitty owning 44 million shares yeah he doesn't own anything probably he I don't think does I think he sold it and bought chewy but regardless well now he's dropped chewy if if the Tweety made Believe 44 million shares would put him at 99.9% and would cost him 741 million to get as many shares as possible without becoming an Insider like why why are you talking like I mean whatever the last the last line is the best part so I'll just leave it to you wait all the way at the end Michael bothers the [ __ ] out of me really uh things have been confusing lately but Ryan Cohen sucessfully did successfully crystal ball name of the iPhone 16 you have to read it the way he wrote it did successful the name successful crystal wall the name of the iPhone 16 so I think everything is going according to plan I think there will be a lot of other things that very soon he will be able to say I called it like iPhone has never had another name other than iPhone and the number like they don't understand that he's just [ __ ] posting they take it way too serious it's crazy well because they have nothing else to talk about it's like when they're talking it's like like the post that we that you were showing me earlier Amy where you they were showing like the the the rule 7.1 thing of the Ryan of Ryan Cohen in that one lawsuit for writing Coe Adventures it's like yeah duh it's his home office so of course no one's gonna have any percentage ownership other than Ryan Cohen it's like and they're like with the eyeballs saying it's like these people need to make up [ __ ] because either a they're too [ __ ] stupid to know what's going on or B they have nothing else to talk about other than these idiotic tidbits that to the rest of us just while you're at it happened yeah I mean somebody asked in the chat like did you guys already get to the BBQ stores reopening I mean here's the thing about BBQ stores reopening okay first of all it's not BBQ it's beyond and Beyond is bringing I think they're going to be like popup stores is what I'm thinking that they're going to be and it has absolutely nothing to do with bbby it's beyond who owns the IP and the brand and everything so it's not it's not your magical you know return of your shares it's Bed Bath and Beyond belongs to Overstock or Beyond Inc and that's what those stores are it has absolutely nothing I just bought a recliner from my grandparents from Bed Bath and Beyond do you know that they make recliners that also if you push up they like help you oh my God I did not know that until recently like literally the second I found out I was like oh my God we have to get this I'm like this will be so great like my grandfather's gonna love it he loves it so yeah I got that from Bed Bath and Beyond well you got that from Beyond Inc but I just like I like I did I send you guys the screenshot of the P the the the guy who listed like I don't think I sent it to you guys or you guys would certainly have said something here I'm gonna send it um it's just like like I I don't even think it's cognitive dissonance at this point because it's no secret that Overstock bought the IP right because they own the brand on is this the one about them saying that that like that comp committing basically fraud by saying no not even that not even that this is they did an asset sale right and the way the asset sales work is they have to go in front of the judge and ask permission in order to buy it and anyone is allowed to object to the sale in open court and only after after the judge decides it's okay is the sale allowed to go through it's all very public we all this but like why do they why do they deny that it I don't understand this like because it feels bad man I know but like like this this the the post about the stores and like what Beyond is doing like for them to like they were celebrating because that feels good celebrating celebrating for the Beyond holders by n they're bullish for them this is it this was the plan and then and then Jake posts that post that says like maybe this was part of the plan all along that's why they that's why Overstock only paid 21.5 million because it was always going it was always they always had the structured plan and I'm like that's literal bankruptcy fraud did you not see my post that I no I haven't been like online all day so okay probably the best yeah no K you you can pull it up noisy if you want but like H I'm not too I like I want to say some of that stuff for Saturday because that's more Saturday related stuff okay oh yeah that's right this is a GameStop situation right yeah well it's an extra extra some of the stuff that I kind of wanted to go over is just like I I I guess given some of the like uh let me let me see if I can find here uh is this what I was looking for yeah I think this is it but like some of the stuff I was sharing like maybe the reason my GameStop's being kind of conservative right now is is more to deal with like the sector in general because we have to also like GameStop is a consumer discretionary in fact they're a specialty retail outlet like that's even worse because you have a very Niche part of the market that you're working with and like the vast majority of bankruptcies that we've seen this year we already have 346 have been consumer discretionary um so and that's only in the first six months so from J January to June and you know we had two months since then um you know we the one of the videos I just did on my channel um was was Big Lots and you know Big Lots I think their problem you know originally thought it was Co but they were doing kind of okay during Co I wonder if their their situation was more like yellow where you know after the reopening everyone's like oh the econom is going to Spring to life it's going to be crazy good you know and so they sort of bought into that by leveraging up the company I mean that's what got yellow into bankruptcy um they bought a bunch of new you know semis and everything and thought they were gonna have Bonkers business they didn't they went bankrupt last year you know I mean big CL has always been like a [ __ ] store like I mean it's like well but they've they they've done fine like I I wouldn't call it a crazy good business like say like a store along that that same sort of area like you know like Dollar General has been much better than Big Lots has been as far as business but all of them have been struggling all these retailers have been having a rough time because the consumer just is tapped out and so maybe just that that may be part of why GameStop is just kind of in this holding position we're just going to collect cash also yeah why they also more potentially they're also but they're like we want to be able to at least last 300 years at this cash bur but they're currently paying out $400 for PS5 so I mean that maybe that's Ryan Cohen's plan like GameStop will be a CO a cockroach after we're all long Dead and Gone G his uh interview with gmed he did say that he would rather have an e-commerce website business than a retailer like a brick and morar retailer so I don't know take care of that yeah maybe that's sort of what he was planning on just well I mean it did what's the plan here like just slowly take out the stores and then I know I don't know I don't they're not going be they're not going bankrupt and I I don't think he wants I don't think he wants at least GameStop the brand to go away like I think he he's maybe just I don't know maybe he's just trying to move away from brick and mortar but I don't know I just I mean that could doing any of the stuff that we're thinking of but I just uh I just think stores uh like even a lot fewer stores would be fine I mean I live in Massachusetts and there's a ton of stores around me um but if they did fewer stores but also had more employees work at the stores because I know they have a lot of um single less like a like like sort of like um gosh uh I'm trying to think of the place like a like a more like a not like a big box store but like a a big specialty gaming store where you had specific employees for each department and it was a bigger store but you had a lot fewer of them so you could utilize the floor space to be like you know some of the stuff we talked about gaming I think I think you should put one of those Italian stores in like the big cities like Los Angeles and Houston and New York and like put pick you know really like big cities stick them there everything else goes online I mean that that could be the way to do it is like you have one or two stores in these big cities or maybe a few depending on the size of the city and then for the most part you're you're an online I like I can see that and then having like sort of these like game your stores are more like a gaming event I mean all online right Chewy was just wasn't online business well and also like like the story with Chewy is a little weird because it it's profitable Now isn't it right but there was a lot of struggle to get it profitable like Ryan Cohen sold it on to petmart PetSmart had trouble figuring out what to do with it and spun it back out so um online retailers like you can have like an Amazon or like you could have a setup like the Walmart setup where they have an online store but they still have their retail footprint uh it really depends on how you want to do it and not all the time is a zero store footprint totally online like Amazon necessarily a good outcome it really depends on what you're doing what but you know what the game plan is and again have no idea what the [ __ ] game plan is well I think you have to I mean you have to take into account that things are shifting online I mean the the new PS5 or the new PlayStation's coming out is oh for sure software the pro isn't the pro all online yeah the thing separate right the the disc drive thing yeah most of them are getting the disc drive like like software like I I will like my PC down here like the only media drives it has are for USB ports there are no Optical drives on my PC so uh yeah I think you have to like you know this is kind of like like Toys are Us they they struggled to compete with Amazon when when things were starting to go online the biggest problem with Toys R Us was not necessarily the no we I don't want to get into a Toys R Us conversation I'm just saying out into the I know like I don't want to get into this I just I'm just saying but they also did not keep up with the fact that that things were going online like a good example of of like a retailer that has kept up is target target has kept up in lock set with Amazon like when Amazon went two days shipping Target wasn't very far behind when Amazon started doing one day shipping in same day shipping targets right they're right there with them kind of in L I'd say Walmart's done sort of the same thing too and they've realized that they don't need to beat Amazon being second place to Amazon is perfectly profitable but and they have you know then they have their shipping options like target has a shipping you can ship to your home you can ship to the store and Walmart has the same thing and now and Amazon didn't have that and now Amazon has that they started to to have like it's not like an Amazon store so much but there's like yeah Shadow sorry to interrupt you you will be able to watch it back you can either watch back on X or on my YouTube channel either way I think it's am I streaming on yeah okay anyway um so I think you if you if you don't if you don't keep up with the the world changing around you you will get left behind like my kid has the series X I don't know if it's an X or an s or whatever um XBox and he has not a one Xbox game like physical not a one yeah and and like I I really think that because of the price of PCS you can make a very competent PC system that's in that console now you have to compromise a little bit on components and get used ones probably or older SKS but still you can make a comp comparable PC and I I I think there's still a market for that like like we were talking about Platinum where you know you know if if they could make a pre-built PC I think that would be a good way to to steal some profits and they could sell it on their online storefront too confirmed it is an Xbox x yeah my kid has an X he also has the 360 and but he has a bunch of actual games yeah the only console I own is a switch oh I also have a switch I have a switch I have a switch I have the I have the OLED one I love it I'm gonna have to play Mario Kart one night yes hey I love Mario Kart I love Mario I haven't played Mario Kart in Forever that'd be really really funas I literally i' also got Mario party if you're that my daughter has one my son has one and I have one because we're like yeah Gamers Gamers may maybe now that I know that I can get some some people to party with me maybe we can get Super Smash Brothers I have that too I have that because someone told me I should buy it but I've never even opened it because play Mario Kart exclusively I love Mario Kart so much my son and I play Odyssey too and we got that Mario wonder and like it's kind of fun I don't think we've spent enough time like going in but um um yeah I love Mario Kart and four Swords adventure for switch because I think that would be a lot of fun now we're getting really off topic we're about to have to start like a gaming channel uh well I mean I was thinking about that would be a nice side project you know other thing they should get inou stocks like pre market yeah like GameStop is really just missing out I feel like like they have so much opportunity to use their name to their advantage everyone has heard of them like what are you doing there's so many just different gaming things going on and look if he doesn't like I mean I don't know they maybe they could look at like a franchise model like they don't franchise currently right no yeah so I mean like if you don't want to own the stores and like I don't know maybe look at franchising and like let Gamers open GameStops yeah you know like I mean you have to have like a framework for and and like you know stuff like that but like it's maybe see some interesting GameStops because we got a place in the town I live in called spawn in which is basically like this like gamer hangout and they have like milkshakes and alcoholic drinks and everything come in and you do all your like you know gaming stuff there and yeah I mean like he could go in a bunch of different directions and like you know they keep talking about like acquisition acquisition I don't think he's interested in a he doesn't even want what he has I really think that four billion it might be if they can settle on some way to do GameStop like maybe it's Le it like still have like the sales stuff you can move most the sales online but if the actual like storefront online was your sales and they could go to the stores but the stores was more experiential if you know what I mean like you go there to get the foot that's what I'm saying like why wouldn't like let turn it over like not turn it over to Gamers but give like like the real serious Gamers an opportunity to like have their own and like I mean that I guess that's just like the entrepreneur in me but like I think that would be awesome would be fun they do bars and stuff I like that idea and board games on the table yeah exactly exactly and you can make it like kind of like DIY and fun in like a place where somebody wants to come hang out or have a bar I mean like yeah you'd hold Pokemon tournaments while you're there EXA do that like that's what I'm saying like if it's all about Gamers and it's all about like power to the players like really give it to them yeah GameStop Pro memberships on gaming and drinks and all that well I mean that's pretty much what AMC does right like they give you discounts on popcorn and all that crap like they could do you know and that that that's the way theaters have kind of gone is if you want to go there to experience the movie you can but they have all these premium add-ons that you can do and and and really change the experience and that's why I think that like you can have the like like I said the online sales you can have it you know deliver to the store but like have the actual experience of going to the store be more of an experience thing rather than just yet another retail outlet right exactly because people buy more when they actually go there I feel like well and like when we were talking about the trading card thing where like if if you're you have the Pokemon tournament there and Jimmy beats Timmy you know Timmy is gonna want to get some new cards you know exactly I think we we beat this to death finally I know right yeah like I said I didn't think this was going to go much longer than an hour in fact I think we're right on an hour yep that's game Q2 that's it profit like I I I only I don't know if we'll do this for the next quarter but like I think there was some definitely interesting things to talk about at least with this quarter with the the offering and yeah and then the Securities being moved around to the cash and you know the revenue being down so much but then yet you know a bit of a profit so yeah there was a lot of different things going on still see get out damn them kids but like sorry I don't like want them on camera I like I got got them Chick-fil-A I don't like let them get Chick-fil-A very often so I got Chick-fil-A and like they're like standing there like a bunch of puppies they're like I'm like it's a good thing we're wrapping up soon then one but like uh uh like I said like um I I I don't hate this I just you know there's so much potential that feels like it's being left on the table and be nice the CEO would say something but uh you we don't know what the potentials being left on the table because he doesn't he's not talking so well he doesn't have to say anything just do something just do something and then we'll we'll just watch him and judge him by whatever he's doing that's all just something any can do um we we'll we'll catch you folks Saturday for our Regular Show yes oh oh oh one thing one thing while I I have you here we have a book club I'm gonna PP the [ __ ] out of this I have mine we have a book Caesar's palis coup um if you can join us in reading this over the month at the end of the month last Saturday of the month we'll probably have to rearrange princess Mount stupid but last Saturday of the month we will be having a panel going over this book we're going to be starting to do more of that going over Financial books helping with the education side when it comes to some of these these cool stories what what can we learn for the purposes of our own Investments and and learning I you know what let's let's get this started let's have some fun I think it's like I finished it already um I think it's a really good and interesting story but we'll we'll talk about it at the end of the month but um um any any any teasers you guys have from what you've read to to get people oh some good chapters one good chapter is shell game uh another good chapter is don't go chasing waterfalls it's a great bankruptcy analogy yep oh um but yeah it's it's it's I think it's a a really interesting book it's a really eccentric bankruptcy like this is like wild west of bankruptcies um well it's private Equity like literally Apollo Apollo Apollo in a duel over it yeah so um