00:00It's Benzinga, bringing Wall Street to Main Street.
00:03Michael Burry disclosed that he has been buying shares of GameStop, according to CNBC.
00:08The investor, made famous by his bet against the U.S. housing market ahead of the financial crisis,
00:14called the investment a long-term value play rather than a bet on renewed meme stock speculation.
00:20In a Substack post published Monday, Burry said he expects to be buying near one-times tangible
00:25book value and cited confidence in GameStop CEO Ryan Cohen's governance and capital deployment.
00:31He acknowledged GameStop's struggling core business, but said Cohen has raised billions
00:35through equity offerings, leaving the company with a large cash position.
00:39Burry also commented on GameStop's Bitcoin purchases, saying he cannot argue with the
00:43results so far.
00:45Shares of GameStop rose more than 6% Monday following the disclosure.
00:48For all things money, visit Benzinga.com.
Comments