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Strategies & Market Trends : The Art of Investing

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Dec 18 4:00 PM EST

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To: Sun Tzu who wrote (5157)	8/18/2022 1:02:37 AM
From: Sun Tzu	2 Recommendations of 10701

We thought that today's story about Ryan Cohen filing to dump his entire stake in Bed Bath & Beyond (BBBY) after sparking a massive gamma squeeze using deep OTM call options would be the most absurd meme-related story of the day. Boy, were we wrong. In a late Wednesday article published on the FT which at first (and second, and third) read comes across as a cross between absurdist satire and a PR puff piece, we read the day's feel-good "riches to riches" story in which a 20-year-old university student, Jake Freeman, who is an applied mathematics and economics major at the University of Southern California, managed to accumulate 6.2% of the entire outstanding stock of Bed Bath & Beyond at under $5.50 share (did we mention he is a 20-year-old university student) amounting to $27 million, which he announced in an activist 13-G letter to BBBY Management on July 21, 2022, and less than a month later sold out of his entire stake - thanks to the insane gamma squeeze in the stock - not through some prime broker but through his TD Ameritrade and Interactive Brokers accounts, making $110 million in the process! Continues at zerohedge.com

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