GameStop Trading Craze The Week Underdog Stocks Took On Wall Street

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The three page letter arrived at GameStop's Texas headquarters 18 months before the company unexpectedly emerged as the hottest stock on Wall Street and the latest symbol of a widening populist revolt against entrenched elites. 

Investors had pretty much given up on GameStop when Burry, who had made him name battling Wall Street's biggest names, identified overlooked value in the video game retailer. Failed acquisitions, lacklustre management and customer's preference for downloading new games rather than buying them in stores had shaved nearly 70% from the share price. 

But with GameStop trading near its all-time lows, and sitting on roughly $480 million in cash, the board could easily buy back most of the outstanding shares. That could triple the financial payoff for shareholders, including Burry whose investment firmed owned 2 million shares. 

In a nation roiled by us-against-them politics, the GameStop saga has emerged as a morality tale, ostensibly pitting an army of commoners against an arrogant financial elite and fueling an anti-Wall Street animus that has simmered since bank executives more than a decade ago escaped punishment for their role in triggering the financial crisis.

The episode has raised questions about whether the financial markets have one set of rules for deep-pocketed professionals and another for the average individual; where democratization of finance stops and recklessness begins; and whether regulators have failed to police or even understand social media’s effects upon markets.