Martin, we've got DFV still in his position. What do you think about that? All right, I'm gonna tell you like this. All right, I haven't told anybody this, so this is some exclusive information, and I haven't been able to prove it. I think

he's faking. I think he's lying. I think he's faking, like a Chinese Jamaican. I don't think this man is real at all. I think that this money that he says he's made is not real. Uh, I know I sound like a super

hater right now, but I don't hate the man. I, I, you know, I hope he's made all the money in the world. There's just one problem: I don't believe him. And those screenshots, I mean, he showed you himself editing HTML; he literally did that on his

That's fair, Martin, but the open interest is still there on the options. Yeah, there's a lot of open interest in GameStop. It's not uncommon. Right, understood. I mean, what's his game plan at the end of the day? Execute them. What

the heck can you do at this point? I don't know. I just think very few people in the history of the markets have made that much money, and he lives in the highest tax jurisdiction. He trades, which means he has to pay about a 50% tax rate.

So, can you mute your microphone if you're gonna mess my ears up like that, Warren? My bad. Thank you. Um, so he lives in Massachusetts, which is one of the highest tax states, so he has to make—he has to pay 50%

taxes every year, so let me get this straight: he goes from 30 to what, 100? Okay, well that's a $70 million tax bill, so now you're down to 65. Okay, then he goes from 65 to 165. Cool, that's a $100 million tax bill; you're down to 15. So he goes from 115 to 315. Okay, 200; that's a $100 million tax bill, that's down to 15. So he basically had to double or triple his money every year for the last three or four years. I don't believe it.

You know, either that, or he's the greatest [ __ ] trader of all time, and now he's all in on GameStop, which means he's not the greatest [ __ ] trader of all time. Doesn't make sense. This is a terrible

tra… I respect that. The only thing that puts me in a different mindset a bit is watching his old YouTube videos. The guy's got like seven or eight hours of just nerding out on Excel documents and everything. On like, every single man building in Manhattan is full of 6,000

people that do that every day. That's nothing special; that's like the standard for a professional. Like, that's not very unique, is it? Not yeah, I don't… I mean, not at all. And a lot of these guys can't make a dollar, let alone triple their money every year.

It's just an impossible thing. And listen, if you tripled your money every year, cool; you figured out Nvidia before everybody else. All right, the last thing you're going to do is say, "Man, I just made a quarter-billion dollars," which, by the way, I know how hard it is and I'm

Gonna, you know what I'm gonna throw this all away by buying this [__] stock. That sounds awesome, you know, like who, like he would, he'd be better off never forgetting the name GameStop ever again. He'd be better off forgetting it like...

There's nothing special about GameStop today, by the way. It's like that's why it went all the way back down; like there's nothing there. That's like, if I'm him and I have this divine ability to make money, whether it was Nvidia or something else,

he somehow 10x'd his money and paid taxes on it, and then doubled it again and paid taxes. I don't know, you know. Oh, that's fair. I think he's just faking. I think he's faking screenshots. I say there's, there's a thesis that he's a, that he's a

plant, and his, his whole entire, uh, reasoning for existing is trying to extract money out of retail as much as possible. And there was an angle that wasn't being used yet, which was social media, Twitter, Reddit, and uh, it's the big wigs that got that.

He's basically a plant; he's acting as the nice guy and the savior of retail. I doubt it. Arkham Razer, my friend Arkham. Yeah, I think it's simpler than that, and I think he, he, it's 50/50; he, he

goes to a big house. Something smells about this. Imagine if he didn't pick a [__] Co. to throw his cult at. Imagine, I, I hear you, but I think there's something weird here; like it just doesn't add up, and I'm not

Saying, like, I have all the answers; and I'm not saying it's not possible, because it is, but I'm saying that it doesn't add up to me. And, like you said, aam's Razer is that: one, he's faking it;

two, he's done something monstrously illegal, because it's very hard to triple your money every year. Um, they're just, you know, it's just beggar's belief. Like, I, I don't see the route that he could take to do it. And I believe it more if I knew what he

was doing over the last few years. I believe it more if there was more transparency around these screenshots, which, again, I'm not sure I believe either. Um, there's nothing in his background that screams to me, 'a guy that's capable of,' you know, 'to reach 200 million.' Like I

said earlier, in wealth, you need to make about 400 million in capital gains because you're at what, 30-some-odd percent, high 30s, depending on the year. There was like this Obama-era charge; it's like high 30s, low 40s

for capital gains, federal; and then Mass is another like 5 to 10%. I, I don't live in Mass, but it's not a low-tax state for capital gains. So you really do have—he really would have to make, you know, basically 400 million in capital gains to

have 200 million to throw into GameStop, which is what he allegedly did. And now I have met so many traders in my life, including literally the best traders in the world, and needless to say, nobody's ever done that. One, and I'm talking about—you name it—Steve Cohen,

[...] any of these guys, like guys that work there, guys that started their own funds. I know people have gone from zero to like 50 million, um, and I'm talking trading, not entrepreneurship, which you can do. Entrepreneurship, like, is just, you know,

like Palmer Luckey didn't have any money and now he's worth five billion or something, right? So like you can do it with entrepreneurship, but trading, trading alone, I really never heard of it. I mean, I'm I'm trying to think; usually what happens is a really good trader, okay, has

let's say they have um, and maybe this is how he did it, maybe this is how he did it. This is a decent theory right here, okay, and this actually may satisfy Occam's razor better than calling the guy a fraud, which I'm just thinking out loud.

Okay, so he does his thing, GameStop goes up a bunch, maybe he made a couple million. He gets a message from a hedge fund or somebody that says, uh, what's his name, Keith Gill, right? Um, Mr. Gill, I work at Citadel or I work at

whatever, name your firm, Millennium, and we have a problem. We have a lot of capital; we don't have a lot of talent. Can you please take this $500 million and manage it, and we'll pay you what a hedge fund pays, 20% whatever it is now.

It's hard to believe because the guy doesn't have any, you know, um, track record. His messages on WallStreetBets don't reflect an investment genius; they're pretty mild, mid-kind of value investing wannabe. They're not some amazing, you know, genius; it's not Ben Graham, but

Let's say that happened. Let's see, he doubled that and he got a bonus that was substantial. Even in this extremely unlikely scenario, you still don't get to the number you need to get to. And that's using the leverage of other people's

money. So it's a pretty hard number to hit. But again, I'm not saying it's impossible, but maybe that's how he did it.  I was about to say the only people I know who have gone from a small amount of money trading to a large amount of

money trading are people who joined a fund, which is where there's money, and they traded the fund's money and they got paid. And even those guys, man, like guys I know that are billionaires from trading, their first like 10 years it took to make like $100 million or $200 million, they didn't

you don't get that right away. And to believe that this guy made like half a billion by himself, no outside capital, I just don't believe it. There's something funny there. And he's not... it's not like he's showing proof; screenshots aren't proof, right?  In SEC

filing, uh, 1099... you know, 1099.  Not W-2, obviously; it's ordinary income, but some kind of, you know, 1099, I guess, capital gains statement is the proof. Now you can't go into his E*TRADE account and click around, can you? Um, so

him posting a screenshot doesn't really give me the belief. And again, what really kind of gave me an alarm bell is the 'inspect element' stuff. Because, you know, JavaScript, HTML... a lot of you are... and uh, you right-click, inspect element, you change the HTML.

He's like, "I'm going to take... Did you guys see that? He said, 'I was going to take the Eade logo off,' and he took... Did you see that? It was really weird. I was like, 'Huh, that was sus.' So this guy, yeah, he was... He's editing the screenshot literally.

editing the HTML right there, and I'm like, "Oh, you're good at editing HTML, huh? I wonder..." Because like, you can't make the squeeze work if you're just roaring kitty. If you disclose this massive position, maybe you think you could squeeze it to 100, but

that even that didn't work, whether the position is real or not, his or not, I who knows, but it's not working either way. If so, with all the power of that, it's not working, so I don't know if this man wasn't involved at all, just a total

deletion of him. What do you think about Ryan Cohen in general and a turnaround and what he did with Chewy? What do you think of the man? I mean, I... I think it's definitely possible that he does a turnaround, and it's... it's an exciting possibility,

but we as investors, our job is to pay the right amount for exciting possibilities, right? We don't like Nvidia. When you buy Nvidia stock, you know that the future is exciting and bright, and you're paying a huge premium for that. When you buy uh Best Buy, you know that it's not that

exciting, and you're paying a real, you know, discount for cash flow there because it [ __ ] sucks and they can't grow, and it's just a shitty company. Uh, same thing with Pfizer. Pfizer is the least exciting business on planet Earth. You

I know it's they have a shitty pipeline, terrible management, and the stock's trading for very little on a cash flow, price-to-cash-flow basis because it just sucks. But Lily has a great management team, great drugs, a great pipeline; you pay a premium for that, so for

GameStop, the question is, are you paying too much of a premium? Are you paying not enough of a premium? You're paying a big premium for GameStop for Ryan Cohen. It's not like this is a $3 stock, you know. Um, so you, it's a, it's like $6 of assets

and we're paying $24 for it. So a big chunk of it is Ryan Cohen already priced in; that he's going to take that six and turn it into 24, which honestly is a pretty big if, um, but hopefully he does it. If you were, if you were in this

position, what do you, what would you personally focus on for like the gaming side? And what do you see as their best potential avenue for investing? This dilution they just took on, I don't know. Um, I think he, he has his work cut out for him

because everyone wants to do an acquisition. Private equity has trillions of capital; they're all looking for the same deals. Um, the markets are good, so like sellers will sell at fair value; they're not selling at discounts. Um, doesn't mean you can't find something great. You know,

good managers will find something great in any market, anywhere. But I don't know, he needs to do something. Uh, uh, I don't know his space, so like I can't tell you what company's the right one to buy, or like what, but like he's

Got to find a company in his space that's worth five billion, that's trading for one billion, and buy it. And if he can do that, everything and everyone will be fine. I know, like, VR hardware seems like...

Martin, I've got a question about private equity. Okay, just one at a time. All right. Um, so I'm assuming you've heard of the investor Howard Marks?

See, I haven't read all the memos, but I'm okay, familiar with them. Yeah. So essentially, the most recent one, which is I guess written about a year ago, a year and a half ago now, basically talks about, you know, lower cost or higher cost of capital over the next 10 years and whatnot, and how, you know, we've gotten very used to this

environment, and he thinks, you know, sort of the end term of this is just a contraction in private equity returns. And I'm curious to hear your thoughts on that, just because it seems like, you know, especially at the elite level, we've seen 30% IRR and, you know, they can arbitrarily value

these companies at whatever they want. So I'm kind of curious to kind of see where you think this is going.

Oh, it's been a great business for a long time, right? Um, I, I do private equity in a, in a different, I guess I did it in a different sphere, which is healthcare or really pharma, and now I'm doing it in software. I'm, I'm out there trying to buy software companies, so I love the space. But if you look at the software PE world, firms like Vista, um, which I would argue is even

More successful than Oaktree, Vista, and Thoma Bravo.  They do exclusively software PE, and these guys have crushed it. Those types of returns, absolutely 30-40% returns.  Shitty old software companies, two-time sales, leveraging them up and killing it. So, uh, I think that

it's not necessarily going to come to an end because of rates. I think that, yeah, I think it's going to come to an end because of competition. Um, you know, but he's been going strong for a long time, man. You know, I know, well I know, but

that's exactly his point, right? It's like if you accept it and it, you sort of think it's reality, but when it, but it's really not, you know? It's just, it's sort of artificial because you've seen a 2000 basis point decrease in rates since

1980. So it's just, I think he's a little jealous. Um, yeah, he's a billionaire. They're not a big, well they're not a big PE firm. Yeah, yeah. Made fixed income, yeah, more fixed income, right? So yeah, I think maybe he doth protest too much.

Like I just feel like there's, uh, every time somebody's making a ton of money, I get, I go to the player haters' ball. Yeah, and if you haven't seen that Chappelle Show, it's, it's great. But I have. Yeah, player hater of the year. I, I exactly

I've been nominated. Johnson, I call my buddy Silky Johnson. Might be a bigger hater than you, man. I've beaten Sil five times. Yeah, the biggest hater. You, you made 200 million? Fake, fake screenshot. Um, I'm just a [___] deep.

Hater, deep value hater. You know that's just the hater in me. Like, you... you made that much money... you, it's fake. Prove it! I still don't believe it.

I don't either. I just hate you. I hate your guts. I hate everything about you. I hope you jump off a bridge and into a car that goes... that crashes before it hits the water. That's the kind of hater I am. All right, that's how I feel... you damn... that's hateful. Uh, I need to...

[Music] Um, I don't know how to do this. Let me see. Maybe you could be my co-host, Lucas, because I have to invite more people up here. But talk if you're on stage, because otherwise you could be listening just fine. Hey Martin, what's up? What's up, man?

Deep value is totally full of [expletive], um, or at least a little bit full of [expletive], but he's representing or trying to portray that he's not full of [expletive]. What

kind of legal repercussions is he facing for basically [expletive]ing like 850,000 people on a live stream? I think he... so the more I think about it, I think he is. I think he's faking the whole [expletive] thing and it's

just a huge troll. Yeah, look at... look at this guy. He looks like a [expletive] guy that made $500 million trading. I'm sorry, but like, I really just don't buy it. It doesn't make sense. Guys that do that...

Again, I got a little sidetracked earlier. Let's say it's true, right? You make $500 million trading, and I know guys that made a fraction, like a tenth of that, and they're supposed to be the best of the best. I'm talking about in a

short period of time, by the way. You know, give a guy 30 years, you can make billions trading, but I'm talking two or three years. This is hard, man. It's really hard. And so let's say he's that guy; you

what you would not do, because it's so hard to do that, you must have found some really amazing couple of series of trades. What you would not do is go to GameStop again, right? Because it wasn't GameStop that got you to the $500 million.

Pre-tax, $200 million post-tax. It must have been something else. Yeah, a lot of us in the community are speculating the only way he could have done this is if he got on a ride like... yeah, but you know the biggest fraud about it: he gets in at $21, yeah, it goes to $60,

and he doesn't sell. He tripled his money and he doesn't sell. Like it doesn't make any sense. You're in on the most volatile stock and you're $700 million in profit, and he doesn't sell. Well, I would argue he couldn't sell because

he'd be accused of squeezing for a hundred. That's the most ridiculous play. Well, it all—none of it makes sense, right? But if I'm him, if I'm his lawyer, I'm calling up and saying, "Keith, what are you doing? If you sell this thing, you're going to jail because"

You're Mark, you're Mark manipulating, and that's assuming everything's kosher here. He has the real money right now, or somebody pats him, taps him on the shoulder; a friend of his says, 'Keith, I saw what you're doing in the news; you know this is market manipulation. You can't do this because literally you convinced a whole lot of people, whether you wanted to or not. I know you; it wasn't your intention; you got a bunch of people in this stock.

If you dump it now, what's that going to look like? It's going to look terrible. Yeah, I mean, yeah, I guess they could get him like that. Oh, sure, market manipulation; they would love to try it. I mean, they may not, but why would he live where he lives?

It's 50% tax. He must be the biggest idiot, well, unless obviously he has shell companies or whatever. No, I doubt it. I mean, this whole thing just stinks to high heaven; like, none of it makes sense. Way too dumb to be making...

That I agree with. That troll, like the trolling is, he literally didn't even know that the halt lasted like a couple of minutes on the New York Stock Exchange. He was literally refreshing it like five seconds after the halt and he was saying, like, 'Oh, it's glitching out; it's

glitching out, mate.' It's not glitching out. Well, that may not prove anything, um, but I hear you. He literally doesn't know the basics; it's ridiculous. I think the whole thing is a fraud from the start.

We've been... maybe that's Cohen's position; he's holding. Could be, could be, could be... Well, Cohen would have to disclose because he's an officer/director, so it couldn't be Cohen. Uh, couldn't be Ryan. Okay, I guess then the play would be that...

They're just using him to pump and dump, possibly. I don't think so, because the company didn't need capital, so why commit a crime for nothing? I think he's just taking us for a joyride; this is all nonsense, all [redacted]. He doesn't own a [redacted] share.

So he's just a psychopath, that's it. Psychopath. I mean, you know, you and I might say that, but this generation of kids... I met a few; one of them's on stage... these kids are nuts! They're edgelords; they do wild [redacted]. These kids I know...

A couple work in my office; they're they're 19, 20... young, smart guys. They're edgelords; they send me memes about Jeffrey Epstein. I'm sitting there, and now I feel like an old man because... because I used to play jokes...

Used to think were funny, and now I'm an old man. Well, yeah, I'm an old man sitting here saying, 'Why are you making fun of Jeffrey Epstein? You know the guy's dead; he was a pedophile,' and it's the funniest [redacted] thing in the world to these kids.

And I'm just like, 'I don't get it.' Yeah, I just feel that people are so naive nowadays. Honestly, I think it could be a huge, huge, huge fraud. I mean, to believe that 200 million... this guy is the [redacted] greatest...

Trader of all time, Wall Street bets. Who, but but let's see his tax return, then let's see what the taxes are. Well, he doesn't have to prove anything to anyone, which is what I've said uh to all these people. They said, "Oh, he's 10 times more

successful than you." I've said, "No, he isn't." And they said, "Yes, he is. Look at the screenshot." I mean, if he was the best trader, he wouldn't be making money on this trade, let's just say that. Well, that's the thing, right? Exactly what I'm

saying. Say you believe it, up to the 500 million in profits, 250 post-tax. Say you believe all that, which, you know, I gotta tell you, right, um, the the playbook from there is, "I'm a brilliant trader. I'm gonna find the next brilliant trade, not

GameStop. I'm going to find... who knows? The next brilliant trade is... you know... but it's not it's not GameStop, because there's hundreds of stocks out there, thousands. You're going to go find something that's interesting. And by the way, you'd have more than one stock in

your portfolio now, unless he's so whimsical that he's such an edge lord that he's like, "You know what? I got up to all this, I'm going to YOLO one more time." Very few people will do that because if you're worth generational wealth,

you usually have a brother, a sister, family member, someone. You usually have something you want to do with the money, other than that. You usually want to give $50 million to a school. You usually want to do something, but this guy has nothing to do with the money other than put it

on black, yeah, on black. And I think there are exceptions, crazy outliers, from this, his generation, although he's pretty close to my age. I just think you, you end up at some point becoming responsible and saying, 'You know, I need to put some

money away. I need to not... do this. Um, you know, who cares about this...? GameStop has nothing to do with me. Do you think I care about the stocks that gave me my start? I don't give a damn.

A lot of them were taken over and stuff like that, but like I'm not going to go back to my original winners and be like, 'All right, yeah, for one time, last for one time's sake, you know, old time's sake, I'm going to... put all my...

I used to buy a stock called Repen when it was a dollar, and I was one of the largest stockholders of Repen, and I don't give a damn what Repen does today. I bought it at the time when it was a business that

made sense to me. Not exactly... nobody's that emotionally invested in... Yeah, and again, maybe he's got all these different things, he's telling the truth, and that, you know, that's where we're at. Maybe, I mean, you know, I think it's far-fetched. I think the easiest

answer is this is a hilarious joke to him, to his friends. He's gonna say, 'Did you guys really... believe that I made $250 million like this?' This was a... this was a joke. Like this wasn't...

You know, I picked a number so ridiculous that you couldn't believe it, and I believed it. I think that could be what he ends up with here. He was very, like, genu—he was sort of like making allusions to the SEC during the thing. He was like, "Am I allowed to say that? Am I

allowed to say that?" He was like poking fun at it, which I would—I mean, I would. Yeah, you're more rational than me and him, but like, I would be like, "Yeah, am I allowed to say this?" Like, because lawyers are probably on his ass, but you know,

Martin Shkreli EXPOSES Roaring Kitty Aka DFV

Martin Shkreli EXPOSES Roaring Kitty Aka DFV

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