Elderly Retired Californian Masters Exciting New Game
It’s easy to find people who lost money shorting shares of a seemingly dying mall retailer of digital things easily available online: After all, short interest in GameStop was 140% when the stock began its dizzying and inexplicable rise two months ago, and Andrew Left and Gabe Plotkin (and, with him, Steve Cohen) were among the r/WallStreetBets degenerates’ victims. It’s less easy to find someone who made money timing the extremely volatile rollercoaster that is the great meme stock, given how dramatically the aforementioned short interest dropped and the lack of interest in testing the seething masses with their government handouts whose presence is so irritating to the likes of Jeff Gundlach. But even someone whose abilities Gundlach thinks very little of was able to in between torturing his neighbors and his family.
Bill Gross, the erstwhile bond king and co-founder of Pacific Investment Management Co., said in an interview Tuesday on Bloomberg Television that he made about $10 million betting against the video game retailer’s shares…. “I got in too early,” said Gross. “I was in the hole by about $10 million.” But he stuck with it to sell at a profit….
“I got in with options like a good Robinhood trader, I guess…..”
“I’m still selling call options at $250 and $300,” said Gross. “I think this is the perfect opportunity for options sellers, not buyers, to take advantage.”
That’s right, friends: Bill Gross isn’t completely out of the game just yet, and he certainly hasn’t quit his one true love save for a good shower: hating on T-bills.
He said he was short coming into the Treasuries selloff of recent weeks that took the 10-year yield to a one-year high above 1.6%. He also continues to bet against 10-year futures and the long bond. The investor predicts a jump in inflation ahead that will give Federal Reserve Chair Jerome Powell “pause” about the central bank’s current lower-for-longer policy.
“Inflation, you know, currently below 2% now is not going be below 2% in the next few months,” Gross said. “I see a 3% to 4% number ahead of us.
Bill Gross Says He Made $10 Million Betting Against GameStop [Bloomberg]
