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Davey Day Trader's Take On GameStop Madness? 'Adapt Or Die'

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Davey Day Trader's Take On GameStop Madness? 'Adapt Or Die'

One of the hottest stocks on the market continued its wild ride on Monday.

What Happened: Shares of GameStop Corp (NYSE: GME) closed Monday's trading session up 18% to $76.79. Shares traded between $61.13 and $159.18 during the day, setting new all-time highs for the stock.

Portnoy On GameStop: Barstool Sports Founder Dave Portnoy, known to have ruffled a few feathers in his "Davey Day Trader" videos over the past year, shared his thoughts on GameStop.

“WallStreetBets isn't going anywhere, Reddit's not going anywhere, Robinhood's not going anywhere," Portnoy said.

The move in GameStop has been attributed in large part to the WallStreetBets subreddit. The rise of retail traders with commission-free trading services like Webull and Robinhood has also helped the move.

Related Link: Market Pros On GameStop: Wall Street Shouldn't Be Proud 

Portnoy says this is now part of the game of trading and investing, noting that the forward pass wasn’t part of football games in the beginning: "Adapt or die."

Short sellers are trying to call GameStop a bad stock and are getting squeezed out, to which Portnoy opined, "you can't have your cake and eat it, too."

There's no difference between what retail traders are doing now and what big banks used to do, according to Portnoy. The little guy gets to make this move now, too, he said: "The world's greatest casino."

GME Price Action: Shares of GameStop are up another 8% to $82.79 in after-hours trading.

 

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