WEBVTT 00:00:00.000 --> 00:00:03.072 align:middle line:90% 00:00:03.072 --> 00:00:03.872 align:middle line:90% [MUSIC PLAYING] 00:00:03.872 --> 00:00:06.070 align:middle line:84% JULIE HYMAN: Well, the other sort of momentum, 00:00:06.070 --> 00:00:08.500 align:middle line:84% interesting retail money trade that we've 00:00:08.500 --> 00:00:11.500 align:middle line:84% been watching so closely is one that Myles highlighted 00:00:11.500 --> 00:00:12.505 align:middle line:90% in the Morning Brief. 00:00:12.505 --> 00:00:14.350 align:middle line:84% And that, of course, has to do with meme stocks 00:00:14.350 --> 00:00:16.690 align:middle line:84% and in particular this phenomenon that you've been, 00:00:16.690 --> 00:00:19.150 align:middle line:84% I think, articulating for a while, Myles. 00:00:19.150 --> 00:00:21.970 align:middle line:84% But your argument about this sort of gets clearer 00:00:21.970 --> 00:00:25.420 align:middle line:84% and clearer, that is the meme stock phenomenon, which sort 00:00:25.420 --> 00:00:31.990 align:middle line:84% of was without fundamentals for a long time now has sort 00:00:31.990 --> 00:00:35.770 align:middle line:84% of fundamentally sized itself in some ways, 00:00:35.770 --> 00:00:37.660 align:middle line:84% as we see more and more companies start 00:00:37.660 --> 00:00:40.420 align:middle line:84% to take advantage of the surges in their stocks 00:00:40.420 --> 00:00:41.530 align:middle line:90% to actually raise cash. 00:00:41.530 --> 00:00:43.570 align:middle line:84% And of course, GameStop is the one 00:00:43.570 --> 00:00:45.730 align:middle line:90% that held out and then did it. 00:00:45.730 --> 00:00:48.280 align:middle line:84% And now we're seeing a lot of the littler meme stocks 00:00:48.280 --> 00:00:51.300 align:middle line:84% start to chip away at doing this as well. 00:00:51.300 --> 00:00:52.960 align:middle line:84% So it's really getting interesting, 00:00:52.960 --> 00:00:56.420 align:middle line:84% the more companies that are piling on in doing this. 00:00:56.420 --> 00:00:57.970 align:middle line:90% MYLES UDLAND: Yeah. 00:00:57.970 --> 00:01:00.670 align:middle line:84% So let's just kind of go through the details of GameStop 00:01:00.670 --> 00:01:02.560 align:middle line:84% as I laid it out in the brief this morning. 00:01:02.560 --> 00:01:04.390 align:middle line:84% So the company, over the last three months, 00:01:04.390 --> 00:01:06.400 align:middle line:84% has issued 8 and 1/2 million shares. 00:01:06.400 --> 00:01:10.300 align:middle line:84% And in that process, they've raised about $1.7 billion, 00:01:10.300 --> 00:01:11.110 align:middle line:90% back out some fees. 00:01:11.110 --> 00:01:13.360 align:middle line:90% So let's call it $1.6 billion. 00:01:13.360 --> 00:01:15.580 align:middle line:84% They've issued this 8 and 1/2 million shares, which 00:01:15.580 --> 00:01:19.390 align:middle line:84% is worth about 12% of the float, so decent dilution 00:01:19.390 --> 00:01:23.367 align:middle line:84% but nothing so crazy that current shareholders 00:01:23.367 --> 00:01:24.300 align:middle line:90% obviously look at the price. 00:01:24.300 --> 00:01:25.570 align:middle line:84% Current shareholders haven't gotten 00:01:25.570 --> 00:01:27.350 align:middle line:90% spooked out of their position. 00:01:27.350 --> 00:01:28.720 align:middle line:84% So they've sold the stock at an average 00:01:28.720 --> 00:01:34.240 align:middle line:84% of $197 per share, pretty good deal for the company. 00:01:34.240 --> 00:01:39.100 align:middle line:84% A year ago, they were a $4 per share company worth about $300 00:01:39.100 --> 00:01:40.930 align:middle line:90% million on a market cap basis. 00:01:40.930 --> 00:01:42.730 align:middle line:84% They had long-term debt equivalent 00:01:42.730 --> 00:01:44.860 align:middle line:90% to about $420 million. 00:01:44.860 --> 00:01:49.640 align:middle line:84% They had cash of about $580 million on their balance sheet. 00:01:49.640 --> 00:01:51.340 align:middle line:84% They've wiped out the long-term debt. 00:01:51.340 --> 00:01:54.050 align:middle line:84% They now have more than a billion at their disposal. 00:01:54.050 --> 00:01:55.780 align:middle line:84% They have an entirely new management team. 00:01:55.780 --> 00:01:59.410 align:middle line:84% And GameStop is now really looking at, as analysts would 00:01:59.410 --> 00:02:01.060 align:middle line:90% say, they have some visibility. 00:02:01.060 --> 00:02:03.010 align:middle line:84% They have runway towards how they're going 00:02:03.010 --> 00:02:04.180 align:middle line:90% to transform their business. 00:02:04.180 --> 00:02:05.920 align:middle line:84% Julie, as you've mentioned many times, 00:02:05.920 --> 00:02:08.440 align:middle line:84% not a lot of details on that point yet. 00:02:08.440 --> 00:02:12.490 align:middle line:84% But with this cash pile, they have a lot of leeway 00:02:12.490 --> 00:02:14.260 align:middle line:90% to execute on something here. 00:02:14.260 --> 00:02:16.450 align:middle line:84% And you bring up an interesting point with respect 00:02:16.450 --> 00:02:19.990 align:middle line:84% to the meme trade and the fundamental basis of it. 00:02:19.990 --> 00:02:25.670 align:middle line:84% GameStop began as a fundamental story started by Keith Gill, 00:02:25.670 --> 00:02:28.990 align:middle line:84% roaringkitty, among others who were circling this idea. 00:02:28.990 --> 00:02:30.250 align:middle line:90% And I went back yesterday. 00:02:30.250 --> 00:02:33.280 align:middle line:84% And I watched Gill's video from July, 2020. 00:02:33.280 --> 00:02:35.710 align:middle line:90% He had a one-hour video. 00:02:35.710 --> 00:02:37.630 align:middle line:84% I linked to it in the brief this morning. 00:02:37.630 --> 00:02:40.480 align:middle line:84% Where he outlines the case of why GameStop was 00:02:40.480 --> 00:02:42.400 align:middle line:90% undervalued at $4 per share. 00:02:42.400 --> 00:02:46.420 align:middle line:84% He cites Michael Burry's letters to management. 00:02:46.420 --> 00:02:49.660 align:middle line:84% Burry, of course, was involved on the long side of GameStop 00:02:49.660 --> 00:02:51.010 align:middle line:90% back at that time. 00:02:51.010 --> 00:02:55.210 align:middle line:84% Goes through are physical disks really dead? 00:02:55.210 --> 00:02:58.180 align:middle line:84% Is the demand for video games really waning 00:02:58.180 --> 00:03:01.330 align:middle line:84% as hard, actual games, actual consoles waning as hard 00:03:01.330 --> 00:03:02.770 align:middle line:90% as you might otherwise think? 00:03:02.770 --> 00:03:05.290 align:middle line:84% We have an upgrade console cycle coming up. 00:03:05.290 --> 00:03:06.970 align:middle line:84% That could be a driver for GameStop. 00:03:06.970 --> 00:03:08.440 align:middle line:90% He does all this work. 00:03:08.440 --> 00:03:12.100 align:middle line:84% And his case was, fundamentally, this stock is undervalued. 00:03:12.100 --> 00:03:15.910 align:middle line:84% Now, the meme part of it has taken on a life of its own. 00:03:15.910 --> 00:03:18.080 align:middle line:84% Other stocks have gotten involved with that. 00:03:18.080 --> 00:03:21.040 align:middle line:84% But the meme part of the stock trade 00:03:21.040 --> 00:03:24.520 align:middle line:84% has enabled the company to improve 00:03:24.520 --> 00:03:26.140 align:middle line:90% its fundamental standing. 00:03:26.140 --> 00:03:30.010 align:middle line:84% And I think AMC is another great example of this. 00:03:30.010 --> 00:03:32.740 align:middle line:84% AMC, the bet was basically, are they 00:03:32.740 --> 00:03:34.090 align:middle line:84% going to go out of business or are they 00:03:34.090 --> 00:03:35.600 align:middle line:90% not going to go out of business. 00:03:35.600 --> 00:03:37.360 align:middle line:84% The market deemed that they wouldn't. 00:03:37.360 --> 00:03:39.340 align:middle line:84% And then once the internet got a hold of it, 00:03:39.340 --> 00:03:41.320 align:middle line:84% they made it even more attractive, 00:03:41.320 --> 00:03:43.420 align:middle line:84% as we can see here on the chart, for AMC 00:03:43.420 --> 00:03:46.270 align:middle line:84% to go and raise capital at, I think, 00:03:46.270 --> 00:03:48.680 align:middle line:90% in the high 20s per share. 00:03:48.680 --> 00:03:52.090 align:middle line:84% But the action really started in the beginning of this year, 00:03:52.090 --> 00:03:54.250 align:middle line:84% when it was a binary, in business, 00:03:54.250 --> 00:03:56.740 align:middle line:84% out of business kind of play, which is sort of where 00:03:56.740 --> 00:03:58.000 align:middle line:90% GameStop was a year ago. 00:03:58.000 --> 00:04:01.120 align:middle line:84% It was a binary, in business, out of business kind of play. 00:04:01.120 --> 00:04:04.180 align:middle line:84% The meme trade has made it cheaper and more 00:04:04.180 --> 00:04:05.920 align:middle line:90% attractive to raise capital. 00:04:05.920 --> 00:04:10.900 align:middle line:84% But it has really exacerbated the fundamental debate 00:04:10.900 --> 00:04:13.120 align:middle line:84% that was happening underneath the surface here. 00:04:13.120 --> 00:04:15.940 align:middle line:84% And it is a reminder that the meme trade is fun. 00:04:15.940 --> 00:04:17.140 align:middle line:90% And there are names-- 00:04:17.140 --> 00:04:18.040 align:middle line:90% Torchlight, right? 00:04:18.040 --> 00:04:22.420 align:middle line:84% Comes and goes-- but the actual guys that stick around, 00:04:22.420 --> 00:04:23.830 align:middle line:84% your GameStops, your AMCs, there's 00:04:23.830 --> 00:04:26.860 align:middle line:84% a real story here, Sozzi, based on the real business. 00:04:26.860 --> 00:04:29.980 align:middle line:84% And the real business is now in significantly better shape 00:04:29.980 --> 00:04:32.860 align:middle line:84% because of the way that retail and Reddit and others have 00:04:32.860 --> 00:04:34.650 align:middle line:90% gotten involved in the stock. 00:04:34.650 --> 00:04:36.550 align:middle line:84% BRIAN SOZZI: Myles, let me toss this one onto your plate. 00:04:36.550 --> 00:04:39.190 align:middle line:84% Now, considering with this cash raise and the cash they had 00:04:39.190 --> 00:04:43.930 align:middle line:84% on their balance sheet, about 10% of GameStop's market cap 00:04:43.930 --> 00:04:46.640 align:middle line:90% is now in fact in cash. 00:04:46.640 --> 00:04:47.920 align:middle line:84% It's a high class problem to have. 00:04:47.920 --> 00:04:50.410 align:middle line:84% But that is a large number compared to other retailers 00:04:50.410 --> 00:04:52.960 align:middle line:84% and compared to, frankly, a lot of other companies 00:04:52.960 --> 00:04:54.985 align:middle line:90% in the S&P 500. 00:04:54.985 --> 00:04:56.890 align:middle line:84% Couldn't that also be a curse, do you think? 00:04:56.890 --> 00:04:58.990 align:middle line:84% Or if this management team doesn't come out 00:04:58.990 --> 00:05:02.110 align:middle line:84% in a couple of months and lay out a clearly articulated plan, 00:05:02.110 --> 00:05:05.380 align:middle line:84% the stock could get penalized because they have no plan, 00:05:05.380 --> 00:05:08.970 align:middle line:84% and they're just sitting on low-yielding, no-yielding cash? 00:05:08.970 --> 00:05:09.770 align:middle line:90% MYLES UDLAND: Yeah. 00:05:09.770 --> 00:05:11.870 align:middle line:84% I mean, look, I think the amount of cash they have 00:05:11.870 --> 00:05:14.390 align:middle line:84% on the balance sheet, it makes it 00:05:14.390 --> 00:05:16.370 align:middle line:90% imperative that they spend it. 00:05:16.370 --> 00:05:19.910 align:middle line:84% If we go back in time last year, the cash 00:05:19.910 --> 00:05:22.940 align:middle line:84% balance-- if you take the debt they had, about 400 million. 00:05:22.940 --> 00:05:24.230 align:middle line:90% They had cash of about-- 00:05:24.230 --> 00:05:25.880 align:middle line:90% it was about 550 million. 00:05:25.880 --> 00:05:27.470 align:middle line:90% So net that out. 00:05:27.470 --> 00:05:31.280 align:middle line:84% They had 150 million cash with a market cap of $300 million. 00:05:31.280 --> 00:05:35.270 align:middle line:84% They were already in this kind of over-cashed position. 00:05:35.270 --> 00:05:38.570 align:middle line:84% And I think that the debate, if you go back in time then, 00:05:38.570 --> 00:05:42.380 align:middle line:84% is going to be, well, why isn't GameStop paying me a dividend 00:05:42.380 --> 00:05:44.000 align:middle line:90% or buying back a ton of stock? 00:05:44.000 --> 00:05:45.270 align:middle line:84% They did buy back a lot of stock. 00:05:45.270 --> 00:05:47.990 align:middle line:84% But why isn't GameStop giving me that if they're not going 00:05:47.990 --> 00:05:49.210 align:middle line:90% to invest in the business? 00:05:49.210 --> 00:05:50.630 align:middle line:84% And I think, to your point, Sozzi, 00:05:50.630 --> 00:05:53.570 align:middle line:84% the amount of capital that's now available to GameStop 00:05:53.570 --> 00:05:56.000 align:middle line:84% makes it imperative that they actually 00:05:56.000 --> 00:05:57.230 align:middle line:90% outline some of these plans. 00:05:57.230 --> 00:05:58.950 align:middle line:90% But you say a few months. 00:05:58.950 --> 00:05:59.750 align:middle line:90% I don't know. 00:05:59.750 --> 00:06:02.850 align:middle line:84% We couldn't get a single analyst to talk about this name. 00:06:02.850 --> 00:06:06.230 align:middle line:84% So I'm not sure what the institutional community right 00:06:06.230 --> 00:06:07.880 align:middle line:84% now is even thinking about this name, 00:06:07.880 --> 00:06:09.440 align:middle line:84% if they're even covering this name. 00:06:09.440 --> 00:06:12.590 align:middle line:84% So who knows what happens with the stock price 00:06:12.590 --> 00:06:14.630 align:middle line:84% because really, it's unclear who is 00:06:14.630 --> 00:06:16.340 align:middle line:84% supporting it because we know there's not 00:06:16.340 --> 00:06:17.720 align:middle line:90% a lot of traditional coverage? 00:06:17.720 --> 00:06:20.780 align:middle line:84% And I don't think a lot of institutional investors 00:06:20.780 --> 00:06:23.030 align:middle line:84% are taking an interest in the story the way 00:06:23.030 --> 00:06:25.400 align:middle line:84% they might have when it's a battleground name, 00:06:25.400 --> 00:06:28.700 align:middle line:84% called it $4, $10, even $15 per share. 00:06:28.700 --> 00:06:31.190 align:middle line:84% JULIE HYMAN: You know, guys, as we're talking, what this makes 00:06:31.190 --> 00:06:35.690 align:middle line:84% me then think about is, what do these companies owe 00:06:35.690 --> 00:06:38.340 align:middle line:84% these shareholders who have effectively bailed them out, 00:06:38.340 --> 00:06:39.140 align:middle line:90% right? 00:06:39.140 --> 00:06:42.680 align:middle line:84% If you look at other sort of similar situations, 00:06:42.680 --> 00:06:44.630 align:middle line:84% whether it's government bailouts, whether it's 00:06:44.630 --> 00:06:47.840 align:middle line:84% private equity coming in and scooping up a company 00:06:47.840 --> 00:06:49.850 align:middle line:90% that is at or near bankruptcy-- 00:06:49.850 --> 00:06:51.860 align:middle line:84% I mean, AMC, remember, was running out of cash 00:06:51.860 --> 00:06:56.480 align:middle line:84% and said it might not be able to continue as a going concern. 00:06:56.480 --> 00:06:57.660 align:middle line:90% Private equity comes in. 00:06:57.660 --> 00:06:59.900 align:middle line:84% They can reorganize the company and do with it what they want 00:06:59.900 --> 00:07:01.580 align:middle line:90% and try to strip the profit out. 00:07:01.580 --> 00:07:04.280 align:middle line:84% Government, you have some accountability when you get 00:07:04.280 --> 00:07:06.260 align:middle line:84% bailed out by the US government, for example. 00:07:06.260 --> 00:07:07.820 align:middle line:84% These shareholders have effectively 00:07:07.820 --> 00:07:10.040 align:middle line:90% bailed out these companies. 00:07:10.040 --> 00:07:12.620 align:middle line:90% And at some point-- 00:07:12.620 --> 00:07:14.480 align:middle line:84% obviously, they've been very forgiving for now. 00:07:14.480 --> 00:07:16.640 align:middle line:84% They keep buying the shares, presumably. 00:07:16.640 --> 00:07:21.680 align:middle line:84% But at some point, will the company feel a responsibility 00:07:21.680 --> 00:07:25.410 align:middle line:84% to return the favor in some way, deliver 00:07:25.410 --> 00:07:28.670 align:middle line:84% some profits in some way, pay a special dividend-- who knows-- 00:07:28.670 --> 00:07:32.750 align:middle line:84% in some way, or will they continue 00:07:32.750 --> 00:07:34.070 align:middle line:90% without that cognizance? 00:07:34.070 --> 00:07:37.310 align:middle line:84% Now, in the case of AMC, it does seem like they 00:07:37.310 --> 00:07:39.440 align:middle line:90% have that awareness, right? 00:07:39.440 --> 00:07:42.750 align:middle line:84% Free popcorn for shareholders, et cetera. 00:07:42.750 --> 00:07:45.350 align:middle line:84% But I am curious how the likes of GameStop and others 00:07:45.350 --> 00:07:49.580 align:middle line:84% are going to turn out because for now, the GameStop CEO 00:07:49.580 --> 00:07:51.440 align:middle line:84% and management and Ryan Cohen can say, 00:07:51.440 --> 00:07:53.180 align:middle line:84% we're not going to tell you our plans yet. 00:07:53.180 --> 00:07:56.820 align:middle line:84% And those retail traders seem to be fine with that. 00:07:56.820 --> 00:07:59.720 align:middle line:84% But at some point, I wonder if that sort 00:07:59.720 --> 00:08:05.390 align:middle line:84% of seeming rebelliousness or pushback against Wall Street 00:08:05.390 --> 00:08:08.300 align:middle line:84% is also going to backfire and be a pushback 00:08:08.300 --> 00:08:13.263 align:middle line:84% against the very people who have effectively saved the company. 00:08:13.263 --> 00:08:14.930 align:middle line:84% BRIAN SOZZI: No, that's really on the mark, Julie. 00:08:14.930 --> 00:08:16.700 align:middle line:84% At least with AMC, you get an idea 00:08:16.700 --> 00:08:19.160 align:middle line:84% they're raising all this cash because they want to buy 00:08:19.160 --> 00:08:20.340 align:middle line:90% shuttered movie theaters. 00:08:20.340 --> 00:08:22.700 align:middle line:84% You have a clear idea of what they're going 00:08:22.700 --> 00:08:24.110 align:middle line:90% to do with all this capital. 00:08:24.110 --> 00:08:26.630 align:middle line:84% And you can make the case that it does make sense. 00:08:26.630 --> 00:08:28.130 align:middle line:84% You've had a lot of movie theaters closed. 00:08:28.130 --> 00:08:30.540 align:middle line:84% AMC is looking to consolidate its position. 00:08:30.540 --> 00:08:34.039 align:middle line:84% But I think new CEO at GameStop Matt Furlong, he owes 00:08:34.039 --> 00:08:35.750 align:middle line:90% investors-- in three months-- 00:08:35.750 --> 00:08:38.809 align:middle line:84% I know it usually takes six months for a new executive 00:08:38.809 --> 00:08:42.200 align:middle line:84% to articulate a plan, maybe put in some more of his own 00:08:42.200 --> 00:08:43.990 align:middle line:90% or her own executives. 00:08:43.990 --> 00:08:46.640 align:middle line:84% He owes, I would say, these traders and these investors 00:08:46.640 --> 00:08:48.590 align:middle line:84% in his stock a plan within three months, 00:08:48.590 --> 00:08:50.870 align:middle line:84% a clear growth plan, not just a plan 00:08:50.870 --> 00:08:54.050 align:middle line:84% to save the company, just a clear plan 00:08:54.050 --> 00:08:55.980 align:middle line:84% to driving sales and earnings growth. 00:08:55.980 --> 00:08:59.360 align:middle line:84% And if they don't, I think that entire GameStop management team 00:08:59.360 --> 00:09:01.220 align:middle line:84% and board will find out very quickly 00:09:01.220 --> 00:09:03.230 align:middle line:84% how these meme stocks can quickly 00:09:03.230 --> 00:09:04.680 align:middle line:90% turn against the company. 00:09:04.680 --> 00:09:05.480 align:middle line:90% MYLES UDLAND: Yeah. 00:09:05.480 --> 00:09:06.980 align:middle line:84% I mean, I think a challenge, though, 00:09:06.980 --> 00:09:10.070 align:middle line:84% for the GameStop group is that the true 00:09:10.070 --> 00:09:11.780 align:middle line:90% believers in the story-- 00:09:11.780 --> 00:09:14.840 align:middle line:84% again, Keith Gill was before congress 00:09:14.840 --> 00:09:18.500 align:middle line:84% when the stock was at $40 per share, which was a 10X 00:09:18.500 --> 00:09:20.270 align:middle line:84% from where he got involved, saying 00:09:20.270 --> 00:09:21.950 align:middle line:90% that he still liked the stock. 00:09:21.950 --> 00:09:23.880 align:middle line:84% And at the time, that seemed crazy. 00:09:23.880 --> 00:09:28.970 align:middle line:84% And now the stock has gone up, what, 7-8X from there? 00:09:28.970 --> 00:09:31.460 align:middle line:84% And actually, at its peak it went up another 10x 00:09:31.460 --> 00:09:32.880 align:middle line:90% from that $40 per share. 00:09:32.880 --> 00:09:35.720 align:middle line:84% So what I'm trying to say is that GameStop-- and I think 00:09:35.720 --> 00:09:37.220 align:middle line:90% AMC is in this bucket as well. 00:09:37.220 --> 00:09:40.650 align:middle line:84% The stock can get cut in half easily. 00:09:40.650 --> 00:09:44.180 align:middle line:84% And the company management still has to deliver 00:09:44.180 --> 00:09:46.220 align:middle line:90% on pretty lofty expectations. 00:09:46.220 --> 00:09:48.860 align:middle line:84% Sozzi, I don't know this timeline. 00:09:48.860 --> 00:09:51.170 align:middle line:84% We can agree or disagree on how tight 00:09:51.170 --> 00:09:52.880 align:middle line:84% that needs to be for having an investor day, 00:09:52.880 --> 00:09:54.480 align:middle line:84% outlining your plan, and so on and so forth. 00:09:54.480 --> 00:09:58.430 align:middle line:84% But there is certainly a lot that these teams need to do 00:09:58.430 --> 00:10:00.810 align:middle line:90% to justify the stock price. 00:10:00.810 --> 00:10:03.630 align:middle line:84% And I guess to answer kind of what you're throwing out there, 00:10:03.630 --> 00:10:05.450 align:middle line:84% Julie, I'm not sure how much they 00:10:05.450 --> 00:10:10.070 align:middle line:84% owe investors who bought basically 10, 15 00:10:10.070 --> 00:10:12.470 align:middle line:90% years worth of growth, right? 00:10:12.470 --> 00:10:14.600 align:middle line:84% Like, you can say I owe you that in 15 years. 00:10:14.600 --> 00:10:17.150 align:middle line:84% You bought the company when it went up 00:10:17.150 --> 00:10:20.330 align:middle line:84% 30 times from where it traded before the pandemic 00:10:20.330 --> 00:10:21.910 align:middle line:90% or in the midst of a pandemic. 00:10:21.910 --> 00:10:24.290 align:middle line:90% So I'm not exactly sure. 00:10:24.290 --> 00:10:27.650 align:middle line:84% I guess I'll be interested as well at what point does, again, 00:10:27.650 --> 00:10:30.650 align:middle line:84% the traditional Wall Street investor-analyst community get 00:10:30.650 --> 00:10:31.760 align:middle line:90% interested again in the story? 00:10:31.760 --> 00:10:33.560 align:middle line:84% Because right now, both are kind of radioactive. 00:10:33.560 --> 00:10:35.980 align:middle line:84% No one really wants to touch them.