GameStop jumps after Michael Burry announces ‘long-term’ position

Investor Michael Burry said via Substack: “I own GME. I have been buying recently. I expect I am buying at what may soon be 1x tangible book value / 1x net asset value. And getting a young Ryan Cohen investing and deploying the company’s capital and cash flows. Perhaps for the next 50 years…I am not counting on a short squeeze to realize long-term value. I believe in Ryan, I like the setup, the governance, the strategy as I see it. I am willing to hold long-term, and I am excited to see where this goes. I am fifteen years his senior, but not too old to be patient.” Shares of GameStop (GME) are up 8%, or $1.80, to $24.79 following the post.