🏆 The greatest investor ever?

GM everyone. This is 2036.

It’s September 2019. Keith Gill works as a financial broker at Mass Mutual.

He has $53,000 in savings.

Keith is a Chartered Financial Analyst. He’s a smart cookie, and he knows a thing or two about finance.

So Keith decides to buy GameStop stock - and post about it on Reddit and YouTube.

His argument: GME is undervalued. And lots of Wall Street hedge funds are betting the stock is going to fall 📉

So what better way to stick it to them than to bet it will rise?

That's the basic premise of the GameStop saga of 2021.

Reddit joins Keith in what becomes a frantic craze that makes headlines. Regulators pause the GameStop stock for irregular volume. Robinhood removes the ‘buy’ function on their app.

And Keith’s $53,000 investment in GameStop turns into $48 MILLION.

Then he goes silent.

Until last month.

On May 12, Keith posts this meme on X:

After a nearly 3 year break, Keith is back.

Keith then reveals he now owns $586 MILLION of GameStop stock and options.

Jeez.

On the announcement, GameStop soars 200% in a few days.

And it looks like the saga is far from over. GameStop stock has lingered over the past few trading sessions, but something tells me Keith has another trick up his sleeve.

Ok - so why is this important?

Keith Gill is the emblem of a much larger important trend: financial nihilism.

Young people in the West on traditionally good jobs are priced out of the life their parents had. Everything is expensive, and their wages aren't keeping up.

Their parents bought a house in their 20s on a single income with two kids.

They’re tens of thousands in debt, unable to afford a house, let alone kids. The promise of long-term financial stability - that if you get a good education and work hard, you’ll make it - is out of reach.

They’re not saving for retirement because they can hardly make ends meet now.

To them - the American dream is dead.

And the economy is broken:

They shun traditional assets like retirement plans, stocks, and bonds in favor of high-risk investments they think can bring them outsized returns today.

One of these, of course, is crypto.

Few other assets offer the potential of 1,000X returns in 6 months.

Another is options trading.

More than half of all Robinhood accounts trade options - a highly leveraged form of stock trading.

And Keith Gill is to speculators what Elon Musk is to entrepreneurs: living proof that it's possible to win BIG.

Ok - so what's the big takeaway here?

Assets that reflect financial nihilism will only grow in value as long as the underlying problems persist.

That's why I'm so bullish on memecoins. They enable financial freedom while sticking it to the big guys who think they're dumb.

GameStop, options, crypto, NFTs, memecoins, etc. are reflective of a larger trend among young people.

It doesn’t matter whether we think it’s stupid or unserious. We can’t afford to ignore it.

In 2021, the GameStop saga helped kick off the crypto craze.

And maybe this time, it will be the same. Who knows.

GameStop looks like it’s cooling down, but I believe Keith isn’t done yet.

And even if it doesn’t take off like this time, this phenomenon won’t go away any time soon. In fact, we’ll only see more speculators and bizarre asset classes pop up over time as every asset gets tokenized and traded in real-time.

Expect more memecoins. More insanity. More crazy stories that would make Charlie Munger turn in his grave.

Embrace it. And the next time there’s something we can be early to— I’ll let you know.

1/ Bitcoin slips below $68K as ETFs bleed

2/ Democrats urge the Fed to cut interest rates

3/ GameStop tumbles 40% as icon Keith Gill returns to livestream

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.