The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 20 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Cohen: eBay's $5.5B opex and 11,500 headcount make no sense
“They're spending five and a half billion dollars on operating expenses on eleven billion dollar business that Has no inventory in its asset lights. So, it just, there's 11 and a half thousand employees, and it doesn't make sense.”
Ryan Cohen: GameStop Has $20B Bank Letter and $9B Cash for Bid
“We have the cash accounted for today in terms of, ah, a highly confident letter from our bank for the twenty billion, plus we've got nine billion of cash, so.”
Cohen predicts computers and AI will go after humans soon
“At some point, the computers are going after the humans, and I don't think it's that far away.”
Cohen: eBay directors make $350K-$450K each with zero insider buying
“You know, the directors board of directors make four million dollars. It's like 350 to 450,000 per director. There's been no insider buying at the company.”
Cohen: Copying Chewy's expanded catalog failed and cost GameStop shareholders heavily
“I hired a bunch of fancy people from both Amazon and Chewy, and we expanded the catalog, and we added a bunch of product, and most of that product didn't sell, and we ended up marking it down and taking a big hit, and it cost shareholders a lot of money, becau…”
Cohen: CEOs will choose AI over humans to cut short-term costs
“One thing I know for certain is that the CEOs, if they can reduce their cost structure in the short term, They're gonna replace, they're gonna take computers over humans.”
Cohen: GameStop cut SG&A by 47% and $800M
“And if you look at SG&A, we've pulled out, we've dropped SG&A by 47%, eight hundred million dollars, by making marketing more efficient, almost turning off marketing.”
Cohen: eBay's Business Model Future Is More Certain Than Most Tech Businesses
“You know, I think that eBay is the kind of business where the future of the business model is more certain than most tech businesses, and that's why it's done so well. And, you know, there's been such a lack of innovation, yet it hasn't been able to be disrupt…”
Cohen's compensation requires doubling GameStop's market cap to start vesting.
“My current compensation plan is tied to really lofty metrics, and it's based on the first tranche I've got to double market cap, as an example, just to hit the first tranche, and the 10 exit in order for it to fully invest.”
GameStop cut corporate headcount from over 1,400 to roughly 400
“In twenty-twenty-one, there were 14, over 1400 people in corporate. Wow. Today, there's, like, 400 people.”
Cohen: AI will benefit only industry investors, leaving many behind
“It's definitely gonna benefit the few that are invested in the industry, but there's gonna be a lot of people that are not gonna benefit from artificial intelligence, so.”
Cohen: Authenticating eBay Collectibles at GameStop Stores Would Cost Zero Capex
“Well, that would, so yes, and it would basically take zero dollars in capex in order to something like that, and it's a good idea.”
Cohen: Collectibles will likely account for close to a third of GameStop sales
“We've gone from, like, 10% of our sales to over, close to a third, probably, for the full year is gonna come from collectibles”
Cohen: High audit fees hurt Chewy and GameStop
“So it costs a lot of money to be a public company. We spend a lot of money on audit fees. So that hurt me at Chewy, that hurts me at GameStop. They charge us a lot of money.”
Cohen: GameStop Cannot Get Enough Power Packs Inventory
“Powerpacks, physical and digital is very interesting. We can't get enough inventory, so.”
Ryan Cohen: GameStop has 1,600 access points for authentication
“We've got 1600 access points that we can do live authentication.”
Ryan Cohen has taken zero salary or bonuses as GameStop CEO.
“I haven't taken a dollar of salary or any bonuses”