More shorting on Gamestop at 167$ by Glacier Capital!! Where do y’all think this is headed?
Hey Y’all!
Below is a letter they had issued to their investors, as per the website ‘Seeking Alpha’.

\*\*We took a small short position in GME (167 USD). We will continuously hedge the position to avoid being forced out at an inconvenient moment for an inappropriate reason.

The risk is that the market continues to value GME more like art, as to say there is no direct link to the capacity of generating earnings. It could be a symbol for the art of betting against the suits (that’s how many of these social media participants call Wallstreet’s elite). GME stands for the social media provoked short squeeze, like Kleenex for tissues, Zamboni for ice resurfacer, or Jakuzzi for a bubble bath. Any important influencers can restart the currently weakened spread of the narrative. Knowing this, other market participants might bet on exactly this occurrence and by their actions, increase the probability of it.

However, I believe that time runs against them. The spread of the narrative tends to weaken over time. There will be new exciting subjects in our fast-moving world.

The whole trade is based on masses trying to destabilize the offer and demand of the shares. There is no double cushion as to say that the holder benefits at one point from an intrinsic value in the form of dividends or liquidation (the trust of being able to perform both is often sufficient). This makes the trade very fragile during stressful market conditions.

We should not forget that GME is still a retail company that faces declining revenues due to the online streaming competition, a company that has been looking for a buyer for years. Of course, the 550 million USD that the company managed to raise will influence its odds, but does this justify a 10-billion USD difference outcome? Also to be noted is that the company lost several key people.

Many market participants have been caught on the wrong side of this trade. They will anticipate that this can happen again and take precautions. So, several significant hedge funds do not publish their short book on social media anymore to avoid becoming a target. Option sellers will increase the price of the concerned call options to make the trade less attractive.\*\*
https://www.reddit.com/r/StockMarket/comments/nekqvi/more_shorting_on_gamestop_at_167_by_glacier/