GC

GameStop currently trades at a Price-to-Book ratio of ~1.9x, with a ~$10.1bn market cap against ~$5.4bn in stockholders' equity. For the market to re-rate $GME to a 6-12x P/B, Ryan Cohen needs to acquire a business that changes how the market classifies GME entirely. Here are some sectors that could get it there. E-Commerce Marketplace (9-10x P/B): Consumer Discretionary platforms average ~10x P/B, driven by asset-light, network-effect economics. Ryan Cohen has publicly described his target as a "high quality, durable, scalable" business with a "sleepy management team," which maps directly onto several large, undermanaged marketplace platforms currently trading at discounted valuations. Vertical SaaS / Gaming Software (10-13x P/B): IT is the highest P/B sector in the S&P 500 at ~13x. A gaming SaaS platform or digital distribution layer would shift GME's market classification toward software-adjacent operator, representing the highest-upside re-rating category available. Consumer Brand / IP Franchise (6-7x P/B): A premium collectibles or licensed IP brand fits naturally with GME's existing Collectibles pivot and carries lower execution risk than a large platform deal, offering a more modest but achievable re-rating. Fintech / Consumer Finance (8-12x P/B): Layering payments or collector-asset financing onto GME's existing customer base could earn a fintech classification. Ryan Cohen's Chewy background demonstrates he understands customer lifetime value and recurring revenue economics at a high level. At $5.4bn in book equity, a re-rate from the current 2x to 10x implies a market cap of ~$54bn. The acquisition is the catalyst that changes the type of company GME is perceived to be, and therefore what multiple the market is willing to assign per dollar of equity. The re-rating won't be automatic though, and will require a period of successful post-acquisition integration.

Just gonna leave this here

There's a phenomenon in running that applies to the rest of the world: It's the beginner runners who deck themselves out in all the gear. They try to look the part they've been sold. As they gain experience, they ditch most of the gear. And show up with the basic necessities.

CHINA SLAMS US HORMUZ BLOCKADE AS ‘IRRESPONSIBLE’ China has sharply criticized the US blockade of the Strait of Hormuz, calling it a “dangerous and irresponsible act” that risks escalating tensions during a fragile ceasefire. Beijing urged all sides to return to negotiations and warned the move threatens global stability and shipping security.

It’s almost as if you could continue living without a car but not without food…