Keith Gill's Testimony to Congress

Keith Gill, known as 'Roaring Kitty' on YouTube and 'DeepF***ingValue' on Reddit, delivers his opening statement during a virtual hearing before the U.S. House Financial Services Committee on February 18, 2021. In Keith Gill's testimony to Congress, he explains that he did not mislead other Reddit users about the GameStop stock in an attempt to target big hedge funds. Instead, he had started buying shares of GameStop in 2019 because he believed the company was "dramatically undervalued." While the market leaned into the prospect of GameStop going bankrupt, he saw a brighter future for the company. Despite video game purchases being increasingly made online and GameStop being a brick-and-mortar retailer, Gill believed that the company could easily pivot into the digital realm and retain its 60 million loyal members. Gill shared his detailed analysis of why he felt the market was wrong about GameStop.

"I believed the company was dramatically undervalued by the market. The prevailing analysis about GameStop's impending doom was simply wrong," Keith Gill told Congress in his testimony. "My investment skills had reached a level where I felt sharing them publicly could help others."

In referring to his videos on YouTube, he stated, "I was abundantly clear that my channel was for educational purposes only, and that my aggressive style of investing was unlikely to be suitable for most folks checking out the channel. Whether other individual investors bought the stock was irrelevant to my thesis – my focus was on the fundamentals of the business." Related Article: Dumb Money: History vs. Hollywood

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by Ben Mezrich