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
Related Videos (3)Back to: Dumb Money