CULTURE: Chamath Palihapitiya Debates CNBC’s Scott Wapner on GameStop Stocks
Posted on 01/28/2021
Transcribed.
Social Capital Chamath Palihapitiya says, “I have Scott I have my own model for the company. I’m allowed to underwrite; however I want to own it everybody that bought that stock is also underwriting how they want to own it and the point is just because you’re wrong doesn’t mean you get to change the rules especially when when you were wrong you got bailed out the last time that’s not fair if it doesn’t mean that.”
Palihapitiya adds, “If you look under the hood on every quant strategy organized quantitative strategic hedge funds on wall street those things are all momentum shops they trade day over day massively levered small swings. So basically what you’re saying is hey if retail runs a momentum play to squeeze a short that’s wrong but hey if Renaissance Technologies and somebody else does it, that’s okay. That’s what you’re saying. You may not know that. That’s what you’re saying but that’s what you’re saying and to me that feels very unknown.”