Travis Hoium

So it isn't like he's some sort of operational mastermind who turned around GameStop from being a struggling retailer to now a thriving retailer.

They're still a struggling retailer.

And that's going to be fundamentally the question here is, can he convince the market that the story is worth buying?

And I think that's really the biggest question for investors going forward.

You know, this isn't the kind of acquisition that I'm a huge fan of as an investor because it is not, as you mentioned, really fundamentally driven.

It's really more meme or story driven.

And that's something he's got a lot of work to convince people that he's going to be able to build a hundred billion dollar business.

There's maybe a little bit of a point, you know, but at the end of the day, yes, you're right.

GameStop is probably a more efficiently run company today.

They are making an operating profit.

They do have a little bit of operating leverage.

But how valuable is operating leverage when your top line is still in decline, when you're still fundamentally not in a growth business long term?

I think that's really the challenge.

Is this going to be a cigarette butt company?

If we go back to the old Warren Buffett days, hey, there's still a little bit of cash flow to generate here, and we're just going to suck everything we can out of it and then let the business die.

I don't think that's the story that he's trying to give to the market, but that's what you get if you have declining revenue business and increasing operating profit.

You're getting operating leverage at the cost of actually growing the business.

So it's a little bit of a tough position for them to be in.

It's very possible that it's true.

And we got to think about this strategically first.