What Constitutes Market Manipulation? Featuring

There's been a lot of discussion around whether Keith Gill is manipulating GameStop shares - let's dive into whether or not this could be legally considered a pump and dump.
Thank you ‪@LegalEagle‬ for lending your expertise!
If you'd like to support the channel, you can do so at Patreon.com/ThePlainBagel :)
DISCLAIMER:
This channel is for education purposes only and is not affiliated with any financial institution, although Richard does work as an employee for an investment manager. Richard Coffin does not provide recommendations on The Plain Bagel - those looking for investment advice should seek out a registered professional. Richard is not responsible for investment actions taken by viewers

[@ThePlainBagel]

NOTE - I've removed a segment from the video referencing the recently-dropped Ryan Cohen pump-and-dump case. I had filmed the video while the case was still active so the information around the topic was stale, and I had made the mistake of believing the headlines around the dropped case referenced a different legal action. There are no active pump-and-dump cases against Ryan Cohen. Apologies for the blunder.

[@ZalexMusic]

never believe the headlines

[@3d1e00]

Could you go through an analysis of GameStop data? Would be interesting to see an end to end evaluation on the business wrt to possible investment. To be clear I would not be in the market for actually investing. My job makes it a ball ache to do.

[@b.bradford7782]

Could you tell us if you received any money/remuneration from any parties to produce this video? Thanks. I'm not expecting a response because I suspect you did.

[@ThePlainBagel]

@@b.bradford7782 sure I can answer that; no I did not. The channel occasionally does sponsorships, but those are clearly laid out, and because of my registration as an independent PM, I don’t carry out any partnerships with finance companies.

[@b.bradford7782]

@@ThePlainBagel Thanks for the response. Based on the framing of the video alone, and the soft-pedaling of the naked short position thesis to the back end of the video and labelling it as a conspiracy, (but mostly the framing) I figured you were paid. We see a ton of that nowadays which buttresses the short thesis.

[@aydar4786]

Plain Eagle? Legal Bagel? What Is This, a Crossover Episode?

[@dansplain2393]

Everything Bagel

[@MirzaAhmed89]

Legal Bagel

[@dikbozo]

the crossover you didn't know you needed.

[@l4m41987]

A specialized reaction you could say.

[@sarthakmunda3914]

You forgot the coffee-bagel crossover

[@hongkong97-rangus]

Investing in GME is Schrödinger's retirement fund.

[@samsonsoturian6013]

It's called a lottery ticket

[@thespecialkid1384]

lol

[@chriszhang1660]

By “investing” you meant “gambling”, right?

[@MaximumBan]

We must invite @SabineHossenfelder

[@nexusyang4832]

You're both retired and not retired.

[@foobarFR]

The Legal Bagel

[@xanderabbey8529]

The Bagel Eagle

[@VictorDodon]

The Plain Eagle

[@neuvocastezero1838]

The Beagle.

[@VictorDodon]

@@neuvocastezero1838 The Plegal Beagle

[@LovingSoul61]

@@neuvocastezero1838 you beat me to it lol

[@Gest-wg2yb]

Legal Bagel is an awesome combo, thanks for the education

[@MenwithHill]

It does sound cooler than the Plain Eagle

[@scootergirl3662]

They really should just make this an ongoing thing and call it that

[@PBoyle]

0:17 I'm not sure that language was needed...

[@ThePlainBagel]

I thought you were a rapper

[@aaron6806]

Rap connoisseur/enthusiast ​@@ThePlainBagel

[@reid3031]

This interaction is making me dissociate

[@biglad12345]

Its making my blood boyle 😡

[@ultimaIXultima]

​@@ThePlainBagel Ok, that was good. 😂

[@aL3891_]

Bagelbutts to the moon

[@lordbizzle2424]

🚀🚀🚀🚀

[@dhillaz]

🚨🚔 Rule 180.2 👮‍♂️🚨

[@edwardrhoads7283]

I think you meant to say Bagel Coin to the moon!

[@CaptCanuck4444]

Now do Tesla, the most brazenly manipulated stock in history.

[@Lucie.Greening]

I would truly love that deep dive!

[@KeeliaSilvis]

I'm a brand new sub from this video, but yes agree, I want this very much

[@CountingStars333]

Funding secured.

[@Videomorgue]

But my Tesla Robotaxi has been making me 30k a year since 2016, just like Elon said. /s

[@jnstroik]

​​@@Videomorguerobotaxis coming later this year, every year. New products (semi, for example) due early next year, every year Tesla is such an insane bubble

[@scootergirl3662]

My prayers have been answered. This is the collaboration I have wanted forever.

[@AlexMax2742]

I've come to the conclusion that the more that a financial instrument behaves like a vehicle for speculation, the further away most sane investors should be. You can't really bet on the price going up or down because nobody involved is being rational. The best investing advice I ever got was putting money in safe businesses or funds where the value actually represents something concrete and forget about it for a few decades.

[@RepChris]

Counter point: gambling is fun, and if its "securities" you can tell yourself and your acquaintances you are [dabbling] in finance instead of a gambling addict (plus if youre a major institution the taxpay will absorb all the risk if it goes up in your face) ^^ But yeah if you dont want Vegas with slightly better odds your method definitely is the way to go. Love your pfp btw, super cute

[@AlexMax2742]

@@AchilIes I'm flattered, but unfortunately I'm already in a relationship. Hopefully, you can find someone out there who makes you happy, though if I'm being honest you're probably not going to have much luck hitting on random women you find in a KZbin comments section.

[@3u-n3ma_r1-c0]

@@AchilIes this is just so unreasonably hateful lol

[@AlexMax2742]

@@AchilIes Oh you are too kind.😉

[@hansonlee5847]

Spam alert!

[@jamesmf968]

It’s very interesting that Keith Gill attracts SEC attention over one stock while Chamath Palihapitiya attracts no SEC attention over many.

[@Christopher_TG]

It's always a very fun experience when my favorite KZbinrs do collabs. I've been a fan of Legal Eagle for years now, so this was a very fun treat!

[@salientmedia]

my main question here is: lets say he had a long term thesis on the stock and intended to hold for a long time until it reached his estimated price but unexpectedly this event took place, the price went up a lot-beyond his estimate-and he choose to take profits isn’t that completely rational and normal action? the purpose of buying a stock is to make a profit, if my investments go up because of any reason that doesn’t have to do with fundamentals I would also sell and I’m sure most if not all rational investors would? is he supposed to not make a profit because it might ‘look like’ he’s pumping the stock? while he’s just taking advantage of opportunities which we all do in the markets?

[@ThePlainBagel]

That's essentially the argument playing out with Ryan Cohen's own case right now, and seemingly if there's no proven "intent" behind one's actions when it comes to pushing the stock price higher (or actions are otherwise negligent, which I don't think would be considered here), it wouldn't be considered a pump and dump.

[@salientmedia]

@@ThePlainBagel that’s interesting, thanks for your reply!!

[@kenichishibata8717]

so is this a paid episode by citadel?

[@ThePlainBagel]

@@TZ-741 There are multiple cases: 12:37

[@ThePlainBagel]

@@kenichishibata8717 it is not, sadly no big payday from Wall Street yet.

[@grigorescuanghel9931]

Great video, really liked the colab. Leaving that all aside, I wanna thank you for the content you make because it just helped me pass an exam I had in university last week on capital markets. God bless you Richard!

[@ryanechternacht1]

How do these laws apply to activities from organizations like Hindenburg Research? Wouldn't shorting a stock, then releasing a damaging report be considered market manipulation under the later statute Legal Eagle talked about (the one that didn't require false/misleading statements).

[@sgjuxta]

I would hope not. If you do independent research into a company and find that their finances appear to be grossly misrepresented such that their stock price is overvalued, then shorting the stock and then publishing their (factual) research to back up their short position seems almost like the market equivalent of collecting on a tech company's "bug bounty." Because while yes, they "technically" made the price of the stock change, one can easily make the argument that, had the general market known about what was actually going on in the company according to their research, the stock should have had significantly less value in the first place. I think the fact that an investment firm could investigate a company like Wirecard, find all SORTS of sketchy shit going on, and then heavily short them before publishing their findings is great, in general, because it gives a strong financial reward incentive to expose bad corporate behavior. Basically, the fact that your company could hit a huge payday for exposing a company like that is in my opinion, a feature, not a bug.

[@justinserrano95]

There are rules in place for researchers, I believe they generally are not allowed to trade in the subject security for 3 days after a report goes out (10 days for IPOs)

[@thenoodlebuddy]

So Keith Gill did the same thing, but the opposite of shorting. It's the same difference

[@PersonaRandomNumbers]

Not a lawyer, but my reading of that four-part test requires the price be "artificial" -- and, Hindenburg generally profits off of the transition from an artificially inflated price, down to a more realistic one. Since they're not the ones who created the artificial price, they're not guilty.

[@danielhale1]

@@PersonaRandomNumbers This is the take I agree with. The difference between research&short vs pump&dump is the pump is deliberately taking the stock price away from its fundamentals, while the research is revealing where that price reasonably should be.

[@mrmatejator]

It's honestly cut and dry thing to me. Shorting stock and then publicising report about stock being overpriced is clearly legal > therefore putting call on stock and then publicly stating how underpriced stock is must be legal too. They are two sides of same coin and either both are illegal or neither is.

[@fabienso5889]

No in one case you make a report Present research and evidence While in the other case you just make a statement

[@cd2320]

Yeah but that doesn’t account for the fraud angle. If I just make stuff up and exaggerate, then in both cases it should be illegal.

[@SpenserLi]

No matter how you slice and dice it, seems musk meets the definition of market manipulation with most of his statements on Tesla stocks 🤔

[@frankwest5388]

Don’t worry Musk already thought ahead of this and has publicly aligned himself with the far right and Trump, so that any investigation can be deflected as political persecution

[@GG-zv9ku]

Not really

[@oxy612]

Yes really

[@Spoopball]

I love when my two different streams meets/collab. It gives me mental good juices when I am validated for my viewing choices by quality channels hanging out together

[@samsonsoturian6013]

Note Mr. Gill did not originally buy for the short squeeze, he bought because the stock was trading below the value or assets if they liquidated. That doesn't absolve him from anything he might have said later.

[@alhollywood6486]

There is no world in which GameStop had an asset value above the market capitalization of the stock in the past 5 years at least.

[@toyguy112183]

@@alhollywood6486their 2/2020 balance sheet shows equity of 611M when the market cap was only 233M

[@crashingatom6755]

Liquidated their overstock of Mario Bros socks and Funko Pops? 😂They were worth nothing, and this entire scheme just shows the utter desperation of young Americans to acquire wealthy stability.

[@Byssbod]

What fantasy world do you live in where GameStop assets from early 2024 were actually worth 30 dollars per share?

[@meganoob12]

true. I would agree that his initial investment in 2020 was actually sincere. He dod his DD and actually had a coherent theory about gme. He thought that it was slightly undercalued and that it could implement some reforms to at least become profitable again. If course this turned out to he complete hs because gme us just a shit corporation, but his innitial idea was not outrageous. Somewhere along tge line though he just turned into a scammer. It was so clear in his recent reapoearance and stream. The most clear attenpt of a pump and dump in history… just failed miserably

[@venelinborisov3377]

Does a CEO statement that his company will be $30 Trillion constitutes market manipulation?

[@zdwade]

No if that is what he believes

[@lancesmith8298]

@@zdwadeGot it, legality is only based on intent and not consequences. Give me ten thousand dollars and I can change the world

[@SupportToolsBlog]

CEOs have a lot of rules they have to follow when talking about their publicly traded company. For example if Tim Cook released a statement that Apple made a deal that would make them $100T dollars and then if comes out that it was all made up. Then their will be jail time in his future (you don’t mess with rich folks money) Now if he come out and said the company future is good and showed their numbers and what their future plans are. Then it’s all good.

[@TAP7a]

​@@lancesmith8298legality is based both on intent and outcome, different laws weighing each differently in determining the consequences of breaking them

[@undebilefandepokemon3069]

It constitutes corporate fraud if he lies on his turnover so investors think that the company is more profitable than it is.

[@davianoinglesias5030]

😅Before arresting Roaring Kitty you'd first have to arrest Jim Cramer

[@santiagocorrea5679]

Not the colab we wanted, but the one we needed!

[@dmdrummer23]

Roaring Kitty did not just sell his options. Options can be sold, but they are a contract to BUY shares. It looks more like he sold almost 60% of them, and exercised 40,010 contracts, which would cost about $8,000,000. And if he exercised Long-dated options, he would waste premium and pay more money. Short-dated options have less premium, and allow him to buy more shares. How did he dump if he still has over 9M shares? Edit: thanks for the video (despite my criticism), it was great that you teamed up with Legal Eagle too!

[@lornaj3310]

I love how so many of you guys work together like you're all pals ❤❤

[@zembelyon]

Your sense of humor is gold😂

[@lukemkauffman]

This is absolutely massive

[@Bob-ke9in]

Always find your videos to be very informative. Thanks Richard.

[@juwright1949]

Excellent! Fundamentals do matter and you need to do the work. 👍🏻

[@willardSpirit]

Yes, finally! Legal Bagel mashup! A combo that rivals lox and cream cheese

[@shanewebber-nw1dn]

Plain Bagel the funniest show on the net CONGRATULATIONS!!!!

[@mibber121]

love that youre hitting the is this a pigeon pose in the thumbnail

[@phath2007]

I'd like to see the bagel put the low brow topics to rest for a while, you've allready done a great job on the finfluencer crypto meme partypoopers. The content I enjoy here is big picture topics explored, explained, and learning how real world pros such as Richard approach portfolio management. I appreciate all your work, thank you!

[@funtechu]

Short call options while long the stock is just a common covered call position. It's used when the price is expected to go up a little, stay the same, or go down a little. So while a naked short call has a bearish connotation, a covered call has no such connotation, and is common for people who are long holding a stock.

[@sirshauniv511]

Yo Devin! Great to see you over here.

[@Bigave167]

Hey Plain Bagel, like the collab with Legal eagle. I think for your next video you should go into more detail in regards to short volatility players profiting off of stocks like gme, koss, AMC, bynd, m, rev before bankruptcy during Opex cycles. If I had to guess how Roaring Kitty made all that money just trading GME (which I don't think he did, but for argument sake) it would be trading options during these runs whether he was long calls/shorts puts before the runs or short calls/long puts afterwards on the way down.

[@AvariceNight]

Apparently intent/mens rea actually matters if you're rich...

[@leonaskindra179]

Nice collab!

[@dosmastrify]

Richard, thank you so much for this video. I've been hoping somebody credible would make it

[@percentage6814]

Thank you Legal Bagel, that was a great video! Market manipulation just always sounds like a messy issue. This is a really silly question, but what is that kind of sinister background music that plays in your videos? lol It plays on 16:50 and 18:30

[@ThePlainBagel]

Dark Tranquility

[@percentage6814]

@@ThePlainBagel Thank you so much!

[@Raggart]

A surprising collab, to be sure, but a welcome one!

[@kirkj101]

The collab I needed but never knew I wanted

[@qjsharing2408]

Thank you for this article

[@lastnameunavailable7133]

18 minutes for "It depends, we won't know if it was a crime until after an investigation"

[@Lonovavir]

The sequel: We've investigated ourselves and we're not guilty.

[@burgundian-peanuts]

Don't watch this video if you're looking for a one-word answer ("yes" or "no"). Do watch it if you want to learn more about the legal landscape around this question.

[@Magic_beans_]

Yes, but also to explain that investigations are more complex than “it’s kinda sus and I don’t like him, therefore guilty.”

[@davianoinglesias5030]

Most of us just want to understand the issue from a legal perspective and what parameters are considered.

[@SpeculatorSeth]

Keith Gill made have made money on the options, but as far as we know he still owns the shares. The overall position is dangerously close to going underwater too. It's probably already to the point where after the impact of his selling he would take a loss (around $26 a share by my calculations). I think it would be difficult to win a stock manipulation case against him if his overall play ends up losing.

[@huplim]

Thank you Richard! I’m early as usual! ❤ from 🇲🇾!

[@MrJuliansnow]

While we discuss Keith Gill for Gamestop, why wouldn't Elon Musk's statements about Tesla on X be considered market manipulation as well?

[@PhilosopherWR]

Elon Musk is being sued for market manipulation.

[@rlaurion37]

Two of my favorite KZbinrs in a crossover episode?!?!?!? Time to get a coffee milkshake and a bagel while I watch this

[@KingUnKaged]

Kinda sad that Kitty came back to feed into the madness rather than taking his huge win and riding off into the sunset

[@aenorist2431]

Welath rots the brain, and scamming is addictive.

[@tomlxyz]

I think it's "necessary" to act so risky to get where he is now

[@Demmrir]

@@tomlxyzIt's a real problem for observers because of survivorship bias. Everyone who became extremely wealthy via investing is a massive risk-taker, addicted to the wins (or else they would have walked once they hit 8 figures at most). And there are plenty of them. Not seen: the millions of risk takers who took risks that did not pay off and lost everything. Or even the eventual fall of the successful risk takers when their gambits fail to deliver several times in a row.

[@Jacob_S13]

Dumbass take, you realize he keeps winning? He is in profit this time as well, why would he not continue...?

[@L3uX]

What?? He already has a win. He holds as is his own strategy and will do whatever he wants.

[@DeletedDenizen]

Richard always with the coolest collabs. I found out about Ben Felix thanks to the video you guys made about the active/passive paradox. Now you need to collab with Money & Macro!

[@ericjordan1tv1]

My two favorite KZbin channels. 🖤🤝🏽

[@IronG_TFT]

I think I remember Keith saying he has no lawyers or anything in the room in his recent stream but I'm definitely certain he has lawyers advising him on what he can or can't do after 2021

[@meganoob12]

there was someone else in that room for sure. The way he talked and acted clearly gave it away. Only question is if it was a lawyer or an ominous patreon who gave hin the 200 mil for his investment that showed up out of nowhere during the 3 years he was gone.

[@StrickenBiged]

Perfect timing, I’m reading ‘The Trolls of Wall Street’ by Popper at the moment.

[@midding593]

Hey Richard, I appreciate the fact that you’re talking about GME and looking at the situation through a lens that is both critical and impartial. As a current GME shareholder I’m excited for the company’s future prospects (sitting on $4 billion with no debt), but at the same time I do really worry that the community’s focus on labeling criticism as “FUD” and “Shills” creates an echo chamber that makes it difficult to find balanced information. I would love if you made a video evaluating the notion that HFs and MMs are able to hide short positions through derivatives and other methods. While plenty of reports have come out in the past week showing that short positions have been closed, it seems like the GME community is convinced they have not and cannot close their short positions. I’d also be interested in seeing a video about FTDs as there seems to be a lot of confusion and disagreement over how they work.

[@TacticusPrime]

The GME community is delusional. GameStop is a failing mall retailer that is propped up by bag holders pumping their stock price up. Sure, the company is now out of debt and has cash on hand, thanks to the irrational stock price. That doesn't mean the company has a long term future or value as a business. Besides, the ridiculous belief that the stock price can go to phone book prices has nothing at all to do with the company itself. It's just a fantasy of financial deliverance. A Reddit Rapture.

[@Heatranoveryou]

Apple, Microsoft, Berkshire have 100 billion cash and no debt.

[@midding593]

@@Heatranoveryou and when you factor in market cap GME is trading at a lower market cap to cash ratio than any of the nasdaq 100 stocks! That isn’t to say that such a statistic is super meaningful, but maybe it shows that we’re comparing apples to oranges. When evaluating GME’s future prospects, I think you’d be kidding yourself if $4 billion doesn’t significantly factor into your bull/bear thesis! (p.s., a quick google search shows that none of those stocks has $100 billion cash on hand, Microsoft is the closest at ~$80 billion as of March ‘24, but they’re also sitting on ~$43 billion in long term debt compared to GME’s $15 million. Where did you get those numbers from?)

[@S0l1dZ3r0]

GME is a stupid company bro. If it weren’t for the memeification of the stock the company would have closed up shop by now. Imagine having all that money, all these people at their corporate offices and not having the sense to shift their business to an online model like Steam. Stop buying into the hype. GME and AMC need to die, because they refuse to evolve. I get it, people want to stick it to the hedgefunds, I’m all for it, but you gotta be honest about what is happening. On the business side they are failing and on the stock side the institutions will do what they can to prevent the shorts from getting completely rekt. Wake up! I held AMC until I saw what Adam Aaron was doing. Instead of evolving the business he did some fishy BS with the stock. Don’t get rekt by these frauds.

[@willburn182]

I have an Econ background, but really dont know much about personal finance and investing. With past experiences, I'm confident I can learn just about anything if I really wanted to. What are resources you'd recommend for someone wanting to teach themselves about investing and finance in general?

[@slowdownex]

Man, ive been waiting for someone on YT to address this.

[@75pdubs]

9:54 I’m glad I listened to Cramer and shorted TSLA on the IPO! Still holding!

[@GunnGuardian]

The Crossover we were all waiting for!

[@DonDee123]

Collab of two channels I‘m subscribed? Let’s goooooo 😃

[@Boredblacksheep]

Amazing collaboration!

[@limaalphacharlie]

I had a stat professor tell me that correlation doesn’t mean causation. I’m not big brain enough to say this applies. But I’m smol brain enough to say, RK is under scrutiny for being OPEN about what he’s doing with HIS money. Why not scrutinize hedge funds for being SHADY about what they do with OTHER peoples money? Js.

[@vooteimer1234]

Gray area on purpose so law can be applied selectively depending on how big an enemy an individual is to a corporation or the state

[@001sander2]

Thanks for tracking down those old Cramer clips 🙂

[@budstep7361]

This was great, thank you

[@willboler830]

What does it mean when the exchange itself halts the stock based on Keith's stream? Is the exchange liable for market manipulation, or do they get a pass?

[@qjsharing2408]

Every Trader technically benefits if you mimic them, so they're always going to try to get you to mimic them. That's the thing, if there was a winning move, then the Arbitrage would get taken down to zero

[@YouGuysAreAmazing]

The thing I will never understand with all this is that the company Game Stop seems to be completely detached from the value of their own stock prices. Does that make any sense? While I understand the gain in value based on supply and demand, the core retail operation provided by Game Stop is generally not doing very well and there is a good chance the company may not be able to survive. This is entirely decoupled from their virtual stock price value. So, might there be a scenario in which Game Stop files for bankruptcy while their stock reflects them as thriving?

[@MyDogmatix]

Thank you very much for this content! I do wonder why Keith Gill’s “pump and dump” is a problem. I catch a lot of other KZbinrs talking whilst they are trading. With a large enough followers trading with them, that is almost exactly what a “pump and dump” seems to be, at least to me. A group, playing musical chairs together and someone looses to everyone else’s gain. It feels like that’s what the stock market is anyways. Especially now with all the trading software and algorithms. I’m not sure the average trader can make any money honestly, other than buying some stock, waiting for the stock to rise with pre-set sales stops and then hoping you achieve that before the price dumps. Keith Gill. All the power to you. He’s just doing what everyone else does, and everyone following him is happy enough as long as they don’t lose, but that’s the essence of the markets right? Someone wins, someone loses and no one cares about the broke guy trying to get ahead.

[@milspectoothpick4119]

You're whole paragraph is exactly why people care and it is illegal. Manipulation people with extremely speculative, and often entirely made up, reasoning for why they should dump live savings into one trade is only good for the "in" people running the scam. People are just getting punished way too slowly, but some are. The average investor/trader can absolutely make some money other than just sitting on stock waiting for it to go up. But it takes some time, effort, and thinking that most people are too lazy to do themselves and want a media personality to just tell them what to do.

[@jamessimon2002]

Doesn't Jim Cramer or the media do the same thing every day? RC is honest and showed his position.

[@i_i8924]

Thing is, his hedge fund friends are the ones dumping their stocks so there is a separation. Do those friends then give him a cut, who knows.. but probably lol

[@ewauksonian]

​@@i_i8924and not defense, they might not even give a cut - but some very legal yet still very scuzzy deal

[@shilohbuckle3134]

Great thumbnail

[@ThePlainBagel]

First comment to acknowledge it, thank you 🙏 I’m unreasonably proud of it

[@vondagreat13]

Thanks for the breakdown

[@KeeliaSilvis]

When I watched Dan Olson's (Folding Ideas's) This Is Financial Advice, I was genuinely impressed when I learned Keith Gill "wisely peaced out" when he realized Apes were turning him into a de facto cult leader. His choice to come back to KZbin seems like a dangerous choice in so many ways. Especially since it's safe to assume he is comfortably rich after the first GME craze, I personally can't imagine wanting to come back to public life when you could just live a happy, wealthy, and PRIVATE life with your family.

[@Shilling_Larping_Services_LLC]

You absolute try-hard! Outstanding presentation; 10/10

[@waziammm]

Mr Peanutbutter loved this episode. You know, cos he's a big fan of market law.

[@Cal1fax]

Great breakdown as usual

[@jaad9848]

LOL about the revelation he exercised call options. I called it that his whole exercise was a way to sell a bunch of his position without the stock go down.

[@carpelunam]

Great question

[@superdeluxesmell]

I like that @LegalEagle’s phone is seemingly to be typically used by guests. I’m gonna call long distance.

[@tinggss]

I came here to give a thumbs-up for that thumbnail

[@nemesishd4093]

Hi, does anyone know how to calculate options pricing error using BS?

[@DanB-e3v]

The cross over I never knew I needed

[@SCfancritic]

General knowledge but very on the fence in conclusion

[@pjlusk7774]

Even if Roaring Kitty hasn't engaged in a pump-and-dump, it still feels like he's playing with fire, seeing as he has already been hauled in front of Congress and accused of doing a pump and dump once before.

[@kavky]

You should have talked also about the ridiculous number of times trading was halted before and during Keith's stream. Every time there was a green candle after a massive dip it would be immediately halted. I don't believe for a second it was just the circuit breakers. Will you make a follow up video discussing accusations made by retail towards market makers?

[@CaptTerrific]

Used to love this channel... Used to think Bagel had some insight... But how can I trust someone who watches Twitch in light mode!?

[@SK-ny5ei]

Question for you guys, if you read these comments: recently a federal court in Texas dismissed without prejudice charges against 8 men who had a pump and dump group called Atlas Trading. The charges were dismissed for defects, including failure to state an offense e.g. that what they had done was not an offense under any statute. It seems to me that what they were doing was more aggregious than Gill's actions, and that the case was brought to try to expand the definition of what behaviors qualify as a pump and dump. What effect might that have on any decision to take legal action against Gill? I would guess courts are cool with occasionally trying to set new precedents, to expand definitions for new technologies and circumstances, but to immediately come back with an even less clear cut case might run the risk of pissing off a court? Would that only apply to the Texas federal court, maybe allowing them to venue shop and try Gill elsewhere? Personally I think Gary Gensler hinting darkly about looking into Gill's actions is either the last we'll ever hear from him about it, or they charge Gill, but then let him off with a tiny little fine if he will plead it out and give them something for their Win column.

[@gregorydaggett7444]

If you're going to do a full video on Keith Gill, why not also do a full video on failure to delivers? Selling a security without having the actual security is far more manipulative of the market than one dude who likes a stock and talks about it online. There are some systematic issues that have been swept under the rug.

[@Leztalkabouteet]

Omdssss! One of the first viewers. 40 seconds ago. Looking forward to giving this a listen

[@PenStab]

Your Canadian accent is lovely.

[@poisonpotato1]

Talking about a position can be considered market manipulation, but Litterally disabling people's ability to participate and trade in the market isn't considered market manipulation

[@CrimsonShaft]

This video is market manipulation. That screen grab made me think you 2 would be in the same room together 😭

[@vogray]

Legal Eagle AND Plain Bagle 🎉!

[@vonb2792]

Keith gill video was a masterclass in communication. He basically created a online legal defense, while keeping the stock around so he can cashout. Loved the guy video helped me build my free analysis platform. It gave me a few trades that still are paying off now

[@gemmydoadance1593]

The greatest crossover EVER

[@blackdave2211]

I m not sure man. I think Iverson had greater ones

[@BrokenTile]

So Devin interacted with someone from Ottawa?! Pretty cool! Ottawa represent :)

[@aggy69420]

Road to 1 Million!!

[@TheseColoursDontRun]

Ty for this video!

[@oMoM-dj2cg]

Remeber when an owner of a hedge fund say that they, as active investors, push the stock to a certain price? That seems likr market manipulation

[@cradke7]

TLDR; I don't know, it depends.

[@shaunsensei6948]

This video made me think, you say Roaring Kitty has a fundamental reason for going long on GME ie he thinks the stock is trading below its value. Let's assume he was not this famous and was like just a fund manager a very successfull one and was caught in a similar thing, will he have to explain his strategy to the court or can he prove himself without letting his edge be known. Another question I have let's say his strategy was not the typical usually accepted analysis style ie it was not fundamental or quantitative let's say it was a technical analysis strategy that he found a lot of success in, is this considered a good reason for buying a stock or not by the court?

[@i_i8924]

FUSION! *Legal Beagle.*