Utah entrepreneur Matt Poll was recently invited on the This, That, and The Other radio show. Matt was asked several questions regarding cryptocurrency. Furthermore, he was asked about the recent Gamestop shenanigans and more! See the transcript below:
Matt Poll Day Trade For Good Interview Transcript
Troy Patrick Farrell:
“Yeah, if you listened to this any other radio show, you know, this means we’re calling somebody. This is the suspenseful, we’ve got a guest coming on. We are going to phone and talk about this crazy GameStop stuff. I’ve been seeing a lot of friends, a lot of you posts out there, trying to download the app, trying to buy crazy stock and trying to get rich, all based on a Reddit group.
Now I just got the Reddit app. But I only follow a couple different things like Howard stern and real police videos. For some reason I like to watch people get arrested. I don’t know interrogation. I don’t know. But I think it’s there’s a we bats, we bet on stocks or something group that leaked this GameStop thing. And we’re also going to talk about the silver, which became a real big hit, but it was the hedge funds doing the silver to make the money for it. Do you understand anything I’m saying? I don’t understand anything I’m saying.”
Who is Matt Poll and
what is Day Trade For Good?
“So let’s get from the great state of Utah. Alright, Matthew Paul. day trade for good calm day trade for good calm. Let’s see if we can bring them up here. And actually, I thought this might be more appropriate music here. Hang on.
Hey, Matthew, how you doing? Matt Poll from Day Trade For Good calm. You’re on with Troy, Patrick Farrell of this and the other radio show here at dirty radio.fm channel dirty radio classics. We are talking to our listeners about this whole GameStop feed on hedge funds, Wall Street, Robin Hood. And I’ve been trying to wrap my head around this. And somebody mentioned, another fellow podcaster said, hey, there’s a guy in Utah that knows what this is all about. I guess he had one of your partners on his show and said call these guys they’re going to break it down for you as if you’re a fifth grader. And that’s exactly where I stand today, trying to figure this out.
So I wanted to see if you can just kind of give me a little history. Tell me a little bit about yourself what your company does, and then we’ll unwrap this whole GameStop thing.”
Matt Poll Day Trade For Good:
“Sure, sure. Sure. Yeah. Thank you. And thanks for having me on the show. Absolutely.
Yeah, I mean, it’s probably for, for most listeners, and I would say, you know, this isn’t new, to be like wanting to know what’s going on. Especially when there’s so much news and media around. You know, it seems like an underdog move. Right. And my phone’s also been just going off the hook. People are like, how do I get involved? This seems like a movement I want to be involved in.
But I think I think you’re right. It’s so valuable if you’re brand new to trading, or you’re brand new to investing on any level, that you could educate first and understand the risks,
right? Sure. Sure.”
What is a Short Squeeze?
“So the what’s what’s actually going on, and the buzzword is, is short squeeze, right?
Everyone’s talking about this, like short squeeze that’s happening. And that’s actually that’s the angle or the approach that these Wall Street bets, guys and these mods put together against some.
I mean, I don’t want to call them dirty. I think it’s it’s a, it’s actually really healthy for there to be short positions in the market. It’s very healthy for hedge funds and investors to be shorting the market because it kind of balances price. But this isn’t an uncommon thing that happens.
And there is abuse, there’s no question. There’s abuse among large hedge funds, large institutions, kind of pushing stock prices down in a way that actually negatively impacts the company. And they do it in a way that drives bad media. And it makes them a ton of profit. Right? Gotcha. So so there’s a group of guys, and this this Reddit community called Wall Street. That’s all right.”
Who has short positions?
“And these guys got on and they saw all these short positions that were stacked up against, you know, a couple major publicly traded companies. One of them being GameStop. And they basically they said, Well, these guys are unfairly treating and, and granted, like GameStop isn’t like a stock that’s projected to go really high, right. But it’s also not a stock that there’s like a lot of negative news around either.
But these hedge funds got in and said, Hey, we’re going to short this stock, which basically means we’re going to borrow, borrow a stock that we don’t own yet, and hopes that the price goes down. And then when it goes down at or at some time, at a later date, I have to replace the stocks. And that’s how they make the profit is the difference in the price. Okay. But the short squeeze what all these underground traders, these Wall Street bets guys did is they decided to jump in on the stock price.”
When to short squeeze?
“So I think it’s, I think it’s valuable to understand like what a short squeeze mean. A short squeeze is a jump in a strike like a stock price like gmv, what we’ve seen with GMP that forces these large number of short sellers to close their positions. So when there’s a short squeeze on a stock, it’s gonna force all of these guys who are short, on GMP, or on AMC, or on Blackberry, you know, these are just to name a few.
But it’s, it forces them to close their positions, which in effect, actually pushes the price even higher, because they have to buy their, their borrowed stock back because they have to give it back from the, to the person that they borrowed it from.”
Why implement the short squeeze?
“So the short, sweet, what happens all these underground traders and a lot of the language you’ll hear on Reddit, and then these communities is like, Oh, we got to hold the line we got to hold because there’s a lot of new traders that have never done this before. They don’t even know what a short squeeze is.
A lot of them are, they’re just following us and means on the internet, and they’re thinking this is cool. But they actually don’t understand the impact, like of them holding. So holding the line is like we buy and even when it dips down, we’re gonna hold it we’re not going to sell, because these guys, huge companies eventually have to buy their positions back. And a lot of that’s already happened, a lot of it.”
Should you jump in?
“It’s a little late on, like, if you’re thinking oh, I’m gonna get in on the short squeeze and might be a little late. There are a bunch of experts that have said it’s not over, they actually haven’t like this week is the week it’s gonna happen, where you’re gonna see a lot of these positions, close out, the hedge funds are gonna have to buy back what they borrowed, and then buying it back will shoot the price up.
So there is I mean, it’s kind of a gamble. You know, it’s a it’s a risky proposition. It’s like, well, is it gonna keep going up? Or is it kind of done if they already liquidated and lost the billions of dollars? That they bet the wrong way on?”
Check back for future snippets from this interview!
Matt Poll, AKA Matt Poll, is an entrepreneur, investor and life coach based out of Silicon Slopes in Lehi, Utah. Furthermore, he is the CEO of GTF, a company which he helped co-found in September of 2008.
In addition to this blog, you can find Matt Poll on social media by clicking the links below: