GME值得关注，因为Ryan Cohen推动其转向盈利和收藏品业务，形成了混合零售/投资模式，这超出了传统分析的范畴。
逐段跳播
让我们稍微谈谈“游戏驿站”。GameStop的财报发布方式让我有些困惑。该股不再像过去那样波动。它已经下跌了大约90个基点。
Let's talk a little about "Game Stop". GameStop has somewhat confused me with the way the earnings were released. The stock does not move as much as it used to in the past. It has dropped by about 90 basis points.
而现在，丽莎，他们的净销售额已经下降了大约19%到20%。所以，仍然存在持续的冲突，但我注意到持股量增加了57%。所以，这里也有一些亮点。
And now, Lisa, their net sales have already dropped by approximately 19% to 20%. So, there are still ongoing conflicts, but I noticed a 57% increase in holdings. So, there are some bright spots here as well.
这是一家非常有趣的公司。我非常习惯于报道科技新闻，但我们看到了“游戏驿站”创纪录的一个季度。
This is a very interesting company. I'm very used to covering technology news, but we've seen a record quarter of "GameStop".
事实上，这是他们自2002年以来第二季度实现的最高数字。我们看到该期间的营业收入是自2002年以来的最高水平，净收入也有所增加。
In fact, it's the highest figure they've achieved for the second quarter since 2002. We saw operating income for the period that is the highest since 2002, and net income also increased.
你提到了视频游戏销售额的下降，这在二手和翻新设备中很明显，但正如你所说，这被收藏品57%的同比增长所抵消。我们还看到，我认为这使GameStop对我来说很有趣的是，投资收益在这里承担了很多重任。
You mentioned a decline in video game sales, and this is evident in used and refurbished devices, but it is offset, as you mentioned, by a 57% year-on-year growth in collectibles. What we also see, which I think makes GameStop interesting to me, is that investment gains do a lot of the heavy lifting here.
事实上，来自eBay投资的收益约为2.38亿美元。我认为更大的问题是，“游戏驿站”到底会变成什么？它们看起来越来越像两家不同的公司。
In fact, there are gains of approximately $238 million from eBay's investment. And I think the bigger question is, what exactly does "Game Stop" become? They look more and more like two different companies.
是的，我认为过去一年中最重大的金融时刻之一就是GameStop和eBay之间的整个传奇故事。所有新闻媒体都报道了一个星期，然后它就逐渐消失了。所以丽莎，他们不仅投资了它，但它仍然重要吗，我想？
Yes, and I think one of the greatest financial moments of the past year was this whole saga between GameStop and eBay. All the news outlets were covering it for a week, then it kind of faded away. So Lisa, not only have they invested in it, but does it still matter, I think?
你在五月份提到，GameStop对eBay的主动报价约为560亿美元，而eBay立即说了“不”。但乍一看，我不知道你怎么想，但我想：这很奇怪。这似乎很奇怪，好像一个规模小得多的视频游戏零售商试图接管这个巨大的在线市场。
You mentioned in May that GameStop's unsolicited offer was around $56 billion to eBay, and eBay immediately said "no". But at first glance, I don't know about you, but I thought about it: this is strange. It seemed strange, as if a much smaller video game retailer was trying to take over this huge online market.
然而，战略逻辑逐渐开始变得清晰，它们之间有共同的线索。如果你想一想，GameStop的门店和实体基础设施，以及数字市场eBay，它们之间的共同联系是收藏品。
However, the strategic logic gradually began to become clear, and there are common threads connecting them. If you think about it, GameStop stores and physical infrastructure, and the digital marketplace eBay, the common link between them is collectibles.
尽管eBay拒绝了这一提议，但Ryan Cohen说：“我不会退缩。”继续投资，事实上，我想四个月前，也就是五月份，GameStop持有eBay 5%的股份，现在是10%，翻了一番。
Although eBay rejected the offer, Ryan Cohen said: "I will not back down." Keep investing, and in fact, I think four months ago in May, GameStop had a 5% stake in eBay and now it's 10%, it's doubled.
至于他对GameStop做了什么，它已经存在了很长时间，并且很久以前就上市了，但它没有遵循“大片”的道路。而现在，我认为多亏了Ryan的领导，它看起来正如我所说的，一个箭头下的两个不同的作品。
我们看到一个更加灵活的零售商；他们正在关闭门店，并退出法国等市场。
As for what he does with GameStop, it has been around for a very long time and went public a while ago, but it did not follow the path of a "blockbuster". And now, I think thanks to Ryan's leadership, it looks as I indicated, two different works under one arrow. We see a more agile retailer; they are closing stores and exiting markets such as France.
但与此同时，并行地，多亏了Ryan Cohen，我们看到了这个数十亿美元的投资部门。他是决策者，所以他确实倾向于管理两份工作，而他做出的决定被证明是真正有价值的。
But at the same time and in parallel, thanks to Ryan Cohen, we see this multi-billion dollar investment arm. He is the decision-maker, so he really tends to manage two jobs, and the decisions he makes prove to be really worthwhile.
“游戏驿站”一直是一个困难的案例。这里有很多变量。你有“M”股问题、领导团队，以及似乎正在消亡的业务，但随后还有转变和投资。
"Game Stop" has always been a difficult case. There are many variables here. You have the "M" stock issues, the leadership team, and the business that seems to be dying, but then there are the shifts and investments.
当你从纯粹的分析师和投资者的角度来看待这个问题时，你会从哪里开始？它与我们研究的任何其他股票都完全不同。
When you look at this from the perspective of a pure analyst and investor, where do you begin? It is simply completely different from any other stock we look at.
这绝对正确，坦白说，我认为这正是吸引我的地方，因为尽管关闭了门店，他们却变得更具战略灵活性。他真正追求的是盈利能力，而非扩张。
That's absolutely true, and frankly I think that's what interests me, because despite closing the stores, they've become more strategically agile. He is really aiming for profitability rather than expansion.
我认为门店仍然重要，因为虽然Cohen正在使其更加灵活，正如我们所说，他正在转向收藏品，但GameStop现在拥有数十亿美元的资本，Ryan Cohen可以将其用于其他投资、收购和股票回购，他也在积极管理这一资本结构。
I think the stores are still important, because while Cohen is making it more agile, he is shifting, as we said, towards collectibles, but GameStop now has billions of dollars of capital that Ryan Cohen can employ in other investments, acquisitions, and share buybacks, and he is actively managing that capital structure as well.
因此，现在是关注这只股票的有趣时机。正如我所提到的，他们没有走“百视达”的道路，我认为eBay的故事可能即将开启新的篇章。
Therefore, it is an interesting time to watch this stock. As I mentioned, they didn't follow the "blockbuster" path, and I think eBay's story may be about to enter a new chapter.
这个频道对 $GME 的历次判断
Schwab Network 在这只股票上只有这一条判断。