GAMESTOP

We didn't restrict trading because we wanted to. We restricted trading because our clearinghouse demanded three billion dollars in collateral that we didn't have.

We faced an unprecedented situation in January 2021. We made the decision to restrict buying to protect the firm and our customers.

GameStop was the moment I realized the game had changed. Retail investors organized like a hedge fund and beat us at our own game.

I stopped publishing short research. The risk-reward changed. When a subreddit can organize a squeeze against you, the math doesn't work anymore.