Latest / The Steve Harvey Morning Show / ABC News Correspondent Rebecca Jarvis talking about her amazing new documentary "GameStopped" airing on Hulu

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ABC News Correspondent Rebecca Jarvis talking about her amazing new documentary "GameStopped" airing on Hulu · The Steve Harvey Morning Show

0:04
Speaker 1: Welcome to Money Making Conversations. It's the show that she
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Speaker 1: Rashan McDonald. Let's be real about everything not doing this show.
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Speaker 1: It's time to stop reading other people's success stories. I
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Speaker 1: want to tell people people about books TV. It's your story,
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1:00
Speaker 1: And they tell their stories and hopefully the nuggets you
1:02
Speaker 1: get from their stories will push you forward to your
1:04
Speaker 1: successful story. My next guest is Rebecca Jarvis. She's an
1:08
Speaker 1: Emmy Award winning journalist. She has ABC News Chief Business,
1:11
Speaker 1: Technology and Economics Correspondence, the hosting creator of The drop Off,
1:15
Speaker 1: a top rated podcast the chronicles the rise and falls
1:18
Speaker 1: of Elizabeth Holmes, and the hosting creative the highly acclaimed
1:21
Speaker 1: No Limits with Rebecca Jovis podcast, which features game changing women.
1:25
Speaker 1: Now as chief Business, Technology and Economics Correspondent, true reports
1:30
Speaker 1: for all ABC News programs, including Good Morning America, World News,
1:33
Speaker 1: Tonight with David Muir, Nightline, and this Week Jarge Stephanopoulos.
1:38
Speaker 1: She's on the show to discuss the latest ABC News original.
1:41
Speaker 1: It is an in depth look at the jaw dropping
1:43
Speaker 1: stock market, twisting turns, and the studying chain of events
1:46
Speaker 1: now synonymous with the name game Stop, please working the
1:50
Speaker 1: money making conversations. Rebecca Jarvis, Hey want an introduction? Thank
1:55
Speaker 1: you for having me. I love what you're doing here
1:57
Speaker 1: is It's fantastic. I love the conversationations you're having and
2:01
Speaker 1: helping people really figure out the building blocks of success.
2:04
Speaker 1: So thank you for what you do and thanks for
2:06
Speaker 1: having me. Well great because you were both storytellers and
2:09
Speaker 1: uh and when I read your stories, and like I
2:11
Speaker 1: told before we got over there, I was just saw
2:13
Speaker 1: game stop. I tried what I try to do my interviews.
2:16
Speaker 1: I try to watch what I'm read a book the
2:18
Speaker 1: day before. She just show the movies to day with
2:22
Speaker 1: there the twenty four hour cycle that with everything is
2:24
Speaker 1: fresh on the right note, trying to remember something. And
2:28
Speaker 1: but before we get started in and I gave all
2:31
Speaker 1: these titles, but let's learn about your educational background. Can
2:34
Speaker 1: you tell us a little bit about you, how you
2:36
Speaker 1: gotta start from from an academic standpoint, which led you
2:39
Speaker 1: to ABC through CBS. Yes, fantastic, Great, I'm glad we
2:44
Speaker 1: start there because it is such an important place to
2:46
Speaker 1: be in. So I grew up in Northeast Minneapolis. I
2:50
Speaker 1: grew up my mom is a journalist, she's a writer
2:53
Speaker 1: um and my grandfather was also a journalist, And I
2:55
Speaker 1: always wanted to do that as a career, but they
2:58
Speaker 1: both told me, if you start that as a career,
3:01
Speaker 1: you're going to be graduating from college with a lot
3:03
Speaker 1: of student loan debt, and you will not be able
3:05
Speaker 1: to pay it off if you start out as a journalist.
3:07
Speaker 1: So I went to college at the University of Chicago.
3:11
Speaker 1: I always gravitated towards math as a kid. I loved math.
3:15
Speaker 1: I also liked writing um and I ended up studying
3:18
Speaker 1: economics in college and then immediately pursuing jobs early on
3:23
Speaker 1: out of college and investment banking. And the reason I
3:26
Speaker 1: share that is that for me, I was graduating pretty
3:30
Speaker 1: significantly in student loan debt. I had about thirty thousand
3:33
Speaker 1: dollars in student loan debt at my graduation, and I
3:36
Speaker 1: in part chose investment banking and a career in finance
3:40
Speaker 1: because for me, it was going to be away that
3:43
Speaker 1: I was going to be able to know that I
3:46
Speaker 1: could make my student loan payments. I didn't have a
3:49
Speaker 1: financial safety net, so there wasn't anyone else who's going
3:51
Speaker 1: to be paying those student loan payments upon graduation. And
3:55
Speaker 1: I did that job for about two years until I
3:58
Speaker 1: got to a point where I felt like I could
4:01
Speaker 1: comfortably continue to pay down my loans and pay them off,
4:04
Speaker 1: and then started at that point pursuing journalism jobs. Well,
4:09
Speaker 1: those jobs have led you to all these shows that
4:12
Speaker 1: you now respected and cover. But isn't that a lot
4:14
Speaker 1: of pressure or a lot of a clear understanding that
4:17
Speaker 1: people come to you for the facts, and so you
4:20
Speaker 1: have to do your due diligence and your homework, and
4:22
Speaker 1: you have to have relationships. They tell you this is
4:25
Speaker 1: the fact, right with it. I'll run with your story. Yeah,
4:29
Speaker 1: And just like you, you know you mentioned at the
4:30
Speaker 1: top of this program, you do your homework, you do
4:33
Speaker 1: your research, and I spend a lot of time digging
4:36
Speaker 1: into the data and the information and looking at numbers.
4:40
Speaker 1: A lot of my work today is spent reading research reports,
4:44
Speaker 1: and especially in the early days of my career starting
4:47
Speaker 1: out in finance. One thing I tell a lot of people, Um,
4:50
Speaker 1: they asked me what the best way to get into
4:52
Speaker 1: journalism is, And for me, the best way was not
4:56
Speaker 1: necessarily going at it directly. It wasn't starting out in
4:59
Speaker 1: a line to newspaper and TV jobs right away. Instead,
5:03
Speaker 1: it was having that financial background that both lends me
5:07
Speaker 1: credibility today when I have to look at complicated pieces
5:10
Speaker 1: of financial information. And that's certainly something that we did
5:13
Speaker 1: with Game Stop um the documentary you mentioned at the
5:16
Speaker 1: beginning that's now streaming on Hulu that chronicles the rise
5:19
Speaker 1: and fall of the Game Stop stock price and the phenomenon.
5:22
Speaker 1: I mean, to be able to look at the stock market,
5:25
Speaker 1: you really do have to have UM or at least
5:27
Speaker 1: for me, it comes in handy to have a background
5:29
Speaker 1: in it and to really understand it. So starting out
5:32
Speaker 1: in finance, while it wasn't directly walking into a newsroom
5:35
Speaker 1: and starting out maybe as an intern or a junior
5:39
Speaker 1: level reporter, it allowed me in some ways to fast
5:43
Speaker 1: track my career so that when I did start applying
5:46
Speaker 1: for journalism jobs, I was coming into a newsroom with
5:50
Speaker 1: some credibility around this topic that I was going to cover,
5:54
Speaker 1: which ultimately today is now business technology and the economy,
5:57
Speaker 1: but in the early days of my career is really
6:00
Speaker 1: business based, and I could go to UM editors and
6:04
Speaker 1: this is what I did. I cold called. I was
6:07
Speaker 1: in Chicago at the time, and I called up business
6:10
Speaker 1: editors in Chicago and asked them out for coffee and
6:13
Speaker 1: I talked to them about their job, asked them how
6:16
Speaker 1: they got to where they got to, and I would
6:18
Speaker 1: go to each of those meetings with some ideas, pitches
6:21
Speaker 1: for them, story pitches, and at the end of the meeting,
6:24
Speaker 1: I would always say, I have some ideas that I
6:27
Speaker 1: would really like to share with you. Um I'd be
6:29
Speaker 1: interested in in writing them for you if you ever
6:32
Speaker 1: had an opportunity for that, And I would share the
6:34
Speaker 1: ideas And they were all based on things that I
6:36
Speaker 1: saw in finance. And so if you are somebody who's
6:40
Speaker 1: on a path, especially to journalism, I think nothing beats
6:44
Speaker 1: great story ideas. So if you have a background or
6:47
Speaker 1: you're seeing things, bring those ideas too. And again it
6:50
Speaker 1: can be cold calling. That's how I did it. I
6:52
Speaker 1: didn't know anyone, I didn't have a special leg up.
6:55
Speaker 1: I just contacted them. I went on their websites, I
6:57
Speaker 1: looked for the right person, I reached out I'd contacted them.
7:01
Speaker 1: And another thing I would say about my story that
7:04
Speaker 1: I think is really something that I encourage everyone to do.
7:09
Speaker 1: Ask people to coffee without any kind of reservation. I mean,
7:13
Speaker 1: you don't have to have a specific pitch to someone
7:16
Speaker 1: about why you're going to get to know them. You
7:18
Speaker 1: can say I'm interested in your industry, tell me more
7:21
Speaker 1: about yourself. I want to get to know you, and nowadays.
7:24
Speaker 1: I mean, we can do this over soon. You can
7:26
Speaker 1: do it over social media, you can do it on LinkedIn.
7:29
Speaker 1: All of these different platforms are entry points. And I
7:32
Speaker 1: tell people the most important thing to focus on is
7:35
Speaker 1: not who doesn't return your call, who doesn't return your email,
7:40
Speaker 1: It's the one who does, because it only takes one
7:43
Speaker 1: to land the job that is going to bring you
7:46
Speaker 1: to your dream career. Awesome. Let me tell you a
7:48
Speaker 1: little bit about myself so you can so when we
7:51
Speaker 1: start talking you get a sense of where I'm coming
7:53
Speaker 1: from from in depth. Okay, my degrees in mathematics, my
7:57
Speaker 1: minors to sociology okay, and um and so uh economics.
8:03
Speaker 1: I tried that degree plan. I couldn't get through. I
8:05
Speaker 1: couldn't get through. I tried my degree plan and engineering
8:08
Speaker 1: couldn't get through. But math was a natural for me.
8:10
Speaker 1: I got that degree. Um. I have invested in the
8:14
Speaker 1: stock several different times when I trusted myself, and then
8:18
Speaker 1: I went into the little little funds that's who. And
8:22
Speaker 1: then recently I decided I'm going back to where I
8:24
Speaker 1: used to think I would pick the stocks that I
8:26
Speaker 1: wanted to and I went to my Maryland is where
8:28
Speaker 1: I do my stock and stocking net stock investment in
8:32
Speaker 1: through and I said, these the stock they want to well,
8:35
Speaker 1: we're gonna put you in the funds to know I
8:37
Speaker 1: want to do these stocks. This I'm going back to
8:40
Speaker 1: what I trust myself and my thought process. So I
8:43
Speaker 1: want to let you know I have some understanding of
8:45
Speaker 1: the stock market. I'm arrogant enough to tell people what
8:48
Speaker 1: I want to invest in, not saying that it may
8:50
Speaker 1: be the right, but I'm arrogant enough to say that.
8:52
Speaker 1: And so so when we start talking about game Stop,
8:55
Speaker 1: it's still it helped me a lot to understand what's
8:59
Speaker 1: going on. I also have some thoughts about Robin hood
9:02
Speaker 1: that apple, which I'm really uh, you know, it was
9:06
Speaker 1: really interesting, Rebecca, I knew about I was on the
9:09
Speaker 1: outside of this story until I read I saw your documentary.
9:12
Speaker 1: So it really brought me inside and let me know
9:14
Speaker 1: how this the stock market really is about everyday people.
9:18
Speaker 1: So what brought you into the story of Game Stop? Um? Well,
9:22
Speaker 1: I first of all, thank you for sharing that background.
9:24
Speaker 1: I love that you have that background that you're interested in,
9:27
Speaker 1: and I think that's kind of where a lot of
9:29
Speaker 1: people are coming from. You know, I covered the financial crisis,
9:33
Speaker 1: the Great Recession of two thousand seven two thousand eight,
9:36
Speaker 1: and what I saw happening in the uh financial crisis
9:41
Speaker 1: were so many people looking at their savings, the retirement
9:44
Speaker 1: savings accounts dwindling because the market was collapsing, and they sold,
9:49
Speaker 1: and had they not sold in that environment, had they
9:52
Speaker 1: held on, they would have made their money back and
9:54
Speaker 1: then some within three years. Those who sold in the
9:57
Speaker 1: financial crisis were the ones who lost the half of
10:01
Speaker 1: their life savings on average. And so to me, I'm
10:04
Speaker 1: always drawn to these various events around the stock market
10:08
Speaker 1: that that captivate and capture everyone's attention because I see
10:13
Speaker 1: a responsibility in my role covering this for ABC News
10:17
Speaker 1: to be someone who can remind people of history. And
10:21
Speaker 1: when I saw Game Stop in particular, a single stock
10:25
Speaker 1: that was boosted by hysteria and excitement, and this new
10:30
Speaker 1: trend of people really spending more time online because of
10:34
Speaker 1: the pandemic and having this technology in their hand via
10:37
Speaker 1: an app called robin Hood, such that they could trade
10:41
Speaker 1: seven um, it reminded me of the importance both of
10:45
Speaker 1: the role to make sure that people were getting good information,
10:50
Speaker 1: solid information, and then also to really want to help
10:54
Speaker 1: people understand the difference between, for example, putting money into
10:58
Speaker 1: an individual company like games Up versus putting money into
11:01
Speaker 1: a four oh one k or an Ira, which is investing.
11:04
Speaker 1: It's saving for the long term. Game Stop is more
11:06
Speaker 1: the equivalent, and it's not just game Stop. Anytime you
11:09
Speaker 1: put money into a single stock, it is the equivalent
11:13
Speaker 1: of betting. It's the equivalent of gambling and walking into
11:16
Speaker 1: a casino, because if you're thinking of it in a
11:18
Speaker 1: short term thing, a single stock can go up or
11:21
Speaker 1: go down. You can lose money, you can make money
11:23
Speaker 1: on a single stock. If you think about the stock
11:26
Speaker 1: market as a whole, the collective stock market over time
11:30
Speaker 1: historically goes up about seven percent. Now one year out
11:33
Speaker 1: of out of thirty, it might go down, it might
11:35
Speaker 1: go up, but over time, if you invest for the
11:38
Speaker 1: long haul, that's the most tried and true form of
11:42
Speaker 1: saving because over time the market does go up, but
11:46
Speaker 1: you have to be in it for the long haul
11:48
Speaker 1: to capitalize on that. Whereas with a company like game Stop,
11:51
Speaker 1: you never know, and just the hysteria. I mean, let
11:57
Speaker 1: me because I want to make sure I'm on the
11:58
Speaker 1: same page with you about Robin Hood. Now, I saw
12:02
Speaker 1: Robin Hood as an app. Okay, an app that you
12:05
Speaker 1: can go and buy stock on right, I mean you
12:08
Speaker 1: could buy intail, you could buy Apple, you can buy
12:12
Speaker 1: game Stop in this situation, am I correct? What was stealing? Like?
12:16
Speaker 1: Okay cool? Okay cool. Now that the problem we had
12:19
Speaker 1: with robin Hood was that well, as you go through
12:22
Speaker 1: the story, game Stop was everybody was buying Game Stop
12:27
Speaker 1: through the app, and they didn't have the funds to
12:30
Speaker 1: cover the buyas yes. So so all of these brokerages,
12:36
Speaker 1: whether it's robin Hood or Charles Schwab or any other brokerage,
12:41
Speaker 1: when you use the app on your phone, they have
12:45
Speaker 1: to have enough collateral to make sure that they can
12:49
Speaker 1: cover any trade that you make on your phone. And
12:53
Speaker 1: there's an outside agency that oversees all of this that
12:57
Speaker 1: make sure that robin Hood and charl Schwab and all
13:01
Speaker 1: the other brokerages are safe essentially to do and conduct
13:06
Speaker 1: business in the way that they're conducting it. Well, what
13:08
Speaker 1: happened is game Stop. So many people were buying Game Stop,
13:11
Speaker 1: and many of them were using the robin Hood app
13:13
Speaker 1: to do it, but they were using all different kinds
13:15
Speaker 1: of apps as well. So many people were buying game
13:18
Speaker 1: Stop that it just became explosive. It was larger than life,
13:22
Speaker 1: and that added new risks to the system. And as
13:25
Speaker 1: a result of those new risks, um robin Hood as
13:29
Speaker 1: well as a number of other brokerages got this collateral
13:31
Speaker 1: call which said you have to put up way more
13:34
Speaker 1: money than you have ever put up before in order
13:37
Speaker 1: to back these trades. And as a result, robin Hood
13:40
Speaker 1: says it made this decision to restrict buying of game
13:45
Speaker 1: Stop and they did this on January and after they
13:48
Speaker 1: did this, you saw the stock of game Stop plummet.
13:52
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13:54
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15:54
Speaker 1: doing this special like Jim Cramer. Okay, okay, see there's
15:58
Speaker 1: a there's another the guy that's it's kind of like
16:02
Speaker 1: he's the he's kind of like the the funny man
16:06
Speaker 1: version of Jim Kramer who got everybody hyped up. He
16:09
Speaker 1: wears yeah, that's the funny hatch and everything. But I
16:12
Speaker 1: begged the different I see, I go way back to
16:15
Speaker 1: I want to say I was writing on Me and
16:17
Speaker 1: the Boys, but by name five between two thousand, Jim
16:21
Speaker 1: Kramer was coming out of the box kind of like
16:23
Speaker 1: this guy hyping stuff. That's when television. I mean, I
16:27
Speaker 1: was sitting there Rebecca making decisions on BAM, making decisions
16:31
Speaker 1: on Office Depot, making decisions on kmart stock based on
16:35
Speaker 1: what Jim was saying. So I thought it was kind
16:38
Speaker 1: of like ironic listen to him being interviewed, and you
16:42
Speaker 1: did the same thing that this guy was doing, so
16:44
Speaker 1: much so that John Stewart called you out for giving
16:49
Speaker 1: over hyped information on your show and he had to
16:52
Speaker 1: come on John Stewart Show to say, oh, yeah, you know,
16:56
Speaker 1: I apologize, so to speak. And so so, when he
16:58
Speaker 1: was being an interview I was like, Okay, Jim Kramer,
17:01
Speaker 1: really you're gonna sit up here and act like you
17:03
Speaker 1: weren't that version of this guy because we as as
17:07
Speaker 1: as fans of trying to get information. That's why I
17:10
Speaker 1: love this show because I'm going like, I've been on
17:12
Speaker 1: this journey Rebeca. I've been a game stop participant, just
17:16
Speaker 1: at a different time period because it happens all the time.
17:18
Speaker 1: Because we it might not be as drastic as this Rebecca,
17:22
Speaker 1: but we still are led by a lead. All we
17:26
Speaker 1: wanted to lead. And when we look at these people
17:28
Speaker 1: and they give us information that maybe right or wrong,
17:32
Speaker 1: they do their little deempification. Don't don't follow me, I'm
17:36
Speaker 1: not an expert. Don't lead anything but bye but bye.
17:39
Speaker 1: And so so, when you brought Jim Kramer, and what
17:42
Speaker 1: was the purpose of bringing him in, because like, I
17:45
Speaker 1: saw him as a different role because I had a
17:46
Speaker 1: different experience with him, because he was a younger version.
17:49
Speaker 1: He was older version of what I was seeing now
17:51
Speaker 1: being exposed in this documentary. Sure, so okay, so I
17:56
Speaker 1: I misspoke. I wasn't sure who you were talking about,
17:58
Speaker 1: and I thought you were talking about someone else. You
18:00
Speaker 1: were talking about Roaring Kitty. So just some backgrounds. So
18:03
Speaker 1: there's a person. His name is Keith Gil but he
18:06
Speaker 1: also has the YouTube name Roaring Kitty um, and he
18:09
Speaker 1: has a Reddit name that I can't say here because
18:12
Speaker 1: we would both end trouble for my language. Um. But
18:15
Speaker 1: he is one of the first people who spotted game stuff.
18:19
Speaker 1: He was treating only a few dollars a share. He
18:22
Speaker 1: thought it was something that had value. He talked about
18:24
Speaker 1: it all over social media. A lot of people started
18:27
Speaker 1: to follow what he was saying, and they started pouring
18:29
Speaker 1: money in. And when he first started talking about game Stop,
18:33
Speaker 1: it was about four dollars a share. Six months later
18:36
Speaker 1: it got up to three fifty dollars a share, And
18:39
Speaker 1: there was a lot of conversation on Reddit and other
18:42
Speaker 1: places on social media about the importance of putting money
18:46
Speaker 1: into game Stop and this idea that if all the
18:49
Speaker 1: sort of little guys decided to act collectively together, that
18:54
Speaker 1: they could really drive up the price of game Stop. UM.
18:57
Speaker 1: Full disclosure. I started my career at NBC in television
19:02
Speaker 1: and in business television. I have a lot of great
19:05
Speaker 1: friends there. Jim Kramer is one of them. But the
19:07
Speaker 1: reason that I wanted Jim Kramer to be a part
19:11
Speaker 1: of our conversation for for this story is because he
19:14
Speaker 1: has a front row seat. The people who watch Mad
19:16
Speaker 1: Money on a regular basis are many of the people
19:20
Speaker 1: who are investing in individual stocks. They're looking for that
19:24
Speaker 1: leg up, They're looking for that information. And I think
19:27
Speaker 1: what's really important to keep in mind, and I think
19:29
Speaker 1: this story is is illustrative of that, is you know,
19:34
Speaker 1: there's two sides to every position in the market. There
19:37
Speaker 1: has to be a buyer or if there has to
19:39
Speaker 1: be a seller in order for there to be a buyer.
19:41
Speaker 1: And I think that's what's so important is to at
19:43
Speaker 1: least know what you're walking into. So if you're gonna
19:47
Speaker 1: put money into something and it's an individual stock, you
19:51
Speaker 1: have to be okay with the possibility that you could
19:55
Speaker 1: lose money. Now, maybe all the statistics, all the data
19:59
Speaker 1: that you're reading is telling you, you know what, there's
20:01
Speaker 1: more upside than there's downside. Obviously, you you probably have
20:05
Speaker 1: to think that way in order to put money in,
20:07
Speaker 1: But the reality is there can always be downside. And
20:10
Speaker 1: when you use leverage, which is what a lot of
20:13
Speaker 1: people are now doing. It's always been the thing that
20:16
Speaker 1: hedge funds and the sort of big money on Wall
20:19
Speaker 1: Street is always using debt. It's called leverage to bolster
20:24
Speaker 1: their trades. So if I believe really heavily in something,
20:27
Speaker 1: I can borrow. If I'm a hedge fund, I can
20:30
Speaker 1: borrow from a bank more money to put into that
20:33
Speaker 1: individual stock, and that can help me make money if
20:37
Speaker 1: the stock goes up, But of course I lose even
20:39
Speaker 1: more money if the stock goes down. And what's really
20:42
Speaker 1: important to keep in mind here is if you're an
20:44
Speaker 1: individual investor and you're using an app, then yes, you
20:48
Speaker 1: some of these new apps like robin Hood will give
20:51
Speaker 1: you if you meet certain criteria, they will give you
20:54
Speaker 1: access to that leverage. But it's so important to remember
20:58
Speaker 1: that if you're using that leverage and the stock goes down,
21:02
Speaker 1: you've not only lost the money that you put in,
21:04
Speaker 1: but you're actually out even more money because you're using
21:08
Speaker 1: debt to pay for your position. Um were first of all, again,
21:13
Speaker 1: like I said at the early part of our interview,
21:16
Speaker 1: fantastic special It kept me in And this is why
21:19
Speaker 1: I was fantastic, because you brought in individuals that you
21:22
Speaker 1: can share their little storyline arts about. You know, the
21:25
Speaker 1: young African American boy who I just loved, the dell,
21:28
Speaker 1: the anonymous invested with the with the dog. You know
21:31
Speaker 1: the dog. We can see the dog, but we couldn't
21:33
Speaker 1: see him, Okay, so we gotta figure out we know
21:35
Speaker 1: who you are, okay. And then then you had the
21:38
Speaker 1: the the guy with the with the family, and then
21:40
Speaker 1: the young lady who had the hit Hispanic guy, and
21:44
Speaker 1: then uh with the new new child, and then you
21:46
Speaker 1: have and then you have the young lady with the
21:49
Speaker 1: grand with the mom who's telling them to invest to
21:52
Speaker 1: you know, why did you choose these the first of all,
21:55
Speaker 1: they're perfect perfect by the way, I'm just asking you
21:58
Speaker 1: from a from a producer storytelling standpoint, they work fantastic.
22:02
Speaker 1: Why did you choose them to make such a great
22:05
Speaker 1: ABC News original? Thank you? Um First, I really do
22:09
Speaker 1: appreciate your your interest in the conversation and the and
22:13
Speaker 1: the documentary. So we spent a lot of time looking
22:18
Speaker 1: at the Reddit board. So again just a little bit
22:21
Speaker 1: of background for people. A lot of these individual investors
22:24
Speaker 1: who drove up the price of game stuff. We're spending
22:27
Speaker 1: time on on Reddit having conversations. Now a lot of
22:31
Speaker 1: people you don't have to use your real name on Reddit,
22:34
Speaker 1: so it was a lot of trial and error. People
22:36
Speaker 1: at blah blah whatever their name is on Reddit. We
22:40
Speaker 1: would reach out and say, Hey, I'm with ABC News,
22:43
Speaker 1: I'm working on this documentary. Do you have any interest
22:46
Speaker 1: in participating. I'd love to get to know more of
22:48
Speaker 1: your story. So of the people that you saw on camera,
22:52
Speaker 1: probably about ten people who had to do with, you know,
22:56
Speaker 1: did trading of game stuff. We spoke to true dozens more.
23:01
Speaker 1: Um and I just was on the phone constantly over
23:04
Speaker 1: that time and over email, constantly reaching out to people.
23:07
Speaker 1: And what was really important to me is that our
23:09
Speaker 1: audience got a true representation of the type of people.
23:13
Speaker 1: And here the backstories of all the different people who
23:17
Speaker 1: invested in game Stop and that's really you know, one
23:21
Speaker 1: of the things again that attracted me to this was
23:23
Speaker 1: how widespread it was. It wasn't just one particular group
23:27
Speaker 1: of people. People from all different walks of life got interested.
23:30
Speaker 1: And I'm so glad that Jade and Carr, the ten
23:33
Speaker 1: year old from San Antonio struck you. We found Jaden
23:37
Speaker 1: because he invested in game Stop thanks to his mom.
23:41
Speaker 1: His mom wanted to teach him about investing in stock
23:44
Speaker 1: and so for his birthday or rather, excuse me for
23:46
Speaker 1: quanza um, she purchased a few shares of game Stop
23:51
Speaker 1: for him so that he could see what it meant
23:53
Speaker 1: to invest in the market. And she didn't do it
23:55
Speaker 1: in the midst of hysteria and when everyone was talking
23:58
Speaker 1: about game Stop. She did it because he liked game
24:01
Speaker 1: stuff and he shops at game Stop, and there's this
24:04
Speaker 1: old saying invest in what you know, and that was
24:07
Speaker 1: part of what made her think about game stuff for him,
24:10
Speaker 1: because he loves going to game stuff. So teach him
24:13
Speaker 1: about investing through something that he loves. And I think
24:16
Speaker 1: that's really as a parent, Um, I'm a parent myself.
24:19
Speaker 1: My daughter is not quite old enough to be an
24:21
Speaker 1: investor yet she's too I don't know that she would
24:24
Speaker 1: understand it if I tried to teach you right now,
24:26
Speaker 1: but I love that. I think that's really a great
24:28
Speaker 1: way to teach your children about investing, starting with something
24:31
Speaker 1: they know and understand. All amounts absolutely. The thing about
24:36
Speaker 1: the event is that I can you know this is
24:39
Speaker 1: like there's gold in them their heels. You know, people
24:42
Speaker 1: read for the goal, they feel like the goal rush.
24:44
Speaker 1: It felt so like different times in life, we see
24:48
Speaker 1: this the golden them their heels. People rushed to the
24:50
Speaker 1: California and and and they've risched their lives by going
24:53
Speaker 1: through dangerous Indian territory. So they might not risk money,
24:57
Speaker 1: but they risk their lives to try to seek that fortune.
24:59
Speaker 1: So that to kind of like a period there and
25:01
Speaker 1: then and then when you see in like in the
25:03
Speaker 1: eighties and naming for the Big bubble bursts in two
25:05
Speaker 1: thousand and seven, I was kind of there, you know,
25:07
Speaker 1: because that's when television like the c NBCs came out
25:10
Speaker 1: and started showing you people talk about stock and talking
25:13
Speaker 1: about how you can invest in different ways. And that's
25:16
Speaker 1: when I got introduced as an African American to that.
25:19
Speaker 1: I remember and Steve Harvey used to always act like
25:21
Speaker 1: we were stock experts. We said around talking, well, we
25:24
Speaker 1: traded over, we traded, didn't know nothing, and yeah you
25:27
Speaker 1: know we we we were we were one. I feel
25:30
Speaker 1: that this show in your documentary or your news original
25:33
Speaker 1: special tells about we were just everyday people. We gathered
25:36
Speaker 1: enough information to buy certain things based on a hunch
25:40
Speaker 1: and the belief that this will return on our investment.
25:43
Speaker 1: And that's what this showed. If some people lost everyday people,
25:47
Speaker 1: some people got out early everyday people, and some people
25:50
Speaker 1: still hung in there. And I thought that was really
25:53
Speaker 1: the kind of like in results of your documentary, is
25:56
Speaker 1: that it was a special about individuals who make their
25:59
Speaker 1: own decision. They all got in for different reasons, Rebecca,
26:02
Speaker 1: they all got excited for different reasons in the EA.
26:06
Speaker 1: When it came time to either stay pulled the plug,
26:09
Speaker 1: they all did it for different reasons. That really had
26:12
Speaker 1: to be a strong emotional end to well well documented special.
26:17
Speaker 1: M I'm glad you thought that, and you know, to
26:20
Speaker 1: your point earlier, it's such a good point. We see
26:23
Speaker 1: these things happening over and over again. When when the
26:26
Speaker 1: game Stop story first really took took on a life
26:29
Speaker 1: of its own. In in sort of mid to late January,
26:33
Speaker 1: I was remembering the times during the dot com bubble
26:37
Speaker 1: in thousand two thousand one when all these tech companies
26:41
Speaker 1: were coming out and even though some of the technology
26:44
Speaker 1: didn't exist that exists today. For example, robin Hood the
26:48
Speaker 1: app didn't exist back then. There were the early days
26:51
Speaker 1: of internet chat rooms. There were the early days of
26:54
Speaker 1: people hyping, pumping, and dumping individual stocks. So as much
26:59
Speaker 1: as things change because the technology might be new or
27:02
Speaker 1: the modes of communication might be evolved, this is something
27:06
Speaker 1: that does repeat itself time and time again throughout history.
27:10
Speaker 1: You know. The interesting that the Robin Hood, you know,
27:13
Speaker 1: had the great name rob from the rich, gift to
27:14
Speaker 1: the poor. So that's why it was really a good
27:17
Speaker 1: media app and to really become the center of the conversation.
27:21
Speaker 1: But when I but they just they changed the rules
27:24
Speaker 1: right in midstream, you know, And and companies do that
27:26
Speaker 1: all the time. It's like, for instance, you noticed when
27:28
Speaker 1: these uh gift cards. The gift cards used to be
27:32
Speaker 1: you could keep them forever, and then all of a
27:33
Speaker 1: sudden they came and change. So you know something, if
27:35
Speaker 1: you don't spend that gift card in a year, it's
27:38
Speaker 1: not going to be any good anymore. Because it came
27:40
Speaker 1: back to what what burdened down or came to be
27:43
Speaker 1: the collapse of what Robin Hood had to do on
27:46
Speaker 1: that date and stop buying, is that if you don't
27:49
Speaker 1: have the money, if you have all these gift cards
27:51
Speaker 1: out there, you've got to have capital to cover if
27:53
Speaker 1: one day somebody's decided to show up and buy that
27:56
Speaker 1: gift and use that gift card. And so they decided
27:59
Speaker 1: to change the rules. All of them changed the rules,
28:01
Speaker 1: saying that we want to limit the amount of time
28:03
Speaker 1: you have to buy this car, otherwise it's gonna become invalid.
28:06
Speaker 1: And so that's what really wore down the whole principle
28:09
Speaker 1: of robin Hood. They didn't think about how big they
28:12
Speaker 1: could get and if they got that big, what's our answer.
28:16
Speaker 1: The answer would just say stop buying, right, And they
28:19
Speaker 1: really became the poster child too for all of the
28:22
Speaker 1: anger and outrage, even though other brokerages made the same choice,
28:26
Speaker 1: it was because of that name, robin Hood, and the
28:29
Speaker 1: promise that they had made to democratize trading. And if
28:33
Speaker 1: you're saying you're going to democratize trading, but at the
28:36
Speaker 1: same time that, for example, a large hedge fund can
28:39
Speaker 1: do something different because they don't rely on your app
28:43
Speaker 1: and your customer can't do that thing anymore, it does
28:46
Speaker 1: create a lot of problems. And now they're in this
28:48
Speaker 1: stage of rebuilding that trust. They still have millions of users,
28:53
Speaker 1: and in fact their user base um based on the
28:56
Speaker 1: data that we've seen at ABC News, has grown throughout
28:59
Speaker 1: this whole thing. What's really interesting to me is if
29:02
Speaker 1: you look at what's happened both to online trading as
29:06
Speaker 1: well as even game Stop as a name, all the
29:09
Speaker 1: attention that this story brought good and bad, very likely
29:13
Speaker 1: will ultimately result in good things for all of these companies.
29:16
Speaker 1: Game Stop was a company at the early days of
29:20
Speaker 1: this year that many people had largely written off. It
29:22
Speaker 1: was a company that had been closing stores that a
29:26
Speaker 1: lot of really you know, smart people assumed was just
29:30
Speaker 1: going to go out of business. This gave it a
29:32
Speaker 1: new life, and now they're in the process of hiring
29:35
Speaker 1: new people. They're in the process of reimagining what the
29:38
Speaker 1: brand will be in rebuilding, and very likely if we
29:42
Speaker 1: go back in history five years from now, people will
29:44
Speaker 1: say this moment and all everything that this moment brought
29:48
Speaker 1: helped game Stop have a second life. Um, and I
29:52
Speaker 1: think the pandemic people being at home looking for things
29:55
Speaker 1: that I talked to a couple of guys who told
29:57
Speaker 1: me that investing in game Stop was like their trip
30:00
Speaker 1: to Las Vegas when they were stuck not able to
30:02
Speaker 1: leave the house. Wow. Again, Uh, an amazing special on
30:07
Speaker 1: the Hulu. It's an ABC News original. It's uh hosted
30:11
Speaker 1: by and presented by Rebecca Jarvis. You're amazing. I'm a
30:15
Speaker 1: big fan of yours. I definitely want to bring you
30:17
Speaker 1: back on the show to talk about No Limits. Were
30:19
Speaker 1: back on your podcast. It features game changing women because
30:21
Speaker 1: I have six sisters, so I always try to promote
30:24
Speaker 1: and have a single daughter, so I always try to
30:26
Speaker 1: promote women and put them out there. And also Elizabeth Holmes,
30:29
Speaker 1: we got to talk about her. Her story is amazing, amazing.
30:33
Speaker 1: But again, I wanted to bring you on this talk
30:35
Speaker 1: about this game Stop because first of all, I finally
30:38
Speaker 1: got educated on it because of you're amazing specialists on Hulu.
30:41
Speaker 1: Check it out right now in streams twenty four hours
30:43
Speaker 1: a day. It's amazing. Rebecca, thank you for coming on
30:45
Speaker 1: Money Making Conversations. Sean, thank you so much. I really
30:48
Speaker 1: appreciate your interests in the great conversation. I'll come back
30:51
Speaker 1: any time. This was fun. Thank you again. If you
30:54
Speaker 1: want to hear any interviews, I'll see any of my
30:56
Speaker 1: interviews on Money Making Conversations, please go to money Making
30:59
Speaker 1: Conversations dot com or my YouTube channel. I was Sean McDonald,
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