Apologies if this has been posted already, I did a search but might have missed it:

https://www.nydailynews.com/news/national/ny-mormons-gamestop-money-20210521-l3udneddlfdybcvfhcnc5e224a-story.html

Another faith promoting story. Jesus sure can pick ‘em.

What is GameStop?



Edited 1 time(s). Last edit at 05/22/2021 03:37PM by Lethbridge Reprobate.

There was some big story about some group buying up the stocks a few months ago. I can't remember the story. I'm just shocked that mormons bought any stock with them.

They made millions because that's their purpose, right? To make lots and lots of money? Isn't that every church's purpose?

Never stop rendering cold, hard cash unto Jesus' agents because the more money you have the easier it is to pretend to be humble.

Yes, their investment went from $867k to $8.7 mil in a matter of months on a highly speculative stock that was bet on by the reddit crowd and caused massive losses to hedge funds that were betting against it. This is one of the comments about the article from a Tribune reader:

"Investing in (or against) GameStop this past year was sheer speculation, leading to the biggest short squeeze in modern Wall Street history. Pure gambling, no different than putting a pile of money on all the red numbers in roulette.
It's as contrary to Jesus's teachings as you can get."

the sad thing is my family members will just continue to pay their tithing to this corporation.

Yes, the runup was intended as a big FU to Wall St. I have to admit that I got a chuckle out of it. For once, the little guys had their say.

The "little guy", aka "retail traders", or the poors, if you like, aren't done yet.

(Not financial advice.)

Now didn't the church leaders say they needed a big cash reserve on hand for the Second Coming?
Jesus may be the God of this earth but he does have unimaginable expenses that only the corporation can cover.

And yet gambling is illegal in Utah! I actually wanted to place an online bet on a Kentucky Derby horse but when I entered my info, the website gave me the message "We're sorry. Your state does not allow online gambling". As though that could cause harm?

Oops!



Edited 1 time(s). Last edit at 05/22/2021 09:23PM by cinda.

I find it disgusting that they are turning short term trades like some day trader or hedge fund and getting tax breaks. We had a pandemic and that is what they were doing with their money. Charitable organization my rear.

Jesus wants me for a day trader
To trade for him each day
Hoarding my gold like a dragon
For a rainy day

just me?

To me, 'charity' is what one gives away indiscriminately without expecting anything in return.

Different programs & givers do have different target populations, 'it is what it is'....


However, ChurchCo doesn't give anything away, the members use ChurchCo as a funnel, and it most always expects something in return.

Well.....kind of...

A more accurate statement would be that the value of their stock holdings in GameStop increased by millions. Whether or not they "made" money would depend on if and when they sold the stock.

As I mentioned in a similar article I found and posted here last week (https://www.exmormon.org/phorum/read.php?2,2377078), Ensign Peak Advisors, Inc. recently posted their "13F" documents with the SEC (https://www.sec.gov/edgar/browse/?CIK=1454984). These types of documents detail an organization's stock holdings and value as of a given point in time.

I'm not financially versed enough to know when the shares of stock would have been acquired (obligatory "this is not financial advice", yada yada), but I do know the reports also don't indicate if the organization has sold the shares since the date of the report. So, it's possible TSCC (through their Ensign Peak Advisors arm) has simply sat on the stock, and are still holding, but had they sold recently after the report date when the value was so high, they would have made a pretty penny!

Here are the relevant bits from those postings - the most recent (which looks to be Q1 2021) and one prior (maybe Q4 2020). Focus on column's 4 and 5 (sorry about the formatting too; I don't know how or if it's possible to make it look better on this forum):

---

> COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
> . . . VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
> NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
> GameStop Corp CL A 36467W109 867 46,000 SH SOLE 46,000 0 0
> GameStop Corp CL A 36467W109 8,732 46,000 SH SOLE 46,000 0 0
>
>
>
> row 1 - from https://www.sec.gov/Archives/edgar/data/1454984/000145498421000003/xslForm13F_X01/ensignpeak201231.xml
> row 2 - from https://www.sec.gov/Archives/edgar/data/1454984/000145498421000004/xslForm13F_X01/ensignpeak210331.xml

---

Forty-Six Thousand Shares of GameStop! Jesus loves video games! (Or something...) But who wouldn't want to see their position go from $867,000 to $8,732,000 in a quarter?!

This is all particularly relevant because of the social-media noise going on about GameStop's stock ($GME) and all the related shenanigans going on in the stock market at large. It's not over yet! (Repetition of "this is not financial advice...I'm not a qualified financial advisor...etc.) The shenanigans, some of which are eerily similar to the lead-up to the 2008 crash, continue. $GME is a focal point because of allegations of massive amounts of "naked short selling" of that stock, which is an ethically dubious manipulation of stock prices. (Sorry, can't explain it well; you'll have to look that one up, since it's a concept I barely grasp myself.)

What's the point of having a profit if he won't give you stock tips?