{"id":189226,"date":"2023-04-24T12:45:00","date_gmt":"2023-04-24T16:45:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=189226"},"modified":"2023-04-24T13:06:38","modified_gmt":"2023-04-24T17:06:38","slug":"bed-bath-and-the-great-beyond","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/bed-bath-and-the-great-beyond\/","title":{"rendered":"Bed, Bath and the Great Beyond"},"content":{"rendered":"\n<p>Punny headline aside, I have no joy in writing today\u2019s piece.&nbsp; It\u2019s never pleasant when a company goes bankrupt, especially one that I have patronized over the years.&nbsp; We\u2019ll leave it to others to analyze the multitude of factors that caused the demise of Bed, Bath and Beyond (BBBY); this piece will be about the mass delusion that prolonged and preceded it.<\/p>\n\n\n\n<p>By this point, I assume that every reader is familiar with the term \u201cmeme stock\u201d and the frenzy that spawned the name.&nbsp; In early 2021 we saw a remarkable frenzy of buying in a cadre of stocks. GameStop (GME) was of course the poster child, but other names like AMC and BBBY had similar surges.&nbsp; The pandemic brought work-from-home, stimulus checks, and a greater role for social media in investing than ever before.&nbsp; When some clever investors noticed that there were abnormally large short positions in these names, it brought about a short squeeze that quickly morphed into a mania.<\/p>\n\n\n\n<p>The concept of a short squeeze is nothing new.&nbsp; There have probably been short squeezes for as long as there have been shorts.&nbsp; Short sellers are speculating that a company\u2019s share price will deteriorate.&nbsp; It is an inherently risky game.&nbsp; For starters, their profits are limited \u2013 a stock can only fall to zero \u2013 while their upside is not.&nbsp; Also, they need to borrow the shares that they are selling.&nbsp; That exposes them to the risk that their borrowings can become prohibitively expensive.&nbsp; This can force the shorts to cover, causing prices to rise.&nbsp; Short squeezes can cause sharp rises in heavily shorted stocks, none more extreme than what we saw in early 2021.<\/p>\n\n\n\n<p>At the time, we all struggled to wonder why there was such enthusiasm, if not an almost evangelical fervor, for a seemingly unrelated names whose only commonality appeared to be that a consistent lack of profitability enticed short sellers.&nbsp; <a href=\"\/campus\/traders-insight\/securities\/stocks\/gamestop-blackberry-and-nostalgia\/\">I relied on a definition<\/a> provided by my then-23-year-old son, who texted me the following observation:<\/p>\n\n\n\n<p><em>\u201cThe short squeezed WSB stocks all have one thing in common besides being short squeezed.&nbsp; They\u2019re all things a 20-something person would be nostalgic for.&nbsp; GameStop, AMC, Nokia, Build-a-Bear \u2013 things that would make you sad to hear are failing business because it means that you\u2019re old.\u201d<\/em><\/p>\n\n\n\n<p><a href=\"\/campus\/traders-insight\/securities\/stocks\/gamestop-blackberry-and-nostalgia\/\">We then continued<\/a>:<\/p>\n\n\n\n<p><em>There was an emotional chord behind the mania, beyond even the desire to get rich and the latest expression of the age-old desire to \u201cstick it to the man\u201d.&nbsp; There is a real sense of advocacy behind many of the posts, and this would explain it.&nbsp; Beyond the names mentioned in Charlie\u2019s text are other popular \u201cold-school\u201d brands like Express, Koss, Bed Bath &amp; Beyond and Tootsie Roll.&nbsp; All household names, all places that they went to as children or brands that they asked for on those shopping trips.&nbsp; I certainly can\u2019t verify this being the only cause of the recent mania \u2013 it was undoubtedly made combustible by short covering \u2013 but it seems like a reasonable explanation for the type of names that were chosen.<\/em><\/p>\n\n\n\n<p>As crazy as that period was, I actually have an easier time understanding it than the persistence of the investors\u2019 faith, particularly once it became apparent that some of these companies were abusing it.&nbsp;<\/p>\n\n\n\n<p>Once AMC ran out of common shares that it could issue to investors, it created a new class of common-like preferred shares (APE) that it could issue instead.&nbsp; In a last-ditch effort to stave off bankruptcy, BBBY attempted a private offering of a similar class <a href=\"https:\/\/finance.yahoo.com\/news\/don-t-count-comeback-bbby-195505963.html?guccounter=1&amp;guce_referrer=aHR0cHM6Ly93d3cuYmluZy5jb20v&amp;guce_referrer_sig=AQAAANHptwmlfzb6NHodgdD4XjskhWsQbiiIvmiqtxr6yLjtXdxZorK-Mwolzs-RiTXNanL6r2OYEUXGQ6PjDppTeYoHeGJVge3Qc1-UntorZu-Sa77SPCrY5fbBKC_BQMcyvtDr9huggUgq0GZqrdZxGpRVOdNJUgnAf_E6OTsQWWpj\">of stock that could be immediately converted<\/a> into common stock and sold into the marketplace.&nbsp; I find it mystifying that there have been willing buyers of these stocks in the face of overwhelming evidence that these companies are using faithful investors as a financial lifeline.<\/p>\n\n\n\n<p>But I\u2019ve had my run-ins with the faithful before, especially when I\u2019ve done my best to warn them about their folly.&nbsp; A particularly nasty run-in occurred in September.&nbsp; <a href=\"https:\/\/twitter.com\/YahooFinance\/status\/1567884237914734595\">During a media appearance<\/a>, I suggested these stocks were overvalued until or unless their fundamentals became positive.&nbsp; The host and I joked that I was exposing myself to a blowback on social media, and the faithful did not disappoint.&nbsp; Until now, I\u2019ve refrained from commenting.&nbsp;&nbsp; The following graph shows the performance of key meme stocks and indices normalized to the date of those media comments:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-performances-normalized-to-september-8th-2022-nasdaq-100-ndx-orange-s-p-500-spx-magenta-gme-orange-amc-lilac-ape-yellow-bbby-blue\"><strong><em>Performances Normalized to September 8<sup>th<\/sup>, 2022, NASDAQ 100 (NDX, orange), S&amp;P 500 (SPX, magenta), GME (orange), AMC (lilac), APE (yellow), BBBY (blue)<\/em><\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"936\" height=\"383\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/Picture1-23.png\" alt=\"Performances Normalized to September 8th, 2022, NASDAQ 100 (NDX, orange), S&amp;P 500 (SPX, magenta), GME (orange), AMC (lilac), APE (yellow), BBBY (blue)\" class=\"wp-image-189228 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/Picture1-23.png 936w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/Picture1-23-700x286.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/Picture1-23-300x123.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/Picture1-23-768x314.png 768w\" data-sizes=\"(max-width: 936px) 100vw, 936px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 936px; aspect-ratio: 936\/383;\" \/><\/figure>\n\n\n\n<p>Source: Bloomberg<\/p>\n\n\n\n<p>Since then, we see SPX and NDX with modest gains, having recovered fully from their autumn swoons.&nbsp; Of the memes, GME is the clear \u201cwinner\u201d, having lost less than a quarter of its value.&nbsp; In fairness, their fundamentals appear to be improving after posting a profit last quarter.&nbsp; AMC has lost about half its value and APE about 70%.&nbsp; BBBY has of course lost nearly all.&nbsp; Schadenfreude would be tempting, but I take no pleasure in the misfortunes of people who gleefully mocked me on social media for pointing out the obvious.&nbsp; I simply wish they\u2019d listened.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Punny headline aside, I have no joy in writing today\u2019s piece.\u00a0 We\u2019ll leave it to others to analyze the multitude of factors that caused the demise of Bed, Bath and Beyond (BBBY); this piece will be about the mass delusion that prolonged and preceded it.<\/p>\n","protected":false},"author":4,"featured_media":48689,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[14700,6,8,9,22,26,3],"tags":[2434,10587],"contributors-categories":[13576],"class_list":{"0":"post-189226","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ibkr-market-insights","8":"category-north-america","9":"category-region","10":"category-securities","11":"category-stocks","12":"category-text-articles","13":"category-traders-insight","14":"tag-bankruptcy","15":"tag-bed-bath-beyond","16":"contributors-categories-interactive-brokers"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bed, Bath and the Great Beyond | Traders&#039; 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