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that's right the real target of this letter is regulators uh but in doing so he points out activities taken by chemotherapy and david einhorn and robin hood amid the whole gamestop volatility saga that took place earlier this year in his letter he points to robin hood saying that it suspended trading in certain stocks because it was under capitalized it is possible he says that it wasn't following regulatory requirements a regulatory sanction is probably appropriate he says robin hood declined to comment in response to this letter from einhorn uh with regard to chamath palahapatia and elon musk he notes that quote the real jet fuel on the gme squeeze came from chamath pala hapatia and elon musk whose appearances on tv and twitter respectively at a critical moment for further destabilized the situation he goes on to say that palahapatea controls sofi that's been done through a spakadispak uh which competes with robin hood he notes and left us with the impression that by destabilizing gme he could harm a competitor and then he also goes on to say that he half-heartedly wants to defend musk because if regulators wanted musk to stop manipulating stocks they should have done so uh with more than a slap on the risk a light slap on the risk when they accused him of manipulating tesla's shares back in 2018 worth noting that einhorn has been a long-term bearer on tesla he hasn't provided an update in this letter on his positioning with tesla but he has been of course very critical of tesla in the past now with regard to regulation he says that for the most part there is no cop on the beat it's it's as if there are no financial fraud prosecutors companies and managements that are emboldened enough to engage in malfeasance have little to fear uh he goes on to say that many who would have never supported defunding the police have supported and for all intents and purposes have succeeded in almost completely defanging if not defunding the regulators he says for the most part quasi-anarchy appears to rule the markets and as a kind of just a a nice anecdote toward the end of this letter he points to a company called hometown international which is publicly traded and he says it owns a single deli in rural new jersey that delhi had about 14 000 worth of sales in 2020 it was closed due to covid in march through september of last year and then somehow managed to reach a market cap of 113 million dollars so he points to that as just one more example of some uh you know unique aspects that are going on in the market uh and notes i think in a joking manner that it must have some very good pastrami so an appropriate anecdote there for power lunch perhaps uh we've reached out in addition to robin hood to chamoth pala hapatia and elon musk we have not heard back but if they do decide to comment and respond to this letter we'll let you know what they say guys wow really interesting stuff leslie anything about our cagos in there yeah so he uh uses the term arch egos a-r-c-h-e-g-o-s very small mention he says if congress wants to understand why gme did what it did or more recently how the arch egos our cagos fund cornered the market and a handful of stocks it would be better to call to account the absentee regulators and their philosophical backers that is pretty much the extent of what he what he said about our kgos but maybe there will be more uh in his next quarterly letter on that front he covered a lot of ground in that letter it seems leslie thank you very much thank you
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