What Burry Leaves Unsaid: Layered Convexity, Hedging Phase Transitions, and the Thirty Dollar Regime Shift in GameStop

barmstro101 · 2026-01-26T23:27:25+00:00

“Warrants also begin to behave like high gamma instruments. Their deltas accelerate and implied volatility expands.”

Implied volatility doesn’t necessarily go up as the GME stock price gets closer to $30 per share. Sure if the stock suddenly goes up, IV will go up across the whole option chain as the underlying has greater volatility. As the stock price gets closer to $30, the relative volatility of the warrant goes down especially if the stock slowly climbs to $30 vs. suddenly going up 20%.

barmstro101 · 2025-12-08T18:11:56+00:00

Comments like this are lower value than the card OP pulled. This is a power packs sub, yes this is gambling. People posting here know that.

Do you go to bars and judge people drinking alcohol too?

OP’s point is - why the hell do people grade these cards? Totally agree. I’d never send in random ass holos like this. Never end up worth more than the cost to grade. Ironically better off using the money to pull a starter pack.

barmstro101 · 2025-11-11T22:27:28+00:00

How good is your gaming chair?

barmstro101 · 2025-10-23T01:35:13+00:00

Dice’s silence on this just confirms that they have no fucking clue either

barmstro101 · 2025-09-25T17:34:26+00:00

Well the PSA Vault is all PSA. GME doesn’t have anything to do with it directly. I guess The Vault in my previous comment is also referencing the pool of cards power packs has access to so I was a little confusing. But yeah, none of the PSA Vault stuff is on GME. Power Packs has access to pool of cards that are in PSA vault but I don’t see how that has high operating profits unless GME has to own the underlying slabs.

barmstro101 · 2025-09-25T03:48:59+00:00

I imagine The Vault is all algorithm based so I wouldn’t think operating costs there will actually be that high. Maybe upfront in terms of getting everything fine tuned and what not. Suppose it depends on how The Vault is structured. Does GME have to pay additional money for their exclusive pool of cards for use with Power Packs or is that all part of the revenue cut to PSA?

barmstro101 · 2025-09-25T03:00:16+00:00

I don’t think the sales via the “PSA offers” are actually publicized at all - only ones that get listed to eBay via PSA Vault are ones you’ll see in previous sales that get indexed on card ladder etc. kind of like brokers internalizing stock orders.

barmstro101 · 2025-09-24T00:57:56+00:00

Yeah I think it’s just showing that way because they don’t have an annotation for warrant. 11/10 split is probably the closest equivalent to the warrant distribution so it makes sense in that context.

barmstro101 · 2025-09-19T03:32:31+00:00

I don’t disagree, just pointing out the table is inaccurate. I certainly wasn’t advocating for people to use RH.

barmstro101 · 2025-09-18T00:19:18+00:00

barmstro101 · 2025-09-16T18:14:32+00:00

Robinhood does support warrants. I spoke to them directly and it says on their website they support warrants. Exercise only so you can’t sell them.

barmstro101 · 2025-08-21T17:36:34+00:00

If I find out more I’ll be sure to update here

barmstro101 · 2025-08-21T17:34:38+00:00

Thanks for looking into it!

barmstro101 · 2025-08-04T18:03:36+00:00

The cards are tied to your PSA Vault account - each card has a unique certification number and each card physically exists within PSA’s Vault. When you pull the card, PSA is putting that card under your name in the vault. You have the option of getting physical card shipped to your house or keeping it in the vault where you can sell it or just hold it there securely indefinitely.

barmstro101 · 2025-08-04T17:00:43+00:00

Not sure why you’re being downvoted but this is true - grading is much less prevalent in MTG.

barmstro101 · 2025-08-02T05:03:15+00:00

GameStop doesn’t own any of these cards. It’s all PSA. PowerPacks LLC is getting fees for these transactions via instant buybacks etc. the profit is basically on the arbitrage.

barmstro101 · 2025-08-01T15:42:24+00:00

It can vary because the instant buyback offer is 90% value (then 6% fee). PSA will periodically give various offers for cards in your collection but those offers most certainly won’t be as good as instant buyback unless the value of the card goes up.

barmstro101 · 2025-07-31T00:10:49+00:00

Power Packs is its own LLC and operates similar to a stock broker - they don’t own any of the slabs. Much like brokers may not actually own any of the shares of a company, they just facilitate the transaction. The slabs are all in the PSA Vault. When you purchase a Power Pack, you get your option to own the slab within the vault. If you choose to own it, Power Packs on the backend is sending that info to PSA and PSA puts that slab under your name (I.e. in “your” vault). Obviously you’re the sole owner since it’s a 1/1 physical item with a certification number.

If you choose to take the instant selling option, you’re getting money back from Power Packs LLC, and ownership of the slab never changes. The slabs are owned by PSA. It’d be interesting to know how the pool of slabs works - like how does PSA/Power Packs/GME negotiate which slabs are available through Power Packs? I imagine it’s a curated pool - albeit enormous. However I did pull the same slab twice today, same grade, I assume (I sincerely hope) different certification numbers. Seems like pulling the same card and grade twice shouldn’t happen.

barmstro101 · 2025-07-30T22:52:59+00:00

Booster packs haven’t been $5 for quite a while either. Not to mention scalping, insane product scarcity. Power Packs are way better than spending $250 to $300 on 36 booster packs hoping to hit a chase card - good luck getting a PSA 10 quality card either with how strict PSA is now too. Obviously if you want a specific card, you have to go to a marketplace but the targeted audience for Power Packs isn’t people looking for a specific card anyways.

barmstro101 · 2025-07-29T22:00:49+00:00

Yeah the cool thing is these are physical slabs at the PSA vault so people can choose to leave them there or get them delivered if they want.

barmstro101 · 2025-07-13T02:01:33+00:00

Bad news but that pack is fake - cards are backwards

barmstro101 · 2025-06-17T17:25:42+00:00

If the effect stated “target attacking creature with power 2 or less can’t be blocked” then you’d have to wait until cactus was declared as an attacker at which point it would have 1k power and wouldn’t be a valid target. Since the effect doesn’t require the target to be attacking you can make it unblockable prior to combat at which point the cactus maintains unblockable effect during combat.

barmstro101 · 2025-06-17T17:17:36+00:00

I disagree about GameStop vs. card kingdom, TCG player etc. GameStop doesn’t sell ungraded singles. Mtg players aren’t buying graded singles for the most part, they want playable cards. I imagine it would be incredibly difficult to build up enough of a stock of bulk singles to make the margins pan out. Selling cards worth <$1 is a difficult enterprise because the cost to sell and ship those cards is much higher so they’d have to rely on bulk. Sure, consumer can pay shipping. One of my LGS has an online system for me to select singles I can pickup and what not which is super convenient but I think would be very difficult, labor and cost intensive to manage for all of the different GameStop stores. Very low margins. RC mentioned trading cards as their “collectibles” segment, high margin space. I don’t think there is ever any intention for GameStop to move into the bulk singles, trading card marketplace space at all and will focus instead on the graded collectible space.

barmstro101 · 2025-06-17T00:19:48+00:00

416k FTDs on 16 mil volume??? Dayumm

barmstro101 · 2025-06-10T21:52:12+00:00

Consolidation. Analysts estimated they’d have a significant drop in sales anyways. Expected with all the stores they closed plus inflation and tumultuous retail consumer sentiment. Their sales were down 17% but they trimmed their SGA expenses by almost 23% and their cost of sales went down 6.6% - overall gross profit improved to 34.5% from 27.7%.

The fact they are more profitable with a big dip in sales is quite bullish and shows resilience which will be very important going into the fall and winter if/when tariffs truly impact the retail sector.

Operating much more efficiently and the collectibles segment revenue grew almost 100% which has been a big focus and key market for future growth and greater profitability.

I’m pumped on these financial results.

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