$GPRO to $3: The Product Is Shit and That’s My Bull Case (nostalgia+tiny market cap + sudden attention)

GoPro shares just 2Xed in the last day and are at 1.32 AH as some lousy YouTuber bought an 8.5% stake. My position: 1,0000 shares @ $1.15, bag holding for 3 months now. My thesis is extremely sophisticated: 1. **GoPro is tiny enough that stupid things can happen** **-** 1. This is a small-cap company with a brand that is massively more famous than its valuation suggests.You don’t need GoPro to become a great company. 1. You just need enough people to suddenly go: ‘ 1. Wait… GoPro still exists?” 2. 1. **Nostalgia** : 1. There was a period when owning a GoPro made you believe you were approximately three purchases away from becoming a surfer, wingsuit pilot or travel filmmaker. 1. In reality, most people used it to record 20 minutes of unusable snorkeling footage, that took ages to transfer. 1. But everyone still knows the brand.That’s what makes this interesting. 1. GoPro has the brand recognition of a much larger company while being valued like something investors found underneath the couch. 2. Nostalgia + tiny market cap + sudden attention can create some very stupid price action. 3. I would like to participate in that stupidity. 1. The product is absolute shit . 1. And somehow this is my favorite part of the bull case. 1. GoPros overheat. 1. The battery lasts approximately eleven minutes. 1. The app randomly refuses to connect. 1. You press record, do the coolest thing you’ve done in six months, then discover the camera recorded nothing. 1. Meanwhile your iPhone films it in 4K, stabilizes it, edits it, uploads it and sends it to your mother before the GoPro has finished saying “PAIRING…” 1. And yet people STILL BUY GOPROS. 2. That is not a technology moat. 1. That is a psychological moat. 2. If a company can spend a decade making an increasingly unnecessary dedicated camera, produce something this annoying, compete against the iPhone, and still remain one of the most recognizable camera brands on Earth…maybe the corpse has one more pump left in it. 1. Not because the product deserves it. 1. Because markets occasionally reward much funnier things