GameStop is proof that the church is true

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Alphus and Omegus
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GameStop is proof that the church is true

Post by Alphus and Omegus »

LDS Church wins big on stocks, racks up 907% gain on GameStop
Ensign Peak Advisors, also betting on tech and Tesla, sees its overall fund swell by $2.4 billion since early 2021.
https://www.sltrib.com/religion/2021/05 ... -wins-big/

The Church of Jesus Christ of Latter-day Saints’ play for stock in GameStop paid off big-time as the Utah-based faith saw its shares in the video game retailer swell in value from $867,000 to $8.7 million in a matter of months.

Overall, the church’s largest investment fund, managed by Ensign Peak Advisors in Salt Lake City, grew by $2.4 billion in early 2021, continuing a dramatic rebound from pandemic-induced losses last spring and catapulting its total value to $46.5 billion.

New regulatory filings show the once-secretive portfolio saw a 5.5% gain since the end of 2020. These stock and mutual fund holdings appear to represent a sizable chunk of the total value of Ensign Peak, which was reported by a whistleblower at the end of 2019 to be worth at least $100 billion.

Ensign Peak’s multibillion-dollar holdings in big tech firms such as Apple, Amazon and Google helped power recent advances, the filings show, as did major increases from its holdings in more than a handful of so-called meme stocks including GameStop, Blackberry and Tesla.

Such equities have seen meteoric rises and declines of late, according to The Balance financial website, driven more by hype on social media and online forums than by a company’s performance.

With GameStop alone, some 46,000 shares Ensign Peak bought late last year shot up tenfold in value as retail investors online boosted the stock — in the process inflicting massive losses on several U.S. hedge funds that had bet against it.

Ensign Peak Advisors’ portfolio has gained $16.6 billion since the onset of the COVID-19 crisis, according to documents filed with the U.S. Securities and Exchange Commission.


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