‘Frankly stupid': Fund manager weighs in on reignited meme stock frenzy as GameStop soars

Fund manager Cole Smead has described the meme stock craze as "frankly stupid," as day traders once again pile into GameStop and AMC."It is gambling," he said Tuesday on CNBC's "Street Signs Europe." Smead is the CEO of Smead Capital Management which has around $6 billion of assets under management. "You've got to remember these are young people, these are forty-year-old people like me, who are going out and doing stuff that is just frankly stupid," he added. Brick-and-mortar video game retailer GameStop sa ...