Form 4 (accession 0000921895-26-002784), transaction date 13 October 2026: two purchase lines, 67,130 shares at $26.75 and 777,000 at $27.00, $22,774,728 in total, taking him to 42,492,652 shares. That follows roughly 700,000 shares for about $17.1m on 2 October and September blocks worth over $57m — close to $97m in six weeks, at a rising average cost, with the stock near 52-week highs.

What I tested. Whether the “P” code was concealing something structural the way Pohlad’s did. It is not. The filing carries no footnotes at all. Ownership form is D — direct, with no entity, no trust, no LLC in the nature-of-indirect-ownership field. Table II is empty: no warrants, no options, no convertibles, no prepaid forwards. The Rule 10b5-1 box is unchecked and no plan is referenced. I also checked for a pledge, which would appear as a footnote and does not, and for a 10% ownership crossing that would change his reporting obligations — he is around 9.1% including warrants and the 10% Owner box is unchecked.

Why the ordinary reading survives. A man spending his own after-tax money, in his own name, at escalating prices — $24.41 average on 2 October rising to $27.00 eleven days later — with no plan to shelter behind and full Section 16 short-swing exposure for six months afterwards, is doing the only thing on this page that cannot be re-explained by tax or structure. There is no pocket this moves between. The cash left his balance sheet and the shares arrived at market price.

The contrarian angle I went looking for would have been float or index engineering, or collateral staging ahead of a borrow. Neither is supported by anything in the document, and inventing one would be worse than reporting nothing. The consensus is that Cohen believes GameStop is worth more than $27. That is the correct reading, and the complete absence of footnotes is what makes it correct.