Hims House

In Episode 47 of Hims House, Jonathan Stern and Patrick “Bayside” Lester talk to Lee Rosebush, chair of the Outsourcing Facilities Association (OFA), about what’s really going on with GLP-1 medications and peptide compounding. We the FDA warning letters over drug ads, what the new FDA “Green List” means for the future of compounding, and whether the DDC list (which could restrict what’s “too hard” to compound) or MFN drug-pricing might change the rules. We also touch on the MAHA PAC, recent patent challenges to sema and tirz, and what all this could mean for patient access in the near future.Note: Conversation includes legal/policy and financial analysis; none of it is legal or financial advice.(00:46) Lee’s Twitter comeback(02:09) FDA’s warning letters to drug advertisers(12:41) Lee on the Lilly vs. Willow/Mochi lawsuits(20:45) GLP-1 patents(25:12) FDA “Green List”(28:51) Is a compounded GLP-1 crackdown on the way?(32:11) The DDC List(36:48) MFN price negotiations(44:15) MAHA PAC(46:09) RFK on peptides and “patient access”(50:35) Thoughts on Hims Get full access to Hims House at himshouse.substack.com/subscribe

In Episode 46 of Hims House, Jonathan Stern and Patrick Lester (Bayside) sit down with Rob Leclerc, founder of AgFunder and one of TIME Magazine’s Top 100 VCs. Rob explains why he believes Hims is a category-defining company -- comparing it to Nvidia in 2016 -- and weighs in on the company’s high-profile engineering/AI hires from Cruise. The discussion covers Rob’s own experience as a Hims customer, Hims’ push into AI and tech leadership, the ZAVA acquisition and global expansion, and emerging frontiers like testosterone, diagnostics, and wearables. They also dig into public-market pressures, regulatory challenges, and how Hims might stack new S-curves to fuel growth over the next decade.00:00 Intro01:15 Rob’s background + AgFunder02:21 Why Hims?03:37 Rob as a Hims customer06:55 Ex-Cruise tech leadership11:04 AI, robotics & safety mindset16:46 Is AI a bubble?21:41 Core growth slowdown27:45 Acquisition of ZAVA: how to evaluate28:56 The $1B raise31:17 Diagnostics, wearables, & home testing35:12 Emerging healthcare trends39:10 Regulation and patents44:37 Public markets50:27 Valuation Get full access to Hims House at himshouse.substack.com/subscribe

In Episode 45 of Hims House, hosts Jonathan Stern and Patrick Lester (aka Bayside) welcome Scott Brunner, CEO of the Alliance for Pharmacy Compounding, for a conversation on the future of compounding. They cover the surge in GLP-1 demand, lawsuits involving Eli Lilly and Novo Nordisk, FDA policies, and the regulatory pressures shaping 503A and 503B pharmacies. Brunner also unpacks the challenges around the demonstrably difficult to compound list, compounded hormone therapy, and peptides, while sharing insights into congressional actions and the MAHA movement’s role in protecting patient access to compounded medications.00:00 - Introduction01:02 - The Role of the Alliance for Pharmacy Compounding01:51 - 503Bs Ramping Production? Rumors vs Realities07:55 - Lawsuits Involving Eli Lilly and Novo Nordisk11:58 - Patents15:51 - Policy Negotiations and the MFN Debate25:06 - Lawmaker Letter to FDA28:04 - What’s in the APC Blueprint28:51 - The 5% Rule and MOU Requirements33:42 - The Demonstrably Difficult to Compound List41:00 - Compounded Hormone Therapy43:21 - Peptides Get full access to Hims House at himshouse.substack.com/subscribe

In Episode 44 of Hims House, hosts Jonathan Stern and Patrick Lester (Bayside) sit down with Geoff Cook, CEO of Noom. Noom is one of Hims' competitors and is best known for its behavioral health platform and recent expansion into GLP-1 microdosing and hormone replacement therapy. Geoff discusses Noom’s evolution, the shift in revenue from behavioral programs to medicated plans, and the company’s vision for democratizing longevity medicine. The conversation covers the business of GLP-1s, regulatory and legal challenges, the impact of tariffs and partnerships, and the future of personalized healthcare. The episode closes with predictions for the next decade in health tech and reflections on human flourishing.Link to the article about the "high-priced drug list": https://www.mmm-online.com/news/noom-wsj-ad-policy-changes-compounded-glp-100:00 - Introduction01:11 - Noom’s background and evolution05:17 - Noom's revenue breakdown: behavioral vs. medicated programs07:22 - Launch of GLP-1 microdosing17:44 - Geoff’s personal experience with microdosing21:12 - Policy and regulatory landscape for GLP-1s24:19 - Compounding, MFN pricing, and drug shortages28:38 - Noom's WSJ ad for high-priced drug list31:36 - Supply chain and tariffs on APIs34:10 - Partnerships with pharma (Lilly, Novo)37:11 - Legal risks and the future of healthcare “front doors”40:36 - Hims' core business slowdown: competition and ad policy45:21 - Noom’s strategy for growth... free tier?46:06 - Looking ahead: AI, peptides, and the future of health tech53:52 - Reflections on human flourishing Get full access to Hims House at himshouse.substack.com/subscribe

In Episode 43 of Hims House, hosts Jonathan Stern and Patrick Lester (Bayside) sit down with Dr. William Seeds, a board-certified orthopedic surgeon and pioneer in peptide therapy. Dr. Seeds shares how a personal tragedy led him to explore the power of peptides and why he believes they will redefine the future of medicine. The conversation covers the fundamentals of peptides, why they are often called "magical" drugs, and the skepticism they sometimes face. The trio also explores why the U.S. lags behind Europe and Asia in adoption, and the historical influence of Big Pharma. The episode closes with Dr. Seeds sharing predictions on how Hims could legally enter the peptide market, what products they may launch first, and how the field will evolve over the next decade.00:00 - Introduction01:31 - Dr. Seeds’ personal journey into peptides05:28 - Peptides 10113:44 - Legal & Regulatory Barriers17:00 - Response to Eric Topol's recent article25:29 - The U.S. legal landscape35:56 - Potential FDA crackdown bad actors36:29 - Risks facing physicians and vendors37:19 - What’s next in peptide policy38:43 - Patents40:51 - How Big Pharma shapes regulation44:37 - Peptide adoption worldwide47:06 - How will Hims enter the market?56:45 - The two, five and ten-year outlook01:02:55 - Final takeaways Get full access to Hims House at himshouse.substack.com/subscribe

In Episode 42 of Hims House, Jonathan Stern and Patrick Lester (Bayside) sit down with Shaun Noorian, founder & CEO of Empower Pharmacy, the world’s largest compounding pharmacy. We dig into why rumors about 503Bs “ramping up GLP-1s” may be misleading, how Empower is challenging Eli Lilly on tirzepatide patents, and the broader fight over compounding. We also how Trump’s new administration - RFK Jr. at HHS, and Marty Makary at FDA - could reshape the industry. We close with the MFN pricing backdrop under the new administration. All along the way, Noorian makes the case that compounding is not a loophole but a critical, highly regulated part of healthcare, and looks ahead to its future in hormone therapy, peptides, longevity medicine, and sleep health.00:00 – Intro00:52 – Empower’s mission: personalized medicine at scale03:07 – GLP-1 rumors: are 503Bs ramping? What’s actually legal09:21 – 503A vs. 503B compliance19:14 – The Eli Lilly v. Empower lawsuit27:04 – MFN pricing, EO chatter & compounding33:11 – Hims’ impact on the industry: awareness, lobbying & demand37:15 – HRT, peptides, longevity39:59 – Sermorelin explained41:32 – Bad actors vs. legitimate compounders43:08 – Odds: percent chance of FDA action against compounders Get full access to Hims House at himshouse.substack.com/subscribe

In this episode of Hims House, Jonathan Stern and Patrick Lester (“Bayside”) sit down with Peter Pitts, president of the Center for Medicine in the Public Interest (CMPI) and former FDA Associate Commissioner. Pitts recently authored a paper arguing that the FDA has failed to enforce existing limits on GLP-1 compounding, creating major public-health risks. They explore how CMPI operates and who funds it (big pharma), whether compounders are breaking the law or simply skirting its intent, and why the FDA’s resource constraints may explain its lack of action. The discussion digs into the dangers of unregulated foreign API supply chains, Pitts’ critique of “phony personalization” schemes, and how aggressive advertising complicates oversight. They also look at the enforcement tools available—from the 5% rule to “too difficult to compound” lists—and debate whether we’ll see targeted crackdowns or blanket bans.00:00 – Intro01:14 – Background on Pitts & CMPI03:08 – Initial Views on Hims05:43 – Are Compounders Breaking the Law or Just the Spirit of the Law?10:58 – FDA Enforcement Gaps & Compounding Loopholes18:33 – Unregulated Foreign API and Supply Chain Risks23:53 – “Phony Personalization Schemes”25:05 – Should Dosing Be Individualized?25:30 – FDA’s Role in Dosing Oversight26:11 – Why Pitts Thinks "Personalization" Claims Fall Short32:11 – Where GLP-1 Regulation May Be Headed35:11 – Odds that the FDA and/or Congress Will Crack Down Get full access to Hims House at himshouse.substack.com/subscribe

In episode 40 of Hims House, Jonathan and Patrick Lester (Bayside) dive into HIMS' Q2 2025 earnings — the company’s first-ever miss vs. Wall Street expectations. They discuss slowing subscriber growth, flat core business performance, the GLP-1 revenue pullback, and the broader implications for future growth. They also debate whether this was simply a “transition quarter” or a warning sign, and explore what the next 12-18 months might look like with international expansion and new product categories. They also analyze commentary around the ZAVA acquisition, AI ambitions, and the role of lab testing in building a “membership model” for healthcare.00:22 – Revenue miss: $545M vs. $552M estimate01:56 – Net new subscribers fall below 100K for first time since Q2'2303:54 – GLP-1 breakdown reveals flat core business05:14 – Long-term thesis still intact?08:35 – International expansion10:31 – ZAVA acquisition: $265M for $50M in revenue by 202514:34 – Marketing spend decline: sign of diminishing returns?18:02 – AI + at-home testing ambitions19:52 – Transition quarter or something worse?24:05 – HIMS AI aspirations24:56 – No analyst questions on collapsed Novo deal26:09 – “Investment period” signals higher near-term expenses26:56 – New Novo CEO + legal/regulatory risk28:54 – FDA levers that could shake compounding market31:44 – Audience Q&A Get full access to Hims House at himshouse.substack.com/subscribe

In Episode 39 of Hims House, Jonathan Stern and Patrick Lester (Bayside) sit down with David Maris—one of the most decorated healthcare analysts of the past two decades. Maris shares why he flagged HIMS as a buy around $15, what excites him about the company’s growth, and how he views its expansion into Europe and Canada. The discussion covers the implosion of Hims’ partnership with Novo Nordisk, litigation risk, and how this all plays into the broader GLP-1 landscape. David also weighs in on Hims as a healthcare platform, its acquisition potential, and new verticals like TRT and menopause. The episode concludes with insights into the valuation, high short interest, and a discussion on governance issues related to Hims’ dual-class stock structure.00:00 - Introduction01:48 - Why David Got Bullish at $1504:50 - HIMS’ Acquisition of ZAVA and European Expansion09:20 - Expansion into Canada13:21 - Novo Partnership Implosion & Legal Risk22:04 - Long-Term Outlook for GLP-1s28:16 - Can HIMS Become a Full-Fledged Healthcare Platform?35:13 - Acquisition Potential39:22 - Kare Schultz40:50 - Clinical Adherence and Personalized Medicine46:28 - Core Business Concerns, CAC, and Ad Trends48:38 - Why This is a Massive Earnings Report55:36 - TRT, Menopause, and the Next $1B Category01:11:27 - Valuation Frameworks, Short Interest, and Governance Get full access to Hims House at himshouse.substack.com/subscribe

In Episode 38 of Hims House, Jonathan Stern and Patrick Lester (Bayside) break down all the recent news surrounding Hims. They cover the new Bloomberg Businessweek article and Washington Post coverage, discuss Hims’ expansion into Canada with generic semaglutide, and highlight the company’s recent job listing for a new blood diagnostics vertical. The episode closes with an analysis of Hims’ positioning ahead of earnings. They unpack alt data trends, app rankings, web traffic discrepancies, and Google Trends.00:52 Bloomberg Businessweek Story Analysis03:45 Hims Expansion into Canada09:00 Washington Post Story and the Novo Deal Collapse24:40 New Blood Diagnostics Vertical29:17 Andrew Responds to Nighthawk: "🤣" 31:00 Hims Alt Data Recap31:39 Morgan Stanley's Note on App Deceleration32:08 Web Traffic 34:02 GLP-1 Contribution and Revenue Impact46:17 Advertising01:00:14 Short Interest Hits 38% Get full access to Hims House at himshouse.substack.com/subscribe

Thanks to our partner, Godel Terminal — a full trading terminal at less than 10% of the price of a Bloomberg! CLICK HERE to get 25% off your first month and lock in lifetime access for $80/mo.In episode 37 of Hims House, patent attorney Gaston Kroub joins Jonathan Stern and Patrick Lester (Bayside) to unpack the legal fallout from Novo Nordisk’s split with Hims. With speculation swirling around a potential lawsuit, Gaston explains why a patent case is unlikely — and why, if Novo sues, they may instead lean on trademark or false advertising claims. The discussion dives into Novo’s patent portfolio, including the critical ‘343 patent, and how ongoing lawsuits against Empower and Strive could shape Novo’s next move. Gaston breaks down what a lawsuit would look like, the most likely outcomes, and why compounders like Hims remain legally protected despite accusations of skirting the law’s intent. The conversation closes with a look at the Supreme Court ruling that is responsible for the compounding exemption, and why any legislative fix may be years away.00:00 – Godel Terminal00:54 – Intro02:43 – Gaston’s Legal Background and Expertise04:46 – Will Novo Nordisk Sue Hims?17:02 – How Novo Has Targeted Other Compounders21:54 – FDA Law and Whether Novo Can Sue Directly26:57 – Breaking Down Novo’s Patent Portfolio39:10 – Lawsuit Scenarios41:19 – How Preliminary Injunctions Work42:53 – Why Novo Might NOT File A Lawsuit45:43 – Legal Precedents and Comparisons46:36 – What Makes Compounders Vulnerable in Court52:46 – Possible Outcomes If Novo Files a Lawsuit01:00:29 – Future of Compounding & Possible Congressional Actions01:16:15 – Final Takeaways Get full access to Hims House at himshouse.substack.com/subscribe

In Episode 36 of Hims House, Jonathan Stern and Patrick Lester (aka Bayside) sit down with biotech investor and dermatologist Adam May, easily the most bearish guest ever to appear on the show. Adam shares the timeline of his trades — shorting HIMS, briefly flipping long on the Novo partnership news, and now short again — all while the stock doubled in 2025. Together, they discuss the sudden collapse of the Hims-Novo deal, GLP-1 legality and risk, and whether HIMS' compounding model can withstand scrutiny.00:00 - Welcome & What’s on Deck03:25 - Adam May’s Background and Biotech Origin Story08:19 - Adam's History Trading HIMS17:28 - Hims' Approach to GLP-1s and Personalized Dosing39:08 - Live Reaction: Andrew Dudum Responds on Twitter to Novo Nordisk Deal Imploding43:58 - European Expansion45:04 - Future of Pharma Ads45:30 - RFK Jr. & MAHA50:03 - AI in Biotech: Drug Discovery52:05 - Could HIMS Ever Be a Drug Developer?54:43 - Future of “Personalization” in Medicine01:00:00 - Peptides Beyond GLP-101:09:37 - Valuation & Price Targets01:17:47 - Adam's Gift to Hims House Get full access to Hims House at himshouse.substack.com/subscribe

Thanks to our partner, Godel Terminal — a full trading terminal at less than 10% of the price of a Bloomberg! CLICK HERE to get 25% off your first month and lock in lifetime access for $80/mo.In this episode of Hims House, Jonathan Stern and Patrick Lester break down Hims & Hers’ recent acquisition of ZAVA, a major telehealth provider in Europe, alongside two European healthcare experts: Sekander Amini, a UK-based private pharmacy owner and longtime Hims investor; and Mads Christiansen, founder of New Deal Invest and a practicing GP in Denmark. Together, they explore how Hims’ U.S. playbook will need to adapt for European markets, the realities of competing with publicly funded healthcare systems, and the regulatory and operational hurdles ahead. They also discuss the likely strategic rationale behind the deal—licenses, market entry speed—and discuss the potential long-term opportunity around personalized medicine, AI, and peptides.00:00 – Godel Terminal02:23 – Europe vs. US — What “competing with free healthcare” really means05:06 – Google Trends data: rising interest in ZAVA over time05:35 – Why “free” care often leaves room for paid services16:34 – Advertising laws in Europe vs. US25:41 – Cross-border shipping: Will Hims need pharmacies in every EU country?29:55 – Compounding and Personalization33:29 – Strategic rationale: Why Hims bought ZAVA35:07 – The hidden importance of pharmacy licenses in the UK36:03 – Hims’ evolving product strategy in Europe37:59 – How AI + real-world data will unlock personalized treatment39:20 – Platform vision: Hims as the “front door” to next-gen healthcare01:00:24 – How to judge the success of the ZAVA acquisition01:04:11 – The future of medicine Get full access to Hims House at himshouse.substack.com/subscribe

Thanks to our partner, Godel Terminal — a full trading terminal at 10% of the price of a Bloomberg! CLICK HERE to get 25% off your first month and lock in lifetime access for $80/mo.In episode 33 of Hims House, hosts Jonathan Stern and Patrick Lester sit down with Max Marchione, founder of Superpower — a health tech startup reimagining preventive care through AI, advanced diagnostics, and personalized protocols. The conversation explores how healthcare might look if rebuilt from first principles today, why AI could become the true "front door" to care, and how Superpower is betting on a tech-first model. Max also shares candid thoughts on Hims' billion-dollar raise, its AI and international strategy, the potential of peptides, and what it takes to build a healthcare brand with cultural pull.00:00 – The Godel Terminal01:01 – Intro - Max Marchione & Superpower’s Mission02:40 – Reimagining Healthcare from First Principles04:16 – AI as the New Front Door to Care07:18 – Lessons Learned: Superpower’s Evolving Strategy17:24 – Branding in Healthcare: Sci-Fi vs. Friendly23:29 – Long-Term Vision: Membership, Outcomes, and Impact28:01 – Vertical Integration & Personalized Therapeutics30:14 – Hims, AI, and the Commoditization of Care32:52 – Global Expansion: Who Hims Might Acquire38:48 – What Peptides Are and Why They Matter42:45 – Legal Gray Zones46:43 – Innovation in the UAE & Saudi Arabia50:11 – Taking More Risks52:43 – Final Reflections Get full access to Hims House at himshouse.substack.com/subscribe

In Episode 34 of Hims House, Jonathan Stern and Patrick Lester (aka Bayside) break down HIMS' acquisition of European telehealth company ZAVA. They dig into ZAVA’s 2023 financials — £20M revenue, 74% gross margins, and a reduction in net loss from £8M to £320K. The hosts debate how much HIMS likely paid, speculate on the strategic rationale, and analyze early market reactions. Bayside lays out his bullish case, and they discuss how much this is about instant regulatory access to top EU markets (UK, Germany, France, Ireland). They discuss the likely role of board member Anja Manuel in helping navigate expansion and if Hims can bring its marketing engine to Europe despite advertising restrictions. The conversation also touches on insurance, manufacturing, and implications for future M&A and a potential Lilly partnership.00:00 Introduction00:56 Financial overview of ZAVA02:34 Stock price reaction03:11 Bayside "extremely bullish"04:34 The logic of the deal07:54 Board member insights08:59 Discussion on financials and trust13:12 Speculation on deal size14:41 Other acquisitions still to come?16:25 Insurance19:15 Pharma advertising in Europe20:44 Google Trends and Market Growth25:53 Questions around operations & manufacturing28:26 Short interest dynamics post-deal Get full access to Hims House at himshouse.substack.com/subscribe

In Episode 32 of Hims House, hosts Jonathan Stern and Patrick Lester (aka Bayside) are joined by Antonio Linares — early Tesla and AMD investor, and one of the biggest Hims bulls on earth. Antonio lays out his long-term thesis: Hims isn’t just a telehealth brand, it’s a platform applying the Costco algorithm to healthcare, with world-class execution, a proprietary data loop, and the potential to birth an AI-driven digital twin of the human body.The discussion covers the explosive potential of peptides, the role of network effects and personalized manufacturing, and why traditional pharma and Wall Street still underestimate Hims’ moat. Antonio also unpacks his concentrated investment strategy and the dynamics of retail vs. institutional conviction.00:00 Introduction01:00 Antonio's Investment Philosophy02:15 The Costco Algorithm Applied to Healthcare07:22 Comparing Hims to Other Tech Giants10:51 Antonio's Approach to Portfolio Construction18:50 Hims as a Platform & Tech Company28:07 The Role of Data and AI in Healthcare38:06 Peptides42:35 Hims and Traditional Pharma51:40 Andrew Dudum and Management56:40 "Hims is a 100x. From Here."01:08:48 Retail vs. Wall Street Get full access to Hims House at himshouse.substack.com/subscribe

In this episode of Hims House, Jonathan Stern, Patrick Lester (Bayside), and Nate Endicott sit down with Amit, one of the most notable names on fintwit and long-time skeptic of Hims. While Amit was early to Palantir and Robinhood, he’s unconvinced by Hims — and this episode is all about changing that. The crew makes the bull case: Hims’ 10-year vision, vertical integration, brand moat, and recent moves in weight loss, lab testing, peptides, and more. Amit pushes back, questioning the company’s tech DNA, long-term edge, and differentiation from giants like Amazon. They debate everything from customer retention and GLP-1 demand to regulatory chaos, and how the Hims retail investor community is rivaling institutional coverage.00:00 Intro00:38 Why Is Amit Even Here?!01:22 Amit’s First Impressions of Hims03:12 Laying Out the 10-Year Vision08:36 "No Moat"14:33 Vertical Integration20:19 Hims as a Tech Company25:32 Customer Retention, CAC, and LTV34:31 Regulatory Chaos35:22 Eli Lilly + Novo Nordisk Partnerships36:42 Hims Earnings and Speculations38:32 GLP-1 Market Dynamics46:27 Building a Retail Community51:04 Retail vs. Institutions58:36 Volatility and Trading Strategies01:06:10 Final Thoughts Get full access to Hims House at himshouse.substack.com/subscribe

In Hims House episode 30, Jonathan Stern and Patrick Lester are joined by legendary entrepreneur Mark Cuban. The discussion kicks off with Mark unpacking why the healthcare system is so dysfunctional -- explaining how pharmacy benefit managers (PBMs) and the lack of transparency drive high drug prices. He shares his journey from a healthcare novice to launching Cost Plus Drugs, which aims to offer cheaper, more transparent pharmaceutical options. The episode also touches on the comparison between Hims & Hers and Cost Plus Drugs, potential legislative reforms, the importance of brand in healthcare, whether "personalized" medicine is merely marketing speak, and what Mark thinks about the future of healthcare and wearables.00:00 Introduction02:10 The Broken Healthcare System02:47 Mark Cuban's Journey into Healthcare06:12 The Role of Pharmacy Benefit Managers (PBMs)19:31 Cost Plus Drugs: Transparency and Trust26:57 Comparing Cost Plus Drugs and Hims & Hers31:31 The Future of Insurance-Covered Drugs33:09 Personalization in Healthcare34:57 The Importance of Brand43:42 International Expansion Strategies50:22 Policy & Tariffs Impact55:43 The Role of Tech, AI, and Wearables in Healthcare Get full access to Hims House at himshouse.substack.com/subscribe

In this episode of Hims House, Jonathan Stern and Patrick Lester break down the Q1 2025 earnings results for Hims & Hers. They highlight strong topline and bottom-line performance -- including $586M in revenue, 345% YoY net income growth, and 321% free cash flow growth. The discussion also covers softer metrics, such as a modest 137k net new subscriber additions and a conservative Q2 revenue guide. They explore the company’s reaffirmed full-year outlook and new long-term revenue goal of $6.5 billion by 2030, analyzing whether it may be a sandbagged target. Other topics include international expansion, strategic partnerships (including Novo Nordisk and conversations with Eli Lilly), and the appointment of former Amazon executive Nader Kabbani as COO.00:00 Introduction and Q1 2025 Highlights02:20 Patrick's Take on Earnings05:17 The Long-Term Revenue Target08:20 – Hims House Valuation Model Breakdown11:14 Q2 Revenue Guidance13:41 International Expansion17:10 – The Five Growth Levers27:52 Sexual Health Vertical and Core Specialties32:00 New COO Nader Kabbani Get full access to Hims House at himshouse.substack.com/subscribe

In this episode of Hims House, Jonathan Stern sits down with Alvan Chow — the original WallStreetBets poster who made a legendary 100,000% return during the GameStop short squeeze. They break down what happened in January 2021, the mechanics behind a short squeeze, and how institutional and retail forces collided to trigger one of the wildest moments in market history. The conversation then pivots to Hims, which increasingly has a similar setup: a strong fundamental story, massive short interest, and increasing retail momentum. They explore the potential for a “second squeeze,” compare Hims to Tesla & Palantir, and debate how much of the recent volatility is driven by technical flows vs. fundamental news. They also dig into how retail investors in South Korea could play a surprise role, why the borrow fee and other short metrics matter, and how investors should think about risk management during parabolic moves.Note: During HIMS' first short squeeze in February, Alvan turned $500K into $5M. Now, he's eyeing HIMS short squeeze 2.0 🔥01:26 Alvan Chow's Origin Story and the GameStop Saga03:52 Mechanics of Short Selling and Short Squeezes07:17 Comparing GameStop and Hims14:24 Why Shorting Hims Makes No Sense15:43 What a Hims “Squeeze Part 2” Could Look Like20:45 Is This Like GameStop, Tesla, or Palantir?26:04 The Korean Retail Investor Factor32:33 Final Thoughts Get full access to Hims House at himshouse.substack.com/subscribe