Sometimes the best financial stories are the ones we didn't know existed. Michael Burry just dropped a gem on social media: a previously unseen email from Keith Gill—yes, that Keith Gill, better known as "Roaring Kitty"—sent back in 2019. The correspondence reveals that both legendary investors were pounding the table about GameStop Corp. (GME) being undervalued long before the world knew what a meme stock was.

Burry's Aggressive Pitch to GameStop

On Wednesday, Burry posted on X with the teaser "Remember GME? Bet you did not know this," sharing a letter he'd sent to GameStop's board in August 2019. The timing matters here—this was when the stock was trading in the single digits and most of Wall Street viewed the video game retailer as a dying brick-and-mortar business.

Burry's pitch was straightforward and aggressive. He urged management to immediately complete the remaining $237.6 million of its share buyback authorization. His argument? Doing so "would retire over 80% of GameStop's outstanding shares," which would dramatically boost earnings per share for remaining shareholders.

The numbers Burry highlighted were what he called "striking." GameStop had over $480 million in cash—more than enough to complete the buyback while still investing in operations and paying down debt. Meanwhile, the company's entire market capitalization sat at just $290 million. Think about that for a second: the company had more cash than its market value.

Roaring Kitty Weighs In

Here's where it gets interesting. Gill sent Burry an email expressing enthusiastic support for his analysis. "As a deep value investor, I share your views wholeheartedly," Gill wrote, criticizing the board's inaction despite what he called the "absurdly low share price."

Gill, who introduced himself as a CFA charterholder, didn't mince words about the technical picture. He described GameStop's chart as "one of the ugliest" he'd ever seen, adding that he hadn't "seen anything like this before." Yet despite—or perhaps because of—that ugly chart, both investors saw massive opportunity.

The email captures a moment when two savvy investors independently arrived at the same conclusion: GameStop was deeply undervalued, even as the broader market remained severely pessimistic.

What Happened Next

Of course, we all know how this story ends. Nearly two years after this exchange, GameStop became the epicenter of the 2021 meme stock frenzy. The stock exploded 1,294% in less than a month, reaching an all-time high of $483 per share on January 28, 2021.

Since that peak, reality has been less kind. The stock has fallen 2,133% from its all-time high and is down 29.45% year-to-date. On Wednesday, GameStop shares closed up 2.71% at $21.63, with after-hours trading showing an additional 0.51% gain.

The stock currently scores high on growth metrics but faces unfavorable price trends across short, medium, and long-term timeframes. Which, honestly, sounds a lot like 2019—except now everyone knows the name Keith Gill.