f.u. mr. market 91% (4/3/25 to date) (difficult times are always ahead)

Data analytics, alternative data, and technology have become massive parts of the game for big funds. They invest billions into machine learning, quant models, and scrape every signal they can find, from satellite imagery to credit card data, and it’s not going away. That game is getting crowded and everyone’s chasing the same datasets and signals, which means the edge from tech alone is shrinking fast. Meanwhile, 10-Ks, 10-Qs, and earnings call transcripts are sitting there, packed with insights that most investors skip. Why? Because it’s hard work. It takes time, focus, and patience - things in short supply when social media has turned investing into a meme-driven, headline-chasing frenzy for many. The Street might call reading filings “table stakes,” but the reality is most people don’t bother. They skim summaries, rely on algorithms, or just follow the crowd. By digging into the source material, you’re uncovering what others miss - nuances in management’s tone, buried risks, or early hints of big moves. If you’re willing to sit down and read, you’re already ahead of 90% of the noise.

Excellent bit of work. youtu.be/wKXgeNwNRJ4

“He secured five draft deferments, the last a permanent medical deferment courtesy of a Queens podiatrist who rented an office in a building owned by his father. Davie says that Tr-mp acquired a nickname among some of the academy alumni.” “Cadet Bonespurs.”

have the corner office…at the library📚

green today—barely .26%

Fairly fascinating commentary from Simon White of Bloomberg: “Putting gamma, realised correlation and dispersion on the same 3D grid shows that as far back as we have data (to 2014), correlation has never been as low when gamma and dispersion have been as high. The green diamond in the chart below is the latest point. The alpine peak just below that is from 2021, the only other time the three risk measures have been nearly as elevated as they are now.” In summary, the entire rally from the March lows has been built on a “mechanical chase.” Without real spot buying, market fragility could be exposed quickly when the stratospheric gamma squeeze ends. This is a complex topic for many, but traders should know that if breadth remains weak, any mean reversion could be dynamic. Have a lovely Tuesday. 😊

Back in 2020, I started this account to post stock breakdowns from my lunch break. Hardly anyone read them. Today, something I still can't quite believe: I wrote a book. 📖 The Lunch Break Investor Out 18 August with Harriman House For people with real jobs, families & lives who still want to invest properly. One big shift: Stop renting stocks. Start owning businesses. One focused lunch break at a time. What’s your biggest struggle investing while busy? Reply 👇 I’ll share a tip from the book.