Happy Friday

Leopold lost his aura That’s my honest opinion Got Iran-pilled and loaded up on semi puts before one of the biggest rallies in history Exited his huge $INTC call position at $44 before the $100 rally - > Sold $HUT before it went up 105% - > Sold $COHR before it went up 52% - > Sold $CIFR before it went up 49% - > Sold $TSEM before it went up 41% - > Sold $LITE before it went up 35% - > Trimmed 40% of $BE before it went up 90% - > Trimmed $CORZ before it went up 59% - > Trimmed $SEI before it went up 40% Exited calls and missed a ton of upside Portfolio getting lower quality, in my opinion, and messier

As a former PM who ran a long/short vol strategy, I’ll say the quiet part out loud so that aspiring PMs out there know: Long Vol / hedging funds are doomed to fail because you are asking allocators to pay a visible, recurring insurance premium for an invisible benefit. Long-vol funds sell convexity, but allocators judge linearly The experience is down month, down month, down month, down quarter, down year, hey we're up some, down month, down month, down month, wait why are you pulling money there is a vol spike coming. The better structure is a balanced portfolio with a clearly defined vol / convexity sleeve. Let the core portfolio compound. Let the convexity sleeve protect the left tail, create liquidity in stress, and fund rebalancing when assets get cheap. Standalone hedging is psychologically hard to own. Embedded convexity is much easier to underwrite.

THIS ROUTINE IS WORTH A MILLION DOLLARS

Old age is when memories and regrets start to outnumber dreams and ambitions.

The $QQQ has not made a new ATH in 5 months now. Longest drought since 2023.

People who went long the market on Friday watching Trump give a 48 hour ultimatum before blowing up Iran's power plants

Hell yeah

Another cheat code in life is attending a church full of rich people

If Trump actually manages to do regime change in less than a week in Iran without putting boots on the ground we need to start asking real questions about what the hell Bush and Obama were doing for 20 years.

😂

Remember that I predicted a long time ago that President Obama will attack Iran because of his inability to negotiate properly-not skilled!

🚨New Interview: "I can unequivocally tell you that technical analysis is 20% as effective today as it was." Stanley Druckenmiller

If you want the best primer of all time: youtube.com/watch?v=dX9CGRZw…

every public company is one anthropic tweet away from a -20% candle

The thing about Ray Dalio is that he is a boomer who lived in the best time of human history. The return to our natural state, where the strong are strong and the weak are weak, appears to him as a "breakdown of the world order" because he's been insulated from reality his entire life. The boomers baseline existence has been a historical aberration. Born in 1949, never fighting in a war, dodging every draft, he made it big gambling in the easiest time to gamble in human history. Everything only went up. Therefore he thinks he must be a genius. This nigga has been betraying us for China for decades, tapdancing on delicate issues to never upset the Chinese. He has no balls. His book is called principles but he has none besides making money. His whole class of motherfuckers has sold out America and gotten insanely rich doing it. You could be a monkey throwing shit at a wall during his time and get rich. Now he wants to refer you to Chapter 6 in his book about how the economy is about to collapse. He's paid good money so that when he dies there is an AI Dalio spitting platitudes for eternity, a monument to his hubris. Chucke Cheese Dalio, digitized to spread boomer bullshit for eternity. Are you gonna ask the Dalio LLM for advice on how to deal with the changing world order? Is his book gonna help you cope with the dollar going to shit? He plays his fiddle while Rome burns like Nero, sitting on the stack he made selling us out. Replacing us with migrants. Profiting off the rise of China. To him we're entering an anomaly because he's had it on easy mode his whole life. He surfed the biggest wealth creation wave in history, stealing from future generations, and now he wants to sell you a book detailing how he did it with his raw genius and transcendental meditation. Nigga please.

Wild market. We haven't seen anything like this since the dotcom bubble burst. Over the last 8 sessions, 115 stocks in the S&P 500 have decline 7% or more in a single day. The average drawdown when that happens is 34%. Right now we're 1.5% below the all-time high.