Much of today’s gains (+120bps) can be attributed to yesterday’s portfolio shift. We had an ok tape today, with lingering weakness in semis and AI — but strong elsewhere. Today’s biggest portfolio winners were HOOD, FCX, MS, TSLA, GLD, V and XLV — most of which are either new or recently bulked positions. The semis...Read More

Wonderful session in market – land — everything lit up save a few AI stocks for ironical comedy relief. The vaunted RSP spearheaded lower amidst the dazed and confused US treasury bond lovers, who once again were beset upon by Mr. Bessent, who spoke in flowery tongues about having “asymmetrical information” — the sort of...Read More

Just a heads up — I will be doing some consolidating tomorrow, significantly reducing the amount of positions we hold in favor of greater conviction holds. With the market rotations, the portfolio has expanded a little more than I’d like and it isn’t expressing what I think is going to happen from now till year...Read More

It wasn’t a good day for datacenter men, or semis. We shed 66bps in spite of a more effervescent tape mostly because banks and AI stocks were sharply lower for the session. These are the days that try you, tempt you to chase whatever is working now. But I think the rotations will soon rotate...Read More

A little misdirection today, with most believing the weakness was attributed to the lack of war deals, oil and rates. But oil was barely up and rates actually closed lower. I think much of today’s weakness can be attributed to Anthropic’s $65b ARR claim, with many talking heads, including the bastards at Semianalysis, picking it...Read More