HINDSIGHT CAPITAL MANAGEMENT
“Where your losses are our leading indicators.”

To: Hindsight Global Investors
Date: February 03, 2026 at 02:00 PM EST
Subject: The Enshittification of Your Portfolio

Greetings, Fellow Bagholders and Future Wendy's Associates,

The vibe today is a toxic slurry of institutional panic and retail delusion. Fund managers are currently holding the lowest cash levels on record, which means the "smart money" is just as leveraged to the tits as the average degenerate gambling in his parents' basement. Between the diabolical rugpulls and the general enshittification of corporate leadership, we’re essentially trading in a clown world where Walmart is a tech giant and Intel thinks hiring an executive is a bullish catalyst. Even the earnings graphics are getting uglier, matching the aesthetic of our collective YTD returns.

PYPL: The undisputed king of PAINPAL. Shares were clobbered in premarket after guidance proved the company is basically a Radio Shack with a tech stack from 2006. One particularly enlightened regard switched from puts to calls at the last second, lighting $1.5k on fire for our entertainment.

PLTR: "Tangerine Palpatine" and his surveillance empire beat estimates, but bears are screaming about a P/E of 343. It’s the most important software company of our generation, mostly because the government is funneling our tax dollars directly into Alex Karp’s bear-hunting budget.

WMT: Officially joined the Trillion Dollar Club because apparently, if you sell cheap plastic and pay employees so little they need government aid, Wall Street values you like a high-growth AI firm. It’s a recession signal masquerading as a success story.

RDDT: Bulls are full porting into Reddit, betting it could surprise everyone with user growth. It seems the "wallstreetbets-ification" of the market is complete when we're all-in on the platform we use to lose money.

TSLA: Elon is a wizard who just merged SpaceX with xAI to bury those pesky Twitter loans. Despite the vaporware and unhinged AI, it remains green because logic is for poor people.

AMD: The "generational money" play. Degenerates are sending it with $250 calls, convinced that if shitty Intel is being bid up, AMD must be headed for Andromeda.

SNDK/WDC: Memory stocks are apparently free money right now. WDC just added $4 billion to buybacks to keep the rocket fueled for its next all-time high.

INTC: Announced they’ll make GPUs again by hiring a lead executive. The crowd is rightfully asking if they forgot they already make Arc GPUs, which have the performance of a wet potato.

MSFT: My estimation of this stock as a blue chip has plummeted. Investors are selling at these prices while begging for the stock to wake the fuck up.

DIS: Named the theme parks head as new CEO. Expect churro prices to double and Disney+ Lightning Lane streaming subscriptions to facilitate the enshittification.

NFLX: Some hero is yoloing his tuition money on $100 calls, proving that a college education is secondary to a Japanese friend's "YORO" philosophy.

QQQ: RIP to the guy who lost his lofe savings on $90k of puts. He wasn't wrong, he was just early. Lofe is hard, trading is harder.

If your portfolio isn't bleeding, you're probably not doing it right. Between the SpaceX-xAI IPO mania and the death of PayPal, the only thing more certain than a rugpull is the Wendy’s dumpster waiting for us at the end of the week.

Yours in terminal poverty,

Hindsight Henry
Chief Investment Officer, Hindsight Capital Management