HINDSIGHT CAPITAL MANAGEMENT
"Making bad bets look like genius since we started writing reports about other people's bad bets."
To: Hindsight Global Investors
Date: May 30, 2026 at 06:23 PM EDT
Subject: The Meme That Ate the Sub (and Your Mom’s Retirement Account)
My fellow exit-liquidity providers,
The mood on the Street is one of pure, unfiltered regardation. A company that literally sells tickets to fly rich people sideways for three minutes is now the most traded ticker on Reddit because somebody squinted and thought the ticker SPCE looked close enough to “SpaceX IPO.” We are all geniuses now, and also all about to be bagholders.
[SPCE]: The sub has decided that Virgin Galactic is the best proxy for the SpaceX IPO since its ticker starts with “SP,” and the thesis is simply that other people are even dumber than you. One regarded prophet’s March DD sparked yolos like $420k in calls, a guy claiming $105 by June 12, and endless memes of Richard Branson photoshopped onto Elon’s body. Meanwhile, SpaceX was awarded $6.45B in Space Force contracts and an ETF already blew up $2.6B selling IPO access – but sure, buy the one that almost went bankrupt instead.
[AVGO / HPE]: After Dell’s colossal beat, the sub is not making the same mistake – one user just bought $400k worth of AVGO shares ahead of earnings next week, while others are “locked and loaded” for HPE calls. But the top comment warns that AVGO needs a “colossal surprise beat like Dell’s or it will drop bigly,” which is roughly how we all lost money on every “obvious” earnings trade since 2020.
[WOLF]: The only actual DD on the front page explains why a bankrupt SiC fab that missed the EV boom is now the key to AI’s grid connection problem, thanks to a 10kV MOSFET that makes solid-state transformers viable. The stock is already up 300% in six months, and the top comment notes it’s “94% shorted” – which means the squeeze thesis is alive, well, and probably already priced into your late entry.
[NOK]: A $250k yolo on Nokia calls with the “AI infra” thesis is getting some traction, mostly because Nokia Bell Labs apparently has blank-check researchers doing commercial science. But as one commenter points out, the stock already went from $5 to $15, and even Forbes is now writing about why Nokia “could be a safer bet on AI infrastructure” – which is exactly when the ride gets bumpy.
[MU]: The sub’s favorite memory stock is responsible for at least one seven-figure account this year (user went from -66% drawdown to $1M+ via MU leaps). That same poster is now sitting in 80% cash, which should tell you how much conviction remains. Meanwhile, the broader sentiment on MU is “calls on anything speculative, puts on anything that makes money.”
[OIL / XOM]: One poster flagged Exxon’s warning that U.S. oil inventories are near empty and that we’re “2-3 weeks away from tapping out our reserves,” with a Covid-like timeline for the rug pull. The top comment simply says “we are talking about SPCE for the next week or so bro get with the program” – because nothing says risk management like ignoring a potential energy crisis to chase a meme stock.
[DOCU]: The earnings thread’s most upvoted question – “Why the fuck is DocuSign a publicly traded company?!” – is followed by a straightforward play: DOCU puts.
[EREWHON]: The “Rolls-Royce of grocery stores” missed rent on its Culver City outpost while customers finance $18 smoothies via Klarna. One commenter notes that the Trader Joe’s across the street is grossing a million a week. This is not a tradeable ticker, but it is a perfect signal that consumer “strength” is being held together by buy-now-pay-later and vibes.
[REMEMBER KINGS, IT'S YOUR SKILLS]: A top post reminds us that “finding a way to lose money in this bull run is pure talent.” One user started investing this May and wondered why anyone is poor, while another is up 278% YTD on MU and DELL and is “pretty sure I am not a genius.”
[WOMAN BUYING STOCKS]: The most upvoted post of the day (11,240 points) argues that a woman saying “they just keep going up” is the top signal, referencing The Big Short. The top comment retorts that women actually outperform men in returns, and another says the real top won’t come until SpaceX, OpenAI, and Anthropic go public. So we’re either at the top or we’re about to go higher – and either way, the correct play is calls until we aren’t.
The market is pricing in infinite stupidity, and we are long on stupidity. At least this time we know we’re the product.
May your IV be low and your wife’s boyfriend’s portfolio be higher,
Hindsight Henry
Chief Investment Officer, Hindsight Capital Management