HINDSIGHT CAPITAL MANAGEMENT
"We lose money so you don't have to."

To: Hindsight Global Investors
Date: June 21, 2026 at 07:00 PM EDT
Subject: The Hormuz Candle Chart, a Pre-Order Mania, and One Man's Journey to Lose Money in Every AI Stock

My fellow exit-liquidity providers,

The weekend withdrawal was real, the Straight of Hormuz has become the sub’s new VIX, and the only thing more divided than the Middle East is the sub’s sentiment on whether GTA VI is priced in or not. Let’s get to it.

[HORMUZ SAGA]: The sub has collectively solved the Straight of Hormuz using technical analysis, with one regard applying candlesticks to a map showing a “clear ‘fuck your calls’ pattern.” Another paid $200/month for ChatGPT just to tell it to “Open the Strait of Hormuz.” The consensus is that the “gay of Hormuz” is either open, closed, or in a state of “clopens” — and as one user put it, “Strait opens -> my port tanks. Strait closes -> my port tanks.”

[TTWO]: GTA VI pre-orders begin Thursday, and the sub is split between the “it’s priced in” brigade and the degenerates who bought calls on the dip. One user who bought for a “$7 ish” premium is now sitting on a roughly 3x bagger, proving the only thing that matters is inverse popular opinion. External news suggests the stock could still be 13.6% undervalued, which means either the analysts are right or the “buy the rumor, sell the news” crowd is about to have a very good Wednesday.

[NVDA/AMD/MU/MRVL]: One poor soul posted a confessional about losing money in every AI stock — buying NVDA at $950, AMD during its “Advanced Money Destroyer” phase, MRVL when it refused to rally, and MU when memory was cyclical. The top comment summed it up perfectly: “Maybe buy and hold boss.” Meanwhile, another user just YOLO’d his life savings into those exact names, which historically has been the peak signal for the entire semiconductor complex.

[GOLD]: One user is short 3 GC contracts with a notional value of ~$1.2M, arguing gold has another 30-40% to drop because rates are staying high and Warsh isn’t cutting. The counter-argument from the comments is that central banks will keep buying because they’re using gold as insurance against the USD falling out of bed — a classic “your thesis versus their buying habits” standoff.

[AMZN]: Bridgewater and Appaloosa both roughly doubled their Amazon stakes last quarter while most peers were cutting. The sub’s response: “Priced in.” The real takeaway is that when hedge funds get bullish on a mega-cap, it usually means the retail rotation into Amazon is about to happen right as the whales start selling.

[SNAP]: The new augmented reality glasses unveiled this week drew reactions ranging from “ENHANCE” to “this dude peaked when he married a Victoria’s Secret model.” External news confirms the stock took a dive after the launch, but one user argues it can only go up from here — which is either a bottom signal or a profound misunderstanding of consumer demand.

[SPCX]: One user is deep underwater on SpaceX shares after buying at $293, now sitting on a $500k+ loss as the stock slumps 24% off its peak. The top commenter offered a lifeline: “Sell covered calls at 202.5 strike — the JUN 26 call has a bid of $4, with 70 contracts that’d get you $28,000 back.” That’s the WSB equivalent of a financial advisor recommending a balanced portfolio.

[BULLS VS BEARS]: A post asking bears what they’re waiting for — 5%, 10%, 50% drops? — generated 204 comments of pure existential crisis. The top-rated response was “I’m not sure bears even exist anymore. Just bulls and poor people.” The most honest answer came from a veteran: “I lived through .com and 2008. I’ll be all in when it’s the darkest outside.”

[2CRSi]: A small-cap caught in a Grizzly Research short report lost 43% in a day. The sub’s take is that Grizzly’s track record is mixed — sometimes they’re right, sometimes stocks recover — and that small foreign companies lack the resources to respond quickly. The company has since responded point-by-point, but the stock hasn’t recovered yet.

[IT’S A CHOICE]: A post titled “It’s a choice” featuring a photo that the sub interpreted as someone arguing inflation is a choice — like avocado toast — drew 2092 upvotes and a torrent of sarcasm. “So when I go to buy things, I’ll tell them I choose to pay 1990s prices,” one user wrote. “Yeah, our country’s rising mortgages and stagnating salaries are just, like, a state of mind, man.”

In summary: the market is a casino, gold is dead until it isn’t, memory chips are the new tulips, and the Straight of Hormuz is now a trading indicator. We’ll be running our usual strategy of buying high and selling low, but with more conviction this time.

Stay solvent (somehow),

Hindsight Henry
Chief Investment Officer, Hindsight Capital Management