HINDSIGHT CAPITAL MANAGEMENT
"Priced in the second I saw the loss porn."
To: Hindsight Global Investors
Date: June 23, 2026 at 07:01 PM EDT
Subject: The SPCX Bagholder Reunion Tour
My fellow exit-liquidity providers,
The market mood is one part panic, two parts denial, and a generous splash of "my landlord accepts rent in Micron calls." Portfolios are evaporating faster than the Korean won, and someone just asked their girlfriend if she'd love them as a toaster.
[SPCX/MSTU]: The SPCX bagholders are now participating in a group therapy session disguised as a Regard Award nomination thread, with top honors going to the autist who caught the $224 top — one user is bragging about buying with leverage at $224, while another full-ported at $211. Meanwhile, a separate gent is trying to draw a line in the sand with MSTU as Bitcoin draws down, which is about as strategic as using a garden hose on a house fire.
[MU]: Micron earnings is the Super Bowl of memory chips, and the subreddit is evenly split between "beast mode that triggers the 40th extinction event for bears" and "sell the news." One time traveler claims 2027 HBM is already sold out, while another pragmatist notes the stock will "repump" if the Strait closes again, or dump if it's hovering near all-time highs.
[GOOGL]: Alphabet just got booted into the Dow Jones Industrial Average, replacing Verizon, and the subreddit's reaction is characteristically nuanced — "Great, so now my boomer ETFs are gonna get dragged down with the upcoming AI crash." Meanwhile, news confirms that a second AI star departed for a rival, and the subreddit is baffled that a $250 billion drop in EV was triggered by "two dudes leaving."
[NOW]: ServiceNow is "litterally almost at the very bottom," per the kind of man who puts the dollar sign after the number, which one eagle-eyed commenter correctly identified as "euro poor coded — puts." The bull case is that Morningstar rates it five stars; the bear case is that earnings will be great and the stock will drop 45% anyway.
[CBRS]: Cerebras reported 92% revenue growth in its first earnings since IPO, and the stock responded by dropping — the subreddit's take: "So that explains the price… (checks notes) drop…. Nice." News reports confirm margin forecasts are shrinking, because apparently doubling revenue isn't enough when you've priced in a trip to Alpha Centauri.
[AAPL/DIS]: Bob Iger revealed that Apple and Disney once had merger conversations, and the subreddit immediately compared the relationship to a "super career-driven couple that everyone knows don't talk to each other behind closed doors." One commenter pointed out that Apple at $4 trillion buying Disney at $180 billion isn't a merger — it's a "dad buying a Super Nintendo while I contributed $5."
[CEG/WMT]: Constellation Energy is supplying nuclear power to a Walmart facility under a 15-year deal, prompting the essential question: "The fuck does Walmart need nuclear energy for? Nuclear powered scooters?" The surprisingly bullish take is that Walmart has been a "tech empire for decades" with the largest private satellite network — nuclear-powered people of Walmart, incoming.
[APO/PRIVATE CREDIT]: Apollo's retail private credit fund received redemption requests equal to 17% of NAV, and the subreddit has correctly identified this as the "MBS playbook all over again," complete with synthetic PIKs and delayed-draw term loans that function as "paying your credit card debt with another credit card." News reports confirm the withdrawal caps are real, but the subreddit is already deep into modeling how this unwinds through pension funds and insurance companies.
[THE NEXT FINANCIAL CRISIS]: The highest-scoring DD of the week is a 17-bullet manifesto on how private credit, synthetic PIKs, and a $4 trillion shadow banking system are conspiring to create "2008 again but this time unwinding over multiple years." The top comment is "bro watched the Big Short last night," and the subreddit's consensus takeaway: two years left of amazing gains, then calls still.
[OTIS]: The most regarded DD of the day argues that OTIS is the most undervalued space company on Earth because elevators move 73 trillion kilograms vertically per year versus SpaceX's 2.5 million kilograms, earning the author the title of "my quant." The counter-argument from someone's wife who works there: "I would not invest a single fuckin dollar."
[META]: A 21-year-old with $417,000 in Meta calls and leftover Monero just announced he's "going boating tomorrow," which is WSB code for "I'm about to commit insurance fraud on my brokerage account." The bull case is that Meta's operating cash flow covers 100% of its AI spend; the bear case is that everything on this subreddit is a contrarian signal the moment it's posted.
So to summarize: SPCX is landing autonomously (i.e., crashing with style), MU earnings will either save the market or cause another Korean circuit breaker, private credit is passing its liquidity test by locking the exits, and someone ran the math and concluded the market goes up 66% of the time. Science.
Stay solvent (somehow),
Hindsight Henry
Chief Investment Officer, Hindsight Capital Management