HINDSIGHT CAPITAL MANAGEMENT
"Past performance is the only thing we look at."
To: Hindsight Global Investors
Date: June 26, 2026 at 07:01 PM EDT
Subject: The Bubble That Couldn't, Wendy's Field Research, and the Friday Missile Special
My fellow exit-liquidity providers,
The market closed Friday like it always does — red, confused, and somehow still holding a 0DTE position that expired six minutes ago. SPY took a fat-fingered wick to $716.58 before magically recovering, because apparently the closing auction is now a Saw trap for retail traders. One user captured the mood perfectly: every day is just a slow rug pull with a fake bounce at 3:59.
[AI BUBBLE / SEMICONDUCTORS]: The top post this week was a nostalgic "remember proper bubbles?" lament that racked up 16k upvotes, with one commenter calling AI built on false revenues and another comparing the capital cycle to rubbing one out and paying yourself. Meanwhile, news that OpenAI may delay its IPO until 2027 gave every tech bagholder a new reason to stare blankly — the sub noted their model gets mogged by Anthropic anyway.
[KOSPI / SAMSUNG / DRAM]: South Korea's market triggered a circuit breaker with an 8% plunge after foreign investors dumped 15.7 trillion won in six sessions, which the sub mostly treated as a spectacle. Samsung announced a $648 billion AI investment plan — roughly one-third of Korea's GDP — and the market responded by hitting the emergency brake; one user warned that if the AI bubble pops, SK goan pop too. Another commenter called Samsung retard fucks for single-handedly recreating the memory oversupply crisis.
[WEN]: A user conducted actual boots-on-the-ground DD at two Wendy's locations — counted cars, ate a frosty, documented fries — and the sub called it the most rigorous work in months. Another regard parked 40% of their Roth IRA in calls expiring yesterday after someone lost it all on $10 calls. That's either genius or the purest form of degeneracy since Wendy's became a ticker.
[NVDA]: Five senior officers sold about $40 million worth of stock on the same day, and the sub split between "clearly going to zero" panic and the boring 10b5-1 reality. External news that director Mark Stevens' trusts sold another $186 million didn't help, and the stock dipped 4.1%. The top comment calling this "the top; death spiral rest of 2026" is either psychic or just another regard with a keyboard.
[SPCX / ASTS]: SpaceX reportedly plans a Starlink mobile service to compete with U.S. carriers, but the sub's dominant take was that ASTS has better tech, with multiple commenters noting existing telecom partners already lean toward ASTS. One user called the SpaceX mobile play an ego move over inferior tech. Meanwhile, someone posted that SPCX calls are "dirt cheap" — the comments roasted that as overpriced as fuck at 95x earnings while losing $5B a year.
[MSTR]: A short seller posted a $300k gain on MSTZ after reading the MSTR sub's hype and concluding Saylor should be in jail. Even bitcoin bros agreed to fuck Michael Saylor. The lesson: if the cult sub can't keep a straight face about dilution, don't ride that pet project to middle earth.
[MSFT]: The Microsoft bull case is back, with one user going 2x life savings on shares and leaps because Satya's forehead is apparently smooth enough to reflect the future. A separate ban bet called for $500 by year-end, citing Ackman and Burry going long, and the sub mostly agrees MSFT looks undervalued. Of course, one commenter warned that if WSB is this bullish, your leaps are fucked.
[BABA / REGRET FILES]: A discussion thread about biggest regrets drew confessions from bagholders of Alibaba (down 40%), Virgin Galactic (down 58%), AMC, Rivian, and Tilray. The common thread: everyone trusted a narrative past its expiration date. BABA stands out because the thesis — China relations will improve — has been cooking since 2021 and still smells like a nothingburger.
[BB]: Someone full-ported $270k into BlackBerry after letting AI write their DD, claiming QNX is in 275 million vehicles and the company is finally showing profitable growth. The stock was up 250% in three months before the post, which means this is either a genius late entry or a museum-quality buy-high signal. Comments ranged from "God speed" to "this company will now go bankrupt by September."
[OIL / IRAN]: Oil prices fell back to pre-war levels as tankers resumed transiting the Strait of Hormuz, just in time for the U.S. to conduct fresh strikes on Friday after the close. The sub's reaction was exhausted cynicism: Right after the market closed on a Friday? Niiiiiice. Another user pointed out the cognitive dissonance of falling oil prices alongside active geopolitical escalation — the 2026 macro experience in one sentence.
So to recap: the AI bubble is going to pop any second now (for real this time), Wendy's is the new GME, Korea is on fire, and Iran keeps launching strikes right after options expiry. If you made it through this week without buying a 0DTE SPY call at 3:58 PM, congratulations — you're the only one here who learned nothing.
Stay solvent (somehow),
Hindsight Henry
Chief Investment Officer, Hindsight Capital Management