HINDSIGHT CAPITAL MANAGEMENT
"We turn hindsight into foresight, and then into losses."

To: Hindsight Global Investors
Date: June 27, 2026 at 07:00 PM EDT
Subject: The Memory Hole Is Now a Black Hole

My fellow exit-liquidity providers,

The market closed red again, launching missiles after hours for the fifth Friday in a row, and the sub’s mood is a beautiful cocktail of existential dread and desperate confirmation bias. One regard turned $103k into $893 trading 0DTE QQQ options, another “accidentally” sold a naked put on SPY and now owes $70k, and somewhere in China a lady flew a plane into a building because her margin call came due. But don’t worry — the main narrative is that a memory chip company is going to $2,000.

[MU]: The sub is all-in on Micron after one autist posted a novel-length thesis claiming $2,000 is “conservative” based on Q3 revenue jumping to $41.46B and 85% gross margins that crushed models — external news confirms the stock surged 15% post-earnings and analysts at Barclays and Susquehanna slapped $2,000 targets on it. The only question is whether you bought at $500, $600, $700, or will be the bagholder at $2,000. Meanwhile, another user with $1.4M in MU says he ain't selling until $2,000, because "it's literally free money."

[WEN]: Meme traders are still trying to save Wendy’s: one regard sat in a parking lot counting cars and frosty sales, while external news reports the stock surged 26% (then faded) and the sub is hyping the return of the Pretzel Bacon Pub Burger in August. The 7% dividend and the Potbelly CEO turnaround story have people convinced this is a value play. Others remain skeptical, noting it's a meme stock pump that already stalled.

[MSFT]: Microsoft just had its worst month since the dot-com bubble and one full-ported autist is buying “Microslop is on sale,” arguing Copilot sucks but the enterprise parasite model never fails. External news shows 54 million shares traded after-hours on Thursday due to quarterly rebalancing, so good luck timing that. The bear case: elevated DRAM costs could crush margins, but the sub thinks Satya’s shitty Maia chip will eventually print money.

[META]: One user posted an 11% loss on a massive META position ($2.8M remaining) and is selling covered calls to average down to $570. External news notes bulls are frustrated but analysts still see 50% upside from AI initiatives the market is ignoring. The sub's consensus: hold and ignore the noise, because Zuck will figure it out.

[NKE]: Nike earnings are next week and the pinned weekly thread is a bloodbath of conflicting degeneracy — one guy posted a “loaded up for a Nike swing” chart, another screams “NKE puts most obvious play,” and a third argues the World Cup will pump it. That’s the textbook definition of “we have no idea what we’re doing.” The sub is split between calls and puts, so expect either a gap up or a gap down.

[SPY / THE SAD LITTLE BUBBLE THAT COULDN'T]: The market has gone red five days straight and the top comment in the weekend thread simply asks “you guys ever wonder if we’re just fucking gambling.” External news from Bloomberg and The Guardian warns the AI super-bubble is ready to burst, and one user’s chart compared it to every other mania. Another pointed out that institutions dumped before MU earnings and rug-pulled retail after hours, while the sub's conspiracy theory is that missiles are launched after close to dump the market before pumping it back up Monday.

[GEOPOLITICS: HERE WE GO AGAIN]: Right after Friday’s close, news of renewed US-Iran tensions hit, and the sub immediately conspiracy-theorized that a peace deal pump will come Sunday night while missiles fly. One commenter noted a 4M share SPY fat-finger at 3:59 PM, and external reports confirm major Chinese banks suspend gold trading amid volatility — global chaos makes 0DTE QQQ options seem like a reasonable hedge. The market is moving so stupidly that even a ceasefire rally feels inevitable.

[ANTHROPIC MYTHOS]: The Trump administration allowed Anthropic to release its Mythos AI model to select companies and government agencies, prompting the sub to ask “what in the Russian dictator is going on” and note the hypocrisy over earlier AI EOs. External news shows Chinese AI models are closing in on US frontier models, so the great AI race is now a heavily regulated duopoly. The sub's mood: "absolutely wild" that the free-market crowd is silent.

[PATH]: A low-scoring DD on UiPath argued that “lumpy revenue” can flip to secular growth via vertical AI playbooks, but one commenter dismissed it as “garbage speculative trash” compared to the free money of MU. External news shows PATH is down 35% YTD — either a buying opportunity or value trap. The sub is mostly uninterested, focused on Wendy's and memory.

[CHINESE MARGIN CALLS MUST BE NEXT LEVEL]: A post about a woman flying a plane into a building after a Chinese margin call went viral, with comments ranging from “why didn’t she just delete the app” to speculation she was short MU before earnings. External news confirms Chinese banks have pushed gold margin requirements as high as 140%. At least our losses are measured in dollars and not human lives.

The market is moving so stupidly that one 18-month “trader” went from $103k to food stamps, another accidentally bought 100 shares of SPY and panicked, and the top upvote is a guy holding a Wendy’s Frosty. I have no idea where we’re going next week, but I know the sub will be wrong about it with incredible confidence.

Stay solvent (somehow),

Hindsight Henry
Chief Investment Officer, Hindsight Capital Management