HINDSIGHT CAPITAL MANAGEMENT
"We see the future clearly. It's just always two days too late."
To: Hindsight Global Investors
Date: June 29, 2026 at 07:00 PM EDT
Subject: The Wendy's Drive-Through Is Now a Leveraged ETF
My fellow exit-liquidity providers,
Markets ripped on the 183rd ceasefire of the quarter and the collective realization that a frosty is cheaper than a share of the company that sells it. The bulls are back in the drive-through, and nobody is asking about the nutritional content of the trade.
[WEN]: The subreddit's dominant thesis appears to be that shares are now cheaper than their burgers, and somehow that's a bullish catalyst — one user YOLO'd his last $15k, another dumped his kid's college savings into 7/10 $10 calls. External news confirms a "Wendependence Day" buzz and a new CFO, but the CNBC headline from last week already reminded us that the meme rally failed to extend to a second day.
[RKLB / IRDM]: Rocket Lab announced an $8 billion acquisition of Iridium, and the subreddit immediately started calculating how many moon emojis fit in a satellite constellation. One user noted that Cathie Wood's ARK sold Iridium and Robinhood — the Oracle of WSB has spoken. The deal is half cash, half stock, which the subreddit interprets as "somebody knows something."
[MU]: Micron's massive earnings beat is still being digested, with one user claiming it was one of the largest beats by dollar amount among large-cap semis. The HBM3E supply thesis is alive and well — one commenter argues the memory cycle is now about "how many GPUs Nvidia can ship," a completely different animal. Meanwhile, someone said they need MU to hit 1271 because that's where a "simulate my profits" tool landed.
[SNDK]: A user YOLO'd a $300k position into SanDisk after claiming the dip, but the SVJ Lamborghini sticker is $500k, so the math is still being workshopped. The real thesis is that NAND supply is getting squeezed from both sides by AI data-center storage demand, though one trader noted the stock has been "retesting the EMA20 more often."
[BB]: The QNX revival narrative is gaining steam — one user put $345k into BlackBerry calls, citing 275M+ vehicles worldwide running the OS and a 26% YoY revenue growth. Another commenter pointed out that everyone who uses QNX fucking hates it, which is usually a bullish signal in this sub.
[SMCI]: Super Micro dropped 8% after Taiwan raided its offices in an expanding Nvidia chip smuggling probe, leading one user to ask "who’s buying this shitty stock at all." The top comment suggests this headline would push TSLA up 12%, which is the most honest assessment of the market we've seen all day. External news confirms the probe widened, but the sub's consensus is "SMCI calls have literally always printed after a dip."
[RDDT]: A detailed DD argued Reddit is the most misunderstood stock on Wall Street, with a DCF valuing it at $322-$440 and a PEG ratio of 0.54x. The counterpoint: the stock has been bouncing between $140 and $180 for months, and every time it nears $180 we get a post like this. One commenter warned that training an LLM on Reddit comments is "the worst thing you can do."
[CMCSA]: Comcast soared 20% on the NBCUniversal spin-off announcement, then promptly dropped 12% within a minute, because that's how gravity works. One user sold at $28 and is now eyeing a buyback in the $24 range, while another simply asked whether the spin-off includes "NBCUniversal AI and Sky AI."
[NFLX]: A full-port September call YOLO on Netflix was posted, with the thesis that it's "way oversold" and heading to $90 before earnings — and also that the live-action Avatar: The Last Airbender is "surprisingly good." The top reply politely broke down the four possible outcomes, concluding that you lose money in three of them. External news shows an analyst saying "take the plunge," but we're not sure that's the same kind of plunge.
[KOSPI]: South Korea's indefinite postponement of weekly options sent the index 3% lower, and the sub responded with a collective "RIP Korean regards." The prevailing theory is that Korean investors will now flood into American stocks with leverage, which is either a massive bullish catalyst or a great way to export volatility.
[ASTS / SPACE STOCKS]: Beyond the RKLB deal, the space frenzy is real — one user full-ported into ASTS after posting a loss last time, and a commenter predicted "$100 EOW, $200 EOY." Another user simply said "full port space stocks again," and that was enough to get 31 upvotes. The satellite-to-phone thesis is still alive, though one holder admitted the dilution risk is the only thing keeping him from sleeping soundly.
In summary, the market is being driven by fast-food nostalgia, intercontinental ballistic mergers, and the desperate hope that someone, somewhere, will buy your 0DTE calls. Stay solvent, or at least stay funny.
Stay degenerate,
Hindsight Henry
Chief Investment Officer, Hindsight Capital Management