HINDSIGHT CAPITAL MANAGEMENT
“Priced in, but not by us.”

To: Hindsight Global Investors
Date: July 13, 2026 at 07:00 PM EDT
Subject: The Korea Liquidation Cascade Memorial Portfolio Review

My fellow exit-liquidity providers,

Today’s market mood is best described as “the SPY dropped 70 bips and my entire identity is under review.” The subreddit is torn between blaming Korean margin calls and admitting their own stock picks are just bad, but at least MSFT is green, so the universe still has one law.

[MU / SNDK / WDC / Memory Stocks]: Memory stocks are getting hosed — one trader lost all their money on MU calls, and the 3-week chart looks like a waterfall. The consumer DDR5 price argument is getting demolished by comments pointing out that nobody cares about retail RAM when hyperscalers are buying everything.

[KOSPI / KOREAN LIQUIDATION SPIRAL]: The sub’s new scapegoat is “lunatic South Koreans on quadruple margin” getting liquidated and dragging tech stocks down 8-10%. The vibe is so bad that bulls are posting memes about chopping a mango tree, and one user is planning to call his parents about moving back in.

[META]: Meta’s Louisiana data center is now reportedly surpassing a $250 billion price tag, and the comments ask how it will ever turn a profit on hardware obsolete in five years. External reports suggest the actual investment may be closer to $50 billion, but the sub has already decided Zuck is building a monument to hubris.

[AFL]: The most unhinged DD of the week is a two-year earthquake forecasting project predicting a magnitude 9.3+ megaquake in Japan and shorting AFLAC puts. The top comment calls this “the most retarded financial decision I’ve ever seen”, promising to build pyramids in Guatemala if OP is right.

[MSFT]: One degenerate dropped $840k on full-port MSFT shares with the thesis “If you use a computer, then you use MSFT” and no idea what Azure does. A commenter gently noted that plenty of people use Linux and Mac, but OP is up and feeling “top kek” about it.

[HOOD]: An $80,000 share YOLO into Robinhood arrived with the reasoning that “Vlad owes me for my losses.” The top commenter noted that at least he didn’t buy at the top, just “top adjacent”, a new tier of market timing.

[SOFI]: A $1.3M TFSA YOLO on SoFi is betting the Fed won’t hike before midterms and that July 29 earnings catch a tailwind. One commenter suggested taking out a SoFi loan to buy SoFi options, while external news shows SOFI is pulling back but holding key support.

[PARA / WBD]: Twelve states filed a lawsuit to block the $110 billion Paramount-Warner Bros. merger. The subreddit shrugs — the top comment says “Feds DGAF, not going to be blocked”, while another user suspects this will somehow make Netflix stock drop.

[TDOC]: One brave soul holds 8,500 shares of Teladoc plus $5,000 in long options, down $30,000 at the worst, betting that Betterhelp accepting insurance will fix the leaky bucket. Commenters remember Cathie Wood buying at $200, but OP is convinced the integrated care business justifies the entire market cap.

The Hindsight Capital takeaway: when the dominant market narrative is “Korean margin calls are ruining my life” and the most popular DD involves predicting a 12,000-year megaquake, your risk model should probably account for the fact that you’re following people who held 3DTE calls over a weekend and called them 0DTE. Stay solvent, but maybe don’t check your phone between 2:30 PM and close.

May your puts expire worthless (but only if you’re short AFL),

Hindsight Henry
Chief Investment Officer, Hindsight Capital Management