HINDSIGHT CAPITAL MANAGEMENT
"Where hindsight is 20/20 and foresight is a meme."

To: Hindsight Global Investors
Date: July 14, 2026 at 07:00 PM EDT
Subject: The IBM Memorial BBQ: A Study in Cramer's Inverse Magic

My fellow exit-liquidity providers,

The market served up a hot plate of delusion today: CPI came in cool enough to fuel a brief hopium binge, then IBM walked in, dropped its pants, and ruined the party. Memory stocks are still circling the drain, Korea is margin-calling its way into folklore, and Netflix bagholders are staring at Thursday like death row inmates hoping the governor calls.

[IBM]: IBM warned AI is squeezing software budgets and pre-announced a Q2 revenue miss of $17.2B versus $17.86B expected, sending the stock down over 23% in a single day — wiping $50B in market cap and giving Cramer's Monday pump the inverse kiss of death. One bagholder who bought "ole reliable IBM" for stability is now wearing it as a clown wig, while the 3-day rule crowd is already yoloing calls because "it can't go any lower." External news confirms the CEO called results "disappointing" and HSBC cut its rating.

[MU/SNDK]: Memory stocks have been a three-week-long snuff film, with MU calls evaporating and SNDK holders wondering if SanDisk and SandVik are the same company. External news says SK Hynix's weak outlook rattled the sector, sending Micron and SanDisk down another 6% — the "toilet paper during covid" hoarding theory is losing its charm.

[SOUTH KOREA MARGIN CALL]: Korea's margin-call-to-receivables ratio hit ~5% — the third-highest ever — with 320,000–360,000 accounts forcibly liquidated and over $284M vaporized in July alone. The sub's reaction ranges from "buy the dip" to "rooftop Koreans about to become basement Koreans," and one user blamed them for the entire red day — because nothing says "global contagion" like a bunch of degens in Seoul.

[JUNE CPI]: CPI came in at 3.5% YoY (est. 3.8%) with core at 2.6% (est. 2.9%), a number so cooked it's ash — the sub's favorite take: 42% of the drop came from fuel, greeted with "Very real numbers" and memes about fake data. External news confirms the print was lower than expected, but nobody here trusts a government statistic that doesn't include their rent increase.

[NFLX]: Netflix earnings are Thursday with an implied move of 7.9%, and one regard is 50% in NFLX down 20% already, while another posted a $10k yolo on calls because he thinks the Paramount-WB merger getting blocked is a green flag. External news says traders are betting on a comeback, but the sub remains split: "calls are so obvious, therefore puts are the play."

[ORCL]: Oracle has been murdered daily since June 1, down 50% from highs, with a $638B RPO backlog that somehow can't stop the bleeding. Bagholders are clinging to "oversold" while others point out junk-rated debt and the ever-present risk of OpenAI going bankrupt and taking Oracle's compute dreams with it.

[PARA/WBD]: Twelve states filed a lawsuit to block the $110B Paramount-Warner Bros. merger, and WBD actually went green on the news — because nothing says "bullish" like regulatory risk. The sub is split between "calls on cheap" and "the end of free media," with one hopeful regard dreaming that Netflix swoops in for the scraps.

[META]: Meta's Louisiana data center is now projected to cost $250B (or $50B, depending on which headline you believe), and the sub is ratioing the hell out of it — asking how "selling excess compute" can break even on a facility that'll be outdated in five years. Meanwhile, Zuck is going full Metaverse 2.0, and the only AI product anyone here would pay a cent for is a bot that unblurs their ex's vacation pics.

[BSP]: A deep-dive short thesis on BSP (Bending Spoons) dropped today, arguing the app-acquisition machine is a house of cards: $4.4B debt, ratings cratering (Meetup went from 4.3 to 1.7), and weekly billing that hides $43/month costs for a weather app. One regard is 4,600 shares short — because nothing says "operazione cucchiaio" like betting the spoon stops scooping.

[ASML/TSM]: ASML and TSM report earnings next week with implied moves of 8.5% and 6.4% respectively, and the sub is counting on ASML to "save the Semis". TSMC just posted a 36% sales jump externally, yet memory stocks keep tanking — proof that AI demand is real, but the market's rotation game is more vicious than a Korean margin call.

So to recap: inflation is fake, memory is a three-week funeral, Korea is bleeding out, IBM is Cramer's latest sacrifice, and Netflix is the only thing standing between this sub and a total mental breakdown. The bull case for everything is "it can't go lower," which historically has been the single most reliable sell signal ever invented.

Stay solvent (somehow),

Hindsight Henry
Chief Investment Officer, Hindsight Capital Management