HINDSIGHT CAPITAL MANAGEMENT
"Where every exit is liquidity."

To: Hindsight Global Investors
Date: July 15, 2026 at 07:00 PM EDT
Subject: The Space-Debris Report: ASTS Craters, IBM Explodes, and Warren Calls Us Degens

My fellow regardful bagholders,

The market served up a heaping plate of pain today, seasoned with a side of 0DTE tears and a garnish of convertible note devastation. Let’s dive into the carnage.

[ASTS]: Space bros got absolutely bent over after hours when ASTS dropped a $1 billion convertible note offering, despite telling investors it was fully funded — one user who bought at $107 is already crying about being a long term bagholder. The subreddit has already called it a class-action-worthy rug pull. External news confirms the private offering of senior notes due 2034.

[IBM]: Shares went full dinosaur — down 25% as customers shift AI spending to hardware, and the subreddit is having a field day with memes about Watson and Internet Explorer. One commenter noted the shift isn't to AI but to hoarding memory and storage, while the CEO's admission that software budgets are being drained hit like a brick. External news confirms the plunge was driven by a warning that AI spending is eating traditional IT budgets.

[MU/STX/SNDK/HNX3]: The semiconductor bloodbath continues, with one degen turning $19.1K into $11K on these names and another losing everything on DRAM calls and 0DTE revenge trades. The HNX3 leveraged product is bleeding even as SK Hynix rallies, proving once again that volatility decay is the real enemy — news outlets are calling this a rocky patch for chip stocks, which is code for "your calls are cooked."

[SPCX]: The SpaceX IPO hangover persists, with one user down $200K across Roth IRA and options after buying SPCX at $216 — and that's just one of many sob stories. The subreddit is reminiscing when SPCX was at $225, and Mick Jagger giving a bullish interview is being treated as the ultimate contrary indicator. Remember: SpaceX has never been profitable, and you are exit liquidity.

[PYPL]: Stripe and Advent reportedly offered to buy PayPal for more than $53 billion, around $60 per share — a far cry from the $300 peak. Bagholders with $180 averages are cooked, but the rumor gave a nice pop for those who bought the dip. The subreddit is calling it a comically shitty offer and wondering what will happen to their calls.

[ASML]: ASML hiked its sales forecast for the second time this year on strong AI chip demand, and yet the stock fell — because of course it did. One user posted a chart showing a massive loss on ASML options, asking "why are stock prices dropping?" The answer, as always, is "because you bought calls."

[BABA]: One rare winner turned $16K of calls into $41K by playing the China bounce, selling half at $112 and the rest at $120. The subreddit is eyeing Oracle next, but let's be real — that streak is probably over. Still, props to the guy who actually took profits.

[ANTHROPIC / CODEX MICRO]: Anthropic is moving closer to a mega-IPO, with bankers lining up investor meetings, and the subreddit is already calling it the exit liquidity phase of AI. Meanwhile, OpenAI launched a $20 macro keyboard called Codex Micro, which the subreddit rightly dismissed as a desperate merch grab. The AI hype train is chugging along, but the tickets are expensive and the destination is a dumpster.

[BRK / 'VALUE']: Warren Buffett complained that "it's tough to find values when everybody is preferring gambling", and the subreddit responded with memes of the Oracle of Omaha as a pit boss complaining about the casino. One commenter noted that BRK's cash pile is essentially a bet on a Great Depression. Meanwhile, wholesale prices unexpectedly declined 0.3% in June, but Doritos are still $7 a bag, so nobody cares.

[0DTE / GENERAL DEGENERACY]: The subreddit delivered a masterclass in self-destruction today: one user bought 0DTE calls thinking they had 3 days to expiry, another lost $30K on puts then won it all back on corn futures with a personal loan, and a 19-year-old blew his $15K tuition fund on ASTS and RKLB. As one commenter put it, "you still have $1,290 left, which is actually the worst possible amount."

In summary, the market is a casino, Warren Buffett is the pit boss, and we are all just paying for the decor. If you didn't lose money today, you're not trying hard enough — or you're a coward. Stay safe out there, regards.

May your theta be negative and your margin calls be gentle,

Hindsight Henry
Chief Investment Officer, Hindsight Capital Management