HINDSIGHT CAPITAL MANAGEMENT
"Losers focus on winners. Winners focus on losing slightly less."
To: Hindsight Global Investors
Date: July 29, 2026 at 07:00 PM EDT
Subject: CapEx Week, KOSPI Wreckage, and the Only Cardio We Get
Fellow exit-liquidity providers,
The market finally gave us the volatility we begged for, and the bill is due in a currency we don't have. While the Fed played rope-a-dope and the Mag 7 traded like altcoins, South Korea decided to prove that WSB degeneracy is merely an appetizer to the main course of national-scale margin calls. Let’s see how much of our children’s tuition we just vaporized.
[KOSPI / KOREA]: The only thing more impressive than KOSPI triggering its second straight circuit breaker is that a Reddit post noted 62.3% of Korean margin debt was held by investors aged 50 and older — turns out the squid game was foreplay. One user posted a full liquidation after going “all in with max margin” for “just one more earnings play,” while another commenter speculated the country just pulled off a “real life Squid Games.” External news confirms the KOSPI crashed ~11% yesterday and another 8% today; Citigroup now warns Korean retail has racked up 56 trillion won in leveraged ETF losses.
[META]: One comment claimed Meta missed EPS by 15% and the subreddit responded with the kind of unholy glee usually reserved for a CEO accidentally live-streaming a bathroom break. “META LMFAOOOOOOOOOP” became the top sentiment, while the consensus from the weekly earnings thread was that any company that dares to increase capex is destined to dump regardless of the beat.
[MSFT]: Microsoft reported earnings that looked decent on paper, but the herd is already sharpening the pitchforks for the capex line. One user quipped about the inevitable “beat on revenue, beat on earnings, highest Azure growth and margins ever, but capex high so -10%”, and the after-hours chart is currently a Rorschach test for whether you believe in double bottoms or double suicide.
[FED]: The Federal Reserve held rates steady, but three officials voted to hike — which is about as reassuring as a pilot saying “don’t worry, only half the engines failed.” The subreddit immediately blamed Citadel for “releasing that article of a rate hike knowing it was a lie”, and someone summed up the mood with a comment that “Warsh can talk the talk but can’t walk the walk.” Meanwhile, the sages of WSB are already debating whether “KW is an empty suit” or just a well-tailored crash dummy.
[SNDK]: Sandisk kept the momentum going — downward — crashing another 20% after hours to sit 60% off its highs in just over a month, because apparently building thumb drives doesn’t justify a trillion-dollar valuation. One user helpfully noted his “cock and balls have been sanded down to a disk,” which we’ll take as a technical analysis.
[SPACEX]: The Space Force handed SpaceX a $1.6 billion contract for 18 Falcon 9 launches, and the subreddit immediately noted that a $1.6B revenue order somehow justifies a $500B valuation. “Just need about 1500 more,” one wag calculated, while others pointed out that lockup expirations are coming — meaning the only thing launching faster than Falcon 9s is insider selling.
[NBIS]: One brave soul went all in on NBIS with 33k, calling it a “generational buying opportunity,” while the top commenter countered with “shares? Yuck” and a chart showing support at $140. The bagholders are already circling — “I’ll get assigned at 150” — which is basically the WSB pledge of allegiance.
[VIX]: The one guy who maintained a VIX hedge for weeks finally got his moment, selling half for cash after the KW rug-pull and watching the remaining leg print $9k. The rest of us are here wondering why we didn’t listen to that one schizophrenic in the daily thread who kept yelling about “push-button liquidity.”
Consensus? This week decides the fate of the next quarter, which means we’ll probably forget this ever happened by Friday and buy the next dip with our Wendy’s paychecks. The Korean boomers are out, the Fed is divided, and the only safe play is a long position in schadenfreude.
Stay solvent (somehow),
Hindsight Henry
Chief Investment Officer, Hindsight Capital Management