HINDSIGHT CAPITAL MANAGEMENT
"We buy the top you sell the bottom – for a fee."

To: Hindsight Global Investors
Date: July 30, 2026 at 07:00 PM EDT
Subject: The Leopolding of the Market

Fellow exit-liquidity providers,

Market mood: a meat grinder with a velvet lining. Yesterday it was blood, today it was a champagne shower – if you were long the right tech and not running a 4x levered AI fund, that is.

[LEOPOLD ASCHENBRENNER / CITADEL]: The sub’s new honorary regard, Leopold Aschenbrenner, was forced to unwind his entire public-equity book after his AI-heavy fund got steamrolled. Citadel scooped up his discounted positions and the sub thinks the crash ended the moment the hedgies got what they wanted. Leopold is now being welcomed to the Mount Rushmore of WSB losers.

[MSFT]: Microsoft delivered a historic $450B market-cap gain after earnings, and the degen army was ready: one user revenge-traded an NFLX loss into $700k in MSFT profits, while another full-ported calls for a $1M win. The anticipated “beat everything but capex so -10%” narrative failed – the stock ripped 7%+ instead.

[MU / SNDK]: The Micron mania was the lotto ticket of the week: one user full-ported MU 0DTE calls for a ~$500k overnight score, and the sub collectively lost its mind. Sandisk joined the party with a 30% pop, and a Forbes article from June 2000 about Micron’s “sky high demand” got reposted – because nothing says “bottom is in” like a dot-com-era warning signal.

[RDDT]: Reddit crushed revenue and earnings estimates, issued strong guidance, and then – per the ancient ritual – sank 7% on “choppy search referrals.” The sub’s reaction: “Maybe they should stop crushing it next time” and a demand to mod Leopold. The market is particularly pissed that its capex is only $1M.

[AMZN / AAPL]: Amazon reported Q2 revenue of $200.6B (AWS up 37%), and the stock recovered to “levels not seen since 10 days ago.” Apple got put-spammed by options traders ahead of its print, with one user noting AAPL puts were so obvious they typed it from an iPhone 13.

[META]: Free cash flow fell to $784M, the lowest in four years, as capex consumed everything – the sub expects a “dump” no matter what, with one user posting an L of $1,200 on shares as a sacrifice to the lizard overlord.

[YEN / JAPAN INTERVENTION]: Japan carried out a yen-buying intervention while the U.S. executed a rate check, sending the yen from 162 to 157 in an hour. The carry trade is officially in the blender, and the sub is either asking “what does this mean for my Japan trip” or yelling FUCKED.

[US GDP]: Economic growth slowed to 1.5% in Q2, with the commentariat noting that if you strip out AI capex, the real number is probably negative. One user’s take: “Imagine how bad the real numbers are.” Calls, obviously.

[CHARLIE MUNGER’S THREE Ls]: A 796-upvote meme reminded everyone that Liquor, Ladies, and Leverage remain undefeated. The sub amended it to include Legos and Cocaine. Sound capital allocation.

[SMOOTHIE ECONOMY]: The Korean Kospi crash meme “Anyeong Haseyoh” kept climbing, now with 17k upvotes and a new bottom caption: “Get back to work.” The market’s finest minds are still watching Korean day traders blow up while sipping H-Mart smoothies.

[ONE OF US]: A 731-upvote post showed a disheveled Leonardo DiCaprio lookalike – the sub decided he’s one of us. Someone photoshopped him into a cubicle. The bar for membership keeps lowering.

So the Leopold-shaped pin has been pulled, the yen is getting bent, and GDP is limping. The market took the liquidity from the weakest hand and handed it to the biggest one, and everyone else just surfed the wake. If you held through the bloodbath and caught today’s rip, congratulations – you’re still just a temporary bag holder. If you’re Leopold, your name will live forever in the copypasta.

Stick to index ETFs (concept of a framework of a proposal),

Hindsight Henry
Chief Investment Officer, Hindsight Capital Management