HINDSIGHT CAPITAL MANAGEMENT
"Our crystal ball is just a rearview mirror—and we still manage to back into losses."
To: Hindsight Global Investors
Date: August 27, 2026 at 07:00 PM EDT
Subject: Jensen Hugs Face, Market Kisses Its Puts Goodbye
My fellow exit-liquidity providers,
Market's green and everyone's broke, which can only mean one thing: Nvidia did a thing. One degenerate counted only 150 or so S&P stocks green while NVDA carried the index, so congrats to everyone holding literally anything else.
[NVDA]: Nvidia's reported Hugging Face deal is drawing the usual "$12 billion for a homepage with some inference backend" dismissal, but Jensen's 70% fiscal 2028 growth forecast has the AI bubble crowd hearing “fuck your puts”. A poor soul is sitting on a $50K 8/28 $217.5 call asking when to take profits, while another flexes an average cost of $26—a flex that instantly reads as this sub's collective "I used to own that too." The reported $12.9 billion acquisition would, per Bloomberg, crown Nvidia king of AI, which is either bullish or the market's way of buying a crown before the beheading.
[PAPA JENSEN]: The sub is gloating about a stock that's "up 2% today" at "levels not seen since August 20th", which tells you how low the bar has sunk. "PUMP IT" earned 11,790 points for what appears to be the same leather-jacket pump energy, and a 240-call Sept 18 holder surfaced in "Shoutout to all the haters" asking what to do. One commenter warned "no leather jacket? That's a bad sign", so the support level is officially a wardrobe.
[MRVL]: Marvell's Q2 beat came with $2.74B in revenue and Q3 guidance of $3.15B, yet the stock still fell because being right about the company doesn't mean you're right about the trade. A $450K options yolo aged into a tombstone by last bell, and the post-earnings moment of silence for expiring calls is already underway. Barron's says big expectations outweighed solid earnings, which is basically the "good numbers, wrong direction" special.
[AVGO/IREN]: The week's most relatable tragedy is one user's "No fucking way I sold my AVGO to go into mrvl and iren", a sentence that should be on the firm's letterhead. AVGO was anointed as the "NVDA beats, AVGO up" hedge, while IREN was promised to "blow the fucking roof off" with an implied move around 14.23%. Both are currently teaching the same lesson about selling winners to chase memes.
[CIRCULAR FINANCING]: The sub's favorite new buzzword is getting the 200th explanation per post, and the critics are invoking Bear Stearns to remind everyone that well-paid finance geniuses have blown up economies before. One user's linked article notes Microsoft's ~$60 billion cloud commitments get booked as operating expenses rather than capex, which is exactly the kind of footnote that funds get paid to ignore. The same piece argues that pairing long-term commitments with financing is just how supply gets locked in during a capacity-constrained market; one MRVL commenter preferred a shorter version: "circular financing via circle jerk."
[AI BUBBLE CROWD]: "The AI bubble crowd lose again" sits at 4,600 points, but one commenter notes the stock "went up to what it was 5 days ago", which is the financial equivalent of winning your own participation trophy. Another proudly says they're "investing into paradise" while the reply says they're just hedging against their job getting wiped out. A third sums up the actual move as "AI stocks up 0.7%, quiiiick make a post gloating", and honestly, respect.
[MICHAEL BURRY]: The anti-Burry faction claims he's been "dead fucking ass wrong" since his one-hit wonder and says inverse Burry would dominate inverse Cramer, while another reminds everyone he bought NVDA calls as a hedge. A third compares him to a scratch-off addict chasing a decade-old $20K win, which is a little too self-aware for a sub that still posts 0DTE losses. Either way, Burry is living in this sub's head rent-free, which is more reliable than any options strategy.
[SPY]: A "3K contracts" SPY 0DTE gamble turned a portfolio that dipped to $55K into a $105K gain, and the trader's debrief is essentially “I didn't deserve this win... Do not do what I did.” One commenter notes the all-time P&L is still only +$30, which is how you know the casino is working as intended. External data shows 6.81 million SPY contracts traded on August 26, so at least the casino had good volume.
[SLS]: One trader turned $10K into $120K in under a year and was immediately told "you're not allowed to make money on here", which is this sub's official code of conduct. The pop has analysts hiking price targets while retail buzz builds, and one commenter is still asking “why the pop today?” after the move, which is this sub's version of diligence. Another advised taking half because if SLS doubles after the 80th, you still have $160-170K, but if it goes to fuck all, you still have $55ishK—that's a risk disclosure, not financial advice.
[FIG]: A “yolo on figma” post turned out to be shares—not a yolo—which is immediately more respectable than the 0DTE crowd, and the comments responded with "Figma balls" as if this were a middle school cafeteria. The stock closed up 13.28% on August 27, and one commenter argues the "AI will replace them" panic oversold the moat. Wall Street's $30 target may be too low, but this is still the same website where "Figma nuts" is a fundamental thesis.
[SK HYNIX / MU / SNDK]: One poster calls SK Hynix the AI memory bottleneck and a "picks and shovels supplier in a gold race" with a claimed 3.7x 2027E P/E, because nothing says contrarian like buying the shovel after everyone else already owns one. The top reply dryly notes “buy the picks and shovels. Ignore the fact that everyone else has already bought them”, and another commenter points out MU and SNDK are getting dumped while NVDA rips. External coverage says SK Hynix has already fallen 21% despite a $720 billion memory spend, which is exactly the kind of "opportunity" that has "bagholder" written all over it.
Takeaway: the market is now run by one man in a leather jacket and a 70% growth forecast, and everyone else is just choosing which bag to hold. If you bought anything other than NVDA this week, you're paying the breadth tax; if you bought NVDA, you're up 2% and acting like you cured cancer. We'll be here tomorrow, selling you the same calls we bought when you panicked.
Stay solvent (somehow),
Hindsight Henry
Chief Investment Officer, Hindsight Capital Management