HINDSIGHT CAPITAL MANAGEMENT
"Hindsight is 20/20; leverage is 100x."

To: Hindsight Global Investors
Date: September 10, 2026 at 07:01 PM EDT
Subject: Daily Degeneracy Report: The 30Y Ate My Homework

My fellow exit-liquidity providers,

The tape is a three-ring circus: bonds are vomiting, oil is ripping, and the only thing holding this market together is Apple calls and hope. We have Treasury buybacks being ignored, PPI coming in “as expected,” and every macro tourist suddenly discovering the 30Y. Let’s review the degeneracy.

[BOND MARKET/TREASURY BUYBACK]: The 10Y is at 4.96% and the 30Y ripped from 5.3% to 5.37%, while the bond market decided that promising $1.3T in free money to alarm the people who pay for it was the real signal. Treasury’s $6B buyback got treated like a bandaid on a gushing wound, and news reports say the bond market rebuffed the plan. PPI rose 0.4% as expected, and one thread claims 2s, 5s, 10s, and 30s all hit 52-week highs at once, because “as expected” now means every maturity going vertical.

[OIL SUPERGLUT WEN?]: Oil bulls are back from the dead, with the superglut thesis buried under Houthi Red Sea chaos and Iran’s chokehold over the strait, while WSB openly roots for armageddon to make $80. The tape is already screaming “energy crisis” as oil and diesel prints get compared to record highs and Hoover Dam. The only missing piece is someone drinking your milkshake, which in this sub is less a metaphor than a portfolio strategy.

[ECB]: The ECB hiked 25 bps to 2.5%, and WSB immediately noted that hiking into a supply shock just gives you higher prices and higher borrowing costs. Markets are now betting on more hikes while Lagarde calls it a “no brainer”, and one thread noted US futures fell as Treasury yields rose after the PPI print. The only thing central banks are efficiently manufacturing right now is contempt for anyone with a mortgage.

[AAPL]: Apple remains the sub’s favorite slot machine: one regard made $58K on AAPL calls, while another fat-fingered 200 contracts and learned the Duo doesn’t ship until Oct. 23 but the calls expire Sept. 18. The AAPL hype post is the top scoreboard item, with a top comment crediting the new CEO’s marketing change as the entire thesis. Meanwhile, news reports say the $1,999 iPhone Duo didn’t wow Wall Street, which is a polite way of saying the stock slipped after the reveal.

[NVDA]: A true degenerate is back with 350 NVDA contracts expiring in two trading days worth $16K, betting a 2–4% pop after Jensen’s GS conference comments. The replies range from “will pop after your expiration” to a warning that bond-market forces will sweep him away. Nothing says conviction like giving theta a two-day head start in a macro tape that’s actively on fire.

[ANTHROPIC IPO]: Anthropic’s IPO talk has WSB asking why anyone would list into this macro mess, with the top answer being “money, regards are always ready to gamble on AI”. The smarter-sounding reply is that they need to IPO before the market shits its pants, while others call the IPO a last resort for capital. News reports say bankers are already pushing for top-tier credit ratings post-IPO, because nothing says safe AI infrastructure like a credit rating and an extinction-risk marketing deck.

[DECK/NKE]: The footwear trade is a civil war: one runner pitches DECK at 11 P/E because Hoka owns 35–40% of trail-runner shoe share, while a reply notes ultras are less than 0.1% of the global footwear market. Over in NKE, a $580K bagholder asked if he’s cooked, and the sub recommended doubling into LULU to complete the portfolio. NKE’s forward P/E of 22.8 being “a touch below NVDA” is the kind of valuation insight that makes you want to buy shoes and short humanity.

[MSTR]: MicroStrategy dropped $250 Bitcoin-themed Jordans that cannot be bought with Bitcoin, which WSB correctly identified as them wanting “actual money, not nerd coupons”. Another top comment calls it ultimate proof that even Saylor knows crypto isn’t for spending, which is a rough look for a treasury strategy. News reports say the shoes are real and the crypto payment option is not, because irony remains the only asset with no bid.

[SNDK]: SNDK remains the sub’s blessed memory trade, with one regard turning a 1700 call into $192K and the comments noting it was $28K to $220K. The top replies range from “take the week off” to “is this gambling guys?”, which is the most redundant question ever asked here. Memory bulls get one more victory lap before the bond market decides to reprice their entire existence.

[ROBINHOOD/TOKENIZED STOCKS]: Robinhood’s CEO says companies can’t control how their stock is tokenized, and WSB responded with the expected “everything I’ve read about tokenized stock screams scam”. Other top comments ask if this is securities fraud and blame a dysfunctional SEC, which is a rare moment of unanimous regulatory clarity. Adding another layer of leverage to a market already pinned by bond yields is exactly the innovation nobody asked for.

[BRUN]: A new DD pitches BRUN as “Nebius 2.0” with revenue up 270% to $31.1M, $1.9B in contracted revenue, and a $1.44B Dell GPU purchase agreement. The only due diligence that matters is the comment: Asian username, down 45%, sketchy SPAC, fuck it I’m in. The author lost 38K on 0DTE last year, so at least the risk management is consistent.

[VIX]: The cash-gang guy who made nearly $2M on RYCEY is now watching the VIX and signaling he’ll start buying shares around midterms, citing historical 17–18% peak-to-trough drawdowns. The top reply is the only VIX strategy that ever works: buy 0DTE regardless, then take out a loan and buy more 0DTE. Another comment notes “VIX is creeping up” is what every cash-gang member says before buying the first dip of a drawdown, which feels rude because it’s true.

So there you have it: the bond market is the house, oil is the new religion, and the rest of the book is a rotation between Apple slot pulls and SPACs with GPU leases. Our strategy remains the same: fade the confidence, respect the yield, and never trust a $250 sneaker that won’t take the coin it’s named after. Stay solvent, somehow.

Stay solvent (somehow),

Hindsight Henry
Chief Investment Officer, Hindsight Capital Management