NoHolyCow

Two white collar white guys saying whatever the hell we want

[Tron Carter @TronCarterNLU]

NBC really setting up the action by going full ten minute stretches without showing golf shots. Commercial after commercial then to feature then four shots then back to commercial. This thing better be front-loaded AF.

[NoLimit @NoLimitGains]

Floyd Mayweather’s peak net worth was $560 million. Over half a billion.

Invested in the S&P, that generates $39 million per year.

Now he’s allegedly going broke.

You have to be mentally ill to burn through $560 million in just a few years.

[Dan @dmbkparker]

Go aerial refuel, it’ll be fun…

[Pat Dennis @patdennis]

no, there's just no adsb receivers way out over the ocean

[David Keyes @DavidMKeyes]

HE'S BACK

[Elijah Manley @iElijahManley]

She skipped the collard greens, and the plate was discarded shortly thereafter. Such a great performance.

[Jake Bequette @JakeBequette91]

Nope. “Me Too” is now the law of the land. Women wanted to be independent — now enjoy being desperately single!

[FNS @FNSgetrichordie]

$ABXX.TO
Part 2 of Know Your Short - Let's get to know Viceroy Research

Yesterday we learned about Fraser Perring's loose relationship with morality. With that in mind Viceroy's business model falls into place.

Today I would invite you to look at https://t.co/x1oX1fRTcu

This article takes us back to 2018 where Intellidex published a paper on Viceroy Research following a short and distort campaign on Capitec in South Africa.

Some important things we learn:

Hedge funds likely pay Viceroy to publish research. The authors note that the volume of work published by Viceroy is not possible for a team of 3. "Viceroy's research output is prolific...given that it consists of three individuals with limited financial market experience and no professional experience in the subjects it covers, it is not plausible that the single team could produce the volume and variety of research published under Viceroy's name."

What does Viceroy offer? Publicity and legal protection for hedge funds. Viceroy can do things the hedge funds cannot be seen to do. They are a "...outsourced carrier of legal risk." Because, "As Viceroy has no legal registration itself, it remains difficult to target."

What does Viceroy get in return? Money and status.

Along with status comes a reduced requirement for quality research. Once status is gained Viceroy's claims carry more weight. Market effects can be gained based on Viceroy's "status" alone.

Reduced quality of research comes to the fore in the case of Viceroys Capitec report where the authors note:"...there are reasonable grounds to argue that Viceroy's function was to publish distorted information with the ambition of negatively affecting the share price, which would amount to illegal market manipulation."

History doesn't repeat itself, but it does rhyme.

[Trevor Immelman @TrevorImmelman]

If Wyndham goes on to win no grape will be safe in the Southampton area tonight.

[𝐐𝐮𝐢𝐧𝐜𝐲 𝐑𝐡𝐨𝐝𝐞𝐬 𝐄𝐧𝐭𝐡𝐮𝐬𝐢𝐚𝐬𝐭 @nolanrichardsin]

Happy Father’s Day!

[Josh Crumb 🆔++ @JoshCrumb]

Thanks for the deep analysis, Sherlock.

This is why I find the bad-faith ‘research’ attacks, at this time, so infuriating. The Company has never been stronger, with more runway for unlocking the next value transformations that Sherlock lays out on our tech and growing TAM-potential products on the exchange, that is now built with growing operating leverage for each new product to leverage the sunk cost of the past 8 years (dyodd, the company had no part in its preparation and they state their own assumptions clearly).

As Sherlock laid out, our current valuation risk-range does not require current profitability on trading revenues. That was never our pitch, we’ve always been transparent on how markets are built. We literally built a weekly podcast (with many people dunking on us for it) because we knew the information hurdles on our cold-start problems were very high, where nobody else has built such a full-stack commodity exchange and clearinghouse in more than a decade.

However, with a +six quarter runway, the ‘first five sided network’ is now built (what I call a [near] impossible object), seven years at the exchange greenfield of overcoming oligopolistic and steep regulatory challenge, after challenge, to build perhaps the first ever greenfield full-stack exchange and clearinghouse for physical commodities. Nearly every part of the five-sided-network development is with highly concentrated participants, from the few and far between clearing software vendors who were hesitant to work with us up-front and frankly couldn’t get the job done the first time around and added another year to the dilution (Cinnober, Nasdaq), to trading ISVs (TT, Trayport, CQG etc) who often didn’t get back to us for +6 months, to finding multiple FCMs willing to go first on a new physical clearinghouse where they are taking the commodity delivery risk—and needing three to launch—to global data distributors (Trading View, IPP, LSEG, Bloomberg) who took multiple years for connectivity, and last but not least the handful of major physical commodity trading houses of scale who helped us write our contracts but still are waiting to trade until there is more liquidity — and none of these essential network nodes wanted to start their side of the investment in us until first we were fully regulated…and then some until we have volumes….chicken and egg problems everywhere that is now overcome and we are finally at the fun part of scaling and growing operating leverage on our wide-moat infrastructure.

…and now we are also staring the fun stage of the tech as well this fall. This was really the last stage for FUD for the chart-shorting HFs to try and harm us, so they went all in after six months of hiring ‘research’ (‘hit squads’) with a dirty, bad-faith hand lying about our financials and sending to our ecosystem partners, to try harm our reputation and harm our shareholders. But nothing will shake us from our path. And the path ahead is bright.
$ABXX.TO #29ers #WorldBuildersOrBust

[Peñargrol @CAPArgento__]

este va a ser el primer partido de la historia donde los 22 futbolistas van a ser las personas mas pobres en el estadio entero

[Random Tweetreader @RTweetreader]

@MattZeitlin Very true. I have to give the ultimate nod to Qatar 2022. Slaves built the stadiums. Host pretended they’d have air conditioned stadiums, then reneged and forced a winter World Cup. Every game: “Penalty for Argentina.” Insanely corrupt!

[Jeff Nadu @JeffNadu]

Doubtful

[Joe Schad @schadjoe]

Thank a Palm Beach billionaire for star coach Mauricio Pochettino. Citadel founder Ken Griffin is a major financial backer of U.S. Soccer. Griffin has heavily funded soccer development and World Cup legacy initiatives across South Florida. NYT:

https://t.co/d1viGhLbVy

[Toombs @ToombsNorman]

@NoLayingUp Wyndham runaway at the best US open venue is amongst the darkest days in golf history

[ThePhilosopherLovesMaths @g_rockets]

@NoLayingUp Literally people would rather sit in traffic than see Wyndham run away with a US Open

[No Laying Up @NoLayingUp]

This is such a surreal scene around 18 right now. I've seen member/guests with more vibe around the finishing hole.

[Tactical Manager @ManagerTactical]

The World Cup happening every 2 years is such a bad idea… yet very tempting.

Like… what are we supposed to do for the next 4 years after this World Cup ends?

[Tron Carter @TronCarterNLU]

Return the land to the Shinnecock Tribe tonight.