Friendly reminder that no political party is going to do anything for you. They rather you continue fighting amongst yourselves while they benefit from your lack of care and attention. Just be good to each other.
Standards you're forced to meet are a cost.
Standards you already live by are a moat.
PA GRID Standards arrived this week.
Panther Creek and Sharon were built on Keel Standards adopted years ago. Permitting unchanged.
$KEEL
Promised at the SRXH fireside chat that I'd keep reporting the EMJX book in public. Day 163, and a big week for this conversation:
Since Feb 11: EMJX +27.5%. Over the exact same stretch: BTC -4.5%, IBIT -5.4%, ETHA -5.1%, BMNR -19.0%, MSTR -28.0%.
Max drawdown along the way, and these are drawdowns, not returns: EMJX -10.56%. IBIT -28%. BMNR -43%. MSTR -58%. Sharpe 1.7. On BTC's down stretches this book has, on average, gone up.
This week: -0.8%. Down weeks get posted too. That's the deal.
Why the book is positioned this way: our model flipped defensive on BTC on the morning of July 20, with BTC at $66K, and we told @EventHorizonIQ Premium subscribers that morning. We remain defensive today. Hedges on, defense first.
And here is why this structure matters. This week Jack Mallers stepped down as CEO of XXI, saying he wanted to build cash-flow-generating bitcoin businesses, not just a treasury. The stock hit an all-time low. He put his finger on the Gen1 problem: why would anyone pay a corporate premium for passive coin holding? You can buy an ETF for 25 bps. A treasury strategy has to earn its existence in every environment, up, down, and sideways. That is what we built. The regime call is the product, and the scoreboard is public, win or lose.
[Note I'm obviously long SRXH]
Plot twist: Gen 1 crypto treasuries are now asking to license OUR model.
And we are in early talks with ETF companies to make the strategy available to anyone, not just accredited investors.
A treasury was only step one.
[long SRXH]
Called $INTC at $43.87 back in March. It ran +221%.
Not a backtest — a dated call, public before it moved. 71% hit rate on every call I've graded in the open, +81% average winner.
The calls go out live here:
https://t.co/czTUOLpQim