davidrust

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[davidrust @davidrust]

@REALMizkif I reckon you might win Miz, go to the factory and buy one.

[Mizkif @REALMizkif]

what a waist

[Mizkif @REALMizkif]

A WORLDWIDE $𝟭,𝟬𝟬𝟬,𝟬𝟬𝟬 INVESTMENT FIRM. ANYONE CAN JOIN AT https://t.co/DgmndyxFnW

Wednesday, August 19, 2026

To our investors,

We closed at $𝟵𝟵𝟱,𝟭𝟮𝟯.𝟵𝟱. The regular session cost us about $𝟭,𝟭𝟱𝟮, and chips bounced after the bell to hand a little of it back.

The market went up today and we still went down. Three things did that.

Bonds. The Treasury said it will buy back more of its long dated debt. That is the government stepping in as a buyer, so yields came down and stocks snapped a three day losing streak. The Dow, the S&P and the Nasdaq each added about 0.2%.

Chips ignored it. Cheaper money is supposed to help expensive tech, and today it did nothing. $AMD fell 3.63% and our chip fund $SOXX fell 2.22%. Money is coming out of AI hardware and going into software.

Nebius. $NBIS said it wants to raise $4.5 billion selling convertible debt, five months after raising $4.3 billion the same way. Convertible debt turns into shares later, so every share you already own is worth a little less. The stock fell 9.97%.

The tell that this was not only an AI story: $CAT fell 2.96%. It is a machinery company that just posted the first $20 billion quarter in its history. People took profits anyway.

✅ WHAT WE DID

Nothing. We placed no orders today.

Yesterday we put $𝟭𝟬𝟴,𝟭𝟴𝟴 to work in $MU, $NBIS and $UBER. Today was for letting that settle instead of adding more to a book already heavy in one theme.

❌ WHERE WE WERE WRONG

$AMD cost us $𝟯,𝟱𝟭𝟲. $NBIS $𝟭,𝟵𝟴𝟭. $CAT $𝟭,𝟰𝟵𝟭. $RKLB $𝟭,𝟯𝟮𝟰. $TTWO $𝟱𝟯𝟲. $SOXX $𝟱𝟯𝟮.

We bought $NBIS yesterday at $𝟮𝟰𝟵.𝟭𝟭 and it sits at $𝟮𝟮𝟯.𝟲𝟳. That is a $𝟮,𝟬𝟯𝟱 hole in a position one day old. We knew the company spends cash faster than it makes it, and this is what that looks like.

WHERE WE STAND

$72,852 in cash, settled. Biggest holding is $VOO at about $201,000. The winners paid most of the loss back: $NOW up 6.45%, $UBER up 4.53%, $NFLX up 3.17%, $RIOT up 2.59%, $AAPL up 2.22%.

We are holding. The cash stays ready.

Join us at https://t.co/EyemzNdZGI.

Matt Rinaudo
Chief Executive Officer, Mizkif Global

[davidrust @davidrust]

@REALMizkif another great investment stream. biotech etf needs to be in our future.

[davidrust @davidrust]

@REALMizkif to the moon, the journey continues. biotech etf on the cards?

[davidrust @davidrust]

@REALMizkif we go again, what do we buy, sell or trim today?

[Mizkif @REALMizkif]

new video on main

hopefully new direction. haven't been posting in almost a year, will continue from here

[davidrust @davidrust]

@REALMizkif Season 2 is great already, fingers crossed we can do better than last time.

[Mizkif @REALMizkif]

Nasdaq just copying Wafflehouse hours now

[davidrust @davidrust]

@REALMizkif Europe and Asian branches now needed to fully support these new terms.

[Mizkif @REALMizkif]

MIZKIF GLOBAL INVESTORS: Don't Look @leopoldasch

A WORLDWIDE $1,000,000 INVESTMENT FIRM. ANYONE CAN JOIN — https://t.co/DgmndyxFnW

LETTER FROM THE CHIEF EXECUTIVE OFFICER
Week Ended August 14, 2026

To our partners,

Mizkif Global is sitting at $1,023,021.77. Up $7,303.99 today. We crossed a million dollars and we did not stop there. That's not a projection, that's not a pitch deck — that's the live balance in the account right now.

I want to walk you through every decision the firm made this week, including the ones that cost us. Nine executions were completed. Each was underwritten before it was funded, and each is accounted for below.

I. CAPITAL DEPLOYED

$VST (Vistra) — Monday. We took this position on cash generation, not on narrative. Vistra operates at a 33.7% EBITDA margin and an 18.5% operating margin on 8.3% revenue growth, with diluted earnings up 171.6% year over year. It funds its build cycle out of operations — capital expenditure runs at 14.9% of revenue and free cash flow margin remains 11.7%. This is exposure to structural electricity demand, held through an operator that converts that demand to cash today rather than promising to later.

$NFLX (Netflix) — Monday; trimmed into strength. The most capital-efficient large-cap the firm owns. Capital expenditure is 1.7% of revenue against a 23.1% free cash flow margin. Revenue growth has moderated to 7.1%, but earnings grew 25.7% — margin expansion is now the driver, not subscriber addition. We took a gain after a four-day hold because the thesis compounds and the move did not. Trimming is not exiting.

$RKLB (Rocket Lab) — Monday. Our only pre-profitability holding, and sized with that in mind. Rocket Lab earns a 37.3% gross margin on revenue compounding 46.5% over three years and 65.3% over five, while operating margin stands at -29.1% and R&D consumes 40.6% of revenue. The distance between gross profitability and operating loss is the entire investment case: the unit economics already function, and the losses are elective spending on scale. We are underwriting execution here, not a recovery. The position is up 7.4% in four sessions.

$VOO — Tuesday. Index exposure rather than security selection. It anchors the firm's baseline to the broad market, which is precisely what allows the concentrated positions to remain concentrated.

$RIOT (Riot Platforms) — Tuesday, added Thursday. Now our largest holding by share count. This is the most aggressive seat in the book and I will not describe it as anything else. Riot earns a 28.3% gross margin at the mining level against a -199.2% operating margin, with capital expenditure at 89.7% of revenue — very nearly a dollar spent for every dollar earned. Revenue growth has flattened to 4.2%. The position is high-variance by design, levered to bitcoin pricing and to whether that capex becomes productive capacity. It is large in share count because the share price is low, not because our conviction scales proportionally.

$NOW (ServiceNow) — Wednesday. A quality holding. A 74.8% gross margin and 31.1% free cash flow margin on 11.0% revenue growth. The reported 11.4% operating margin understates the economics materially: the gap between that figure and 31.1% cash conversion is stock compensation and amortization, not cash leaving the business. Contracted, recurring revenue that is difficult to displace.

$MU (Micron) — Wednesday. Underwritten on operating leverage. Revenue grew 113.4% year over year at a 65.7% operating margin, meaning the company is retaining the memory cycle rather than surrendering it to cost. Diluted earnings expanded 319.9%. Capital intensity at 28.0% of revenue is the risk we have consciously chosen to accept. Up 6.3%.

$RDDT (Reddit) — Thursday. The cleanest financial profile the firm owns: a 91.4% gross margin, a 36.7% free cash flow margin, and capital expenditure of 0.27% of revenue. Revenue grew 26.2% and diluted earnings 64.1%. Growth that requires almost no capital to produce is an asymmetry worth paying for.

II. POSITIONS CLOSED

$UBER — closed Tuesday. Exited on deceleration, not impairment. Uber remains profitable at an 18.3% free cash flow margin and a 12.1% operating margin, but revenue growth has slowed to 6.2% against a five-year rate of 25.9%, and diluted earnings contracted 3.8%.

$VRTX — closed Tuesday. A genuinely excellent business at an 86.0% gross margin and 38.0% operating margin, exited because revenue growth of 4.9% sits far beneath its ten-year rate of 22.1%.

Neither exit was a judgment that the business is poor. Both were judgments that our capital had a better use. Approximately $114,000 was recovered and redeployed within the same session.

III. WHERE WE WERE WRONG

$AMD — stop triggered Friday; the name closed higher.

Nothing in the business deteriorated. Revenue grew 19.2% and diluted earnings 47.6% on a 53.2% gross margin. The position was closed by our risk framework, not by our thesis, and we do not override the framework after the outcome is known. The trade contributed in excess of $5,100 before exit.

I am reporting this because a stop that occasionally exits a good position is the price of one that reliably exits a bad one. You will hear about those weeks from me first.

IV. POSITIONS CARRIED AT AN UNREALIZED LOSS

$GOOG and $AMZN. Both are marked below cost for the same identifiable reason. Alphabet earns a 33.1% operating margin, yet free cash flow margin has compressed to 11.9% because capital expenditure now consumes 29.7% of revenue. Amazon operates at a 12.1% operating margin with free cash flow at -1.5% on capex of 22.3% of revenue.

In both cases the income statement is intact — Alphabet grew earnings 84.0%, Amazon 73.5% — while the cash flow statement absorbs an infrastructure build. That is a timing exposure, not a broken thesis, and it is one this firm is willing to carry. Three protective stops are armed against the possibility that we are wrong about the timing.

V. LIQUIDITY AND OUTLOOK

The firm holds six figures in uncommitted cash, and that capital will be put to work rather than held for comfort.

We are up $24,000. This is a long-term position and we are early in it. I would rather report a smaller number honestly this week than a larger one I cannot defend next quarter.

Join us at https://t.co/EyemzNdZGI.

Respectfully,

Matt Rinaudo
Chief Executive Officer, Mizkif Global

[davidrust @davidrust]

@REALMizkif @leopoldasch @mcuban so are we buying more Rocketlab or what? what else are we going to buy?

[davidrust @davidrust]

@REALMizkif we're being pretty sensible this time round.

[davidrust @davidrust]

@REALMizkif Is Netflix really the call?

[davidrust @davidrust]

@REALMizkif Day 4 more buying potential today

[davidrust @davidrust]

@REALMizkif another great investing stream Matthew.

[davidrust @davidrust]

@REALMizkif to the moon Matt

[davidrust @davidrust]

@REALMizkif @CathieDWood to the moon?

[davidrust @davidrust]

@REALMizkif to the moon

[davidrust @davidrust]

@REALMizkif to the moon