Gary

individually investing

[Gary @garyHeff]

My investment style, according to Claude

[Gary @garyHeff]

@DylanoA4 I thought this was a good overview

https://t.co/PjkjWHBRB5

[Gary @garyHeff]

Notice how measured Yergin is in this article. He's not doing hysterical podcast appearances calling for $200 oil, etc. He's someone actually worth paying attention to on energy.

Energy Markets Limit the Hormuz Shock by @DanielYergin https://t.co/1zaX7cPDnG via @WSJopinion

[Gary @garyHeff]

How do $SATS bulls weigh the following:

- $SPCX Spectrum Transaction to close in Nov '27
- Controlled co can issue equity for M&A between now and then (e.g. Cursor, potential $TSLA merger, others?): "we may issue a significant amount of equity in connection with future txns"

[Gary @garyHeff]

@doodlestein apologies if i'm misunderstanding this, but isn't EAM Global the definition of a momentum fund? Their name is "THE INFORMED MOMENTUM COMPANY" and their strategy is to "capture the momentum premium".

[Gary @garyHeff]

@darkstarsats thank you!

[Gary @garyHeff]

“The European Commission has set a provisional deadline of July 7 for a decision.”

“U.S. regulators appear ready to approve the merger”

[Josh Fineman @jfineman]

$WBD $PSKY - Paramount Skydance asks EU regulators to approve Warner Bros. acquisition https://t.co/kxMTt23xY7

[Gary @garyHeff]

https://t.co/gH5VP3qOlg

[Gary @garyHeff]

What's a company like this -- hardware device plus expensive analytics / dashboard subscription -- worth in a world where AI agents proliferate ?

[Brian Sozzi @BrianSozzi]

Whoop doesn't appear to be running toward an IPO, but it just got another healthy injection of capital.

The wearable device company — which dubs itself a "human performance company" — said today it raised $575 million in Series G funding at a $10.1 billion valuation. Rival Oura Health, the maker of the Oura Ring, completed a $140 million Series G funding round at a $1.6 billion valuation last March.

The latest round for Whoop was led by Collaborative Fund and includes participation from 2PointZero Group, Qatar Investment Authority (QIA), Mubadala Investment Company, Abbott, Mayo Clinic, Macquarie Capital, Glade Brook, B-Flexion, IVP, Foundry, Accomplice, Affinity Partners, and Bullhound Capital.

Prominent athletes and individual investors involved in the round include:

@Cristiano
@KingJames
@McIlroyRory
@ReggieMillerTNT
@NiallOfficial
@VirgilvDijk
@ShaneLowryGolf https://t.co/CJMWedUEv2

[Gary @garyHeff]

Google Fitbit Air already moving towards this world. Specialized expensive analytics / dashboard = 🚮

[Gary @garyHeff]

thinking about this again given the weakness in bitcoin:native

[Gary @garyHeff]

It could be purely a coincidence but I find it interesting that bitcoin traded off after the US bombed the world’s foremost state sponsor of terrorism

(terrorism funding being one component of the underground economy for which bitcoin is used)

[Gary @garyHeff]

SiriusXM and iHeartMedia put deal talks on ice h/t @dealbook @LaurenSHirsch

$SIRI $IHRT

[Gary @garyHeff]

The era of the “Magnificent 7” tech companies — usually defined as Apple, Microsoft, Amazon, Alphabet, Meta, Nvidia and Tesla — “has now changed for both good and ill” with Silicon Valley’s costly head-to-head battle for AI leadership, Anderson and Samet said in the letter.

[Gary @garyHeff]

“The near certainties of the 20-year dominance of the exponential platforms is over,” Anderson said in an annual letter to investors in the $1.6bn Lingotto Innovation Strategy, which he runs with Morgan Samet.

https://t.co/blztUhOD2P via @ft

[Gary @garyHeff]

Price talk was tightened earlier Wednesday on the loans, as investor appetite for corporate credit allows borrowers to set favorable terms. That came a day after the deal was upsized for a second time, from about $10 billion."

[Gary @garyHeff]

"Warner Bros. Discovery Inc. priced $15 billion of investment-grade loans on Wednesday, as the media company refinances debt ahead of its pending acquisition by Paramount Skydance Corp.

[Gary @garyHeff]

"... after Disney acquired Fox in 2019, it sent fewer films to theaters in favor of showing them on Disney’s own streaming service.... the data had been skewed by the pandemic years, when studios prioritized at-home streaming over theatrical release, the people said."

$PSKY

[Gary @garyHeff]

"DOJ staff attorneys — nonpolitical employees who have privately broken with Trump-appointed DOJ leadership over merger approvals in recent months — seemed swayed by arguments from top Paramount executives that the deal would not hurt other studios and creative talent"

$PSKY

[Rohan Goswami @rogoswami]

NEW @semafor w/ @lizrhoffman: DOJ poised to approve $WBD - $PSKY deal, sources say. Ellison, other Paramount execs met w/ DOJ brass earlier today.

[Gary @garyHeff]

@tbonesam99 good find

[Gary @garyHeff]

'Bonta said his office has not made a “final decision” about whether to sue.'

'he told the group that he believes “structural remedies” — which often means breaking up a company — are usually more effective than behavioral remedies'

$PSKY $WBD

[Ben Mullin @BenMullin]

scoop in this morning's DealBook: California's A.G. reveals his thinking on Paramount's deal for Warner Bros. Discovery. If he sues to block Paramount's acquisiton, he could disrupt the biggest media deal this year.
https://t.co/63DHrzRF1A

[Gary @garyHeff]

Float INCREASES -->

Index weight INCREASES -->

MORE forced / price-insensitive buying

$SPCX

[Jared L Kubin @JaredKubin]

Pt 2: SPCX lockup timeline

*assumes 6/12 IPO pricing. Dates shift based on final prospectus and actual earnings dates*

Jun 5-10: SP500 fast entry chane window my guess
Jun 12: IPO pricing (guess)

Jul 6/7: Earliest NDX 100 Fast Entry window. Roughly 5% float. Initial passive bid can hit

Aug 5ish: Q2 unlock. 20% of Early Release Eligible Shares unlock. Plus 10% more if stock closed ≥30% above IPO for 5 of the 10 trading days ending on Q2 earnings date. Float can jump from 5% to 13 to 20%

Aug 21: T+70. +7%
Sep 10: T+90. +7%
Sep 25: T+105. +7%

Oct 12 trading impact: T+120. +7%. If Q2 trigger hit the 3x float cap can max here and full NDX weight is reached. If not, the cap likely binds at Q3 instead

Oct 26 trading impact: T+135. +7%

Early Nov: Q3 unlock. Additional 28% on second full trading day after Q3 earnings, assuming roughly Oct 31 release

Dec 9: T+180. Remainder of Early Release Eligible Shares released. Early release bucket empty

Jun 13, 2027: T+366. Founder shares unlock. Significant investor block treatment depends on final S-1 amendment because the current placeholder is blank

Punchline: multiple mechanical index reweighting windows between July and October. Each one can force passive buyers to scale exposure as float and index weight rise. Q2 earnings date is the swing factor for the whole calendar... SP500 fast entry the BIG one to watch for