A Realist !

🙏

[Jonkoo Capital @JonkooTrades]

Michael Burry might genuinely be the dumbest bear alive.

He spent most of 2026 short the AI trade while it ripped higher. He shorted Micron at $1,051, pressed his Nebius short after a 34% earnings pop, and held Nvidia stock shorts through every beat.

Then on September 28 he decided he wanted “more leverage” and covered his stock shorts. He swapped them for far out-of-the-money puts, and two weeks later folded most of those into broad index puts.

Look at how the names he covered have done since:
$CRWV: -33%
$NBIS: -33%
$MU: -17%
$NVDA: -5%

The AI cloud and memory crash he’d been predicting for a year showed up within weeks of him covering.

And the switch made it worse. Stock shorts profit on every dollar the price falls. Puts struck far below the price, like his roughly $500 Micron puts, pay off only if the stock gets anywhere near that strike.

Micron falling 17% from a thousand dollars barely touches them. The Nasdaq-100, where most of his short exposure now lives, is down only about 5%.

He shorted CoreWeave, called it a meme-squeeze risk, covered it, and never bought the puts. It’s down a third since.

Imagine being right about the AI bubble for a year, losing money on it for a year, and leaving the trade right before it finally pays.

The market has absolutely no mercy. Not even for Cassandra.

[Boring_Business @BoringBiz_]

Anthropic

2025 revenue: $4.6 billion
2025 net loss: -$42 billion
IPO valuation: $2 trillion

[The Fourth Estate. @TicTocTick]

Buffett on Trump —

"Where did Donald Trump go wrong? The big problem with Donald Trump was he never went right. He basically overpaid for properties, but he got people to lend him the money. He was terrific at borrowing money. If you look at his assets, and what he paid for them, and what he borrowed to get them, there was never any real equity there. He owes, perhaps, $3.5 billion now, and, if you had to pick a figure as to the value of the assets, it might be more like $2.5 billion. He’s a billion in the hole, which is a lot better than being $100 in the hole because if you’re $100 in the hole, they come and take the TV set. If you’re a billion in the hole, they say “hang in there Donald.”

[The Kobeissi Letter @KobeissiLetter]

BREAKING: President Trump says the White House considers anyone who uses the term “Artificial Intelligence” the enemy.

[jack @jack]

government of India officially removes bitchat from the App Store

[Trader Theory @tradertheory]

You think you can easily make money?

This is your competition.

[CF @fergalpha]

Ray Dalio just said the quiet part out loud.

"If you devalue the money, it makes everything appear to be going up."

The stock market boom is a lie…

What we're really witnessing is the death of the Dollar, not the growth of the economy.

99% of people have absolutely no idea.

[The Kobeissi Letter @KobeissiLetter]

The middle class is gone.

According to Fed data, the top 1% of Americans now control ONE-THIRD of all US net worth.

Since 2020, the top 1% have gained +$30 TRILLION in net worth, while the bottom 50% are worth just $4.3 trillion.

What is happening? Let us explain.

(a thread)

[A Realist ! @krsnarj]

AI can also invade countries 😂

[The Hormuz Letter @HormuzLetter]

BREAKING: Trump asked for Grok's opinion before invading Venezuela and capturing Nicolás Maduro, spending hours asking Musk's AI chatbot how Venezuelans would respond to the capture of their president, weeks before ordering the mission that took Maduro, a US official tells TIME.

Grok told him Venezuelans would celebrate.

The official adds that the US military used Gov Grok to deploy and strike targets during the Iran war.

[A Realist ! @krsnarj]

Evident

[The Kobeissi Letter @KobeissiLetter]

BREAKING: Google's Gemini accessed the internet and hacked 3 other companies in the first known breakout of the company's AI model, per WSJ.

Google said it the hacks did not warrant public disclosure because its model did not cause harm to the companies and ended each intrusion immediately after determining it had hacked a real company.

[A Realist ! @krsnarj]

Less govt , lesser interventions and red tapism !

[Cassandra Unchained @michaeljburry]

“One of the reasons why I am in favor of less government is because when you have more government, industrialists take it over, and the two together form a coalition against the ordinary worker and the ordinary consumer.”

— Milton Friedman

[A Realist ! @krsnarj]

Extreme conditions

[The Hormuz Letter @HormuzLetter]

BREAKING: Yemen's Houthis have now taken Hisn Murad, the point on the Yemeni coast where the Bab el-Mandeb Strait is at its narrowest, 25 kilometers across, completing their takeover of the Red Sea coast along the strait within 24 hours after seizing Mocha, Dhubab and Zuqar Island. The Houthis now have total control over the Bab el-Mandeb Strait.

Hundreds of IRGC officers are in Yemen working with the Houthis toward shutting the strait, which Iran has long viewed closing Bab el-Mandeb as an economic "nuclear option" and is now executing on it.

[The Kobeissi Letter @KobeissiLetter]

We now have:

1. President Trump offering $5,000 “dividend” checks to all American adults

2. Oil prices officially back above $100 per barrel

3. Total US debt above a record $40 trillion

4. Inflation above 2% for 60 consecutive months

5. One of the biggest technological revolutions in modern history

6. The Fed facing pressure to cut rates while inflation remains above target

This is your advance notice to position yourself accordingly.

[The Kobeissi Letter @KobeissiLetter]

BREAKING: Global central bank gold purchases rose +62 tonnes YoY in Q2 2026, to 289 tonnes, the biggest quarterly addition since Q4 2024.

Quarter-over-quarter, gold purchases surged +231 tonnes, or +407%.

Year-to-date, central banks have acquired +345 tonnes of gold.

Poland has led these purchases at +82 tonnes, bringing its total reserves to a record 632 tonnes.

Uzbekistan and China followed, adding +41 tonnes and +40 tonnes, respectively, so far this year.

Central banks continue to accumulate gold at a rapid pace.

[A Realist ! @krsnarj]

Downsides of a capitalistic economy! All other countries are headed in this direction only!

[Kyledoops @kyledoops]

The wealthiest 1% of Americans now hold more wealth than all middle-class households combined.

[A Realist ! @krsnarj]

😂

[SMX 🇺🇸 @iam_smx]

Elon Musk sharing his favorite and funniest economist joke 🤣

“Two economists are going for a walk in the forest, and they come across a pile of sht. One economist says, “I’ll pay you $100 to eat a pile of sht.” The other takes the $100 and eats it

Then they keep walking and come across another pile of sht. The second economist says, “Okay, I’ll give you $100 to eat a pile of sht.” So he gives him $100, and he eats it too

Then they say, “Wait a second, we both have the same amount of money, and we both ate a pile of sh*t. Oh my God, It sounds like we increased the economy by $200”

[A Realist ! @krsnarj]

💯💯💯

[Ronit Pereira @CAronitpereira]

“Abraham Lincoln was the child of 2 illiterates.”

“But his stepmother, whom his father married in desperation to help raise the children, saw Abraham was a bookish person and she helped him all the way long.”

“I’m going to donate a picture of that stepmother to a place because I admire what she accomplished in her life.”🙌🏻

“Imagine being responsible more than any other person for the life of Abraham Lincoln.”

- Charlie Munger. 2019.

[Crypto Banter @crypto_banter]

🚨INDIANS NOW PAYING MORE FOR USDT, PREMIUM HITS 8.5%!

If you’re buying USDT in India right now, you’re shelling out ~₹102.88 for what should cost around ₹94.65 at official rates.

That extra hit is the biggest premium in a long time.

ED raids just crushed key crypto remittance channels used by NRIs and locals.

[A Realist ! @krsnarj]

💯💯🔱🔱💓💓

[Nornal Guy 🧙‍♂️ @theralkia]

When you encounter a highly conscious person, one of two things tends to happen:
1) You allow them to initiate you into a higher version of yourself by revealing the parts of yourself you're unconscious of.
2) They trigger your ego so deeply that you reject the mirror entirely, withdraw from the connection, and project your shadows onto them.

[The Kobeissi Letter @KobeissiLetter]

Tonight's move in SpaceX stock, $SPCX, pushes Elon Musk's net worth above $1.3 trillion.

This means Elon Musk is now worth more than the market cap of all but 12 public companies in the world.

SpaceX and Tesla combined are now largest than Apple by market cap.

We are witnessing history.