Michael Winter

Founder of Leatherback Asset Management and Palm Beach North Athletic Foundation; proud dad to four boys, husband, hockey fan

[Heisenberg @Mr_Derivatives]

$MSTR $97’s

$STRC $83’s

If only there were signs…

[The Transcript @TheTranscript_]

$ORCL annual FCFs

[Jeff Weniger @JeffWeniger]

More than half the S&P 500's total value is now in stocks priced above 10x sales. This was once considered an outlandish valuation, as it leaves little room for error. The list includes Nvidia, Apple, GOOG, MSFT, Broadcom, Tesla, Micron, Eli Lilly, AMD, Oracle and 57 more.

[Bluechip @blue_chip1]

Insane, the entire Index is trading at 11 P/S

$QQQ $SMH

[JustDario @DarioCpx]

To go out publicly and say what he is saying, @edzitron has balls the size of the Las Vegas sphere

[Kakashii @kakashiii111]

Any company that thinks we are short on GPUs, SMCI would be happy to sell you some. They have billions worth of racks sitting around waiting for clients.

[Cassandra Unchained @michaeljburry]

Great commentary yet again from BTIG’s Jonathan Krinsky
•Party Like It's 1999. In 1999, the best performing Nasdaq 100 stock was Qualcomm (QCOM, not rated), up 2600%. The best rolling 52-wk return for QCOM during the entire dot-com bubble was 2600%, so SNDK is beating that by 1300bps. Interestingly, the second-best stock in 1999 was SNDK up 581%.
•More Extreme. If we look at the top 10 performing NDX stocks in 1999, they were up an average of 559%. The top 10 in the year leading up to 3/24/00 were up an average of 622%. The top 10 NDX names over the last year are up an average of 784%, beating both the dot-com periods..

[Kevin C. Smith, CFA @crescatkevin]

Free cash flow race to the bottom.

[Deep Sail Capital @DeepSailCapital]

$CVNA - The money was never in selling cars to the public, it was in selling loans to your dad.

[Marko Kolanovic @markoinny]

45% So let's say it turns out AI can't be profitably monetized near term to justify ongoing spend, or there is a capex cut due to cyclical downturn (advertising, consumer, energy). This 45% thematic concentration represents a massive market risk.
https://t.co/PBvAxfVU4r

[TrendSpider @TrendSpider]

🚨 BREAKING: Mag 7

[James Chanos @RealJimChanos]

It looks like $HOOD customers lost almost 5% in February. Total Platform Assets dropped $10.2B in the month to $314.2B, but that includes $5.6B in net deposits. So the implied loss of $15.8B was 4.9% of end-of-January Total Platform Assets of $324.4B. The S&P 500 was down 0.9%.

[Jeffrey Gundlach @TruthGundlach]

A Private Credit Fund of Funds in 2026 seems to rather closely resemble a CDO-squared in early 2007.

[Garic Moran @GaricMoran]

If JP Morgan research is correct; we are looking at 70% pre-tax operating margins for Silver producers in 2026. Any industry would turn into a hyper-growth industry with sustained margins at these levels:

[James Chanos @RealJimChanos]

It’s hard to overstate how bad the $CRWV results/guidance were, but consider this: CoreWeave would still be losing money if they depreciated their GPU’s over 10 years! And at a conservative industry-standard 6-yr life, Coreweave would have zero EBIT coverage of their interest.

[Barstool Sports @barstoolsports]

Team USA just sang the best National Anthem you will ever hear at @11Miami

[Matthew Tkachuk @TKACHUKycheese_]

🥇

Is that good?

🇺🇸

[TJ Oshie @TJOshie77]

What an American. This is how you speak about your country, your teammates and the @usahockey brotherhood. #USA #TEAMUSA 🇺🇸

[Clay Travis @ClayTravis]

What an absolutely iconic photo.

[Wall Street Mav @WallStreetMav]

Hecla, a silver mining stock, announced their earnings yesterday. Something jumped out from their report.

These companies are reporting record earnings. The average price of silver (London) during the 4th quarter of 2025 was $54.83 per oz.

Hecla's averaged realized price was $69.28 per oz.

If you go thru each quarter of 2025, they were receiving about $1 to $2 per oz above the average price for each quarter. Then in Q3 of 2025, it was over $3 more above the average price. Then for Q4 they received over $14 more than the average price.

That means the actual silver market is paying WAY higher than the publicly quoted spot price, in order to secure silver supply from miners.