Bought the dip on $BABA @ $131.57 USD after the small nosebleed today driven by the CCP’s words to curb stock speculation through cooling measures.

While net retail liquidity might be reduced by the measures, I’m of the view that this BABA sell-off is an opportunity. The announcement reads to me like “avoid PnDs, avoid ST thinking, think value and rational investments, think long-term…”, which would possibly be a net positive for BABA in terms of flows consolidating into scarce value LT assets.

Doubled the position on $SE the past 2 days, @ $178 - $185.6. Had some time to run the numbers and read through the transcripts, I think St is way too low on the outyear EPS

Dang should have held that $LULU short! Pretty dismal results; while there’s also a competition factor at play here, I view LULU’s print as a proof point for the general thesis of being short the consumer discretionary sector w a tilt to high-income consumers.

$NKE also getting slightly impacted from the negative read-through, -1.4%

Since the initiation of the short basket on Aug 18th, with the exception of FIVE, our core shorts (CAVA, COIN, SBUX, NKE) have outperformed our core longs (INTC, BABA, SE, BLDR, FICO, APP, AEO).

$RDDT is consolidating after the +70% post-earnings rise, so it doesn’t really count as underperforming imo despite appearing so on the chart due to the time period selected (from Aug 18th onwards).

Being able to generate alpha on both sides, in an up-only market environment, makes me very happy. Our shorts allow us to go “longer” on stocks that we love, due to the market risk hedge that it provides. I am VERY selective with my shorts in this environment.

(Pardon the pleb TV chart, I have no bougie BB subscription)

Tepid job report is giving wind to our housing basket; $BLDR +5% and $FICO +1.5%

Wrote quick summaries for both names above. Both companies have managed through one of the worst housing markets very well, hunkering down, consolidating and protecting margins as well as they can despite cratering top-lines. Hence I have conviction in their mgmts’ ability to outperform peers if the housing market booms, supported by Fed cuts & Trump admin policies.

Added $CRCL short @ $109.89

Had the right idea when the stock was at double the current price, but messed up the trade by covering too early. Shorts are so hard to play in this maniacal environment.

But now with hopium out the door for this stock, maybe it’d be a comfier short. Hopefully. Not a large size

Dip buy on $BABA 3 days ago is looking solid now. Release of their new model is driving the name +4% today in HK market. ADR @ $140.4 in US overnight market

Covered $SBUX short @ $84.1 for 10.8% gain. Still bearish on overpriced coffee but I think that there’s better short candidates.

Took a quick hour dab in Tom Lee’s new toy $OCTO. It ain’t much but it’s honest work. Out fully and not touching it again

It’s now trading at 40x mNAV lol… yes I get that they have Tom Lee and Dan Ives and they’re “treasuring” Sam Altman’s coin… but at what point does it get repetitive and honestly tiresome..?

However, $BMNR invested $20m @ $1+ into $OCTO. So I did long some $BMNR @ $44.2 just to see if the narrative that “BMNR turned $20m into $800m” catches on, even tho it’s all just paper profit.

Playing $BMNR with $OCTO profits here. If narrative doesn’t stick, I’ll cut quickly

Restarted $AVAV long @ $233.67

This name always gets volatile near earnings, and the integration of the Blue Halo acquisition may have put some investors on jitters. I think it’s sufficiently derisked for me to take a bet into print on Sep 10.

Not as large a position as previously

Added to short @ $111 - $115.3

If anyone has been following, a protocol accounting for ~7% of USDC supply ($5bn) is looking for proposals from alternative stablecoin issuers to incubate a “protocol-aligned” native stablecoin, which essentially means having the revenue from the reserve interest yield accrue back to the protocol, rather than the issuer.

4% risk-free interest of $5bn, ~$200mn in rev lost for $CRCL — if the switch is successfully executed. I think this trend will exacerbate — with successful protocols that own the users and their stablecoin deposits — try to cut out the rent seeker in the middle and earn that interest yield themselves.

The fundamental flaw of $CRCL, imo, is that they don’t own the end consumer and thus have to pay heavily for distribution to drive USDC supply growth. We see that with their CRCL <> COIN 50% rev share, we are seeing that now too with off-chain defi protocols.

$BABA +3% off announcement of the unveiling of a major business tomorrow. ADR @ $145.71 USD, close to setting a new 52-week high.

Rumours are that it’s linked to China digital map provider AMAP, maybe something similar to Dianping? $3690.HK -3% off this news

$BABA crossed 4-yr high set in 2021. Work of art

Longed $CRWV and $APLD @ $101.31 & $14.95 respectively, as a proxy bet on AI infrastructure services, driven by $NBIS <> $MSFT $18bn deal announcement. $ORCL strong revenue projections last night also validates the demand for AI infrastructure.

CRWV has just gone through massive FUD for insider unlocks and it’s -45% off highs, so it’s relatively advantageous positioning-wise. I like the r/r here

Closed $NKE short @ $74.5 for 6% gain.

Sentiments might improve on the name as the tariff-related litigation moves through the courts, can imagine upside from here if Trump’s tariffs aren’t upheld by the Supreme Court hence going flat for now.

Cut $AVAV @ $240.3 for 3% gain. Don’t know enough about the stock nor sector to undertake the volatility and execution risk of this name, as they try to transit from a drone pure-play to a diversified defense contractor with space capabilities.

Added more $CRWV long @ ~$107. Average cost basis @ $104.94 now

Added $NBIS @ $91 - $95 too, on the post-offering dip

$ORCL is just mind-boggling, +40% to reach nearly $1tn mcap, while pulling up all AI infrastructure plays. No words to describe this

$CRWV $APLD $AAOI $NBIS

Jeffries raised $RDDT PT to $300, driving the name to new ATHs @ $257, +75% from our initial entry @ $147

“Sustainability of Rev growth is the key debate following an acceleration to multiyr highs and a recent stabilization in DAU trends. Our analysis of market share trajectories for peers during early stages of monetization suggests RDDT could see over 35% upside to '27 cons Rev. We also believe Data Licensing presents an underappreciated call option that could drive even greater upside to EBITDA, supporting our bull case and creating an attractive risk-reward.” Jeffries