TOGETHER WITH
Hey there weekday warrior,
Here’s what’s on the agenda today…
RIP Michael Burry, thoughts and prayers for your portfolio of AI stonks, and pour one out for StubHub.
Enjoy the next 4 minutes and 15 seconds of blue-chip news and commentary.
Keep on snapping necks and cashing checks,
Michael Buried
“My estimation of value in securities is not now, and has not been for some time, in sync with the markets.” - me after losing my Kalshi ‘prediction’ that Jesus would return on 11/11
RIP
Pour one out for Michael Burry’s Scion Asset Management.
The announcement that the real-life Big Short has deregistered his (in)famous hedge fund comes not long after we found out about his big bets against Nvidia and Palantir. Probably not a coincidence…
Per Mike: “My estimation of value in securities is not now, and has not been for some time, in sync with the markets.” Which is not what you want to hear from your hedge fund manager.
Friendly reminder that Scion was managing as much as $155M in assets as of March. He’ll return money to investors, and recommended his protégé, who I’m sure is super happy his email and phone number are floating around on the interwebs.
So, what’s next?
Burry said on Twitter, “On to much better things Nov 25th.” Which means he either got the date of Thanksgiving wrong… or he’s about to show up unannounced at Palantir’s HQ.
Either way, he could (and probably will) keep fighting the good fight with his own fortune via his family office.
Listen, no one’s saying he’s wrong about the bubble…
Are you flying tax blind all year, then just hoping for the best?
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Did I mention The Water Coolest readers get 10% off their first year?
+ Absolutely BRUTAL day yesterday for the bulls. Tech stocks in the AI sector saw a yuge pullback. Did Michael Burry just drop the ball on the one-yard line? Nvidia $NVDA ( ▼ 3.58% ), Broadcom $AVGO ( ▼ 4.29% ), and Alphabet $GOOG ( ▼ 2.89% ) led the loss-p*rn.
But wait, there’s more…
It looks like markets are no longer expecting another rate cut in December. Reports following the government shutdown will be limited (if we get ‘em at all), and the uncertainty is bringing the bears out of hibernation.
+ StubHub: “You’ll get nothing and like it.”
Narrator: “They did not like it.”
Everything was going swimmingly for StubHub $STUB ( ▼ 1.16% ) during its first earnings call as a publicly traded company. It beat on the top line and said demand for live events is girthy af. Then it got to the part where it backs up those claims with #s…
The Hub refused to give guidance for the current quarter, which did not sit well with investors. Shares fell nearly 20% after hours. Just imagine if they didn’t say they were going to share 2026 predictions during their Q4 call…
+ Bad news, stoners. And the 300k employees of the hemp economy.
You know that thing the Founding Fathers added to the Constitution? Thou shalt always sneak other random laws into budget bills? Well, turns out, the new government funding bill contains an added bonus: a provision that outlaws products with more than 0.4mg of THC/container.
That little stunt is going to cost the hemp retail market something like $28B and wipe out 95% of products on the market. Check in on your local dealer soon. You might need to play nice again.
+ Bah gawd, that’s Bezos’ music…
Blue Origin is coming for SpaceX’s crown. Not only did BO manage to make it into orbit with cargo, but it successfully landed its booster for the first time ever…
+ Do the kids who wear Under Armour in school get stuffed in lockers?
In case you were wondering just how bad things are at UA $UA ( ▼ 2.19% )… Steph Curry has announced he’s taking his talents elsewhere. Curry will go indie after more than a decade with your dad’s favorite brand at Kohl’s.
+ US stocks “closed sharply lower Thursday as investors sold shares in technology companies and volatility picked up on Wall Street.” (CNN)
+ The 10-year yield “rose on Thursday as investors welcomed the end of the longest government shutdown in U.S. history.” (CNBC)
+ Oil “prices held largely steady on Thursday after declining around 4% in the previous session as investors weighed concerns about global oversupply with looming sanctions against Russia’s Lukoil.” (Reuters)
+ Bitcoin’s “edged lower on Thursday, struggling to make headway amid middling capital flows from institutional investors, while the end of a prolonged U.S. government shutdown did little to spur risk appetite.” (Investing.com)
+ The “smart” money (prediction markets) thinks there’s just a 52% chance the Fed cuts interest rates in December. That’s down from 72% just 2 days ago. (Kalshi)
⏪ Yesterday…
+ Disney, JD.com, Ondas, Bitfarms, Brookfield, Sharplink, and Bilibili reported before the opening bell
+ Nu Holdings, Applied Materials, Red Cat, and Quantum reported after the bell
⏩ Today we’re keeping an eye on…
+ Bit Digital reports before the bell
+ It is the deadline for 13F filings
+ Shareholders of Union Pacific and Norfolk Southern will vote on the $72 billion merger
Yesterday, I asked, “You eat out at restaurants for free forever, BUT every time you order something at any restaurant, your meal will be wrong in some way (wrong drink, no pickles, hot sauce too hot), and you HAVE to eat it as is. Do you take the deal?
61.3% of you will “Take the deal.”
Here’s what some of you guys had to say…
Hard Pass: “Free food isn’t worth that aggravation.”
Take the deal: “Eat at expensive ass restaurants, and the food will be good.”
Take the deal: “Honestly I'm a picky eater so maybe this would expand my horizon.”
Take the deal: “I think I would actually kind of enjoy the surprise, given that eventually I'd get sick of eating out all of the time.”
Hard Pass: “If i got shellfish i would die and if i got Gin instead of Vodka or Bourbon I would murder, so doesn't sound like a win win for me!”
Take the deal: “Still better than having to grocery shop AND cook as my toddler is melting down”
Here’s today’s question…
You and the crew can drink at one ficitional bar tonight. Where you going?
Oh, and one more thing…
What did you think about today's newsletter?
Sent from my Amazon Fire Phone. Please excuse any mistakes and typos.
Does this look like the face of a guy you should take financial advice from?
No, it’s the face of an individual who is financially irresponsible/dumb enough to be talked into spending money on a family photo shoot that he could have just done with his iPhone. So, act accordingly...
This is not financial advice. Nothing in this newsletter is an investment recommendation. All content is created for entertainment, educational, or informational purposes only. Do your own research, or do yourself a favor and hire a professional.