Mando

South Korea is a long-term macro trade supported by governance reforms that are closing the 'Korea discount', the memory (AI) boom giving SK Hynix and Samsung a structural bid, and extremely low forward P/E ratios (~5x). The country has the highest IQ in the world and is building everything right.

Mando identifies Google as the "most valuable company in the world" long-term. Cites DeepMind's "World Building" AI tool (released recently in this timeline) as a game-changer. Trading at ~26x earnings with massive cash flow. Unlike SaaS companies being disrupted, Google owns the disruption (DeepMind/Gemini). The market is underpricing the consumer application of their "World Builder" (gaming/metaverse creation) and their vertical integration (TPUs). LONG. Mando is holding unless it breaks technical support at 315/320. Regulatory breakup; loss of search monopoly.

South Korea is a long-term macro trade supported by governance reforms that are closing the 'Korea discount', the memory (AI) boom giving SK Hynix and Samsung a structural bid, and extremely low forward P/E ratios (~5x). The country has the highest IQ in the world and is building everything right.

South Korea is a long-term macro trade supported by governance reforms that are closing the 'Korea discount', the memory (AI) boom giving SK Hynix and Samsung a structural bid, and extremely low forward P/E ratios (~5x). The country has the highest IQ in the world and is building everything right.

Uranium is a long-term macro breakout trade after 20 years of sideways action. Supply is inelastic and demand is structural, making the URA ETF a good way to play it.

Gold is breaking out to ATHs despite US equity weakness. Mando cites massive Asian buying (Japan/China) due to currency debasement and rising Japanese bond yields. This is a "flight to safety" trade driven by sovereign debt issues in Asia, not just US inflation. As the Yen weakens and yields spike, capital flees to hard assets. Gold is the "momentum" trade of the moment. LONG. Mando prefers Gold over Silver (which he views as a retail meme/bubble). A liquidity crunch in global markets (margin calls) could cause a temporary sell-off in gold to cover losses elsewhere.

The memory trade is bottoming after forced liquidation of Leopold's fund and Korean retail panic. Fundamentals remain strong, forward valuations are cheap, and the Korean government may step in, making SK Hynix and Micron attractive buys.

Ethereum is a better short now than MicroStrategy. Bit Mine, the largest single ETH holder (nearly 5% of supply), has seen its equity MNAV drop from 1.0 to 0.86. If MNAV falls further to 0.7–0.75, shareholder pressure will force Bit Mine to sell ETH to buy back its own stock, unleashing massive unabsorbable supply. Tom Lee has completed his buying campaign and has no capital left. The Ethereum Foundation is cutting 40% of staff and is effectively broke, removing another large buyer. With no natural demand, ETH faces a relentless supply overhang from BIT treasury unwinds, making it an asymmetric short.

Eli Lilly is a standout pharma play benefiting from regulatory capture and a unique private health data moat. As AI capex narrative faces questioning from hyperscalers, capital will rotate into companies that can create real AI-enabled products. LLY’s data advantage and pharmaceutical approval pipeline make it the best-positioned company to merge AI with healthcare, while competitors like Hims lack the regulatory protection. A top analyst predicted it could become the most valuable company in the world, and the speaker has sized this trade big as an alternative AI play.

MicroStrategy has a severe cash flow problem due to its $1.7B annual preferred dividend obligation on STRK, depleted cash reserves after buying back converts, and $6B+ of putable convertible bonds that must be repaid in 2027-2028. If Bitcoin drops to 50-35K, the Bitcoin stack would nearly match total liabilities, triggering a potential death spiral where the company must sell stock or Bitcoin. The equity MNAV has already compressed to 1.0 from 1.3, and a Chapter 11 liquidation could force Bitcoin sales near $30K. The speaker covered 85% of his short at a large profit but maintains a small short because the thesis remains intact and the end of the DAT trade is underway.

Author discloses an existing long position in Canadian Solar (CSIQ), with no specific catalyst stated beyond a positive near-term price impression.

Stay long SPY and avoid shorting until a higher-timeframe bearish imbalance forms; no technical structure currently justifies positioning for sustained downside.