Andy Constan

1. THE FACT: @dampedspring mentioned "tax loss harvesting and bid the close on 12/31." They then stated "$MTPLF trading at 1.36 MNAV and $MSTR expanding MNAV to 1.06 and $IBIT looking incredible as a long digital gold catch up to gold silver." 2. THE BRIDGE: The mention of tax loss harvesting suggests a previous selling pressure that might now be alleviated. The specific valuations (MTPLF at 1.36 MNAV, MSTR expanding MNAV to 1.06) and IBIT being described as "incredible as a long digital gold catch up to gold silver" indicate a bullish view on these digital asset-related equities/ETFs. 3. THE VERDICT: Long MTPLF, MSTR, and IBIT as digital gold plays, potentially benefiting from post-tax loss harvesting dynamics and strong relative valuations.

The author is bullish on gold as a hard asset, believing that policymakers will not reverse inflationary "debt wealth transfer" policies, thus devaluing fiat currency.

The author has taken a direct, albeit modestly sized, short position in the S&P 500, indicating an expectation for the index to fall.

Short December crude oil futures to hedge against a potential cratering in the oil market that would render existing put options worthless.

The author is positioned for a Fed rate cut, which would be bullish for bonds, based on the political expectation that a new Fed chair would receive a "gesture" cut upon confirmation.

Buy STRC to capture the upcoming dividend, as historical price action shows the ex-dividend drop is quickly recovered, creating an arbitrage-like opportunity.

The author recommends a permanent long allocation to broad market equities ("beta") based on the thesis that policymakers are committed to a path that supports asset prices.

1. THE FACT: The speaker states, "We've preferred VEA and still do." 2. THE BRIDGE: This is a direct endorsement of VEA. 3. THE VERDICT: Long VEA.

Short MSTR because there is no economic justification for its MNAV premium, its leverage is more expensive than self-created leverage (a structural drag on MNAV), and deteriorating capital market access will cap BTC accumulation — causing a permanent and widening MNAV discount regardless of BTC price direction.

Initiating the short leg of a semiconductor/software spread trade, shorting SMH while waiting for leveraged fund liquidations in IGV to finish before eventually going long software.

Long HYPE (Hyperliquid's native token) — author explicitly bought lower and sees near-term upside of ~2x, citing the value proposition of owning a venue generating sustainable speculative and investment volumes across both TradFi and DeFi exchange dynamics.

Andy Constan discloses explicit current ownership of TIPS in his diversified portfolio. TIP (iShares TIPS Bond ETF) is the direct proxy. Ownership confirmed as active — body frames it as ongoing positioning providing alpha alongside gold and energy markets.

Long NVDA against a short SMH position, expecting relative outperformance of the stock over the semiconductor sector.

Andy Constan discusses K-1 fund tax complications and mentions using GSG as a commodity index ETF, but expresses no forward-looking directional view.

Short VIX futures expecting implied volatility to decline due to geopolitical de-escalation (Iran-France prisoner exchange deal).