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

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.

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.

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

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.

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

The author has initiated a half-sized maximum long position in December crude oil futures from an entry of $70.82.

Hold a short position in Treasury notes, utilizing price dips to reduce exposure and lock in profits.

The new Google bond offering is attractively priced ("a steal") relative to its existing bonds on the curve, presenting a buying opportunity.

Short EWY via July 175/150/125 put butterfly purchased for 2 at the highs; author is positioned for a decline toward the 125 lower strike, expressing a bearish macro view on South Korean equities.

Long BRK.B for long-term outperformance vs SPX. The Buffett premium has now been repriced out, removing the valuation fluff, while the structural advantage of an insurance-financed concentrated equity portfolio remains intact and cash is being deployed via buybacks to shrink the float.