Manias, Panics, and Positioning: The Bubble Playbook

Capital Flows · Capital Flows · May 25, 2026 at 02:50 · ⏱ 2 min read  | Read on Substack ↗
Summary
The author promotes a livestream analyzing historical bear markets and their predictable patterns, arguing that understanding these patterns helps map duration, depth, and recovery path. The author also discloses an ongoing long position in PURR, maintaining their Hyperliquid thesis.
  • •Every bear market follows one of three patterns: cyclical, event-driven, or structural.
  • •The livestream will cover eleven major drawdowns including 1929, 1973, 1987, dot com bust, GFC, Japan's lost decades, and the 2022 stocks and bonds bear.
  • •The author continues to hold their PURR position and nothing has changed in their Hyperliquid thesis.
Read time 2 min
Length 2,444 chars
Category finance
Trade Ideas
Capital Flows Global Macro Trader
Author maintains their Hyperliquid thesis and PURR trade, stating nothing has changed in their thesis.
PURR HIGH
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This newsletter, published May 25, 2026, features Capital Flows discussing PURR. 1 trade idea extracted by AI with direction and confidence scoring.

Speakers: Capital Flows  · Tickers: PURR