Statistics
| Deposit | 280.0 [+0.0] |
| Net | 619.3 [-3.6] |
| Gain | 339.3 [-3.6] |
| Cash | -414.4 [+0.7] |
| Long | 1033.7 [-4.3] |
| TR% | 1M | 3M | 1Y | 3Y |
| SPY | -0.5 | +3.8 | +15.0 | +88.4 |
| QQQ | -5.0 | +1.9 | +15.9 | +101.4 |
| MXWO | -0.9 | +2.7 | +14.3 | +84.7 |
| IBKR | -7.3 | +7.4 | +26.4 | +185.7 |
Based on a net liquidation value of $619.3k.
Total adjusted leverage ratio is 1.70.
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Largest Positions
| T | Rank | Prev | Ticker | Company | USD | 1WΔ | % |
| ↔ | 1 | 1 | BMNR^ | BITMINE IMMERSION TECHNOLOGI | 57.8 | 1.8 | 9.3 |
| ↔ | 2 | 2 | 285A.T | KIOXIA HOLDINGS CORP | 32.5 | -1.3 | 5.3 |
| ↔ | 3 | 3 | EDV | VANGUARD EXTENDED DUR TREAS | 17.7 | -4.2 | 2.9 |
| ↑ | 4 | 5 | RCP.L | RIT CAPITAL PARTNERS PLC | 16.2 | -0.4 | 2.6 |
| ↓ | 5 | 4 | PLTR | PALANTIR TECHNOLOGIES INC-A | 15.7 | -2.9 | 2.5 |
| ↑ | 6 | 7 | JBBB | JANUS HENDERSON B-BBB CLO ET | 14.1 | 0.0 | 2.3 |
| ↓ | 7 | 6 | BST | BLACKROCK SCIENCE & TECH TR | 14.0 | -0.3 | 2.3 |
| ↑ | 8 | 11 | ASST | STRIVE INC-A | 13.0 | 2.2 | 2.1 |
| ↔ | 9 | 9 | PGHN.SW | PARTNERS GROUP HOLDING AG | 12.1 | 0.3 | 2.0 |
| ↔ | 10 | 10 | 3234.T | MORI HILLS REIT INVESTMENT C | 11.3 | 0.0 | 1.8 |
| ↑ | 11 | 12 | IGV | ISHARES EXPANDED TECH-SOFTWA | 11.1 | 0.6 | 1.8 |
| ↑ | 12 | NR | SPCX | SPACE EXPLORATION TECHN-CL A | 10.3 | 5.9 | 1.7 |
| ↑ | 13 | 17 | NOW | SERVICENOW INC | 9.5 | 1.0 | 1.5 |
| ↓ | 14 | 13 | NVDA | NVIDIA CORP | 9.5 | -0.1 | 1.5 |
| ↑ | 15 | NR | COHR | COHERENT CORP | 9.2 | 3.4 | 1.5 |
| ↑ | 16 | NR | 3750.HK | CONTEMPORARY AMPEREX TECHN-H | 9.1 | 3.5 | 1.5 |
| ↓ | 17 | 16 | ADSK | AUTODESK INC | 9.1 | 0.4 | 1.5 |
| ↓ | 18 | 14 | RVII | ROBINHOOD VENTURES FUND II | 8.9 | -0.1 | 1.4 |
| ↑ | 19 | NR | BAC PRP | BANK OF AMERICA CORP | 8.9 | 1.4 | 1.4 |
| ↑ | 20 | NR | ET PRI | ENERGY TRANSFER LP | 8.5 | 0.9 | 1.4 |
Covered calls :
* Fully covered
^ Partially covered
Dropped out :
VANGUARD LONG-TERM CORP BOND (VCLT)
ENEOS HOLDINGS INC (5020.T)
ALPHABET INC-CL A (GOOGL)
ARK INNOVATION ETF (ARKK)
INTERACTIVE BROKERS GRO-CL A (IBKR)
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Actions
Entered :
| EWY | ISHARES MSCI SOUTH KOREA ETF | iShares | Focused Region |
| UBSG.SW | UBS GROUP AG-REG | Banks – Diversified | Financial Services |
| GRE.MC | GRENERGY RENOVABLES | Engineering & Construction | Industrials |
| 7011.T | MITSUBISHI HEAVY INDUSTRIES | Specialty Industrial Machinery | Industrials |
Increased :
| SPCX | SPACE EXPLORATION TECHN-CL A | Aerospace & Defense | Industrials |
| SLR.MC | SOLARIA ENERGIA Y MEDIO AMBI | Utilities – Renewable | Technology |
| BAC PRP | BANK OF AMERICA CORP | Banks – Diversified | Financial Services |
| COHR | COHERENT CORP | Scientific & Technical Instruments | Technology |
| AMKR | AMKOR TECHNOLOGY INC | Semiconductor Equipment & Materials | Technology |
| LEU | CENTRUS ENERGY CORP-CLASS A | Uranium | Energy |
| MTZ | MASTEC INC | Engineering & Construction | Industrials |
| CEG | CONSTELLATION ENERGY | Utilities – Independent Power Producers | Utilities |
| ET PRI | ENERGY TRANSFER LP | Oil & Gas Midstream | Energy |
| OAK PRA | OAKTREE CAPITAL GRP LLC | Asset Management | Financial Services |
| 3750.HK | CONTEMPORARY AMPEREX TECHN-H | Electrical Equipment & Parts | Industrials |
| 1879.HK | SHANGHAI XIZHI TECHNOLOGY -H | Communication Equipment | Technology |
| 5802.T | SUMITOMO ELECTRIC INDUSTRIES | Auto Parts | Consumer Cyclical |
| 3908.HK | CHINA INTERNATIONAL CAPITA-H | Capital Markets | Financial Services |
| FN | FABRINET | Electronic Components | Technology |
| DG.PA | VINCI SA | Engineering & Construction | Industrials |
| BWXT | BWX TECHNOLOGIES INC | Aerospace & Defense | Industrials |
| FSLR | FIRST SOLAR INC | Solar | Technology |
| WWI.AX | WEST WITS MINING LTD | Gold | Basic Materials |
| 6981.T | MURATA MANUFACTURING CO LTD | Electronic Components | Technology |
| 5214.T | NIPPON ELECTRIC GLASS CO LTD | Electronic Components | Technology |
Decreased :
| EDV | VANGUARD EXTENDED DUR TREAS | Vanguard | Long Government |
| PLMR | PALOMAR HOLDINGS INC | Insurance – Property & Casualty | Financial Services |
| PLTR | PALANTIR TECHNOLOGIES INC-A | Software – Infrastructure | Technology |
| LSEG.L | LONDON STOCK EXCHANGE GROUP | Financial Data & Stock Exchanges | Financial Services |
Exited :
| GLXY | GALAXY DIGITAL INT-A | Capital Markets | Financial Services |
| VCLT | VANGUARD LONG-TERM CORP BOND | Vanguard | Long-Term Bond |
| 3308.HK | ZHONGJI INNOLIGHT CO LTD-H | Communication Equipment | Technology |
| RMS.PA | HERMES INTL | Luxury Goods | Consumer Cyclical |
| CCO.TO | CAMECO CORP | Uranium | Energy |
| GFS | GLOBALFOUNDRIES INC | Semiconductors | Technology |
| ZTS | ZOETIS INC | Drug Manufacturers – Specialty & Generic | Healthcare |
| 5020.T | ENEOS HOLDINGS INC | Oil & Gas Refining & Marketing | Energy |
| 1802.T | OBAYASHI CORP | Engineering & Construction | Industrials |
| 3988.HK | BANK OF CHINA LTD-H | Banks – Diversified | Financial Services |
| MSCI | MSCI INC | Financial Data & Stock Exchanges | Financial Services |
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Notes
- SpaceX reported Q3 2026 earnings: $14.6B revenue (+161% YoY) and $4.4B net profit. Its AI division generated $7.6B in revenue by itself, which is up 830% YoY. Musk commented that the company could rent out its computing capacity several times over with the current demand, and suggest that the payback period on AI infrastructure could fall to just six months in 2027. These results suggest that demand is accelerating, compute remains supply-constrained, and margins have actually increased even with the rapid scaling up of total compute. Meanwhile, HF allocation to Semis have dropped to levels seen back in February/March.
- Brent crude pushed above $114 per barrel, but US Treasuries rallied with the 10y briefly dipping below 5%. Markets have begun to bake in the possibility that energy shocks could weaken economic growth enough to offset inflation.
- Numana continues to look for opportunities to short the Euro, and use those funds to buy any SOXX weaknesses. The French 10y yield spread over German Bunds reached 176 basis points with continued political instability and fiscal concerns. This spread is the widest since 2011. Meanwhile France’s October composite PMI fell to 48.4, indicating contraction. This could lead to a situation where credit is drained, the economy contracts, and inflation issues continue. Interestingly, Moody’s maintained its Aa3 credit rating for France, with the outlook shifted to Negative. CDS spreads indicate that France’s sovereign debt is actually being priced at A3/Baa1.
- China’s stock market entered bear territory as the CSI 300 has fallen ~20% from its June highs after ten consecutive weeks of declines. Earnings expectations have quietly deteriorated as the government has offered limited stimulus to combat weak domestic demand. Beijing has stepped up with periodic buybacks, liquidity injections and institutional selling restrictions, but these actions only address capital markets and not the actual economy. Chinese households are hoarding liquidity and are not willing to dip into credit as total deposits reached 180T RMB and net loans dipped below zero.
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Upcoming Earnings
10/26 (Monday) :
AMKR, CDNS
10/27 (Tuesday) :
4063.T, 7751.T, 8697.T, BKR, ENPH, EXE, FCX, GLW, HOOD, RRC, SLDE, SOFI, SPGI
10/28 (Wednesday) :
2318.HK, ADYEN.AS, AEM, CY6U.SI, FTNT, HLI, GOOGL, GSK.L, NOW, NXT, OTIS, USBG.SW
10/29 (Thursday) :
0564.HK, 3231.T, AMZN, FSLR, HII, ICE, KBR, MTZ, OWL, SHEL, TPG
10/30 (Friday) :
2328.HK, 285A.T, 3908.HK, 5214.T, 5802.T, 6981.T, 8601.T, CVX, SAN.PA, XOM
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