Blind Squirrel Macro paid subscriptions are paused until early June. I am unable to accept new paid subscribers until then. While I am on the road, I am continuing to publish the ‘Start the Week’ note on Sundays. Please get in touch if you recently subscribed to the letter and are interested in a trial / review of the archive.
No changes to discuss beyond closing the call leg of the SMH 0.00%↑ strangle (retaining the September puts). BUSHY™’s assault on the front end of the Brent curve is still pending - but we are getting close.
In case you missed it, the 🐿️ made a guest appearance on The Compound with Josh Brown and Michael Batnick last Wednesday. They asked me on to question me about my work on the SpaceX last week.
Hynix JOMO
The 🐿️ is suffering from a grave bout of amnesia - he has NO MEMORY (in his portfolio)! The only recent exposure I have had to the investor feeding frenzy in DRAM and HBM semiconductors in the past 2 months has been the call leg of the SMH 0.00%↑ strangle in BUSHY™’s hedge book - and we took that off last week!
As I have mentioned many times before, I have PTSD-related reasons for not participating in this cycle’s DRAM risk ‘orgy’ in Korea (and elsewhere). Significant personal history with multiple recapitalizations of Hynix in the early 2000s has left me with scar tissue and a core mantra that there is no such thing as a value trade in the highly cyclical semiconductor sector.