the more I learn… the more I realize how much I don’t know - Einstein. Partner of @aionanalytics
Joined January 2025
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Same, same, but different.
The amount of mansplaining going on right now trying to justify why things are the way they are is astonishing. We just had a multi-sigma unwind in record speed.
The question you should be asking now:
Do the Qs make it above 800 before the year is over?
Deep Inference retweeted
$SPY $QQQ
Why risk management is far more important than any gains you might have.
Powered by @AionAnalytics 💯
check out my substack below👇
Staying in the Game: Taking Losses & Risk Management cmsinvestments.substack.com/…
Deep Inference retweeted
Per GS, HFs sold AI stocks at the fastest pace in over 5-years & on a trailing 20-day basis, HF selling reached a 5-year extreme at -3.0 SDs
Deep Inference retweeted
Waterfall decline continues: the Tech sector's forward P/E has fallen to 16.9, the lowest since March 2020
Deep Inference retweeted
Thursday, November 5th, was a day of extremes:
•US long/short Hedge Fund net leverage declined by 5% day over day, the 5th largest single-day decline since 2010. Net leverage is now in the bottom decile since 2010.^
•Long/short fund active gross flow since June has amounted to a -10.7% reduction relative to their gross market value at the end of June, the most in at least 10 years.^
•Hedge Funds are now underweight AI stocks* relative to market cap weights, but AI is still a very large percent of absolute exposures at 32%.^
•Levered ETFs had the largest amount to sell on data going back to 2007, bringing $57bn of US equity supply.
•Retail selling of US equities in the first 90 minutes, based on MS QDS estimates using public data, was the second largest going back to 2016.
•Equities are now starting to trade in a more correlated fashion, often signaling that risk reduction is broadening out.
^Sourced from MS Prime Brokerage.
*AI stocks defined as the constituents of the MSXXAI Index, made up of AI tech beneficiaries, AI power names, and key hyperscalers
Deep Inference retweeted
Not sure who needs to hear this, esp after yesterday, but GPU rental rates are still unmistakably rising across the board. Whatever the stock market is nervous or fearful about is not about what’s happening right now but about the odds of what will happen in the next couple years (vs what’s been priced into expectations).
Deep Inference retweeted
Millennium Shutting down 2 more Credit Pods
Dominick Maggio and Amit Agrawal, who ran the Abacove Capital pod, are departing alongside Mark Meenan and David Ulrich of the Twin Lights trading pod, according to people familiar with the matter.
The exits come amid heightened volatility in credit markets, driven by concerns over AI infrastructure financing, elevated interest rates and geopolitical uncertainty. European high-yield debt spreads have also surged to levels not seen since the 2009 financial crisis.
The departures follow Millennium's withdrawal of capital from credit-focused hedge fund Axebrook Capital and the exit of senior credit trader Manav Gupta, less than six months after moving his own hedge fund to the platform.
The trend extends beyond Millennium, with at least five credit-focused portfolio managers also having left Brevan Howard.
Millennium declined 2.3% in October, trimming its year-to-date gains to 5.7%. The reasons behind the latest departures remain unclear.
Boomers reading this:
Fraught market. My plan: I want to circle the wagons around the best and redeploy capital into non-tech, less risky stocks. Keep watching our Annual Meeting!
cnbc.com/investingclub/2026/…
