Deleveraging.

A discussion on Positioning and Market RISKS.

In this report:

✅ A discussion on Positioning and Market RISKS.

✅ The D-WORD.

✅ Themes and trends driving the tape.

Let’s get started…

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A discussion on Positioning and Market RISKS:

My biggest wins historically came from studying the tape — evaluating & anticipating when the next big market shift might occur.

But success leaned on a paradox:

1. Doing more, chasing the next win and forcing trades, led to mostly bad outcomes.

2. Doing less, and acting only when the market required it, won out in the long run.

Many times, the most valuable option was to do nothing.

Sometimes it was the ONLY option — and balancing between “STOP” and “GO” was essential.

This looks especially timely in today’s market.

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The D-WORD

While many were chasing zero-revenue stocks into their recent peak, I wrote it was time to focus more on Quality.

“More than ever: *what* to own is more important than *when*. We are avoiding low-quality stocks completely. Many low-quality stocks have significant downside risk here.”

Low-quality stocks are down 30-50% in just a few DAYS — now what? (*We’ll update the key charts today.)

More importantly, how does one allocate capital effectively in this environment? Let’s talk about it: