@P_Remarks
preparedresearch.substack.com/
Joined January 2011
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702Media
July 2000
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Another 2-3x normal volume day bc of Brazil election. Think it’s positive it was barely down & rallied from morning despite >20% of rev from BRL
Prepared Remarks@P_RemarksOct 21
SE adtv is 4.5m shares. Last 3 days have been ~14m per day, 3x normal. In-line w/a normal earnings day. Yipit calling for GMV miss + cryptic Sea Cloud memo. Bulls sellling, fast money shorting. Probably close to near term capitulation unless insinuating needing to raise.
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Dash winning as always. gg
First Squawk
@FirstSquawk14h
DOORDASH IS IN ADVANCED TALKS TO ACQUIRE INSTACART - WSJ
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$orcl
Elon Musk
@elonmuskOct 24
Replying to @aaronburnett
Agentic demand is growing faster than I’ve ever seen anything grow
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7.7x ebitda for 48% topline growth vs 15x for eBay’s 14%
Waterworld Capital@WaterworldCapi1Oct 23
Replying to @P_Remarks
Under 8x EBITDA, wild...
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more replies
Also worth noting they said they have 500 employees already working on it for 2 years. That’s 1/3rd of NBIS with no revenue from it. They already have 25k GPUs supporting core biz (w/mismatch s&d bc of peak retail/gaming periods) Some costs are already in current ebit
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Sea’s Monee is possible analog. Started internally to support retail biz. Launched it externally and had $1.4b in cumulative ebit losses 2020-2022 (peak of $617m in 2021). Did $1b of profit in 2025
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Goldman: Rotations in the equity market this week reflected a sharp hedge fund derisking. On Thursday our Hedge Fund VIP long/short basket pair fell by 4%, a decline only rivaled during the past decade on DeepSeek Monday in January 2025 and during the COVID sell-off in March 2020. Likewise, GS Prime Services data show a large decline in gross leverage that has contributed to an unusually challenging environment for hedge fund returns. Following the unwind of the last two weeks, they estimate that fundamental hedge fund net leverage registers close to 5-year lows while gross leverage remains well above historical averages.
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Prepared Remarks retweeted
Bespoke
@bespokeinvestOct 23
Red dots are days when the S&P 500 fell 1%+ on positive breadth. Two distinct periods. $SPY
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Nobody is grossing/netting up into war escalation and midterms. Soxx will take out the July lows before there’s any sustained rally from there
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First Squawk
@FirstSquawkOct 23
TIKTOK U.S. IS LOOKING FOR FOUR GIGAWATTS OF COMPUTE POWER BY THE EARLY 2030S - CNBC
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$SE is a war stock
First Squawk
@FirstSquawkOct 23
TRUMP SAYS US WON'T ATTACK IRAN BEFORE MIDTERMS, SAYS TALKS UNDERWAY
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Prepared Remarks retweeted
Silicon Data
@silicondataOct 23
Another day, another round of on-demand GPU rental indices surging across the board and reaching ATHs. Even the A100 index, which recently saw some softness, seems to be inflecting a little.
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Prepared Remarks retweeted
Carl Quintanilla@carlquintanillaOct 22
GS DESK: “.. too many overhangs to feel comfortable playing offense in a truncated calendar window (esp with FOMC, earnings, election ..) At least for now. .. SOX has underperformed the S&P by 13% over the last 9 sessions .. biggest stretch of [underperformance] in 20+ years ..”
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Prepared Remarks retweeted
Paulo Macro
@PauloMacroOct 22
Just to give you a sense of what a slaughterhouse L/S was seeing today, the Crowded L/S factor pair had the 2nd worse day (by a hair - almost the worst) since Gabe Plotkin was getting run TF over in late Jan 2021 in Gamestop
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Prepared Remarks retweeted
Bespoke
@bespokeinvestOct 22
Today was the 5th biggest outperformance day for the S&P 500 Equal Weight $RSP versus the S&P 500 since 1990 on a day when Equal Weight rose and cap-weighted fell. Red dots show the 20 days with the widest spread:
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