It’s just nasty out there, with stocks down big across the board. Even the S&P 500 is just being taken out to the woodshed, down almost 3% on the day. The speculative stocks are down double digits across the board, ARKK is down almost 9% on the day, Bitcoin’s down 10% since Friday’s close and Ethereum is down 11% since Friday’s close. It’s ugly. I think we need to remain cautious, and I’m not outright bullish (yet), but we are getting through towards the latter part of this crash.

We’ve already lived through a major part of the crash. I guess I’d say that quite a bit less bearish and I’m getting a bit more incrementally bullish but I’m still not here pounding the table or putting much money to work on the long side.

People are getting margin called and forced liquidations are happening today. Remember when I kept writing about how managing your money isn’t supposed to be fun, but that it’s hard and it’s a grind. This isn’t fun, but this is part of the process to getting to a bottom. Easy does it.

In the hedge fund, as you might expect, I am covering parts of some of my shorts and I also nibbled a little bit of Rocket Lab below $6.

I’m sorry I don’t have a magic bullet to fix this. I keep saying that if we can survive this downturn while we’ve been cautious, it’s going to give us the opportunities to make a lot of money when the dust settles and the cycle turns back the other direction. The bubble in tech stocks, SPACs, cryptos, EVs and so many other sectors ain’t coming back any year soon though.