Canaan Inc. (CAN)

"You can't go back and change the beginning but you can start where you are and change the ending." - C.S. Lewis No matter how long I have been in the investment business I literally learn every day. The last 18 months have been especially instructi...

* Treading slowly as I build up a (small) net short book * I am often wrong and always in doubt  For reasons mentioned daily in my Diary I find myself, today, nearly at the polar opposite of the bullish cabal. That election is based on fundamental a...

Bitcoin peripheral equity plays are getting schmeissed - as , , , , , etc. are being taken to the woodshed. I remain negative on bitcoin and digital currencies. See the Podcast of the Day.    

* The magnitude and swiftness of the decline in digital currencies has been eye opening and has accelerated over the last few days despite the strong protestations from its supporters * Bitcoin again dropped overnight (-25% in the last week) and the...

* Consensus is sometimes the negative of thinking, logic and knowledge * Stop nodding your investment head in agreement * As a contrarian investor, I often relish and find opportunities in rejecting consensus * Thoughtfully going against the consens...

* Tops are processes (bottoms are events)  * Investors are remarkably complacent - with no one, save Perma Bears, looking for a meaningful market decline  * The market silliness is now deafening as the (motley) fools rush in at the end of a speculat...

* The market silliness is now deafening as the (motley) fools rush in at the end of a speculative cycle * I see a pivot in monetary policy and disappointing (relative to consensus) 2022 S&P EPS * There is a possibility for a broad valuation reset lo...

Though NYSE breadth is 17-3, I see a sea of red on my monitor.  Ns over Ss.  The most speculative gewgaws are the upside feature ( , , etc.) while digital currency related issues (as cyrpto appears to be rolling over) continue to be downside market ...

* And some advice from my former horse trainer, Delvin Miller I have launched my new hedge fund, Seabreeze Capital Partners LP, because I believe -- despite the mushrooming in commission-free trading activity at Robinhood and elsewhere, the emergenc...

Interesting to see cryptocurrencies lower this morning with digital peripheral plays ( , , , and ) all lower.  Meanwhile,  is bucking the trend lower and is +$5.40/share.    

I was hoping that we would see a Fin TV special tonight... "Crypto In Turmoil". Then I would know that I should buy more crypto related stocks.  But, alas, Bitcoin has rallied by about $10k.  It's very non Kass-like but I am still hanging in with my...

* With the crypto gewgaws  and are nearly +10% each off the panic purchases. is +5% and is flattish.

Given the cryptocurrency price crash, I just put together and purchased a small speculative long rental trade in secondary crypto equities:  * $21.90 * $19.56 * $29.40 * $8.56  I might be a Sixty Minute Man in these! 

* Maybe very soon!  With the speculative tertiary cryptocurrency plays getting obliterated in line with digital price "discovery" - and with some of the stocks -75% from the 2021 highs - I am assembling a speculative crypto equity package to BUY.  S...

* Its valuation deflating and market unfriendly * Another rant... There is a lack and loss of character in our markets, in social media, with our policy makers, among some of our most powerful corporate leaders, on Wall Street and, even, too often w...

My favorite short gewgaws continue to get crushed: , , , and .  The magnitude of the declines from their respective early 2021 highs -- at a point near where many price momentum based strategists/technicians were aggressively and confidently buying/...

From my perch there is little to "like" about the market over the last few days. (Remember... tops are processes, bottoms are events.) A number of individual stocks look dreadful -- even "beast mode" Amazon is down about 12% from the recent after-ho...

* With the recent fall in cryptocurrency prices, down seven of the last eight days, the "cool kids" may be getting worried now * Are cryptocurrencies a giant fraud? * From my perch, and minority viewpoint, cryptocurrency holders are more lemmings th...

* The decline in speculative stocks has been historic and broad-based - something I have been expecting for months * I remain bearish on the overall outlook for equities   Yesterday's market was brutal and broad-based to the downside:  * The specula...

* There are now over 100 Crypto Assets worth over $1 billion (that's a new record) * Dogecoin, which started as a joke, hit a $50 billion market capitalization on Friday * Investors want to believe in the value of cryptocurrencies, in the prophesies...

* I ended the day in a large net short exposure (personally)   Some observations:   1. I was wrong on where I thought Coinbase would open, but I was correct that it should be be avoided (or shorted on the opening at $381) as it closed at $328. See "...

* My revised levels I don't want there to be any ambiguity about the size of my positions, or about my buy and short levels, as I strive for as much transparency as possible. This column is a continued commitment towards that sort of disclosure. "Wh...

Stock futures have continued their climb this morning (5:20 am) - with S&P futures +12 handles and Nasdaq futures +95 handles.  As I wrote in "There Is Always More Than One Cockroach":  "The 1966 season took its toll on Los Angeles Dodgers pitcher S...

The speculative gewgaws have lost their bids again and are falling back to earth.  , , , ,  , , etc., getting taken to the woodshed.  Usually this portends broader market weakness - but there is nothing normal about this market.  Meanwhile, in part ...

* Slowly, but very surely, prior market leaders have crashed * At times, markets can churn when leadership is unclear or non existent * But, given current high valuations, a more ominous market outcome seems more likely * Consider "Uncle" Bob Farrel...

If I was trading I would probably be out of all my speculative gewgaw shorts - like , , , , , etc.