STATE DEPT: NIECE AND GRAND NIECE OF DECEASED IRANIAN MILITARY COMMANDER QASEM SOLEIMANI WERE ARRESTED BY FEDERAL AGENTS IN U.S. ON FRIDAY Stuff I'd like to see in Europe towards family members of ruzzian regime leaders.

IanCutress: "Well here we go. Dylan and Semianalysis is being sued by a former employee Wei Zhou for wrongful termination (+others) after he refused to combine MNPI (material non-public information) into SemiAnalysis' models that were sold to clients." "Police is as good as it's informants" - The Wire writers. It's non public data, that adds to analytical edge.

That's a new one for me: "One hypothesis about why the US went into the war on the side of the UK, rather than the Germans, was simply that its bankers had lent the English more money" Bonner Research

Danish jewelry Pandora opens distribution centre in Ontario, Canada to reduce exposure to US tariffs "Warehouse in Mississauga will enable the brand to process Canadian online orders, which were previously handled by U.S. distribution centers meaning the jewelry had to pass through U.S. customs" Pandora expects U.S. tariffs to take 150 bps off its operating margin in 2026 $PNDORA

TURKEY’S CENTRAL BANK GOLD RESERVES SEE BIGGEST WEEKLY DROP SINCE AUG 2018, SELL ABOUT 22 TONNES LAST WEEK: BANKERS

Reliance Jio is set to file for approval of its IPO in Mumbai ​as early as this week IPO is being structured as an offer-for-sale, a common strategy in ​India where no new funds ​are raised by ⁠the companies and existing shareholders offload stakes. https://www.reuters.com/world/india/reliance-jio-woos-investors-sell-8-individual-stakes-ipo-sources-say-2026-03-25/

NYT: "Breaking News: Prince Mohammed bin Salman of Saudi Arabia pushed President Trump to continue the war against Iran, people briefed on the conversations said." Emile Hokayem: "Two major risks for the Gulf states if they join the campaign (as opposed to just telling the US to continue and ‘finish the job’): - unhinged Iranian retaliation; - one or more Gulf states go in and then the US pulls out, leaving them in the cold. My thinking: US pulls out - GCC countries capital pulls out. And orange dictator likes market in green. So while foreign policy is for sale, trump will likely to continue to sacrifice young men to death to fight corrupt wars for highest bidders.

You would think trump would lash out on GCC countries for not putting effort in opening the strait. They have been a silent punching bag for 3 weeks straight. They do have a minor interest, don't they? White house, media silent. Not what the ruzzian script says. #iran #trump

There's a non zero chance Trump regime will fall before Iranian. Would be extremely ironic. The list of Epstein War supporters, given its now known outcomes, is pretty short: -Israel -russia -Viktor Joban (where's Serbian Vucic btw?) -fanatics and brainwashed US populace. #Iran

On market days like these, I like to scour through my watch list and look for negligible or even positive daily change names. This is shows what market perceives as valuation floor at current fear level. Multiple similar days compounds conviction of market's perception.

Mural "Make Everything Great Again" by Lithuanian artists dates back to 2016, nearly a decade ago. #trump #putin

According to QatarEnergy CEO Saad al-Kaabi, Iran’s attack on the Ras Laffan Indistrial City damaged facilities that produce 17% of Qatar’s LNG export capacity. The statement was made in an interview with Reuters. The damages are expected to take 2-3 years to repair fully.

GCC countries should be having an existential crisis right now. -house US military bases, assets -recycle some oil income to US based military complex -stability -toddler w/ his ships comes, fucks up everything, jeopardizes cash flows, requires defending his bases..

This week: -sold $AMZN entirely at $212.7, taking -6.2% loss (-12.2% CAGR) -sold $MDARA at +20.8% profit (+58.9% CAGR) https://pbs.twimg.com/media/HDYnaUMWMAAdgq3?format=png&name=900x900 due to higher Amazon weighting, only marginal profit from both transactions. Generally - increasing cash; but couple of words specific to these stocks below I'm surprised at market resilience given geopolitical backdrop. Friday closed at 200MA for S&P500. Trump will likely claim victory as market expects after couple of panicky days below 200MA. US 4Q GDP in contraction after inflation. GDP hangs on datacenters because nobody in their right mind won't put a dollar on US soil, given how quickly business environment is changed by pedophiles. Amazon keeps tapping debt markets. I got 0 FED cuts expectation for rest of 26'. FCF not existent, no/reduced buybacks will weight w/ dilution.. And recent headlines regarding $AMZN pushing employees to use inferior internal tool vs Claude, pushing some internal KPIs over overall execution doesn't taste well. There's support waiting at ~$191. Maybe.. maybe not. Any turn for risk apetite in market would be captured by higher beta underwater $ALAB. Now Madara Cosmetics (Riga Stock Exchange) - I have doubts they will propose dividend. Net income for 25' was negative. Margins improving, but guidance for 26' was conservative. 10% revenue growth and "maintaining a double-digit EBITDA margin". Given these assumptions and increased Baltic inflation expectations, don't see much upside. Technical entry, on highly illiquid stock, still worked. I also wanted to cut $NET a little more, but was busy w/ work, was late couple of minutes, market closed on me. 10Y yield was climbing recently, overall market vulnerable, yet Cloudflare was having a blast for past ~10sessions. Not for long imo.

TRUMP TELLS AXIOS IRAN WAR WILL END SOON, "ANY TIME I WANT IT TO END, IT WILL END" Problem is: Iran won't.

Reduced $NET position by 10% at ~$202.5 today. FIFO profit: +168, CAGR: +23.9%. (2020, 2022 purchases..) With that, I've normalized Cloudflare weight in portfolio to 22%. Normally I would balance <20%, but they are a clear winner. And I don't get market optimism today btw.

Recent portfolio moves -Increased APG1L at €3.65 -Entered $EQNR 308.3 NOK -Increased $CME at $318 -Increased $OMDA https://pbs.twimg.com/media/HCvhj2PWEAQP9qm?format=png&name=900x900 Couple of words on each below. Entered into "investment" account few months ago, where you don't get taxed on each sale, this gets long term bias and price insensitivity. $APG1L is still a 5.6 ev/ebitda on TTM basis. I want to capture dividends and exit in H2. Im short on ideas in Europe, primarily looking at OMXB and here too - very little to choose from with stable/positive outlook. I have tired of watching it go up every single day and Iran ain't helping. Broad market is thinking is short-term distraction (Epstein, slow labor market, corruption, you name it). IMO interceptors finish first before Shaheds do, then infra really takes starting hits. $EQNR has excellent governance, low cost of production, and very nice returns to shareholders. in 2025 shares outstanding decreased by ~9%. Any excess cashflows from higher oil fall to increase 4%+ dividend and Reliance was not acting the way I wanted. I also increased my confidence in $CME. Very much so, actually. In casino the house always wins. Precious metals, oil, natural gas futures. Q1 will be record breaking. Moat on own clearing house. Increasing retail volumes and data business. Tailwinds all around from chaos. Increased my tracker position in $OMDA, fabulous quarter report. GAAP profitability, 53% growth, expanding gross margins. Any sentiment change should put this $20+ pretty rapidly imo.

Ok, I didn't extrapolate to Iran hitting desalination plants.

"Fiction is a lie... but Good Fiction is the truth inside a lie" - Stephen King

Portfolio actions today. AKO1L confirmed my suspicions about weakening outlook. Basically no profit in Q2. However, CFO today reminded, that QoQ comps can be misleading. They hold quite a lot of inventory in hopes to sell at higher prices in FY H2. Reduced further by 33%, locking FIFO +61.8% profit at +25.2% CAGR Increased VLP1L by 50% <€12.2. No expectations on Q4, simply maintaining exposure to OMXB. Focus on dividends, expecting continued management execution turning around MPK, ramping Bauska plant, core business. And finally, increased $FIGR once again (still a tiny position though). 100%+ revenue growth YoY suits me well. Will be looking for earnings call and diluted share count next week.