Super Micro $SMCI investigates itself, finds nothing wrong, and keeps pumping. The stock is now up 150% and is still a part of the S&P 500 instead of being de-listed.

The effort involved in finding and calling out frauds like $NVDA and $SMCI isn't paying off. Markets tend to mean revert and maybe there will come a time when shorting frauds (and AI bubble stocks) makes more money than YOLOing bitcoin, MSTR or Palantir.

I spend December reflecting on the year's trading. Apart from the SMCI short, all my big winners this year have been on the long side - Solana, Ethereum, bonds, yen, gold explorers, copper miners, Chinese tech, and special situations.

My time is better spent on researching the long ideas than the short ideas. Solana, for instance, was a 11x from my June 2023 entry. Even if Nvidia goes to zero the gains won't compare - and it took up more of my time.

I think Long/Short equities is fundamentally broken. Unlimited QE, gamma squeezes, irrational behavior, and just plain fraud being rewarded with passive flows, has changed the game. 

Starting next year, new research will be long only. There is so much value in gold, copper, shipping, energy, even software (tech bulls think AI kills software companies). 

I'm giving up on short-side alpha and riding the stagflation wave. Even if Trump cleans house, I won't be back.
#SMCI #NVDA #SMCI