SHOWCASE: 19 Stocks: 8 Bets v 15 Bets ... WHY PORTFOLIO CONSTRUCTION MATTERS this is Altimeter Capital's latest 13F. Brad is one of the best tech investors of all time so we will use him as an example... every quarter people copy this filing line by line (this is for educational purposes to show LIQN BASKETS + SKIM + X-RAY) VOL is the price of admission in concentrated TMT investing, and ALTIMETER is world class at it Before the video: 13Fs have real problems for analysis 1: stale. This is the book on June 30th, filed August 14th 2: incomplete. Long positions only. No shorts, no cash, nothing private 3: newly public names like $CBRS and $SPCX have too little trading history to risk model. They're 19% of this filing, so the stats below cover the other 17 names PORT 1: AS FILED Vol 30.5% Beta 2.02 Max drawdown (1y) -19.0% THIS port in a 2022 like environment = -50% drawdown Money vs risk (share of the measured book): $NVDA 23.5% of $ → 23.5% of risk $CRWV 7.7% → 16.7% $ARM 7.3% → 12.8% $META 9.6% → 4.8% **3 names carry 53% of the risk PORT 2: INVERSE VOL *Same 19 stocks, only the sizing changed Effective bets 8.3 → 15.2 $NVDA risk share 23.5% → 4.7% No name above 10% of risk Max drawdown -19.0% → -16.3% 2022 replay -48.8% → -41.0% Beta 2.02 → 1.92. Same market bet CONCLUSION: Same 19 stocks. Not one pick changed. All we did was resize them, and the portfolio went from 8 real bets to 15, with half the concentration at the top. In the backcast it didn't cost return, and it kept the same market exposure. Picking the stocks is what everyone talks about AND IS IMPORTANT. How you size them is how you sleep at night. *educational only, not investment advice. This is not Altimeter's actual performance: it's built from the public filing plus a hypothetical re-weighting, replayed at today's weights which has inherent leakage

- "HEDGE FUND SHORTS" group If you haven't arranged these (arrange button) to be in your top 10 groups you check every day... ur NGMI this data is heavily guarded by primes & expensive data providers... we have sourced the best provider and give it to Liquidation Nation for free... why? because its that important you pay attention to it ... I am going to democratize all the dark arts 1. you can see in near real time what HEDGE FUNDS are shorting ... what themes stand out to you? this should be the basis for asking questions about the world, markets, and your portfolio 2. you can see in near real time unwinds happening... GENERALLY when Winners are up and Shorts are down... GROSS is being put on (signal) ... when the opposite is happeneing nets or GROSS are being taken in by funds (signal) ... "generally".. experience will help you tell the difference 3. these names add diversification to portfolios... they tend to act negative correlated to consensus trades.. ESPECIALLY when vol picks up and insensitive sellers have to transact ... first tactical play I add longs if my spidey sense tingles 4. its a great weekend or morning process... screen your portfolio to see if there are any overlap 5. screen your WIP / R&D list for any overlap ... a shorted names, that can get multiple expansion, with numbers revisions, and sentiment changes is the HOLY GRAIL for the long book ... they are like unicorns though... rare and impossible to find (almost) If you run a short book... or short stocks.... unless you have UBER conviction in numbers GOING DOWN ... your shorts shouldn't show up here... if you own any on the long side.. know you have to have a catalyst to change the uphill battle (but lots of convexity) I could post about shorts and what to look at for days... but I will save that rabbit hole for follow up posts or questions ... in the mean time... lots of fun stuff you can do here ... more functionality coming

Anthropic plans to have 5GW of compute online by year end. I’m starting to understand why Dario wants to “slow down AI development” with that much compute capacity about to come online.