The vol fade into year-end looks clear enough, and timing is the whole trade. If the VIX gets into the low 20s(or higher) in late October, that's the window. Get the short on before the midterms, because the collapse comes once the event passes. Wait for the event and you've probably missed it.

One very interesting thing about code reviews starting to fade in many places: I still remember how, as a manager, code reviews would be one of the places where conflict between individuals or teams would be very EASY to spot for me, as a manager (then figure out how to deal with it). What happens when there's not much of this code review happening? Does it mean there's no longer any conflict (or interaction?) between devs on the same team, or between teams? As a broader question: are AI agents drastically changing team dynamics? Or just hiding them? They sure feel they are reducing human-to-human interaction via the code, I'll be honest

Two follow-up thoughts Too many are OVER-analyzing Warsh's words and not appreciating that he is now 1 or 12 voters. Therefore, the mental model of how the Fed decides policy need updating. Powell wanted to stay quiet and fade into the background. He may not be afforded this luxury as he might be the swing vote on policy next month.

PBs are reportedly limiting leverage / exposure on Samsung and SK Hynix because volatility is high and local/GDR/HK ETF liquidity is not deep enough for the amount of demand coming from HFs, EM funds and global tech investors. The news hit last Friday and likely contributed to the slight fade in Samsung / SK Hynix during the Friday KOSPI session. But to me, that’s not bearish — it’s plumbing pressure, not thesis deterioration. A real US-listed SK Hynix ADR could be very positive because it creates a cleaner access channel: easier custody, cleaner margin treatment, broader US investor participation, and potentially better liquidity/options infrastructure over time. And here’s the key: once that pipe opens, more leverage is likely coming, and more concentrated positions are likely coming into late summer. The AI memory trade is crowded, yes. But when everyone still wants more exposure and PBs are saying “we’re full,” that usually means there is latent demand waiting for a better vehicle. SK Hynix ADR = more pipes, more leverage, more concentrated demand for the memory trade overall