Alexander Campbell

You’re bullish AI. You bought TSMC back in ‘24, SK Hynix at the end of ‘25, on our nod. You’re up nicely. Felt good. Then you sold too early. Like us. Feels kinda icky. Now what? Maybe you want a way to stay long la révolution but you’re a little worried about piling chips on the equity table right now. Maybe you are worried about stocks if oil cracks $150, and you already have the latter trade on but can’t add more. Like us.

Another week, another stalemate between the rock and the hard place that is Hormuz. In spite of what looked like some slight movement over the weekend by the Iranians towards a negotiated settlement, the gap between the two parties remains. Iran now appears willing to trade control over Hormuz for peace and a lifting of sanctions.

I know I know, you don’t need me telling you why you should be bullish on days when the market is up 7%. In my defense, we communicated this to paid subs in our portfolio review Monday. We are now long 10% crude through a combination of upside broken butterflys (we buy calls near the money, sell a couple out of the money, and then buy the deep tail back in case things get pretty wacky). We did this for two reasons.