The Chairman's Ledger

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The Chairman's Ledger

The Chairman's Ledger

@ChairmansLedger

Ex-IB. Ex-startup founder, $100M+ exit. Former Special Operator. Defense tech, AI infra, Space, BTC, public market asymmetry.

انضم Mayıs 2026
88 يتبع18.8K المتابعون
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The Chairman's Ledger
The Chairman's Ledger@ChairmansLedger·
New account, so here’s the short version. I started at JPM. Built a company. Sold it for $100M+. Served in places where risk was not theoretical. Now I spend my time looking for public companies sitting at the intersection of capital, technology, and strategic necessity. Defense tech. AI infrastructure. Space. Bitcoin. Critical infrastructure. I am not here to post 50 tickers and celebrate the ones that work. I am here to find the few names where the market is using the wrong frame. Old category. New asset. Messy transition. Right team. Massive demand pull. That is where the asymmetry usually lives.
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The Chairman's Ledger
The Chairman's Ledger@ChairmansLedger·
$ONDS was $13.70 a week ago. Now it is sub $10. So what changed? The business? No. The thesis? No. The long term opportunity? No. What changed is mechanics. Selling pressure. Risk-off tape. Small cap liquidity. Stops. Margin. People protecting gains. People panicking. People reacting to other people reacting. That is not truth. That is price. Sometimes price is information. Sometimes price is just emotion clearing through a thin order book. The mistake is treating every red candle like the market suddenly discovered something you missed. Maybe it did. Often it did not. If the thesis is broken, sell. If the thesis is intact, understand the difference between business deterioration and market mechanics. That difference is where a lot of money gets made.
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hunter
hunter@hunter_hunts2·
@ChairmansLedger The mechanics did change. The dilution went up heavily
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The Chairman's Ledger
The Chairman's Ledger@ChairmansLedger·
Hey pal, I don’t really use hard allocation rules like “max 5%.” I use discipline, rationality and conviction. If I think the setup warrants it, I’m comfortable letting a position become 30–50% of the portfolio. But that is very hard to copy because you can copy the ticker, not my temperament, time horizon, pain tolerance, liquidity needs, or ability to sit through volatility without doing something stupid. Position sizing is not just math. Its knowing what you can actually hold.
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Spyke X
Spyke X@Spykex02·
@ChairmansLedger Chairman if you don’t mind me asking how do you decide on your allocations when you start a position. For example with ONDS do you have a goal of reaching 20,000 shares, or do you have rules (no more then 5% of port) or am I completely off when the methodology.
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The Chairman's Ledger
The Chairman's Ledger@ChairmansLedger·
@JonkooTrades @Showteczek That’s fine, but then we’re talking about trading style, not investing. If your edge is rotating into whatever is outperforming this month, fair enough. My edge is owning businesses where I think the next few years look very different from the last few weeks.
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The Trend Sage
The Trend Sage@JonkooTrades·
@ChairmansLedger @Showteczek Just depends on your style of investing. So have to disagree. If you are looking for growth on a portfolio, ONDS is probably not the name to look in to at the moment. ONDS is a longer time horizon play, some people don’t have that time.
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The Chairman's Ledger
The Chairman's Ledger@ChairmansLedger·
You give away your investing experience by this comment. Investing is not a contest to see which name outperforms over a few weeks. $ONDS is one position in a portfolio, and my time horizon is measured in years, not weeks. If the business keeps executing, the market will eventually figure it out. If it doesn’t, I’ll be wrong. But judging a 5 year thesis by whether it kept up with the hottest tape this month is not investing.
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The Trend Sage
The Trend Sage@JonkooTrades·
@Showteczek @ChairmansLedger Not saying it’s a trash company. I held $ONDS myself. Just wondering if it’s worth holding this, when 99% of the market is outperforming it. And realistically you missed the run.
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The Chairman's Ledger
The Chairman's Ledger@ChairmansLedger·
@AtlasShrug1 That is a huge compliment coming from you. The market is very good at making people look brilliant and stupid for reasons that have nothing to do with skill. Remembering that is half the game.
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John Galt
John Galt@AtlasShrug1·
@ChairmansLedger That is just humility and objective truth, and the words of someone who has been doing this long enough to understand how important both od these things are to being a great investor!
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The Chairman's Ledger
The Chairman's Ledger@ChairmansLedger·
@AtlasShrug1 How about this?
The Chairman's Ledger@ChairmansLedger

A lot of us are fooled by randomness. Even me. Often. Being fooled by randomness is not just losing money. It’s winning and learning the wrong lesson. A stock runs, a trade works, a risky decision pays off, and suddenly everyone calls it skill. The thesis was perfect. The sizing was genius. The courage was obvious. Maybe. Or maybe liquidity bailed you out. Maybe timing bailed you out. Maybe the market rewarded bad behavior before punishing it later. Maybe you crossed the road blindfolded and made it to the other side. That is the dangerous part. The win is not the problem. The problem is building an identity around a result you did not actually earn. Winning can make you smarter, but only if you are honest about why you won. Otherwise it just makes you cocky. Markets eventually test the difference.

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John Galt
John Galt@AtlasShrug1·
AMPG was a pos with a history of crypto fraud and ongoing weaknesses in financial control. It went up 200% anyway, but none id that changed. It’s always funny to me that everyone is always saying XYZ stock is down, but nothing changed. Never do you hear, XYZ stock is up and nothing changed, which is actually far more common.
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Alex
Alex@RealMoneyMoon·
Initiated a position in $DGXX today. Hit my limit price of $6 when it dipped just now. Let's see whether it'll go to the moon!
The Chairman's Ledger@ChairmansLedger

The AI infrastructure buildout is barely in its first innings. Everyone on here is trying to figure out where in the stack they want to be. Power. Compute. HPC DCs. Photonics. Memory. Networking. Cooling. Models/Apps. Some of those layers I understand well. Some I understand just enough to be dangerous. That is why I keep coming back to the most physical parts of the stack. Land. Power. Buildings. Capacity. Hyperscalers and AI labs who need more compute than the world can currently provide. That is $IREN to me. The market spent years treating it like its old business, and probably still does to some extent until AI revenue really shows up. I think the real story is power-backed infrastructure as compute becomes one of the scarcest resources on earth. $DGXX is earlier, smaller and more execution heavy, but that is part of the appeal to me. It feels closer to an early mini $NBIS style setup if they execute. Same bet: compute demand is a 2 to 3 decade buildout. The sheer deficit in compute gives me sleep at night comfort. That is why I have sized these names accordingly. And dare I say it, I think this sector can 100x over the next few decades. I think we are still early in figuring out who owns the real choke points. People like @jiahanjimliu, @Agrippa_Inv and @FransBakker9812 are deeper in parts of this stack, but this is how I’m framing it.

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The Chairman's Ledger
The Chairman's Ledger@ChairmansLedger·
Actually, a lot changed. $ONDS at $9 a few weeks ago is not the same setup as $ONDS today. Since then FIFA World Cup counter drone wins. More than $30M of new orders in May. Q2 to date orders over $110M. Record Q1 revenue. Mistral merger completed, bringing direct prime contractor exposure and programs in excess of $1B. Acquisitions closing. Platform expanding. Defense/security/autonomy narrative getting clearer. So yes, price went from $9 to $13.70 and back under $10. That is exactly the point. Price moved all over the place but the business moved forward.
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The Trend Sage
The Trend Sage@JonkooTrades·
@ChairmansLedger Same questions the other way around no? $ONDS was at $9 a couple weeks ago, the. It was at $13.70 What changed? Nothing?
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Finn Stockinger
Finn Stockinger@FinnStockinger·
@ChairmansLedger Thanks, man. I really appreciate your kind words. At the end of the day, I’m just a normal guy who works hard, tries to think independently, listens to smart people, and connects the dots as best as he can. Nothing more than that.
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Finn Stockinger
Finn Stockinger@FinnStockinger·
Here is how I find these companies. It’s no secret. I will share it with you. I read corporate reports. I analyze data. I read your comments. I watch what other creators post. I focus on clear fundamentals. I look for companies that: Have no debt. Generate real revenue right now. Have the power to scale. I don’t care about quick gains today or tomorrow. I buy for the long term. We are in a bull market. Everything goes up right now. But this won't last forever. I don't want to wake up holding trash when the market turns. The massive two-day jump on $AMPG was a mix of a few things. Was it partly luck? Yes. Absolutely. But to get lucky, you must be in the right room first. To get into that room, you have to read reports. There is no shortcut. If you don’t want to be a sheep driven from pen to pen, do the homework. I’m not saying ignore everyone else. But do the bare minimum: 1. Open the earnings presentation. 2. Read the earnings call transcript. 3. Think for yourself. Weigh the risks and rewards. 4. Make your own choice. Experience and intuition do the rest. You can't buy that. You only get it by staying in the game and being consistent. Don't be stubborn. Don't try to reinvent the wheel. Sometimes you don't need to be first. You just need to be in the right place at the right time. Did I get lucky with my timing on $AMPG? Yes. Did I get lucky with a dozen other massive returns this year? You can get lucky once. The rest is just consistency. I still make mistakes. But I work hard to make fewer of them. I try to stack the odds in my favor and cut risk. I missed plenty of market rallies. Looking back, they seemed obvious. But those were my conscious choices to sit out. Because of that, I avoided major disasters. Sure, I bought stocks that went nowhere. But I admitted I was wrong, cut them quickly, and moved on. My only goal is to grow my money patiently. That is how I invest. What about you? What is your take on this market? What is your number one tip for beginners? What was your biggest mistake, and what did it teach you? Let me know in the comments. 👇
Finn Stockinger@FinnStockinger

Did it again! 🎯 $AMPG is up over 55% since my entry! I bought the shares just a few days ago on June 4th at $4.60. Today in after-hours, it’s already trading at $7.20. Look, I wasn't the first person to ever discover this stock. But on that day, I sat down, did a deep dive, and posted my thesis. Suddenly, the snowball effect kicked in more and more people started validating the thesis, uncovering the potential, and here we are today. 🚀 My conservative Price Target (PT) for the end of the year is $10. Looking at the momentum, we are getting closer by the day. If you've noticed I've been posting less lately, here is why: quality over quantity. I have no interest in covering 1,000 random stocks. Instead, I prefer to spend hours digging through the noise to find just a few absolute bangers. This is yet another stock this year where the timing was just spot on. Honestly, it feels great and gives me a massive confidence boost. I put a lot of hard work into this, and there is no better reward in this game than the market validating your research. Hopefully, this hot streak is just getting started. Anyone else riding $AMPG with me?👇

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The Big Degen
The Big Degen@TheBigDegen·
Wise words from The Chairman 🧐 $IREN 🔥🔥🔥
The Chairman's Ledger@ChairmansLedger

Not long ago I sold my entire $NBIS position to double down on $IREN. Was that a good idea? Looking at price action alone, no. Do I regret it? Yes. Was it a mistake? No. $NBIS is actually one of my favorite companies in the world right now and I think they have a very bright future. There are execution obstacles, but I would not be surprised to see it 3-5x from here over the next couple of years. I just had to choose. And at this point in time, $IREN gives me the most conviction. To me, it has the most asymmetry, the most defensible moat, and most importantly, owns one of the scarcest full-stack assets in the market today. Power. Land. Time to compute. Speed. Execution. Global footprint and $NVDA validation in the purest sense. That is the stack I want maximum exposure to. Sometimes good investing is not choosing between good and bad. It is choosing between great and greater. I may be wrong on the timing. I may even be wrong on the choice. But I am very clear on the reason.

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The Chairman's Ledger
The Chairman's Ledger@ChairmansLedger·
@RKLBMan Is that the FedEx of space? If so, I’m less worried. Hairdresser’s mom can have that one.
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The Chairman's Ledger
The Chairman's Ledger@ChairmansLedger·
@Aktiehedonist It’s folks like you that make this place great. Clear signal, no nonsense, high morales, pure alpha.
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JP Insights
JP Insights@Aktiehedonist·
I genuinely enjoy being here on FinX. There is so much alpha available once you filter out the noise, stop chasing every new narrative and focus on what the evidence actually says. What I try to contribute here is simple: my research, my reasoning and my honest view of the companies I study. I will think out loud, try to stay rational and change my mind when the facts change. Hopefully, that adds some value to your own process.
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MintedTools
MintedTools@MintedTools·
@ChairmansLedger the market loves giving people just enough rope to call themselves geniuses for a while.
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The Chairman's Ledger
The Chairman's Ledger@ChairmansLedger·
A lot of us are fooled by randomness. Even me. Often. Being fooled by randomness is not just losing money. It’s winning and learning the wrong lesson. A stock runs, a trade works, a risky decision pays off, and suddenly everyone calls it skill. The thesis was perfect. The sizing was genius. The courage was obvious. Maybe. Or maybe liquidity bailed you out. Maybe timing bailed you out. Maybe the market rewarded bad behavior before punishing it later. Maybe you crossed the road blindfolded and made it to the other side. That is the dangerous part. The win is not the problem. The problem is building an identity around a result you did not actually earn. Winning can make you smarter, but only if you are honest about why you won. Otherwise it just makes you cocky. Markets eventually test the difference.
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The Chairman's Ledger
The Chairman's Ledger@ChairmansLedger·
Not long ago I sold my entire $NBIS position to double down on $IREN. Was that a good idea? Looking at price action alone, no. Do I regret it? Yes. Was it a mistake? No. $NBIS is actually one of my favorite companies in the world right now and I think they have a very bright future. There are execution obstacles, but I would not be surprised to see it 3-5x from here over the next couple of years. I just had to choose. And at this point in time, $IREN gives me the most conviction. To me, it has the most asymmetry, the most defensible moat, and most importantly, owns one of the scarcest full-stack assets in the market today. Power. Land. Time to compute. Speed. Execution. Global footprint and $NVDA validation in the purest sense. That is the stack I want maximum exposure to. Sometimes good investing is not choosing between good and bad. It is choosing between great and greater. I may be wrong on the timing. I may even be wrong on the choice. But I am very clear on the reason.
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