Cesc Flapjacks

@TheUltimator5 @rnewton7777 Newton has been suspect since his 2nd coming.

@rnewton7777 I knew it!

Reading through random reddit comments and it's apparent that SO MANY of them are just AI bot comments. Some are tough to detect, but AI apparently isn't advanced enough yet to not overuse "it's not just ____, it's _____"

How the corporate media machine controls the narrative

@AlpacaAurelius It’s the cancer belt. 90% of crude is refined in Southern Louisiana and Texas.

americans in the southeast of the US have a 20 year shorter life expectancy than those elsewhere insane difference why?

@itsalwaysrains This is honestly incredible. Thank you for taking the time and effort solider 🫡

(An AI created report/a detailed analysis of all funds investments into $GME, from all NPORT filings) hate AI or love AI, here it is: The institutional GME ecosystem, decoded Of the 33 NPORT-P-filing funds analyzed, only a handful represent genuine discretionary GameStop bets — the rest are mechanical artifacts of index construction, factor rebalancing, leveraged-ETF swap mechanics, or convertible-arbitrage hedges. This finding reshapes how the 2019–2026 GME volatility story should be told: the "institutional ownership" signal in NPORT-P is overwhelmingly passive noise, while the most interesting active positioning (hedge-fund longs, squeeze-era shorts, Archegos-style TRS) lives outside NPORT-P entirely and must be reconstructed from 13F, 13D/G, and enforcement filings. The richest period for genuine institutional action is 2024–2026, when purpose-built single-name derivative ETFs (GMEY, GMEU, IGME) and Calamos/Lazard convertible-arb desks emerged to monetize GameStop's options vol and convertible debt issuances. Short-side NPORT-P filers in 2021–2025 are quant market-neutral or long/short value funds — not the Melvin/Citron/Maplelane cohort that blew up. The top-tier holders are all passive index machinery The eight largest NPORT-P records trace to six of the world's biggest passive-index complexes plus two insurance-wrapper multi-manager trusts. CIK 1100663 is iShares Trust (BlackRock), whose $801M peak GME value reflects aggregate exposure across IWM, IJR, IWC, IWN, and similar Russell/S&P small-cap ETFs. CIK 1064642 is SPDR Series Trust (State Street), home to the notorious XRT retail ETF that carried >500% short interest during the January 2021 squeeze. CIK 35315 (Fidelity Salem Street Trust) and CIK 819118 (Fidelity Concord Street Trust) host Fidelity's index and ZERO-series funds (FSKAX, FSSNX, FZROX). CIK 1454889 is Schwab Strategic Trust (SCHA, SCHB, SCHK). CIK 1039803 is ProFunds, the mutual-fund sister of ProShares, holding GME via leveraged/inverse small-cap and consumer-sector products using swaps. None of these trusts makes discretionary GME decisions — position sizes scale mechanically with price and index inclusion, which is why their peaks align perfectly with the January 2021, August 2021, and May 2024 price spikes. The two exceptions in this tier are CIK 1027263 (EQ Advisors Trust, Equitable Holdings) and CIK 933691 (JNL Series Trust, Jackson Financial) — both are variable-annuity/VUL multi-manager platforms housing 80–130+ sub-advised portfolios. JNL is the only fund in the entire group-one cohort with a genuine long/short mandate; its mixed long-plus-short GME pattern almost certainly traces to JNL Multi-Manager Alternative Fund (~$800M), whose event-driven sub-advisors (historically including AQR and K2/Franklin) could have been short GME during the squeeze even as small-cap sleeves within the same trust were long via index replication. "Concentrated" positions are factor-rebalance artifacts, not thesis bets The most provocative NPORT-P data points — 15.2% of NAV at CIK 1424958 in Q1 2021 and 14.7% at CIK 1209466 — look like Burry/Cohen-scale thesis bets but are nothing of the kind. CIK 1424958 is Direxion Shares ETF Trust, and the series responsible is Direxion Daily Retail Bull 3X (RETL): GME briefly became ~12% of the modified-equal-weight S&P Retail Select Industry Index during the squeeze, and 3× leverage via swaps produced the 15.2% look-through NAV figure. CIK 1209466 is Invesco Exchange-Traded Fund Trust, where Invesco S&P SmallCap Value with Momentum ETF (XSVM) caught GME in its value-plus-momentum screen post-squeeze. Both are rules-based mechanical vehicles whose index methodologies loaded GME on the way up before scheduled rebalances could cap the weight — the inverse of a conviction trade. The remaining mid-tier longs follow the same pattern. CIK 36405 is Vanguard Index Funds (Extended Market, Small-Cap series — ~$395M peak = price × fixed index share count). CIK 891190 is Vanguard Admiral Funds, holding GME through the S&P MidCap 400 series after GME's 2021 index reclassification. CIK 1137360 is VanEck ETF Trust (GME concentrated in Retail ETF RTH and gaming ETF ESPO). CIK 1552740 is First Trust ETF VI (Nasdaq Retail ETF FTXD, smart-beta). CIK 1657201 is Invesco Self-Indexed Fund Trust (small-cap multi-factor series). CIK 1378872 is Invesco ETF Trust II, where Invesco DWA SmallCap Momentum ETF (DWAS) systematically reloaded GME after each momentum surge. CIK 1816125 is Dimensional ETF Trust (likely DFAS US Small Cap, a systematic quasi-passive vehicle) — the 2021Q1 start date reflects Dimensional's mutual-fund-to-ETF conversion timing, not a meme-thematic launch. CIK 1742912 is Tidal ETF Trust, whose SoFi Social 50 ETF (SFYF) is the closest thing to a retail-sentiment-driven holder, entering GME at the squeeze and swelling to ~6% NAV alongside AMC at ~23%. CIK 1444822 is confirmed as AQR Funds, and the long+short+swap signature points to AQR Long-Short Equity Fund (QLEIX/QLENX) (~$7–8B), whose systematic factor model flipped GME between long and short buckets based on value/momentum/quality scores. AQR's meme-stock factor pain in early 2021 (QLEIX lost 13.9% in 2020) is well-documented; the subsequent factor rebound drove QLEIX returns of +31%/+19%/+24%/+30%/+34% from 2021–2025. The short-side cohort is valuation-driven, not Melvin-style None of the seven short-only NPORT-P filers has any connection to the infamous squeeze-era short-sellers (Melvin, Citron, Maplelane, Candlestick, Light Street, White Square). All are `40-Act mutual funds with disciplined long/short or market-neutral mandates. Only one — Diamond Hill — has publicly acknowledged its GME short. (see attached table for this section) The notable connection: VELA Investment Management was founded by Ric Dillon, the former CEO/CIO of Diamond Hill, and several VELA PMs are ex-Diamond Hill analysts — which is why both funds converge on the same valuation-driven GME short thesis. Most short positions were initiated after the 2021 squeeze on mean-reversion/overvaluation grounds and sized modestly (<$30M notional), not as conviction short bets. Derivative specialists are where the real GME action is The derivative-exposure funds produced the most interesting single-identified positions, because most are purpose-built vehicles with GME as an explicit thesis. CIK 1924868 is Tidal Trust II, the YieldMax platform — the relevant series are YieldMax GME Option Income Strategy ETF (GMEY, launched September 2025, the only dedicated GME covered-call ETF at that sponsor) and the multi-name YieldMax Ultra Option Income ETF (ULTY), which rotates GME options based on implied vol. CIK 1928561 is Bitwise Funds Trust, which in June 2025 launched IGME (Bitwise GME Option Income Strategy ETF) — the first-ever GameStop-dedicated covered-call ETF from that sponsor; earlier records in that trust likely trace to BITQ (crypto innovators) or OWNB (Bitcoin-treasury corporations), since GameStop qualifies under both frames after its 2024–2025 Bitcoin treasury pivot. CIK 1771146 is ETF Opportunities Trust, and the specific series is T-REX 2X Long GME Daily Target ETF (GMEU) — a Tuttle Capital / REX Shares leveraged single-stock ETF using swaps with Clear Street and Marex as counterparties (explaining the -16% NAV swap line during drawdowns). The convertible-arbitrage cluster is equally instructive. CIK 826732 is Calamos Investment Trust, and the -$56M to +$97M swing across debt, equity, and derivatives strongly indicates Calamos Market Neutral Income Fund (CMNIX, ~$14B) — a classic convertible-arb vehicle that naturally became a large buyer of GameStop's $1.3B 0% 2030 and $1.75B 0% 2032 convertible senior notes issued in 2025, delta-hedged via short common and options. CIK 874964 is The Lazard Funds, and the convertible-plus-CFD pattern matches Lazard US Convertibles Portfolio (CONOX), launched January 2023, running the same convertible-arb playbook on GameStop's 2025 paper. CIK 915802 is Financial Investors Trust, where the 12–13% NAV swap basket pre-squeeze traces definitively to the Highland Resolute Fund (a small ~$25M liquid-alt fund) whose Cayman subsidiary held GME as one name in a broader short-swap hedge basket in Q4 2020 — the single most prescient NPORT-P short-side position in the entire dataset, inadvertently sized right before the squeeze. CIK 1691167 is FS Series Trust, whose sole operating series FS Multi-Strategy Alternatives Fund used sub-adviser Basso Capital Management (convertible/merger arb) for the short TRS on GME during 2020Q4–2021Q3. What NPORT-P misses — the hedge-fund, activist, and TRS blind spot NPORT-P covers `40-Act registered funds only, so the most consequential GME actors during 2019–2025 are entirely absent and must be reconstructed elsewhere. 13F-HR filings capture hedge-fund long books (Senvest Management made ~$700M on GME in January 2021, its largest-ever trade; Melvin Capital's 13F showed only remaining longs after the short loss; Maplelane, Candlestick, D1, Light Street, Point72 all file 13F). But 13F omits shorts and total-return-swap exposure — precisely the positions that blew up in January 2021 — which is why the Archegos/TRS disclosure loopholes became the dominant post-GME regulatory storyline. Schedule 13D/13G filings anchor the activist and >5% timeline: Hestia Capital + Permit Capital's March 2019 activist letter and March 2020 proxy fight; Ryan Cohen/RC Ventures' August 28, 2020 13D at ~9%, escalating to 12.9% by December 17, 2020 (total cost $75.9M), triggering his January 11, 2021 board appointment; MUST Asset Management's March 2020 13G at 5.0% (exited entirely before the squeeze — a ~$1B missed gain); Fidelity's stunning February 9, 2021 13G/A showing exit from 13.3% (9.3M shares) to 0.000% (87 shares); BlackRock's climb from 7.96% (2020) to 7.4%/22.5M shares (2024); Vanguard fluctuating 7.4–14.4%; Senvest's brief 13G; and Cohen's January 30, 2025 13D/A transferring all 36.85M shares (8.2%) from RC Ventures to his personal name. SEC enforcement and investigative record fills the remaining gaps. The October 18, 2021 SEC Staff Report on Equity and Options Market Structure Conditions in Early 2021 controversially concluded that positive retail sentiment — not short-covering or gamma squeezes — drove the GME rally, a finding rebutted in February 2022 by an ad hoc academic committee (Mitts, Battalio, Brogaard, Glosten, Kochuba et al., SSRN 4030179). The House Financial Services Committee held three "Game Stopped?" hearings (February 18, March 17, May 6 2021) featuring Vlad Tenev, Ken Griffin, Gabe Plotkin, Steve Huffman, and Keith Gill. Enforcement actions include Robinhood's $65M SEC settlement (Dec 2020, pre-squeeze PFOF), FINRA's record $70M Robinhood fine (June 30, 2021), a second SEC Robinhood settlement of $45M in January 2025 (recordkeeping, Reg SHO, Blue Sheets failures spanning the GME episode), a $29.75M FINRA Robinhood settlement in March 2025 (the closest FINRA came to directly sanctioning meme-era conduct), and the April 2022 Archegos charges that led to Bill Hwang's 18-year prison sentence in November 2024. Archegos itself had no publicly confirmed GME TRS position, but the collapse spawned the regulatory rulemaking (Rule 10B-1 swap-position disclosure, Rule 13f-2/Form SHO short-position reporting effective 2025, Rule 10c-1a securities-lending transparency, and T+1 settlement effective May 28, 2024) that finally closes NPORT-P's TRS and short-exposure blind spots for the next GameStop-style episode. Position changes at the seven key volatility inflection points Pre-squeeze buildup (2019Q3–2020Q4): Passive index funds held GME at its natural small-cap weight; Fidelity's FMR LLC carried an extraordinary 13–17% of GME's float through 2019–2020; Dimensional filed a January 2020 >5% 13G; MUST entered at 5.0% in March 2020. Financial Investors Trust's Highland Resolute Fund established its short-swap basket including GME in Q4 2020 — days before the squeeze. January 2021 squeeze: Passive index funds saw GME values spike ~2,400% overnight with unchanged share counts; RETL hit ~12% raw / 15.2% leveraged NAV; XSVM's factor screen caught GME post-rally; Fidelity dumped nearly all 9.3M shares; AQR QLEIX took severe factor pain on its short book. August 2021 second spike and July 2022 4-for-1 split: Index funds' share counts quadrupled on 2022-07-22; active long/short funds (Diamond Hill, NB, AB Select) initiated or expanded GME shorts on valuation grounds. 2023 TRS migration: Hedge-fund shorts rotated from borrow to TRS to reduce Reg SHO exposure — visible only in NPORT-P swap line items from long/short mutual funds (JNL, AQR, Diamond Hill), not in 13F. May 2024 Roaring Kitty return: Diamond Hill's Q2 2024 letter explicitly flagged GME short as a bottom performance contributor after Keith Gill's return and GameStop's at-the-market equity issuance; DWAS re-added GME on momentum; SFYF spiked back up. 2025 full-year surge: The derivative-ETF ecosystem exploded — IGME (June 2025), GMEY (September 2025), GMEU (throughout) — all purpose-built on GME's options vol; Calamos and Lazard loaded up on GameStop's $3B+ convertible issuances; Cohen consolidated all 36.85M shares personally in January 2025. What this reveals about the GME institutional narrative The dominant public narrative frames GameStop as an epic institution-versus-retail war, but the NPORT-P data shows a far more prosaic reality: the overwhelming majority of registered-fund GME exposure is index-mandated, factor-driven, or hedge-mechanical — not conviction-driven in either direction. Passive capital dwarfs active capital in modern US equity markets, and GameStop inherited that structural reality. The handful of genuinely interesting active positions — Senvest's long, Melvin/Citron/Maplelane's shorts, RC Ventures' activist stake, Archegos-style swap books, and the 2025 derivative-ETF ecosystem — all live partially or entirely outside NPORT-P, which explains why any complete analysis requires triangulating 13F (hedge-fund longs), 13D/G (activists and >5% holders), Forms 3/4/5 (insiders), FINRA short-interest reports, and enforcement records alongside the NPORT-P dataset. The post-2022 regulatory package (Rule 13f-2 Form SHO, Rule 10B-1 swap disclosure, Rule 10c-1a lending transparency, T+1 settlement) is explicitly designed to close these disclosure gaps, which means that future GameStop-scale events will for the first time be visible to researchers in something approaching real time. For the 2019–2025 period, though, NPORT-P alone would undercount the institutional GME picture by an order of magnitude — and would badly mislead anyone who mistook index-rebalance concentration for conviction.

@greg16676935420 Fuck you greg

Happy Friday!!

good morning to everyone except for the people it’s not morning for

@rnewton7777 Great Dune quote, truly one of the most important things the book teaches. Very helpful to remind yourself daily and especially in stressful moments.

Remember this when they go to build one in your hometown.

@ChelseaFC If only we had played Sanchez in the first leg...

Our XI tonight! 👊 #CFC | #UCL

@MattWalshBlog How dumb do you have to be to have ever been “entirely in the camp” of kicking out uneducated and unprepared kids?

I used to be entirely in the camp that said you should kick your kids out at 18 and force them to live independently and make their own way in the world. I don’t feel that way at all anymore. I want all my kids to live with us until they get married. Even after they’re married, if they want to live on our property, or close by, my wife and I would love that. The important thing is to teach your kids responsibility, which we’re doing. They need to contribute and help around the house, which all of our kids do from a very young age. Provided you aren’t raising ungrateful useless moochers, why kick them out? Why drive them away from your family home? I don’t see the point in it anymore. I actually like my kids and like being around them. Maybe they’ll all end up scattered to the wind. But I’d prefer to keep the family together. Why wouldn’t I?

let me get this straight a team will not be playing in the FIFA World Cup because they are currently being bombed by the FIFA Peace Prize winner

@BayerRuss23 @NAIABaseballPro A kid on my team had a copperhead, loved that bat

@NAIABaseballPro Check this out… just came across this week- Baseball Express 1995

Kids today will never know.. East Bay 2003 😮‍💨

@jacobdgilmore @NAIABaseballPro This is the one

@NAIABaseballPro Take me back.

@nervewing @grok is this an AI video?

It’s nukes. He’s gonna use nukes. It’ll do very little to actually affect Irans dispersed tactical functionality. But It’ll shatter every international alliance and break tabooos. It’ll be a humanitarian catastrophe. Russia and China will be forced to take a stand

@peruvian_bull Do normies not realize it’s for more than just for their car?

The reason why oil matters is so much is because energy prices feed into literally the cost of everything Fertilizer, plastics, agricultural commodities, labor, transportation, asphalt, manufactured goods… The list goes on and on

@biggestcatt @anymanfitness We smoke cannabis now.

@anymanfitness I find it hard to believe that 60% of adults effectively don’t drink. Or are lying.

Insane statistic: The top 10% of drinkers drink 75% of the alcohol in America - and average 73.8 drinks per week. That’s a 10+ drink per day average. Alcoholics single handedly keep the booze industry alive in this country.

@isfjmocha Always has been. Elon is one of them, not one of us.

@BrewsterCa95426 @Hunter197485 @ItsKingSlime @grok There it is, honestly good for her.

Never forget when Fox reporter Kristine Leahy started CRYING on live TV while Lavar Ball was COOKING her for playing the victim card after DISRESPECTING him & his brand 👏💯

@ItsKingSlime Whatever happened to Kristine? She was on when I listen to Collin

@ChelseaFC The Tosin effect

Goal for Burnley. Flemming. 🔵 1-1 🟣 [90] #CFC | #CHEBUR

@HipHopxHotspot RIP Yams

A$AP Rocky | Purple Swag