iMonk

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With Noa Essengue officially 6’11, he can play some spot center minutes if he puts on some muscle. The uptempo & pace of this lineup is insane.

Bears LT Ozzy Trapilo, who suffered a patellar tendon injury and is expected to miss most of 2026, was spotted doing some strength and conditioning training recently. 👀 Great sign to see during his road to recovery. 🎥: bt__pp via Instagram

Top car brands amongst millionaires: 1. Toyota 2. Honda 3. Ford Top car amongst people making $200k? Ford F-150. You may see a lot of Range Rovers, BMW's & Audis in your town. ...Good chance those people are not wealthy.

When a high-quality stock falls sharply in a very short space of time, and you can find neither a company-specific nor a macroeconomic reason for it, then there are really only two explanations. Either it was simply too expensive before, or something is threatening the premium it had previously earned through its quality. And keep one thing in mind here. People tend to systematically overweight a brand-new danger that suddenly appears on the scene. Kahneman described exactly this heuristic. We do not assess probabilities statistically, but by how easily and how vividly a scenario comes to mind. The availability heuristic, it is called. A dramatic new headline is instantly accessible and emotionally charged, while the sober assessment demands mental effort. The result is that the brain overestimates the risk of the new and the spectacular and underestimates the familiar and the unspectacular. To this Kahneman added loss aversion. Losses hurt psychologically about twice as much as gains feel good. So a new threat activates two biases at once. It is easily available, and it speaks directly to the fear of loss. That is the perfect breeding ground for an overdone selloff. Derivatives exchanges are a prime example. Here a new product, or rather a new technology, triggered fear and panic. Perps and Hyperliquid. What is meant are perpetual futures, leveraged derivatives with no expiry date, and Hyperliquid, that decentralized crypto platform that trades them entirely without central oversight. The headline of 1.4 billion dollars in volume on SpaceX perps was precisely the kind of new, dramatic, easily available information the brain overweights. What got lost in the noise was that actual open interest stood at around 100 million, that the product merely filled the gap ahead of the SpaceX IPO, and that regular options on it did not even exist yet. It affects a niche segment, it is years away in regulatory terms, and fundamentally it barely matters. That is the sober view. Put differently, the market priced in a new, spectacular danger that, on closer inspection, hardly touches the actual business model. Exactly the bias Kahneman described, only this time with a price tag attached. A stock like $CBOE will, in all probability, trade higher a year from now than it does today. The business is of extraordinarily high quality. Anyone who wants to understand it will understand it. Instead, many retail investors prefer to try their luck in the technically demanding and highly dynamic field of AI hardware, where they probably hold no unfair advantage against better-informed and faster market participants. I myself am heavily invested in $MIAX. A fast-growing derivatives exchange that is, right now, building through its exclusive Bloomberg products exactly what is the crown jewel at CBOE. An exclusive, regulated index options franchise with SPX and VIX. At a share price of 37 dollars, MIAX trades at roughly 11 to 12 times estimated FY2026 EV/EBIT, well below CBOE at around 16 to 17 times. There are also voices that see prediction markets as a headwind for the derivatives exchanges. Two remarks on that. First, one has to be clear that derivatives are not a pure fun product for gamblers. The market needs them for hedging, including ETF providers and many other institutional players. Second, MIAX, after selling its majority stake, still holds 10 % of Robinhood’s prediction market. The company has therefore secured the upside while handing off the operating risk and the capital needs. A lean, royalty-like position that costs MIAX nothing further to hold. Days like today are exactly the kind of days these businesses are built for.