Tom Harris

Cathie Wood might be the most expensive lesson retail investors have ever paid for. Her flagship ARK Innovation ETF is down 23% in the last 5 years. The S&P 500 is up 77% over the same period. She has underperformed the index by 100 percentage points. And she has done it while collecting BILLIONS in management fees. A quick reminder of the highlight reel: – She predicted Tesla would hit $3,000 per share by 2025. It is currently $432. – She predicted Tesla revenue would hit $234 to $367 billion in 2025. The actual number came in under $100 billion. – She made Teladoc her single largest position around $80 per share. It trades at $7 today. – She loaded up on Zoom near $300. It trades at $110. – She dumped almost her entire Nvidia position in January 2023 around $20 per share. Nvidia is now at $220, which means she sold the single greatest stock of this generation right before it 10x’d. Morningstar officially labeled the ARK family of funds a “value destroyer,” noting that her funds lost roughly $14 billion in shareholder value from 2014 to 2024. But here’s the part nobody talks about: ARK Investment Management has been one of the most profitable asset managers of the last decade. Wood has personally made tens of millions in fees while her investors have collectively lost real money. This is the part of Wall Street most retail investors do not understand. You’re not paying for performance, you’re paying for marketing. The people who win are the ones running the fund, not the ones holding it. This Friday, May 15, every fund managing over $100 million is legally required to disclose their Q1 2026 trades to the SEC. We will be breaking down EVERY major filing right here the moment they drop. Follow us with notifications before it’s too late. If you don’t follow us, you might regret it.

$268A Rigaku Special guest post from our pal, and subject matter expert, Jianshu Dong. Free to all summary of his 137 page piece calling for a multi-bagger as well as link to full report. open.substack.com/pub/lakecornel…

$NOK Check this out! I just finished up my article on NOK There's NO paywall, enjoy! cruxcapitalgroup.substack.com/p/nokia-pump-a…

Memory is the new bottleneck. Nick Gagnet, Coatue Sector Head, on the AI infrastructure shift and why memory demand could 5x in 5 years.

lip bu is mogging tf outta jensen here $intc to $4T

$NOK is becoming an X favorite But many people still don’t know all the potential that they have I’ve created a lot of content around Nokia the past few months So I am going to compile it all, condense it to the most critical pieces, and post a full article on X this weekend! If you are interested in the company or at least want to understand why it’s been ripping, follow along! Share this and get the word out!

$HIMX thesis

1999 but there’s fundamental earnings support for stocks moving the most violently (memory) and funding is coming from companies with $1Tn in aggregate EBITDA, no starting net debt and credit ratings above the U.S. Govt. To me the biggest risk is somehow OAI / xAI / Ant lose access to infinite money glitch before getting to self-funded status. But no idea what would cause that.

Thinking $NOK has more upside even after the run. Narrative, numbers, technicals, and flows are aligning. Some thoughts on the long thesis here: theinflectioneconomy.substack.com/p/nokia-the-ne…

The $NOK option flow is saying full port it the same way $INTC option flow started saying full port it last year in the low $20’s

Druckenmiller: 30% annualized returns. zero losing years from 1981 to 2010. his take on contrarianism: "it's overrated." "Soros used to say the crowd's right 80% of the time. you just can't be caught in the other 20%." "i don't care if a trade is crowded if the thesis is right and the trend is with me." most retail traders try to be contrarian on every trade. the best macro investor alive says stop doing that.

🟥 INTC RED BOX - Day 10🟥 10 days in, volume is RE-ACCELERATING you are seeing PMs who tried to wait it out capitulating ... shorts who tried to time the top cover... new longs start to build... option ninjas sharpening their tools... the perfect storm of PAIN THIS is the whole point of the 🟥 Framework... You're not trading the company... you're trading the position the rest of the street has against it

Some Korea stocks I'm looking at right now The setup: Korean small/mid caps trading at scrap valuations, sitting on huge cash piles, executing real buybacks. Value-Up program is forcing capital returns. Here's the list: 1/ KPX Chemical (025000) — Polyurethane/PO derivatives. 11.97% shareholder yield (7% div + 4.9% buyback). 3.0x EV/EBITDA, P/E 4.7, 0.37x P/TBV. ₩282B cash. Yang family controlled. Highest conviction. 2/ Saramin (143240) — Korea's #1 job portal. 34.4% ROE, negative EV. Active tender offer running through July 13 + 8.34% of shares being cancelled March 26. Textbook Value-Up catalyst happening RIGHT NOW. Stock already +20% on the news. 3/ Spigen Korea (192440) — Apple/Samsung case maker. 0.14x EV/EBITDA, 0.30x P/TBV, P/E 5.3. ₩214B cash. 6.4% shareholder yield. New buyback program announced. Caveat: last quarter was a loss — watch the trajectory. 4/ Kortek (052330) — Industrial displays (gaming, medical, ATC, casino). 1.76x EV/EBITDA, +28.8% revenue growth, 17% op margin, 7.78% SHYld. Diversified end-markets = less cyclical than peers. 5/ Viatron (141000) — Display/semi equipment. Most aggressive buyback on the list at 5.86% yield. Cash = 72% of mcap. +12% revenue growth, 14% op margin. 6/ Osung Advanced Materials (052420) — Samsung SDI display film supplier. 18.2% op margin, P/E 4.27, 1.37x EV/EBITDA. Morningstar FV implies 74% upside. Real customer relationship, active buybacks. 7/ Dongyang E&P (079960) — Power supplies + EV chargers + OBC + DC-DC converters + PV inverters. 1.41x EV/EBITDA, P/E 5.44, 11% ROE. Korean Electrical industry trades at 15x P/E. Structural EV/solar tailwind. 8/ DUAL (016740) — Auto parts for Korean OEMs. ₩796B revenue, 1.4x EV/EBITDA, 2.1x EV/Op Income, net cash, 6.19% SHYld. Real $570M business at scrap multiples. 9/ Sammok S-Form (018310) — Aluminum extrusions. Cash = 96% of mcap. 0.26x EV/EBITDA. Cycle is bottoming (revenue -21% YoY) but the balance sheet pays you to wait. 10/ Solborn (035610) — Diversified industrial. 20.4% op margin (best on list). Cash + financial assets = 175% of mcap. Negative EV. Multiple paths to value realization. Common thread across all 10: deep value, real buyback execution, fortress balance sheets, and Korea's Value-Up program forcing capital discipline. The setup that historically drove Japan's re-rating starting in 2023.

Investing in Korean equities in 2026 is the closest thing the modern investing world has to a time machine, because what you are looking at, when you open a screen of Korean small and mid caps, is structurally identical to what Japanese deep value looked like in 2018, which is structurally identical to what American small-cap value looked like in the late 1970s, which is to say, a developed market full of profitable, debt-free, asset-rich companies trading at fractions of liquidation value while a generational catalyst builds in the background that almost nobody outside the country has yet noticed. The catalyst is the Corporate Value Up Program, launched by the Korean government in February 2024, modeled explicitly on the Japanese reforms that produced one of the great equity bull markets of the last decade. The program is voluntary, but the pressure surrounding it is not. The Korea Exchange has launched a public Value Up Index that names and tracks compliant companies. The National Pension Service is voting against management at companies that fail to address valuation. The dividend tax was cut from a top rate of 45% to a range of 14 to 30% in December 2025, which is the kind of legislative change that fundamentally rewires the incentive structure for every founding family in the country. Activist funds, both domestic and foreign, are filing campaigns at a rate that has never been seen in the modern history of the Korean market. By the end of 2025, more than 170 companies had already disclosed Value Up plans. The Value Up Index itself has roughly doubled since its launch. This is not a screening artifact. This is not an emerging-markets discount. Korea is a developed economy with a sophisticated regulatory regime, a functioning court system, and a stock market that has operated continuously since 1956, and the stocks are cheap because of a specific cultural feature, the chaebol structure and the founding-family hoarding that produced it, that is now, for the first time in a generation, under coordinated political and regulatory pressure to change. The dam that held the discount in place for 30 years is cracking. The water has barely started to move. The American funds that will eventually allocate to Korea are still figuring out the operational mechanics. The American retail investor, who can now access the market directly through a standard brokerage account thanks to the FSC’s April 2025 rule changes, has not yet noticed. You do not need to pick winners. You build a basket of 30 to 50 names, sized small, hold for a decade, and let the math do what the math has always done. Some will go nowhere for years and then re-rate 4x in a quarter when the activist arrives or the founder retires or the next round of pressure lands. You cannot predict which one will be which. You do not need to. You need to be in the basket when the catalysts arrive, and the catalysts are arriving, in 2026, faster than they have at any point in the modern history of the Korean market. The window is open. The math is the math. The early movers will be rewarded the way early movers are always rewarded in trades like this one, which is generously, and the late ones will, as always, arrive in time to be the exit liquidity for the people who showed up while it was still uncomfortable. The trade is sitting there, in a market that has just become accessible, in a moment that almost nobody outside a small group of dedicated value investors has yet recognized, and the only thing standing between you and it is a brokerage account and the willingness to do the unglamorous work that almost no other investor will bother to do.

Interactive Brokers just allowed trading on Korean stocks for the first time in history. Korean stocks are dirt cheap, bombed out and completely undervalued and overlooked. I am going to find the best ones and invest in them. Follow along if you want cheap Korean stocks.

Remember, in LO, if you are UW, the bigger they get, the UW expands as it rises and pain ramps exponentially $INTC ain’t a problem at $25, more of a side show. At 350b and then tacks on 24% - it’s a thorn in your side. Next stop - is oh fuck this is hurting my year

Weekend Macro playbook prediction: 1. US gonna do something bad to Iran 2. Bunch of videos on X of stuff going up in flames 3. Retail doomposters and Jim Cramer will say "$200 oil" parroting Iran state media over the weekend. 4. People panic sell $EWY or $TSM based on something random like Helium that have little material effect 5. Crude Oil futures spike and stocks drop 6. People glad they sold their shares after seeing impression farming doomposters claim Monday will be the worst day ever of the stock market. 7. People capitulate the rest of their unrelated to Iran stocks overnight 8. US Treasury/Gov pulls black magic and crude oil prices go down by market open 9. Stocks go back up, and people chase to recover their lost positions. 10. Next Week Green

This is most likely not in the $BE backlog. The additional 4.5 GW. FWIW.