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In today’s post:

  • 💔 Burry Dumps Stocks He Loves

  • 💸 $98B Borrowed. Now What?

  • 😬 France Has A Greece Problem

  • 🚀 Who Gets NASA's $30B?

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💔 Burry Dumps Stocks He Loves

Michael Burry is selling stocks he still likes. On purpose.

The Big Short guy just showed his hand for tax-loss season, and it's a masterclass in making the taxman share the pain.

Here's the play.

🧾 Why Sell In October?

Q4 is tax-loss harvesting season. You sell a loser, lock in the loss, and use it to shrink the tax bill on your winners.

Burry says the crowd usually shows up near the end of October and peaks in the first week of December. His plan is to beat the rush.

Why does timing matter? Because when everyone dumps the same losers at once, those losers get even uglier.

He's flagged six stocks in his portfolio as likely tax-loss candidates that may struggle over the next couple of months.

🔄 The Swaps

The trick is selling without actually leaving the party. Rules stop you rebuying the same stock straight away and still claiming the loss, so Burry buys a lookalike instead.

  • Lululemon $LULU ( ▼ 2.77% ) → Deckers. $DECK ( ▼ 2.28% ) He's down on LULU but still believes in it long term. The money goes into Deckers as a stand-in to keep his sector exposure.

  • Fannie Mae $FNMA ( ▼ 3.18% ) → Freddie Mac. $FMCC ( ▼ 4.04% ) Fully out of Fannie, cash moved into Freddie. One mortgage giant swapped for its twin. He plans to reverse it next month.

  • Sprouts $SFM ( ▼ 0.08% ) and Zoetis $ZTS ( ▼ 0.06% ) → LEAP $LEAP ( 0.0% ) calls. Both hit new lows. He swapped the shares for far-out-of-the-money calls expiring in 2028 and 2029.

  • Fiserv $FISV ( ▼ 0.86% ) → staying put. He's holding through the volatility, saying today's valuation offers low-teens annualised return potential over the long term.

It's the investing version of breaking up for tax reasons and agreeing to get back together in November.

🌏 The Other Bets

Not everything here is tax admin.

MetLife: he's betting against it. Burry added 2029 out-of-the-money puts, flagging potential stress in private credit and private equity valuations.

When the guy who called 2008 starts sniffing around credit, people tend to look up from their phones.

China: he's leaning in.

  • Built a sizable position in BYD after a price pullback

  • Added far-out-of-the-money 2029 calls on JD.com

  • No fresh money for Alibaba, citing recent share issuances used to fund its AI infrastructure buildout

Every new share Alibaba prints to pay for data centres makes his slice of the pie smaller.

💡 What It Means For You

The next couple of months could bring extra selling pressure on beaten-up names as investors harvest losses at the same time.

Burry's playbook shows the mechanics: take the loss, keep similar exposure, revisit later. Tax rules differ depending on where you live, so check how they apply to you.

And the flip side? Forced seasonal selling can push decent companies below what they're worth. That's exactly why Burry is buying long-dated calls on names sitting at fresh lows.

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Debt-fuelled AI bubble, or the best landlord in tech?

One mega-cap has borrowed $98 billion this year. The headlines see a borrowing binge.

Look at the bookings instead. Its cloud arm is sitting on $496 billion of signed orders it hasn't delivered yet, and management says 2027 capacity is already largely reserved.

Here's why that matters. When you're sold out years ahead, you set the price.

Today, rents on its AI chip blocks rise 15%, the third hike this year. A block now costs 59% more than it did in January.

Those chips are already bought and paid for. So nearly every extra dollar of rent drops straight to profit.

Earnings land around Oct. 29, with guidance of $22.5B to $26.5B in operating income. We think the market is reading that range wrong.

Inside today's Premium+ deep dive:

  • The stock we're adding, and the full case behind it

  • The profit bar that actually matters on Oct. 29

  • The two customers behind half the backlog, and how bad a stumble really gets

  • The one signal that would change our mind

😬 France Has A Greece Problem

France just became the worst bond market in the developed world.

French 10-year government bonds are down 6.8% this year on a total return basis.

That's dead last among major developed-market peers. Worse than the US. Worse than Japan. Worse than Italy.

And the worst part is…

Paris is now paying more to borrow than Rome or Athens.

Yes, Athens. The poster child of the last European debt crisis is now the cheaper date.

💸 How France Got Here

The recipe for a bond sell-off is pretty simple:

  • Massive budget deficits

  • Total public debt near 120% of GDP

  • A market that has stopped giving the benefit of the doubt

That debt load is like earning £50k a year and carrying £60k on the credit card. Lenders start asking awkward questions.

Since the Middle East war kicked off, French yields have jumped more than any other G7 country.

Quick bond refresher: when yields go up, prices go down. That's where the -6.8% comes from.

Some are already asking whether this is the start of a new European debt crisis. Bond traders are certainly pricing France like they're nervous.

📊 The 2026 League Table

Here's how 10-year government bonds have fared year to date:

  • 🇳🇴 Norway: -0.5% (class winner)

  • 🇨🇦 Canada: -1.4%

  • 🇨🇭 Switzerland: -1.9%

  • 🇩🇪 Germany: -2.6%

  • 🇬🇧 UK Gilts: -2.7%

  • 🇪🇸 Spain: -3.6%

  • 🇺🇸 US Treasuries: -5.1%

  • 🇯🇵 Japan: -5.5%

  • 🇮🇹 Italy: -5.6%

  • 🇫🇷 France: -6.8% (dunce cap)

Notice something? Every single one is in the red.

Even the "winner" lost money. 2026 has been a rough year to own the thing your financial planner called "the safe bit."

France now trails both core Europe (Germany) and the traditionally riskier south (Spain, Italy).

That's a strange place for the eurozone's second-biggest economy to be sitting.

🧠 What It Means For You

Rising yields feed on themselves. Higher borrowing costs mean a bigger interest bill, which means bigger deficits, which means investors want even higher yields. Fun loop.

Your "safe" bond fund might not be so safe. Global and European bond funds can hold plenty of French debt. Country mix matters more than the label on the tin.

Gilts held up mid-table. UK investors in domestic bonds have taken a hit this year, but a far smaller one than anyone holding French or US paper.

Watch the spread between French and German yields. That gap is the market's live mood ring for how worried it is about France.

🚀 Who Gets NASA's $30B?

NASA needs to haul 60 tonnes of gear to the moon.

That's roughly ten elephants' worth of power plants, habitats and equipment. Starting in 2029.

So NASA is doing what anyone does before a big move: buying in bulk. 🚀

🌙 The Plan

NASA is preparing to buy rocket launches several at a time for its permanent moon base.

Moon base program manager Carlos García-Galán says the first round should be announced soon.

The whole lunar program carries a price tag of about $30 billion.

The timeline:

  • Through 2028: landers and rovers scout locations and resources

  • From 2029: the heavy lifting begins, with up to 60 metric tons of equipment for power, habitats and infrastructure

NASA could buy bundles of four or five launches, pairing each rocket with a commercial lunar lander. Spare seats could be sold to other agencies or anyone else heading moonward.

Costco, but for orbit.

🛑 The Rocket Shortage

Why buy early? Because U.S. launch capacity is already tight, and the most reliable workhorse is getting harder to book.

SpaceX $SPCX ( ▼ 2.23% ) has started limiting dedicated Falcon bookings beyond 2028 as it shifts focus to Starship. No official end date for Falcon 9 or Falcon Heavy yet.

García-Galán says SpaceX flagged this early enough for NASA to adjust. A very polite way of saying "find another ride."

The obvious backups have problems of their own:

  • Blue Origin's New Glenn: grounded since a launchpad explosion in May

  • ULA's Vulcan: hasn't flown since February due to booster issues

Both are also already committed to Amazon's Leo satellite constellation and U.S. national-security missions. The queue is long, and the queue is stuck.

🧪 The New Kids

A fresh batch of rockets is in development:

The catch? New rockets historically take years to reach high flight rates. Nobody can say with confidence how much capacity they'll offer by 2029.

Building a rocket is hard. Building one that flies every few weeks is the actual exam.

💰 What It Means For You

NASA bulk-buying launches creates a sizable new source of demand in a market already short on supply. That's a nice setup for whoever can actually deliver.

Established providers look best positioned. Newcomers could win too, if they hit reliable flight rates by the end of the decade.

That "if" is doing a lot of heavy lifting. Execution risk is high: several Falcon alternatives are grounded, still ramping production, or haven't entered service.

And NASA hasn't said which rockets it'll buy yet.

The demand is real. The winners are TBD.

Blu Dot surpasses 2,000% ROAS with self-serve CTV ads

Home furniture brand Blu Dot blew up on CTV with help from Roku Ads Manager. Here’s how:

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The results speak for themselves. As Blu Dot increased their investment by 10x, ROAS jumped to 2,308% and more page-view conversions surpassed 50,000.

“For CTV campaigns, Roku has been a top performer,” said Claire Folkestad, Paid Media Strategist, Blu Dot. “Comping to our other platforms, we have seen really strong ROAS… and highly efficient CPMs, lower than any other CTV partner we've worked with.”

Using Roku Ads Manager, the campaign moved from a pilot to a permanent performance engine for the brand.

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