Steven Budgen @Bees84: "𝗖𝗹𝗼𝘀𝗶𝗻𝗴 𝗺𝗼𝗻𝗲𝘆 𝗺𝗮𝗸𝗶𝗻𝗴 𝗽𝗼𝘀𝗶𝘁𝗶𝗼𝗻𝘀 𝗶𝗻..."

Singapore

𝗖𝗹𝗼𝘀𝗶𝗻𝗴 𝗺𝗼𝗻𝗲𝘆 𝗺𝗮𝗸𝗶𝗻𝗴 𝗽𝗼𝘀𝗶𝘁𝗶𝗼𝗻𝘀 𝗶𝗻 𝗩𝗶𝗰𝘁𝗼𝗿𝗶𝗮 𝗦𝗲𝗰𝗿𝗲𝘁 ($VSCO (Victoria's Secret & Co.) )& $WBD (Warner Bros Discovery Inc)👙🎬 𝗡𝗲𝘄 𝗣𝗼𝘀𝗶𝘁𝗶𝗼𝗻 𝗶𝗻 $CCOI (Cogent Communications Holdings Inc) ⚡︎ 𝟵𝟰% 𝗖𝗵𝗮𝗻𝗰𝗲 𝗼𝗳 𝗮 𝗙𝗘𝗗 𝗜𝗻𝘁𝗲𝗿𝗲𝘀𝘁 𝗥𝗮𝘁𝗲 𝗖𝗨𝗧 ✂️ 𝗦𝗵𝗼𝗿𝘁 𝗣𝗼𝘀𝗶𝘁𝗶𝗼𝗻 𝗨𝗽𝗱𝗮𝘁𝗲 & 𝗡𝗲𝘄 𝗣𝗼𝘀𝗶𝘁𝗶𝗼𝗻🐻 𝗖𝗿𝘆𝗽𝘁𝗼 𝗥𝗲𝗰𝗼𝘃𝗲𝗿𝘆? ₿ 𝗖𝗹𝗼𝘀𝗶𝗻𝗴 𝗺𝗼𝗻𝗲𝘆 𝗺𝗮𝗸𝗶𝗻𝗴 𝗽𝗼𝘀𝗶𝘁𝗶𝗼𝗻𝘀 𝗶𝗻 𝗩𝗶𝗰𝘁𝗼𝗿𝗶𝗮 𝗦𝗲𝗰𝗿𝗲𝘁 $VSCO & $WBD 👙🎬 I closed positions today in Victoria Secret with a profit of 145% and Warner Brothers Discovery (+151%). We have to go back to why I took those positions in the first place to see why I have closed them now. When I took the position in Victoria Secret about 5 months ago they had just suffered with lacklustre results, tarriff hurdles rocking supply chain and a new management team. Bringing share price down to close to 52 week lows when I bought it. They had a new CEO Hilary Super this year who has really turned things around for the brand. She has overseen a rise in sales in Q3 of 9% and raised its full year outlook. Now 5 months on things are looking a lot better but I have decided to exit the position as the assymetric upside is not the same and margin for safety lower. I dont need to catch the whole move ''𝗙𝗿𝗼𝗺 𝘁𝗵𝗲 𝗸𝗻𝗲𝗲𝘀 𝗱𝗼𝘄𝗻 𝘁𝗼 𝗯𝘂𝘆 𝗮𝗻𝗱 𝗳𝗿𝗼𝗺 𝘁𝗵𝗲 𝘀𝗵𝗼𝘂𝗹𝗱𝗲𝗿𝘀 𝘂𝗽𝘄𝗮𝗿𝗱𝘀 𝘁𝗼 𝘀𝗲𝗹𝗹''. I am less bothered about the exact bottoms or tops. Today, $NFLX (Netflix, Inc.) and Warner Bros. Discovery, Inc. (WBD) announced they have entered into an agreement so Netflix will acquire Warner Bros., at $27.50 per share including its film and television studios, HBO Max and HBO. This marks the end of a long journey with Warner Bros Discovery but in Feb 2024 when I opened these positions things werent as rosy. You have to spot the turnaround before it happens and sometimes when those companies are attractive enough they get acquired. 𝗡𝗲𝘄 𝗣𝗼𝘀𝗶𝘁𝗶𝗼𝗻 𝗶𝗻 $CCOI ⚡︎ I took a position recently in Cogent Communications. The bull case for Cogent Communications centers on its potential to leverage its unique, extensive fiber network to capture significant market share in the high growth optical wavelength market, driven primarily by AI and hyperscaler demand. The price has been battered this year but although revenue has dropped and dividend cut, I still think most of it is optics and time lags. I think the market has overeacted, margin are widening and the wave length segment will scale. Its a small position now but will continue to scale if it falls further. 𝟵𝟰% 𝗖𝗵𝗮𝗻𝗰𝗲 𝗼𝗳 𝗮 𝗙𝗘𝗗 𝗜𝗻𝘁𝗲𝗿𝗲𝘀𝘁 𝗥𝗮𝘁𝗲 𝗖𝗨𝗧 ✂️ Due to weakening job numbers and other data points, the polymarkets are predicting a 94% chance of a 0.25% interest rate cut in December 2025. This combined with a new FED Chair in early 2026 with a dovish stance is likely to be good for ''risk assets''. 𝗦𝗵𝗼𝗿𝘁 𝗣𝗼𝘀𝗶𝘁𝗶𝗼𝗻 𝗨𝗽𝗱𝗮𝘁𝗲 & 𝗡𝗲𝘄 𝗣𝗼𝘀𝗶𝘁𝗶𝗼𝗻🐻 I have had great success recently with some of my short hedge positions. Emphasis has been on over valued companies who may start to see their momentum fade due to many factors. I am currently up +31% on $BBW (Build-A-Bear Workshop Inc) short position which I timed my buy near 52 weeks highs (full thesis in other posts I have done) and I am also up +31% on my $IREN (Iris Energy Ltd) short position. Many people thought I was a bit crazy for the latter position because it was on a real upwards momentum move but I kept adding to the position. I am also up +8% on my $EBAY (eBay) position. Both positions are close to taking profit now and the great thing is its less correlated with the rest of the portfolio and sized in a safe way adding some portfolio protection. The final position I have started to scale into is a short position in $MNST (Monster Beverage Corp) 𝗖𝗿𝘆𝗽𝘁𝗼 𝗥𝗲𝗰𝗼𝘃𝗲𝗿𝘆? ₿ I wrote a post a few weeks ago when $BTC was in the low $83K's and sentiment was at a real low which basically said I expected an explosive end to the Crypto Cycle and that I expected a delay of 3-6 months in the normal crypto cycle due to macro factors. We have seen a slight recovery since then. But the move is still warming up. It will be volatile as all end cycles are so dont expect only one way movements but I am still strongly convicted that explosive tailwinds are coming up and we are well poised for a final leg in the cycle. I will derisk as prices increase. Thanks to all my copiers and followers. I appreciate all of you. I am confident we can end the year in a positive manner. Many Thanks 𝗦𝘁𝗲𝘃𝗲𝗻 (𝗕𝗲𝗲𝘀𝟴𝟰)