3/26/26 - $sbet - 50% of my book (and some market thoughts)Sharplink, Inc.NASDAQ:SBETVROCKSTAR3/26/26 :: VROCKSTAR :: SBET 50% of my book (and some market thoughts) - first, we're in a weird environment and hence my prioritizing cash and yield-style positions. i don't think this resolves short term even though if you want to play roulette to the upside, there will likely be some TACO action - so first, i'm still playing careful aggression which means: fewer positions, more concentrated, hedged (covered calls for yield), and a decent cash position (at least 20% and ideally 25-30% until we get some clarity on bottoming "event" - and there's no sight on this w/ where rates and inflation/oil are today) - so here's how i'm thinking about this after re-adjusting some positions today - sbet (20% outright long), implied eth of $1.6k/eth not bad at 20% off. there's some overhead to this thing that needs to be considered etc. etc. and as/if eth goes lower this spread should WIDEN not narrow, so beware of this. it's just math. as it goes up, it has an opposite effect. - sbet hedged, i'm going 2 mo's out and sold 30% of my position at $7c for a buck and change. that means the overall sbet position is 50%. - then we have NU, probably my favorite single name. AI-credit-winner. 15x PE growing 2-3x this and poised to keep eating share. beneficiary of higher rates, net winner in credit cycle (given superior models) and i've written on this. I have 10% unhedged (pure long) and 5% hedged (sold the 2-mo 5/15's - same as SBET - $14c's for a buck and change). so that's 15% - then i have the weird one, STUB thati've been doing more work on. increasingly convinced the asymmetric upside here is wild compared to possible downside. when you consider the 3/17 preferred->common conversion, the $2.6B EV is v v cheap... that said, b/c it's not a "known" for me, I have that at 4% and 100% hedged through 6/18 at the $7.5c's for about 90c - and then i have META (new add today). i was playing w/ SNAP a bit, but back to "consolidate, fewer positions etc"... i just nuked SNAP and consolidated it into META. i think their AI story is hardly understood and this is a great LT beta at sub 20x PE. that's a 3% position. 10x EBITDA growing 15-20% (and not baking in AI gains... is too cheap). i'll be adding here, lower if mkt allows - finally I have ONON... i'm not wed to it. it'd discretionary. but 12x EBITDA and 5% fcf yield growing >20% is "good value for great asset". that's only 2% spot. i'd only take it larger closer to $30 and ideally closer to $27 i can justify perhaps a 4-5% position. in summary - sbet 50% (20% unhedged, 30% hedged for yield) - nu 15% (10% unhedged, 5% hedged for yield) - stub 4% hedged for yield - meta 3% unhedged - onon 2% unhedged (but considering hedging it for yield) - and about 25% cash. so unhedged longs = ~35%, hedged longs = ~40% and cash = ~25%. hope it helps. on the look out for interesting spots, i.e. had to puke wyfi at the open, but looking to re-enter strategically. but not a must own here. what do you all think? V