Published on 2026-10-17

Holdings Letter: Energy Keeps Rising, AI Starts to Deflate

The Strait of Hormuz is still disrupted and energy keeps strengthening, while AI weakens: SMH has broken below its 150-day moving average, and CRWV and memory stocks have fallen sharply. Core CPI came in hotter than expected, and the market is shifting from offense to defense.

A young monk with a walking stick stands on a rocky peak, his scarf blowing in the wind, looking out over misty mountains, beside the words "When the wind shifts, pause."

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