The era of easy money is over, and the market made that very clear today. Our long/short spread widened to 67.4% today, with our longs up 25.9% on average and our shorts down 41.6%. We made money on both sides of the book, which is exactly what a hedge fund is supposed to do. But the people chasing momentum and narratives are having a very different day. When the tide of easy liquidity goes out, the momentum and narrative bros find out what they really own, and anyone who's been doing the work on valuation and fundamentals finds this market pretty easy to read. We doubled down on a lot of our shorts last week, and CoreWeave alone is down almost 25% since we added to it on October 8. If you only started investing after the financial crisis, all you've ever known is more liquidity, and that game is OVER. I'm not calling a crash, because we're long and short, but the downside from here looks much bigger than the upside, and I have far more conviction in my shorts than my longs. If you want 60 more ideas for what comes next, our technicians conference runs October 27 and 28, with 20 of the best chartists on the street bringing 3 ideas each. Tickets are $99 until midnight tonight, and then the price goes to $199: noble-capevents.com BRACE FOR IMPACT