# ![@KevinLMak Avatar](https://lunarcrush.com/gi/w:26/cr:twitter::956250651486400512.png) @KevinLMak Kevin Mak

Kevin Mak posts on X about short interest, $sphr, in the, $asts the most. They currently have [------] followers and [---] posts still getting attention that total [-------] engagements in the last [--] hours.

### Engagements: [-------] [#](/creator/twitter::956250651486400512/interactions)
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### Mentions: [--] [#](/creator/twitter::956250651486400512/posts_active)
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- [--] Week [--] +23%
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### Followers: [------] [#](/creator/twitter::956250651486400512/followers)
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- [--] Week [------] +0.27%
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### CreatorRank: [------] [#](/creator/twitter::956250651486400512/influencer_rank)
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### Social Influence

**Social category influence**
[finance](/list/finance)  31% [stocks](/list/stocks)  9% [technology brands](/list/technology-brands)  3% [automotive brands](/list/automotive-brands)  3% [currencies](/list/currencies)  2% [cryptocurrencies](/list/cryptocurrencies)  2% [social networks](/list/social-networks)  1%

**Social topic influence**
[short interest](/topic/short-interest) 9%, [$sphr](/topic/$sphr) #1, [in the](/topic/in-the) #4726, [$asts](/topic/$asts) #176, [market](/topic/market) #693, [company](/topic/company) #1789, [up to](/topic/up-to) 4%, [strong](/topic/strong) 3%, [dolan](/topic/dolan) #24, [if you](/topic/if-you) #3609

**Top accounts mentioned or mentioned by**
[@deepvaluedude](/creator/undefined) [@spacanpanman](/creator/undefined) [@uzocapital](/creator/undefined) [@woolybooly21](/creator/undefined) [@thekookreport](/creator/undefined) [@cornelialake](/creator/undefined) [@flowbybobby](/creator/undefined) [@scottmpowell](/creator/undefined) [@cclok85](/creator/undefined) [@thecountofmc_](/creator/undefined) [@sanctuary_bio](/creator/undefined) [@memely](/creator/undefined) [@alokbhardwaj](/creator/undefined) [@bennpeifert](/creator/undefined) [@grentbenji](/creator/undefined) [@merridew](/creator/undefined) [@amaymd](/creator/undefined) [@sndragon](/creator/undefined) [@nuke2astra](/creator/undefined) [@philliplyle410](/creator/undefined)

**Top assets mentioned**
[Sphere Entertainment Co. (SPHR)](/topic/$sphr) [AST SpaceMobile, Inc. Class A Common Stock (ASTS)](/topic/$asts) [Morgan Stanley (MS)](/topic/morgan-stanley) [Pagaya Technologies Ltd. Class A Ordinary Shares (PGY)](/topic/$pgy) [Joby Aviation, Inc. (JOBY)](/topic/$joby) [Intuitive Machines, Inc. (LUNR)](/topic/$lunr) [Alpha Technology Group Limited (ATGL)](/topic/alpha)
### Top Social Posts
Top posts by engagements in the last [--] hours

"http://x.com/i/article/1843123558811066368 http://x.com/i/article/1843123558811066368"  
[X Link](https://x.com/KevinLMak/status/1843856869300830705)  2024-10-09T03:31Z 28.1K followers, 94.3K engagements


"New updated info from IHS Markit shows that short interest in JOBY has fallen by 5M shares in the past few trading sessions (exact timing with this data isn't precise). Just like many "random walk" types of data this doesn't really predict** what's going to happen in the future (maybe they're done covering maybe they'll cover more maybe new people will come short at these highs). What is useful about seeing high short interest is that moves upwards (either for flow or fundamental reasons) are exacerbated by short sellers covering. From a risk perspective it's generally pretty natural for"  
[X Link](https://x.com/KevinLMak/status/1861636624846565665)  2024-11-27T05:02Z 28.1K followers, 13.7K engagements


"$EVLV Following this one down the rabbit hole a bit more. Short interest via IHS Markit shows about 2.5M shares have been covered in the last [--] days. The data COULD be wrong/deceptive but my experience is it's usually pretty good so I should assume it's correct. 16M shares have traded in that period that 2.5M out of 16M shares is a pretty significant amount (16%) that's essentially one sided bonafide buying. Keep in mind a fair bit of the 16M is daytrade/algos just churning share with net-zero accumulation/disposition. So the 2.5M short covering is a lot more than 16% of "true volume""  
[X Link](https://x.com/KevinLMak/status/1920671339729342472)  2025-05-09T02:45Z 28.1K followers, 11.4K engagements


"When you spend years in a sector or strategy you build an internal index of how things work: how catalysts resolve how capital flows how sentiment forms where the bodies are buried. Some beliefs are strong some weak but the pattern-recognition engine becomes fast and instinctive. The challenge is that a lot of alpha hides in the places where those instincts are wrong where the index is stale incomplete or anchored on priors that were true once but arent anymore. To surface those blind spots I do something I call a prove myself wrong day. I take a topic where I have a moderately strong view a"  
[X Link](https://x.com/KevinLMak/status/1997883454080401904)  2025-12-08T04:18Z 28.1K followers, 13.6K engagements


"@spacanpanman @deepvaluedude @Uzocapital I looked at them and dismissed them but I don't remember why. Maybe it was liquidity or the weird way they're quoted. It seems off to be 5-8% IV difference though that seems way too big unless there's a structural difference"  
[X Link](https://x.com/KevinLMak/status/2006110087169835018)  2025-12-30T21:08Z 28.1K followers, [----] engagements


"@spacanpanman @deepvaluedude @Uzocapital Oh it's FX based. The US options are using the ADR so the vol is the vol of the underlying stock priced in GBP + GBP/USD fx rate. US-based call buyers do very well if USD keeps plummeting"  
[X Link](https://x.com/KevinLMak/status/2006110710082724293)  2025-12-30T21:10Z 28.1K followers, [----] engagements


"Far away from the eye-popping allure of quantum breakthroughs flying cars AI robotics and all the other usual themes lets talk about something a lot less glamorous but potentially very http://x.com/i/article/1978462394063245312 http://x.com/i/article/1978462394063245312"  
[X Link](https://x.com/KevinLMak/status/1978472700822646816)  2025-10-15T14:47Z 28.2K followers, 17.6K engagements


"Related but not really since ASTS/SatCo is in the news lately this is my preferred "clever" way to get exposure to ASTS. More or less breaking even on it over 6+ months now. Big payoff if it works out. h/t @deepvaluedude"  
[X Link](https://x.com/KevinLMak/status/1986993180353474946)  2025-11-08T03:04Z 28.1K followers, 10.1K engagements


"@alokbhardwaj You'll see my first 13F in a few days. That gives an imprecise but comprehensive look at my holdings"  
[X Link](https://x.com/KevinLMak/status/2021111973383991476)  2026-02-10T06:40Z 28.2K followers, [---] engagements


"Reiterate h/t to @deepvaluedude for pitching the trade. I genuinely like this better than $ASTS although it may be too academic. if ASTS succeeds SATCO should succeed and VOD will accrue massive value from that. But there's lots of weird worlds where ASTS succeeds and the market is blind to the read-through to VOD (or it takes years to materialize and the calls won't pay off) fyi I'm over half the OI on this but the stock/mcap is plenty liquid and these options positions aren't distortive given how big the company is"  
[X Link](https://x.com/anyuser/status/2006063468386849115)  2025-12-30T18:02Z 28.2K followers, 36.6K engagements


"This is not a biotech thesis. Its a mispricing created by capital flows incentives and how different investors define failure. The goal of this post like most of what I write is not to justify http://x.com/i/article/2012601430004088833 http://x.com/i/article/2012601430004088833"  
[X Link](https://x.com/KevinLMak/status/2012606727712039359)  2026-01-17T19:23Z 28.2K followers, 168.4K engagements


"$SPHR First mini-sphere announcement in DC Waterfront (Maryland). [----] people $200m of public funds/incentives unclear who's paying the rest. sounds like maybe Sphere co. Overall great to hear and the location sounds pretty solid given DC's high amount of annual tourist traffic plus affluent local population. (Disclosure I'm long about 5% SPHR in my fund plus have a small amount of Feb $110C)"  
[X Link](https://x.com/anyuser/status/2013114661147758620)  2026-01-19T05:01Z 28.2K followers, 11.1K engagements


"I had a few questions about rebalancing and geometric growth. Here's a quick ChatGPT conversation (mostly correct). And here's an article I wrote a while back roughly covering the topic as well. Yes taxes are ignored YMMV depending on what country you live in and what type of account you're managing. https://x.com/KevinLMak/status/1843856869300830705 https://chatgpt.com/share/696e3b44-7a60-800f-b73c-01d950952cd7 @KevinLMak Thank you for such an interesting perspective. Just to confirm: do you trade the round trips from $115 to $145 How much % of your position do you tradeDo you buy more stock"  
[X Link](https://x.com/anyuser/status/2013253715650609406)  2026-01-19T14:14Z 28.2K followers, 19.9K engagements


"$SPHR Goldman ups PT from $98 to $106 Morgan Stanley remains overweight at $105 Guggenheim ups PT from $90 to $122 Wolfe remains outperform at $124 KMak ups PT to $115 Great to see the announcement of the latest Sphere expansion. This was likely the one that Dolan hinted about back in September when he said "hopefully announce by the end of the year." Jan 18th is pretty close. Financing details are slim but the company has repeatedly communicated they will be asset-light so them putting any significant capital into this is highly unlikely. (I think 95% they do not raise capital). Maybe they"  
[X Link](https://x.com/anyuser/status/2013624245201342767)  2026-01-20T14:46Z 28.2K followers, 10.2K engagements


"On a plane with @bennpeifert to Vegas. Heres my big chance to pitch him on my options selling course. Wish me luck"  
[X Link](https://x.com/anyuser/status/2015220544011190511)  2026-01-25T00:29Z 28.2K followers, 34.3K engagements


"$VOD Sold the $12Cs and bought [----] $20Cs. Still chilling with the [----] 15Cs. Reduces dollar and delta exposure but more tail upside with the higher quantity of contracts. @spacanpanman Reiterate h/t to @deepvaluedude for pitching the trade. I genuinely like this better than $ASTS although it may be too academic. if ASTS succeeds SATCO should succeed and VOD will accrue massive value from that. But there's lots of weird worlds where ASTS succeeds and the https://t.co/NaciaLWBWL @spacanpanman Reiterate h/t to @deepvaluedude for pitching the trade. I genuinely like this better than $ASTS"  
[X Link](https://x.com/anyuser/status/2015809994655166601)  2026-01-26T15:32Z 28.2K followers, 23.2K engagements


"The Bubble Game Although my trading simulation on price discovery is my favorite material in the course The Bubble Game is a close second. The simulation connects behavioral finance with game theory showing how http://x.com/i/article/2018543161396879361 http://x.com/i/article/2018543161396879361"  
[X Link](https://x.com/anyuser/status/2018566682772463725)  2026-02-03T06:06Z 28.2K followers, 26.9K engagements


"$PGY Quarter was soft and guidance soft. Interesting thing to consider is that last time this happened (2023 ish) the company "stepped up" and kept the revenue growth engine on (I think they said it was a strategic investment in the network). The result was growth stayed high but credit losses grew enormously. The market was very displeased with that partially because this strategy was not communicated ahead of time. AFTER the losses occurred it was explained "this was a strategic decision to stay in the market to show our partners we're reliable etc." This time around with the credit market"  
[X Link](https://x.com/KevinLMak/status/2020925042138415205)  2026-02-09T18:17Z 28.2K followers, 22.1K engagements


"Theres virtually nobody waking up at 7:01am looking for the data/press release with Dry powder saying if the data is good I will buy a bunch of shares Just a lot of people with massive inventories looking/hoping for a gap up to sell into. (Present company included) Volumes on the announcement were anemic and price discover super scattered. My guess is over the day (and weeks) institutional investors get caught up and buy some shares. and we get that steady post data grind up. (Pending no weird quirks announced in the conference call data) (NKTR is a 7% weight for me) Biotech scares me but it"  
[X Link](https://x.com/KevinLMak/status/2021206120187167243)  2026-02-10T12:54Z 28.2K followers, 28.2K engagements


"To the retail saying Im someone Congrats. You are someone. You also have alpha doing this because youre clever and work hard. You deserve it. What Im generalizing here is that the volume of NKTR traded was less than 200k shares or $8M dollars for like [--] minutes after the 7am print. This is incredibly small. As of 9:35 volume is 500k shares traded ALSO INSANELY SMALL. Not remotely enough for price discovery to be remotely possible"  
[X Link](https://x.com/KevinLMak/status/2021232189925662812)  2026-02-10T14:38Z 28.2K followers, [----] engagements


"@woolybooly21 short interest is inconsequential on NKTR. 700k ish shares shorted"  
[X Link](https://x.com/KevinLMak/status/2021244864030036166)  2026-02-10T15:28Z 28.2K followers, [---] engagements


"@thekookreport I saw the company just fixed a misplaced semicolon in a recent regulatory filing. This punctuates a massive unlock. CAN'T BE BULLISH ENOUGH"  
[X Link](https://x.com/KevinLMak/status/2021642034176565365)  2026-02-11T17:46Z 28.2K followers, [----] engagements


"$NKTR "It's up too much I missed it". Phase [--] data was as good as anyone could have expected. The data provides evidence that NKTR's drug has similar performance to the market leading treatment which sells over $10B per year. The "fair value" of the drug (probability weighted outcomes of different scenarios) is the reference point one should consider not "how much has it gone up". But if you must look at the chart it's also worth contextualizing that NKTR was trading at $65 for months BEFORE the recent Phase2 Maintenance data was released (two days ago). It's only the recent drop to $38 (with"  
[X Link](https://x.com/KevinLMak/status/2021912304586039708)  2026-02-12T11:40Z 28.2K followers, 28.5K engagements


"This is a rough valuation framework to think about as it pertains to the company and drug. The "real" estimates in the highlighted cells can/will be debated by people far more versed in biotech than me. But it's roughly how one should think about this situation not "well what does the chart look like""  
[X Link](https://x.com/KevinLMak/status/2021920037586506035)  2026-02-12T12:11Z 28.2K followers, 19.3K engagements


"Don't forget $SPHR earnings just came out. They beat by . a lot. Will share my thoughts later before the open"  
[X Link](https://x.com/KevinLMak/status/2021925739491201384)  2026-02-12T12:33Z 28.2K followers, [----] engagements


"$SPHR Looking forward to the call at 10AM. Here's the quick thoughts: Sphere Experience (OZ) beat by an absolute ton. I was expecting $165-$170m and the actual was $195M. There's only two explanations for this discrepency: 1) Food Bev + Merch is way higher than anyone/everyone expected. (This is likely the case) 2) Some "other source of income" that's related to Oz that we're unaware of (licensing or IP or something. this seems highly unlikely). On F&B the old postcard from Earth used to do about $7-8 bucks a person. A typical musical concert does around $30-$40. It looks like Oz is doing"  
[X Link](https://x.com/KevinLMak/status/2021955954808361216)  2026-02-12T14:34Z 28.2K followers, [----] engagements


"Look at that gross margin increase. Also for the journalists out there looking for a high conversion clickbait headline. "Las Vegas Sphere reports $1M of profit per day." Consider that these numbers are happening against a backdrop of Las Vegas headwinds where visitor counts are down for the past [--] months. https://twitter.com/i/web/status/2021956570397942038 https://twitter.com/i/web/status/2021956570397942038"  
[X Link](https://x.com/KevinLMak/status/2021956570397942038)  2026-02-12T14:36Z 28.2K followers, [----] engagements


"I see some people posting this as "Kevin Mak's fair value price target". I will stress that I'm not a biotech analyst I don't know this very well. This is a framework for how to think about it not precise values/estimates. That being said it's not far off consensus thinking as analysts have PT's ranging from $100-$150 and they DO spend their days carefully thinking about the inputs. My numbers above are just for the drug ignoring the Lily settlement value balance sheet and potential AA indication. https://twitter.com/i/web/status/2021977472791675344"  
[X Link](https://x.com/KevinLMak/status/2021977472791675344)  2026-02-12T15:59Z 28.2K followers, [----] engagements


"If you know how I run my book you'll know which one of these stocks I'm adding to today and which one I'm trimming today"  
[X Link](https://x.com/KevinLMak/status/2021980129472524716)  2026-02-12T16:10Z 28.2K followers, 21.4K engagements


"Dolan mentioned on the call that in the next few years he expects 5-6 Spheres to be in production. So far everything Dolan has said has been true so his forecasts are highly credible. I expect the sell side to model this in more aggressively as a result"  
[X Link](https://x.com/KevinLMak/status/2021988937309597937)  2026-02-12T16:45Z 28.2K followers, [----] engagements


"Dolan also said [----] concert calendar is basically full (maybe a weekend or two left) and [----] is pretty done as well. This isn't major news the market is likely baking in [---] concerts per year already. But I think we're about a year to [--] months away from Sphere starting to exert more pricing power on the artists (i.e. take a bigger cut of ticket sales). Also Sphere has a pretty solid AI Tailwind because the production costs will come down dramatically with AI assisted-production. And AI can't really disrupt physical capital/space (yet) giving them a moat from AI"  
[X Link](https://x.com/KevinLMak/status/2021989413190771022)  2026-02-12T16:46Z 28.2K followers, [----] engagements


"$ASTS I adjusted my position this week: 3% in the common plus a second 1.25% position paired with a short June $60C at 100% IV. I dont love the IV for June but I do like the stock here. There are a lot of middling scenarios where by June ASTS isnt ripping and isnt collapsing its just somewhere between. In that range the covered-call structure is attractive: break-even around $38 and it outperforms the outright equity anywhere below roughly $73. I wouldnt call ASTS cheap at $50 but its clearly appealing. Id get more aggressive at $40 or $30 if we get there without a real negative catalyst. I"  
[X Link](https://x.com/KevinLMak/status/1992489398277992706)  2025-11-23T07:04Z 28K followers, 39.6K engagements


"$SPHR Thanksgiving/holiday sales are starting to spike on the daily bookings as of Monday. Will be interesting to see how this evolves over the next [--] days. Probably strengthens from here peaking at about $2.5-$3.0M on Friday/Saturday. Not priced in but not dramatically important in the grand scheme of things. https://twitter.com/i/web/status/1993338249029263620 https://twitter.com/i/web/status/1993338249029263620"  
[X Link](https://x.com/KevinLMak/status/1993338249029263620)  2025-11-25T15:17Z 27.9K followers, [----] engagements


""A classic rising wedge on the intraday chart" That's actually just me sitting with a 20k partial fill limit sell order for the last [--] minutes waiting for people to fill the entire order. Once the order is filled the stock "breaks through resistance" and goes above $17. That's because the abnormal/excess shares supplied to the market have been absorbed "regular market prices" can allow the stock price to move again. Conversely some see my order and front run it by selling ahead of it causing that resistance to be stronger and the price can't get over that level. Can I execute it differently"  
[X Link](https://x.com/KevinLMak/status/1993357391916654959)  2025-11-25T16:33Z 27.9K followers, 38.8K engagements


"$SPHR "The Wizard of Oz at Sphere Reaches More Than [---] Million Total Tickets Sold and Nearly $200 Million in Ticket Sales" The official numbers released by the company aligns with my numbers within 2%. I appear to be slightly under counting. Thanksgiving weekend was huge for the show (green section) and one can expect the Christmas break (red) to be similar to Thanksgiving. It'll be a bit less in terms of total tickets sold because WOZ will be sharing the Sphere with Back Street Boys so there will be fewer daily shows of WOZ. That also just means ticket prices will be higher as the sell-outs"  
[X Link](https://x.com/KevinLMak/status/1995912767220396279)  2025-12-02T17:47Z 27.9K followers, [----] engagements


"@GrentBenji @Merridew__ She shorted $SPHR so lets go for 2/2 contra"  
[X Link](https://x.com/KevinLMak/status/2001806018146394592)  2025-12-19T00:05Z 27.9K followers, [---] engagements


"$SPHR After [--] years of being tepid on Sphere Morgan Stanley has upgraded Sphere from "Equal Weight" to "Overweight" and upped their price target from $75 to $105. They've increased their "Bull Target" to $150. The same Morgan Stanley that previously placed a ZERO percent weight to Sphere going to $85+ (as of August 12th 2025) They were a major hold-out and the TMT team at MS is extremely well respected and their tepidness certainly influenced institutional perspectives on the stock. Great to see they've changed their tune which just goes with the trend of many investors/analysts changing"  
[X Link](https://x.com/KevinLMak/status/2002042147634086196)  2025-12-19T15:43Z 27.9K followers, 12.3K engagements


"Dumb tourist retail came to buy $ASTS ahead of the launch. This is a very consistent behavior (same as $LUNR). Its dumb with ASTS because launches are not a real pricing event. Basically nothing happens (failed launches are extremely rare). Unfurling and commissioning weeks later is the actual risk event. Anyways I bought extra shares a wee ago and sold them on Monday/tuesday. Then trimmed a bunch of my core shares on Tuesday night and Wednesday morning and bought back the trims in the low 80s. The sell off was predictable in that it was imo 60/40 in favor of going down post launch. The same"  
[X Link](https://x.com/KevinLMak/status/2004432629475533088)  2025-12-26T06:02Z 26.5K followers, 47.6K engagements


"Stop reading about Iron Condors and Silver and learn something about markets. They all result in approximately the same amount of alpha (zero) but at least knowledge about price discovery can build towards something more meaningful. https://t.co/HodwSZ3U9r https://t.co/HodwSZ3U9r"  
[X Link](https://x.com/KevinLMak/status/2004743122249765217)  2025-12-27T02:36Z 26.8K followers, 147.7K engagements


"@A_May_MD Since your posts are free my IRR on U is infinite. ❤"  
[X Link](https://x.com/KevinLMak/status/2006780949221216445)  2026-01-01T17:33Z 26.8K followers, [----] engagements


"We published our [----] year-end fund letter. Sharing publicly for transparency around how we think about portfolio construction risk and process. This is not investment advice and we are not currently accepting new capital. https://creekdrivecapital.com/letters/2025/ https://creekdrivecapital.com/letters/2025/"  
[X Link](https://x.com/KevinLMak/status/2007558995083714981)  2026-01-03T21:05Z 27.9K followers, 41.4K engagements


"Who are the people/mms deciding hey this brand new market opened lets sell into this large price insensitive buyer Given these markets have so much toxic flow whos making markets and getting run over Or is there so much dumb money out there that the MMs are profitable despite adverse selection"  
[X Link](https://x.com/KevinLMak/status/2007989194065375349)  2026-01-05T01:35Z 26.5K followers, [----] engagements


"Two very different paths with similar results"  
[X Link](https://x.com/KevinLMak/status/2008925144056508626)  2026-01-07T15:34Z 27.9K followers, 31.1K engagements


"@s_ndragon Either way above or way below ASTS. 85% chance below"  
[X Link](https://x.com/KevinLMak/status/2008942946754707551)  2026-01-07T16:44Z 26.9K followers, [---] engagements


"1) Youtube is populist clickbait 2) K-shaped recovery means high-end entertainment doing well/better and low-end suffering more. Sphere is a premium experience (and priced as such). 3) Sphere's results are more driven by company-specific operations and results versus Las Vegas in general. i.e. a good/bad concert or show has a +/- 40% variance in attendance. The "overall vegas visitation numbers" are +/- 10%. Sure "high tide lifts all boats" is helpful but not req'd for Sphere. https://twitter.com/i/web/status/2008966551437787615 https://twitter.com/i/web/status/2008966551437787615"  
[X Link](https://x.com/KevinLMak/status/2008966551437787615)  2026-01-07T18:18Z 26.7K followers, [---] engagements


"@CorneliaLake The only thing that is definitely clear is that the low vol 5-year warrants that were trading back in the day were waaaaay too cheap"  
[X Link](https://x.com/KevinLMak/status/2009292286799024328)  2026-01-08T15:53Z 26.7K followers, [----] engagements


"@CorneliaLake In the up-state they became worth a lot and called (redeemed). In the down-state (where we are now if the redemption never happened) they'd still be worth a lot because of how volatile the stock and catalysts are"  
[X Link](https://x.com/KevinLMak/status/2009292583244091548)  2026-01-08T15:54Z 26.7K followers, [----] engagements


"@FlowbyBobby 😇"  
[X Link](https://x.com/KevinLMak/status/2009704545409290743)  2026-01-09T19:11Z 27.9K followers, 18.2K engagements


"@nuke2astra @FlowbyBobby Sold some Feb $100c and $130c today. Still 3% here"  
[X Link](https://x.com/KevinLMak/status/2009707873820107210)  2026-01-09T19:24Z 27.6K followers, [----] engagements


"Im starting to believe theres a 20% chance that $ASTS reaches full retail cult status. Some may joke/laugh hasnt that already happened no not in the way I think of it. The two most straight forward comps are TSLA and PLTR. I dont own either of them and dont have a strong inclination to be short or long them. But what has happened with both is that they trade at nosebleed valuations that fully price in the exceptional success scenario far before the company can prove that it will attain that success. New (and existing) retail investors are continually entering the market looking for the next"  
[X Link](https://x.com/KevinLMak/status/2009788627526586384)  2026-01-10T00:45Z 28K followers, 159.2K engagements


"@scott_m_powell Stuff like TSLA and PLTR its not just about being overvalued or high multiple. Its about being that and also being massive market cap (and/or SP500 inclusion) S-tier is internet lingo that the fellow kids use when categorizing things"  
[X Link](https://x.com/KevinLMak/status/2009793820997898403)  2026-01-10T01:06Z 27.9K followers, [----] engagements


"@philliplyle410 @scott_m_powell AMC and GME are very different from PLTR and TSLA though"  
[X Link](https://x.com/KevinLMak/status/2009794286754132181)  2026-01-10T01:07Z 26.8K followers, [---] engagements


"Stock could trade up to $500 in like [--] months and then by [----] the execution of the business (if all goes well) catches up to the stock price and the multiple becomes reasonable. An example is Alibaba increased revenue by like 1000% over [--] years and the stock price was down over that period. Its not that the early investors were wrong they were just early to price in the future success. Or maybe it gets really expensive now and even more expensive later (like TSLA) who knows. But these situations are quite unique. https://twitter.com/i/web/status/2009797293973569634"  
[X Link](https://x.com/KevinLMak/status/2009797293973569634)  2026-01-10T01:19Z 27.9K followers, [----] engagements


"@Schnyggsomfan Never. Ever"  
[X Link](https://x.com/KevinLMak/status/2009798074730950925)  2026-01-10T01:22Z 27.9K followers, [----] engagements


"@Puffery69 The stock prices beg to differ"  
[X Link](https://x.com/KevinLMak/status/2009807774109315553)  2026-01-10T02:01Z 26.8K followers, [----] engagements


"@makemoneycfa Its a prerequisite. Theres plenty of stocks with huge social media followings that dont/wont become an (as I define) S-tier meme. Even now were not close. Probably 100B mcap would have be convinced"  
[X Link](https://x.com/KevinLMak/status/2009813491214106809)  2026-01-10T02:24Z 26.8K followers, 20K engagements


"Rebalancing without new information is unintuitive and mathematically correct. It feels wrong to sell your winners and add to your losers. But when done properly it converts volatility from a tax into a source of return by systematically buying whats fallen and trimming whats run maximizing long-term compounding. Fundamental analysis determines what I own rebalancing governs how it compounds. I will always look stupid doing this but the long-run returns tell the full story. *There are secondary considerations for taxable investors but for institutional (often tax-exempt) capital this is far"  
[X Link](https://x.com/KevinLMak/status/2010218148742439209)  2026-01-11T05:12Z 27.9K followers, 40.5K engagements


"I run a daily beta of [--]. Because the book is dominated by event-driven highly idiosyncratic positions I believe my true exposure to market outcomes over time is much lower than that. Hedging short-term market noise adds cost without improving expected value so I accept the volatility rather than pay to suppress it. With concentrated idiosyncratic risk reducing systematic noise doesnt meaningfully increase my ability to lever the book anyway. Diversifying idiosyncratic risk would require many more positions more analysts and a very different operating model. Id rather run small compact and"  
[X Link](https://x.com/KevinLMak/status/2010451595109273955)  2026-01-11T20:39Z 27K followers, [---] engagements


"http://x.com/i/article/2011116598782828550 http://x.com/i/article/2011116598782828550"  
[X Link](https://x.com/KevinLMak/status/2011130801291686124)  2026-01-13T17:38Z 28K followers, 15.3K engagements


"I think its important to show your investors that you respect them and take your mandate seriously. That means communicating with them. It seems like a bare minimum to me. I write monthly letters 2-5 pages talking about the major things that happened to the book in the last [--] days and stuff I think may happen in the next [--] days. If nothing interesting happened then its a shorter letter saying as such. I also send my letters out on the first day of the month. I also spend close to zero time fundraising because it makes way better alignment to invest time communicating with current investors"  
[X Link](https://x.com/KevinLMak/status/2011226810839605354)  2026-01-14T00:00Z 27K followers, [----] engagements


"@Overlevered_AM You forgot about my 5x monthly turnover also being a huge red flag. Oh and I dont even have a gold plated prime"  
[X Link](https://x.com/KevinLMak/status/2011279270614876448)  2026-01-14T03:28Z 27K followers, [---] engagements


"$SPHR Wolfe Research ups Sphere from $105 to $124 "Sometimes you walk away from the table when you are on a heater other times you double down. SPHR remains demonstrably cheap and we view Vegas LT growth and 3rd party venue expansion as both highly likely and not fully priced in. Outperform PT $124." Peter Supino and his team at Wolfe were the first Analysts to be constructively bullish on Sphere. They've been consistently thoughtful and ahead of the street with their analysis. Their work is largely inline with mine and the way they arrive at their price target is using a point-estimate of"  
[X Link](https://x.com/KevinLMak/status/2011445138459914649)  2026-01-14T14:27Z 28K followers, [----] engagements


"@JasonKeenX No date confirmed yet. Its wonky because last year they reported a stub [--] months because they changed their FYE from June [--] to Dec [--]. This coming release is their first full year of earnings with a fiscal year end Dec [--]. Unclear how they decide to time it"  
[X Link](https://x.com/KevinLMak/status/2011456133635174555)  2026-01-14T15:11Z 27K followers, [---] engagements


"@BeyondSPX MSGN wont bleed out and affect sphere parent. Its ring fenced. Its a free call option for share holders but probably worth $0 for all intents and purposes"  
[X Link](https://x.com/KevinLMak/status/2011466898404221003)  2026-01-14T15:54Z 27K followers, [---] engagements


"Whats funny to me is that people love Buffett quotes but always ignore the stock market is the only place where people dont want to see things go on sale. Buffett absolutely adds to losing positions when prices fall because hes confident in his underwriting. The real contrast isnt philosophy its constraints. Trimming is far more difficult for him due to size and the need to keep capital deployed. He cant easily trade around positions so selling tends to happen only when something becomes exceptionally overvalued not just a little expensive. Letting winners run isnt a superior principle. At"  
[X Link](https://x.com/KevinLMak/status/2011810467346301131)  2026-01-15T14:39Z 28K followers, [----] engagements


"@thealphacompass @raccoon_ga12514 Really small market cap. can't really work for me"  
[X Link](https://x.com/KevinLMak/status/2012271173376069982)  2026-01-16T21:10Z 27.8K followers, [---] engagements


"Yes its a huge asset to the company. Its not necessarily a benefit to equity holders though. ASTS likely wouldnt have made it through 2023-2024 without spacemob. They would have run out of capital. Now this cheap capital lets them accelerate and launch and expand quickly. Fingers crossed it works. https://twitter.com/i/web/status/2012962846045270444 https://twitter.com/i/web/status/2012962846045270444"  
[X Link](https://x.com/KevinLMak/status/2012962846045270444)  2026-01-18T18:58Z 27.9K followers, [----] engagements


"@joe_oa I say $120 "or more". Wide range of acquisition outcomes very very few suggest less than $120"  
[X Link](https://x.com/KevinLMak/status/2013116493085446503)  2026-01-19T05:09Z 27.9K followers, [---] engagements


"@CashflowingOptn It's far less valuable than the Las Vegas sphere. It's still value accretive though. Probably do about 1/5th to 1/4 the revenues of LV Sphere but higher incremental margin given they borrow so much of the cost burden "for free""  
[X Link](https://x.com/KevinLMak/status/2013118095414460867)  2026-01-19T05:15Z 27.9K followers, [---] engagements


"More importantly the return profile is deceptive because you have a high probability of stringing many wins in a row to show high realized returns before a bad trade shows up that negates them. THEN you reason that you just need to do the good things more and not the bad thing because retail doesnt appreciate the two are absolutely linked. https://twitter.com/i/web/status/1882893051863142747 https://twitter.com/i/web/status/1882893051863142747"  
[X Link](https://x.com/KevinLMak/status/1882893051863142747)  2025-01-24T20:47Z 28K followers, [---] engagements


"The market price is the market price. There are millions of shares willing to be sold from $15 down to $7. Conversely if you're the board how do you square HODLing BTC which has no alpha when you could be selling the BTC and buying back your own "massively underpriced shares at $7". To be clear I think it's underpriced. I see the upside scenarios at $20+ but those are risky scenarios versus a (relatively) risk-free acquisition of 80%-100% premium. I probably have too much of an academic hat on"  
[X Link](https://x.com/KevinLMak/status/1909366441251663918)  2025-04-07T22:03Z 28K followers, [----] engagements


"I can't figure out what's wrong with my portfolio. 🤔 (Monthly P&L contribution by ticker)"  
[X Link](https://x.com/KevinLMak/status/1914767429882011738)  2025-04-22T19:45Z 28K followers, 17.3K engagements


"$BKSY Pretty surprised by the Blacksky move on today's earnings release. Everything looks good/great- and yes (IMO) it was oversold so we're kind of "catching up" to where it should be Main things I noted from the PR: 1) Cash balance very strong from some vendor prepayments. They weren't really cash constrained before but still more is good. 2) Backlog increased by 130M in Q1. I think this is what's driving the move in the stock. During Q1 they had a lot of announcements "We are included in XYZ IDIQ contract of $400M across [--] vendors". The problem with those wins is that it's unclear whether"  
[X Link](https://x.com/KevinLMak/status/1920479507363836358)  2025-05-08T14:02Z 28K followers, [----] engagements


"@5xSuitor Been here since NPA days. Just the water keeps changing temperature and its hard to avoid the feces floating around"  
[X Link](https://x.com/KevinLMak/status/2009795617569030211)  2026-01-10T01:13Z 28K followers, [----] engagements


"My largest position (in terms of risk) right now is $ABVX. I have no particularly variant view on this. I believe the risk reward here is really compelling and there isnt enough $$ actively in biotech to push it to a more fair-ish level. 7-10% weight depending on the price level its very volatile day to day. Im fully willing to hold this for 2+ years if no deal materializes (which I think is the unlikely downside case where we probably still make money). @KevinLMak Hi Kevin as always appreciate your commentary. Its been a great ride As Sphere went from 25% to 5% allocation I wonder whats your"  
[X Link](https://x.com/KevinLMak/status/2011232891879964968)  2026-01-14T00:24Z 28K followers, 93.7K engagements


"$SERV Found one in the wild in Miami. is it creepy if I follow it around for the day to track its average utilization Disclosure: long serv"  
[X Link](https://x.com/KevinLMak/status/2011826501600104741)  2026-01-15T15:43Z 28K followers, 20.4K engagements


"The question is if its so good and simple why is it only trading at $115 This isnt a hidden gem biotech story. Everyone in bio knows/likes (or at least doesnt hate) it. If its that well known and liked it usually isnt materially underpriced. Consensus names are typically over priced. If you just go around buying things you think are 50% underpriced because the market is just dumb and missing it every time youre probably gonna have a bad time (or youre a genius)"  
[X Link](https://x.com/KevinLMak/status/2012886090026234274)  2026-01-18T13:53Z 28K followers, [----] engagements


"@CClok85 It should be priced in it's in my model and every other analyst model. /shrug"  
[X Link](https://x.com/KevinLMak/status/2013114970464981392)  2026-01-19T05:03Z 28K followers, [----] engagements


"@CClok85 What's not priced in is $200m of free government subsidies which is worth about $6/share"  
[X Link](https://x.com/KevinLMak/status/2013115097082679587)  2026-01-19T05:03Z 28K followers, [----] engagements


"$ASTS Pretty amazing that the short interest continues to climb. They think dumb meme/momo retail is buying this. I'm pretty sure that's not the case. Datasource: IHS Markit"  
[X Link](https://x.com/KevinLMak/status/1821907257107288510)  2024-08-09T13:51Z 28.1K followers, 35.1K engagements


"$ASTS They just don't. get it. Plz crazy spacemob people take profits be responsible with your portfolio weights. Source: IHS Markit"  
[X Link](https://x.com/KevinLMak/status/1824089863718637847)  2024-08-15T14:24Z 28.1K followers, 38.7K engagements


"@HenryChien4 I pay for IHS Markit data"  
[X Link](https://x.com/KevinLMak/status/1937543078140678233)  2025-06-24T16:07Z 28.1K followers, [----] engagements


"@fullbidlift My daily short interest data provider is IHS Markit. Not sure where your data is coming from"  
[X Link](https://x.com/KevinLMak/status/1940766684387967311)  2025-07-03T13:36Z 28.1K followers, [----] engagements


"@CahitM_Borsa All brokers who contribute to IHS Markit (which is about 90% coverage of global market)"  
[X Link](https://x.com/KevinLMak/status/1941900662616322556)  2025-07-06T16:42Z 28.1K followers, [---] engagements


"@spacanpanman Another survivorship bias SPAC landing firmly in the W column"  
[X Link](https://x.com/KevinLMak/status/1943310493164191750)  2025-07-10T14:05Z 28.1K followers, [----] engagements


"Not more accurate just different and more frequent. Its voluntarily reported/collected from brokerages by a company called IHS Markit. Its reported daily and 2-3 days delayed instead of FINRA which is only reported every two weeks and 10ish days delayed. I find the Markit data way more useful but the FINRA is a good check to make sure the Markit data is correct. https://twitter.com/i/web/status/1818124739455459659 https://twitter.com/i/web/status/1818124739455459659"  
[X Link](https://x.com/KevinLMak/status/1818124739455459659)  2024-07-30T03:21Z 28.1K followers, [---] engagements


"@PilotaInteriore @tradingrust Markit is the name of a company called IHS Markit which releases the daily short interest data that I occasionally share. You can see roughly 2-3 days after trades happen whether short covering has occurred"  
[X Link](https://x.com/KevinLMak/status/1820463674924171738)  2024-08-05T14:15Z 28.1K followers, [---] engagements


"And then the data is self reported to IHS Markit which could be another day or two delay depending on how the broker or fund submits their data. My experience is data that is about [--] days old is "locked" in the database but the data for the last [--] days slowly adjusts/revises each day. https://twitter.com/i/web/status/1826982302125048166 https://twitter.com/i/web/status/1826982302125048166"  
[X Link](https://x.com/KevinLMak/status/1826982302125048166)  2024-08-23T13:58Z 28.1K followers, [----] engagements


"$ASTS "I wouldn't be surprised if we saw another 3-4 million shares covered this week (that will show up in the data next week)." .It's kinda like having cheat codes to the market. (Source: IHS Markit) $ASTS [--] Million shares covered in the past week or so (reminder data is delayed between 1-3 days). Realistically the buying (and the stock price jump) last week on the 15th and 16th would have settled and shown up on the 19th 20th 21st. So from that perspective the data is https://t.co/OumiyXjyoa $ASTS [--] Million shares covered in the past week or so (reminder data is delayed between 1-3 days)."  
[X Link](https://x.com/KevinLMak/status/1828424572204425568)  2024-08-27T13:29Z 28.1K followers, 23.5K engagements


"Revisiting this. The IHS Markit reported short-interest has fallen dramatically. I think there are two reasonable explanations: 1) My first thesis is that people shorted a ton into the index add and have been scrambling/covering for weeks and fueling the move upward. 2) From a data perspective Markit generally reports loans between brokers (not internal lending). So maybe when the index add happened there was a ton of broker loans to arrange the delivery/shorting of stock and then over time brokers have internalized most of this so they don't have to borrow externally. The result is "Short"  
[X Link](https://x.com/KevinLMak/status/1860036947433128098)  2024-11-22T19:05Z 28.1K followers, [----] engagements


"$RCAT This stock is now squeezing. The borrow rate is up from 8% to 42% on IBKR. IHS Markit reports the daily short interest is up to 13.8M shares from 8.6M. Basically when WSB meme'd it on Sunday/Monday lots of people shorted the pop because it's "bullshit". That's partially true but there is a fundamental story here (whether you believe it or not) and at the end of the day the Short interest is going to have a tough time financing the position if they want to stay short for a prolonged period of time. IMO no good reason for the stock to be up so much today other than short covering. (Maybe"  
[X Link](https://x.com/KevinLMak/status/1869843133112168531)  2024-12-19T20:31Z 28.1K followers, 39.8K engagements


"$RCAT New highs on the total shares borrowed (shorted) according to IHS Markit. Avg borrow rate is below previous peak because when borrow rates spike more lenders bring in inventory which increases supply (and reduces the rate). Implied Vols are low relative to the past [--] weeks which is interesting because I think we should see some announcements in the coming weeks and the short outstanding generally adds volatility so IV's may actually be a bit cheap here (hah at 125%). Recent DJI news (removing geofencing) probably slightly net positive for RCAT. I think full DJI ban is happening"  
[X Link](https://x.com/KevinLMak/status/1879617543583002945)  2025-01-15T19:51Z 28.1K followers, [----] engagements


"@TheDivineStein I'm using IHS Markit short data which is based on prime-broker based lending activity. There's a [--] day lag in the data unlike FINRA data that is [--] weeks lagged"  
[X Link](https://x.com/KevinLMak/status/1879980955332677698)  2025-01-16T19:56Z 28.1K followers, [---] engagements


"@semodough @Biohazard3737 IHS Markit numbers are lower (systemic under counting) but gives you a realtime view into the directionality of the short interest on a daily basis. People shorted the pop but have since covered"  
[X Link](https://x.com/KevinLMak/status/1882540558931083652)  2025-01-23T21:26Z 28.1K followers, [---] engagements


"Interesting dynamic as markets rip all time highs tons of low quality stuff rallying to nosebleed levels. Some companies are in the process of fundamental rerates. Despite very solid fundamentals justifying the price levels (and potentially much higher) its easy to assume theyre just up because everything else is and ignore them. ABVX comes to mind as it jumped from $10 to $52 and many would say well I missed the move but the value of the drug is in the $120 range. Buying at $52 after the news still allowed a dramatic amount of value (derisked too) for those willing to take a closer look."  
[X Link](https://x.com/anyuser/status/1969405471736918140)  2025-09-20T14:17Z 28.2K followers, 87.5K engagements


"Random market microstructure thought. Markets already allow a lot of ways to hide your true intent. Iceberg orders exist for a reason. You show a small amount of size but there might be much more behind it. Someone trades with you thinking they cleared you out and then more shows up. So hiding real demand is fine. Whats not fine is showing demand that might not actually be real. Thats where spoofing gets banned. I get the theory but in practice the line feels blurry. Spoofing gets described as riskless manipulation but those orders are live. They can get hit. Theres real economic risk. And"  
[X Link](https://x.com/KevinLMak/status/2006871169727868998)  2026-01-01T23:32Z 28.2K followers, 18.6K engagements


"(Pinned Profile Post) I'm Kevin I teach markets/finance/investing/economics (a bit of everything) at the Stanford Graduate School of Business. My main expertise is experiential learning where I bring real-world simulations into classrooms to motivate learning in a hands on way. My primary course is Financial Trading Strategies here's the syllabus: I'm the founder of the Rotman Interactive Trader platform which is software that simulates stock markets and has been used by over [------] students at 100+ academic institutions. The software is also used in commercial settings (market making firms"  
[X Link](https://x.com/KevinLMak/status/1914906373084864685)  2025-04-23T04:57Z 28.2K followers, 200.5K engagements


"$PGY Quarter was great basically every financial metric is moving in the right direction. FLRPC is now at 5% which is great to see. Costs/expenses are under control margins expanding. Extra disclosure regarding their write downs so investors can get a better feel for how that looks. We can't forget that last year was a disaster with credit-related write downs. The story is that was a one-time (18 month) episode for the company and everything is up and to the right from here. With FLRPC margins up balance sheet usage (credit retention) down I'm inclined to believe them. If that's true (which I"  
[X Link](https://x.com/anyuser/status/1987882964529627226)  2025-11-10T14:00Z 28.2K followers, 49.7K engagements


"I guess this is part of the underpricing story"  
[X Link](https://x.com/anyuser/status/2012887887683961250)  2026-01-18T14:00Z 28.2K followers, 18.9K engagements

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