Section 05  ·  The Hedge That Wasn’t
Both legs moved the same way.
July 2026. The dashed outlines are what the two sides of a hedge are supposed to do.
WHAT A HEDGE LOOKS LIKE ENTRY LONG BOOK Nebius · SanDisk · Micron · CoreWeave −35% to −78% SHORT BOOK Adobe +27%
Both against him
A hedge protects you when the two legs disagree.

These agreed.
Adobe short: reported by CNBC.
13Fs do not disclose short positions.
Squeezed from both sides — at four times leverage.
BOARDROOM WIRE
Reported  ·  CNBC
Long positions per SEC Form 13F  ·  July 2026 moves and the Adobe short position are reported, not filed  ·  vertical scale is linear from −78% to +27%
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R replay · ?final still