Portfolio holdings 5th of 5.

 ...so. Heard any interesting news? 

Nasty month - portfolio down 6%. Total (positive) returns since September 8th, '25 inception: 19.1% vs 12.7 for the benchmark SPY (or more appropriately 11.6% for the average 60/40 portfolio.) Overall losses lately have come mostly from silver-gold, gains instead from various places including the hedges, of course. After selling a good bit of, well, everything, silver more so, just before the fall - some slow adding to positions. Which have kept falling like unhitched salamis. And likely will continue (note: one doesn't try to catch falling knives - the underlying reasons for using gold long remain, entirely.) Tourist trader deleveraging - after the reverse, influencer-type-led mass tourism trading in a sector or commodity - in today's markets makes for interesting rides. (digging for gold) Going up, what you might hope for, as it were, over years is condensed into weeks while going down, risks can spiral into horrible, full-blumed articulations before your displeased eyes in near real time. Fast up, faster still down. Either way...

So. The very bad guys continue doing very bad things, are even accelerating them. Schemes thought out and planned and gamed then implemented over...decades aren't cooperating, 'goddamit, hurry-rush-kill-destroy, NOW, NOW, NOW!' Violence in various forms is everywhere in the west, ugliness a go-go, beauty under pressure. From so many rivers. To. So many seas.(All in, boys)

There are examples of this...vomitous bullshit everywhere. Not far away, only. Wherever you are, as well. Dots of news over the last years. Clearer now, they become, patterns are visible - no more dada or absurdities. Things fit into narratives, easily. Ie, the increasing night unloading of sick cattle (from Naples and Puglia mafia tribes moving in) and sheep into healthy herds out to pasture in the apeninine mountains - an account here, then an article there, intmidation, pressure..... a few years ago. Then the worst non-sense EU laws fully applied, funds sliced, small farming and lovely villages cut-off from any Federal funding, infrastructure upkeep eliminated, small regional hospitals closed, forced personal spending for new vehicles and so-called energy efficient parameters for buildings, a president from a mafia family (Italy), a prime minister from a mafia family, more banking influence, more USA influence, more CIA, more Mussad... more laws - the bonus per slaughtered head to the pronoucing vet often making his or her diagnosis without ever leaving the car - (the roughly 20 euro per head is a but for tip monet: the real money will be coming from elsewhere.) Now begin the final, bigger blows: the usual agriculture free trade agreement with Latin American (and EU) crap - (sorry but... heck, the first - first- ship of Brazilian meat arriving under the new agreement was 80% - EIGHTY FUCKING PERCENT, contaminated,) still no Russian oil or gas or fertilzer and no selling there either, more subsidies for wind turbines and solar panels - now adds are popping up everywhere to take over small farmers land for energy use by companies mostly domiciled within shell companies in other places like Denmark, for the offices but held by still other companies in: Dubai - oops - Hong Kong or Singapore with major partner-holders with accounts in the Carribean routed from Tel Aviv. And Naples. And Puglia. Wefuckyouhappily spa. In Sardinia of late they speak a lot of Neopolitan in places, lots of American English, lots of Israeli flags. It's begun now in Salento as well, conviniently just across the Adriatic from...ahem, let's call it Ivanka Island.  Other things but to a point: Italy is maybe the only developed country culture so defined by food, from the land and seeds through artisans and cooks to table. I'm from America: we as a country via the military paid hunters about 8 dollars (in today's money) per buffalo tongue to wipe out plains Indians by destroying their food and their culture. It worked. To then steal their land. See the connection?

Anyway, the last holdings, briefly. But first: disclaim and all: (Note to anyone perusing: for now, I've none of these things - those who know me know the primary cause. He did actually steal literally every thing. Just suggestions these and no conflicts of interest or certified advice. Investing, or betting, is always problematic and filled with risk. Then again, so can be eating a pizza.)

part 4

1. VXX, a hedge by playing the vix volatility index. It's finally helping mitigate the losses of late. 

2. VGK shorted. Hedge. Europe. Going down. Ditto above.

3. VBIO. Tivic. Nuclear war worst case scenario insurance, sort of. Hold, mostly.

4. VB. Short. US small cap.  Unclear but... things aren't great, from private credit to fuel to rising rates.

5. UTHR. United therapeutics. Had already popped before acquired here so I was already acquainted. Been sold and rebought more than once. A PBC (public benefit company,) lung desease, organ transplants. Hold and acquire.

6. URNM. ETF: Uranium. Rather direct.

7. TECK. Core holding. Popped, up about 60% since first bought here, been sold and bought more than once. What's not to love? Cu and Zn. 

8. SYK. Stryker. Med. High margin, 'smart' medicine. Headwinds rather obvious so, hold. Medtronic on a fall-off might be a better sector play for it's diversification into less elastic problems and relative cheap-ness as an equity.

9. SPY. S&P etf. Shorted. Hedge. 

10. SOYB. ETF. You'll never guess on what... obvious but not so dumb.

11. /12. Slver and silver producer etf's. Also obvious but maybe, oddly, a riskier play in some ways.

....there are also a few Forex things - short on the dollar vs Russia and China, more so short the euro and pound, and one crypto holding, ether, only recently bought for a long, indifferent hold. Then options on Silver and gold, that had been stripped down to a minimum but the last couple days ... I've been buying a bit. Long: expiration '28-'27.  Anyway.. I'm sleepy so, next week or sooner, the 9 month assessment, lessons learned and going forward: video. And more passive managing.