“Welcome to “What Are We Doing” (WAWD), the Substack newsletter where Wall Street outsiders—Danny Moses, Vincent Daniel, and Porter Collins, famously portrayed in “The Big Short” pull back the curtain on markets and investing.”
– Danny, Vinnie and Porter
There are few smarter and contrarian investors than Danny Moses, Vincent Daniel and Porter Collins.
Read on:
They Look at Me Like It’s Christmas and I’m Santa Claus
Position: Long MSOS (L), GLASF (VS)
Let me tell you about the latest ‘hot pocket’ and one name I’m long and watching.
This is a non-event, IMHO:
Position: None
This important post was delivered late yesterday afternoon.
I wanted to be sure you all saw it:
I am growing much more optimistic on the cannabis complex.
I plan to super-size (VL) my MSOS holdings and I plan to expand individual equity positions (with emphasis on GTBIF and VRNO).
I am doing so because:
* I am extremely confident that rescheduling of both medical and adult use (recreational) will pass in the next few months.
* I am confident that uplistings will soon follow.
* More relaxed custodian rules allowing for institutional purchases of the group.
* The recent debt refinancings have eliminated the frightening debt maturity cliff that some feared.
* Industry fundamentals (volumes and pricing) have stabilized.
* Expectations are very low.
* Massive absolute and relative underperformance over the last five years has created a long runway for appreciation.
* Upside reward is probably more than 5x downside risk.
Position: Long MSOS common (L) and calls (S), VRNO (S), GTBIF (VS)
BY Doug Kass · May 27, 2026, 4:33 PM EDT
Position: None
Position: None
The S&P Short Range Oscillator has grown more overbought at 1.62% vs. 0.74%.
Position: Short SPY (M), QQQ (M)
I am growing much more optimistic on the cannabis complex.
I plan to super-size (VL) my MSOS holdings and I plan to expand individual equity positions (with emphasis on GTBIF and VRNO).
I am doing so because:
* I am extremely confident that rescheduling of both medical and adult use (recreational) will pass in the next few months.
* I am confident that uplistings will soon follow.
* More relaxed custodian rules allowing for institutional purchases of the group.
* The recent debt refinancings have eliminated the frightening debt maturity cliff that some feared.
* Industry fundamentals (volumes and pricing) have stabilized.
* Expectations are very low.
* Massive absolute and relative underperformance over the last five years has created a long runway for appreciation.
* Upside reward is probably more than 5x downside risk.
Position: Long MSOS common (L) and calls (S), VRNO (S), GTBIF (VS)
After-Hours % Advancers
After-Hours % Decliners
Position: None
The market got nothing new on Iran except a harder line from President Trump.
