Sometimes the wrong turn is worth $32 billion.

Bravo 👏

It was a practice round at 2020 Augusta National.
The tradition at The Masters is simple: players try to skip their tee shot across the pond in front of the green. You aim low, you hope it bounces, you try to land it somewhere on the putting surface. Most shots skip once or twice and die in the water. That’s the expected outcome. That’s physics.

Jon Rahm‘s ball skipped four times. It kicked to the back of the green. It fed down the slope. And then — in front of exactly nobody, because it was a Tuesday practice round with no crowd — it dropped into the hole.

A hole-in-one. Off a water skip.

He did something that had no business working.

Here is the thing about the skip shot: it only works if the ball goes somewhere it wasn’t supposed to go. The trajectory is wrong by design. The landing zone is technically an error.

And yet, sometimes, the wrong path is the only one that ends in the hole.

Today, I found four stories across the market, and every single one of them involved something that launched correctly — and landed somewhere completely different than planned.

Three of them landed in the water. One of them found the hole. ⇩

SPONSOR BREAK presented by OxfordClub* 

How Mitt Romney Turned $450K Into Up to $100 Million (Tax-Free)
It wasn’t stocks. It wasn’t real estate. It was a little-known investment vehicle that turned Mitt Romney’s $450,000 into as much as $100 million and Peter Thiel used to turn $2,000 into $5 billion within two decades. Now, thanks to a new executive order, regular Americans can access the same type of investment. Get more details here >>

Aimed For Orbit. Hit The Pond.

Elon has 9,500+ satellites circling the planet. If one goes sideways, he launches three more next Tuesday before lunch.

AST SpaceMobile is playing a completely different game – and honestly, it’s a bolder one.

Their whole thesis: you don’t need thousands of satellites if each one is smart enough. Fewer than 100 large, powerful birds, each doing the work of hundreds of Starlink satellites. Less clutter. More muscle. Zero margin for error.

So when BlueBird 7 launched Sunday aboard Blue Origin’s New Glenn rocket, every single thing had to go right.

The plan was simple: reach low-Earth orbit, join the constellation, get one step closer to beating Starlink at its own game. The satellite separated cleanly. It powered on. And then Blue Origin’s upper stage delivered it to completely the wrong address.

Too low to sustain operations. Too low to fix with the onboard thrusters. Too low to save.

De-orbited by end of week. Gone. ⇩

→ ASTS ( ▼ 5.3% ) today
→ Negative YTD — after being up 270% over the past year
→ Still targeting 45 satellites by year-end
→ BlueBird 7 was supposed to be number eight

Meanwhile, Blue Origin actually had a great day.

New Glenn flew again AND they successfully reused the rocket for the first time ever – a milestone Bezos has been chasing for years.

So Bezos pops champagne for the reuse milestone. And AST SpaceMobile files an insurance claim.

The company’s whole pitch is bringing 5G broadband internet to your regular, unmodified cell phone. No special hardware or dish on your roof.

To pull that off, every single satellite has to reach the right orbit and do its job.

BlueBird 7 was supposed to be number eight. Instead it’s becoming space debris by the end of the week.

One wrong bounce. Short of the green.

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Elon Musk Just Did Something He’s Never Done Before

This February, Elon spent millions to send a message to 125 million Americans. Most people ignored it. But Wall Street veteran Whitney Tilson couldn’t stop thinking about it, and says what Elon was really saying explains everything about what’s unfolding in America’s economy right now.
He’s sharing his full analysis, free, here.

Teed Up In Austin. Landed In Amsterdam.

Tesla’s federal tax bill last year was $0.

Not “close to zero.” Not “minimized through credits.” Zero. Nothing. Nada.
For the second year in a row.

Now, part of that is boring and legal – past losses and green energy credits can eat a tax bill down to zero. The system working as designed. Fine.

But Reuters dug deeper. And what they found is where it gets interesting.

Tesla routed $18 billion in profits through paper-only subsidiaries in the Netherlands and Singapore. Companies that exist on paper, hold intellectual property rights, do absolutely nothing, and sit in tax-friendly jurisdictions. The move saved Tesla an estimated $400 million in US taxes. Entirely legal. Completely standard corporate playbook.

The ball launched from Austin. It landed in Amsterdam.

→ Tesla Q1 earnings drop Wednesday
→ Revenue expected: $22.08 billion – down 9% year over year
→ Robotaxi “expansion” this week: 1 unsupervised car per new city

The skip shot is in the air. Wednesday’s earnings call is the landing.

SPONSOR BREAK presented by BehindtheMarkets* 

Mark this date: May 29th, 2026. While the media is distracted by the latest headlines out of Iran, a 90-year-old federal law is quietly closing a trap on Wall Street’s biggest bullion banks.

For 55 years, they’ve sold “paper gold” they didn’t actually have.

But on May 29th, the legal “First Notice” deadline hits.

It’s the moment of truth where paper promises must turn into physical bars—bars that the London and Shanghai vaults simply do not have.

When the “Paper Leash” snaps, gold won’t just move… it will teleport.

I’ve identified one “Shadow Miner” sitting on a “King’s Vault” of physical metal that could surge 1,000% as the paper market defaults.

See the 90-year-old law and the ticker symbol here >>>

All setup. No swing.

Rick Perry used to run the Department of Energy. The department responsible for America’s nuclear arsenal. The department that oversees the entire US energy grid. He knew every regulator, every contractor, every room where the important decisions get made.

So when he co-founded Fermi — a company planning to build nuclear infrastructure to power data centers — it sounded like a layup.

→ AI is hungry for energy.
→ Nuclear is the only power source that can actually feed it.

Perry has the Rolodex. What could go wrong?

This week we found out.

1 The CEO left Friday.
2 The CFO left today.

The company responded by calling it “Fermi 2.0” — which is either very confident or very desperate. We’re going with the latter.

→ FRMI ( ▼ 17.56% ) today
→ Down 75% from its IPO price (went public October 2025)

Fermi’s whole business plan was to build a massive power site in Amarillo, Texas — they called it Project Matador — lease it to data center operators hungry for clean nuclear energy.

The problem is they built it before finding anyone to lease it to.
In September they finally got a tenant interested — a nonbinding letter of intent to lease part of the site. Three months later, in December, that tenant walked away.

So right now Fermi has a power site in Texas, a mounting construction bill, zero customers, zero revenue, no CEO, and no CFO.

They built the course. Nobody showed up to play.

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Tiny $2 Mining Stock 2X Bigger Than Barrick?
Barrick is one of the largest mining companies in the world, with a value of nearly $100 billion.

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The Wrong Shot. The Right Hole.

Before Charlie Ergen built a satellite empire, he was a professional poker player.

In the 1980s he bet everything on satellite TV. By 2015 he was worth over $20 billion. Then cord-cutting came for him – slowly, then all at once.
Subscribers vanished and stock collapsed. By the early 2020s his net worth had dropped below $1 billion. The empire was shrinking.

So Ergen did what any good poker player does when the cards turn bad.
He didn’t fold. He bluffed.

He spent billions buying up wireless spectrum – the invisible highway that carries cellular data – without a real plan to develop it. Hoping something would eventually make it valuable.

Regulators got impatient. The FCC started asking whether he’d actually built anything with it. His company EchoStar was staring down a possible bankruptcy.

Then SpaceX called.

Turns out Elon needed exactly what Ergen had been sitting on. SpaceX’s Starlink was expanding into direct-to-cell service — letting regular phones connect to satellites without any special hardware. To do that at scale, they needed terrestrial spectrum. The exact kind Ergen had spent years hoarding.

And SpaceX paid $17 billion for it.

→ Deal structure: $8.5 billion cash + $8.5 billion in SpaceX stock
→ Follow-on deal: another $2.6 billion in SpaceX stock for additional spectrum
→ EchoStar now holds $11.1 billion in SpaceX stock — valued at $212/share when the deal closed
→ SpaceX is now targeting a $1.5 trillion IPO valuation this summer
→ Current SpaceX private market price: ~$610/share
→ Ergen’s stake today: potentially worth $32 billion
→ His net worth when SpaceX came calling: under $1 billion

He aimed at wireless. He missed. He nearly went bankrupt. And then the thing he missed turned out to be sitting right next to the hole.

That’s the skip shot.

Know Your Pond.

Nobody skips the pond and expects the ball to find the cup. The whole tradition exists because the outcome is unpredictable — and unpredictable is entertaining.

Your edge isn’t always knowing where to aim. Sometimes it’s knowing which skips to follow — and which ones to watch sink.

Lesson Of The Day:

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