The most active bear on Finance Substack

It's not Michael Burry.

I’ve been really excited to run this analysis. I had to wait for PositionWire to run for at least a week. The data clearly explains why being a loud bear is a smart business model, and this is what I think Ed Zitron is doing. Most commentary you read on Finance Substack will be bullish as authors sell their own picks (this is not wrong or right, just an observation). You could argue there is a gap in the market for more perma-bears on Finance Substack, and this might explain why Michael Burry is ranked so high and, not only stays there, but has a higher velocity on Finance Risings. This is why he is ranked #1 on the MarketStack Index (96.2), a 10-pt gap to #2. He is the most consistently top-ranked Riser, nobody else is close. You could imagine there is an emotional-impulse link there. And let’s not forget that it was a CRISIS from Citrini that moved markets.

For readers with a particularly short attention span, I appreciate that this analysis will at first glance look like an echo of market sentiment. However, mining and structuring this data will allow me to backtest meta-signals and enables myself and Terminal users to conduct forensic analysis on the ecosystem through time with a depth that is unmatched. In addition, the model is becoming more context-aware as it builds up a longitudinal record of author sentiment and positioning at points through time. My hope is that it will for instance be able to make forward-looking predictions. But I also predict that it will bring about a number of unknown unknowns and that’s what excites me most. In the meantime, there are some genuinely insightful data points that help orientate any reader of Finance Substack, today.

So let’s get into it. The analysis is on a pool of 1,553 verified directional calls inferred from 5,190 notes and posts between 3-10 July, of which 125 are detected as actual positions from 66 authors. I start with the ticker-view before the author cut.