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🌍 Delta is not the last one — more variants this fall, a tough winter

Reopening euphoria is premature: more SARS-CoV-2 variants emerge in the fall and drive a hard winter, hitting travel and reopening exposure, even though the besties argue society cannot and will not shut down again.

0 CONVICTION
peaked 76.5 GREEN
DORMANT
band · contested
▼ SHORT JETS
expression · bearish macro
HIT
outcome · R +30.0% · α +37.3%
2022-06-25
window closed

⚖ Why this verdict

fully deterministic — evaluate.py replays this from daily closes; nothing below is editable or hand-set

  1. Window: 2021-06-25 → 2022-06-25 — first mention + 12-month horizon, then the window locks.
  2. The call: ▼ SHORT JETS (primary play). JETS fell 30.0% over the window → direction-adjusted R = +30.0% (the call made money).
  3. Benchmark: holding SPY over the same window returned -7.3%α = +30.0 − (-7.3) = +37.3% — what this call made or lost against just owning the index. This is the number the verdict uses.
    Stock-selection read: +22.7% — did JETS move the predicted way relative to the market. The two only differ on a SHORT: this call beat the index outright.
  4. Rule fired:
    ▶ HIT — R ≥ +10% AND α ≥ +5 ✓ (R 30.0, α 37.3)
    · PARTIAL — R ≥ +5% OR α ≥ 0
    · MISS — everything else
  5. Credit: supporters of a HIT earn 1.0 each, opposers the inverse — this feeds the scoreboard weights. supported: nobody | opposed: Chamath, Friedberg, Jason, Sacks

Conviction timeline

bands: green ≥ 65 · watch ≥ 45 · ember ≥ 15

Plays vs SPY · % since first mention (2021-06-25)

Plays

expressionsymbolkindrelevancerationale
▼ SHORT JETSetf PRIMARY airlines are the cleanest liquid expression of variant-wave risk to reopening
▼ SHORT AALstock adjacent highest-leverage US airline, maximum sensitivity to a demand stall (via merged idea covid-fall-shutdown-risk-2021)
▼ SHORT CCLstock adjacent cruise lines are the highest-beta reopening name to any renewed variant scare or restriction
▼ SHORT DALstock adjacent large-cap airline levered to business/school-calendar travel (via merged idea covid-fall-shutdown-risk-2021)

Mention log

Chamath
Chamath macro w=1.06 · n=47 · E37 (2021-06-25) · sentiment · strength 2 ▶ 38:56 SUPPORT · horizon 6mo
“We're going to hear about other variants in the fall. It's going to be a tough winter. ... We cannot shut down.”
Friedberg
Friedberg macro w=0.93 · n=40 · E37 (2021-06-25) · explicit_prediction · strength 2 ▶ 35:37 SUPPORT · horizon 24mo
“I think what we need to solve for is how do we have these vaccines come to market much faster and be much more variable in their efficaciousness because we are going to have a lot more of these kind of emerging variants over the next couple of years with SARS-CoV-2, but also with potentially engineered bugs that we need to be careful about.”
Chamath
Chamath macro w=1.06 · n=47 · E39 (2021-07-09) · explicit_prediction · strength 2 ▶ 1:03:36 SUPPORT · horizon 6mo
“I mean, I think that there's a very good chance that some politicians are going to try to use this for another shutdown in the fall.”
Sacks
Sacks macro w=1.12 · n=40 · E39 (2021-07-09) · sentiment · strength 2 ▶ 1:03:47 SUPPORT
“I think you're right and I think the teachers unions, the NEA and the AFT are already putting all sorts of demands on going back to school.”
Friedberg
Friedberg macro w=0.93 · n=40 · E40 (2021-07-16) · explicit_prediction · strength 3 ▶ 24:26 SUPPORT · horizon 3mo
“So, as that starts to happen, the implications for the economy, I think, are pretty significant. Because I think people, whether there's a policy change or not, people are going to get scared again. And people, if we're not kind of enforcing economic lockdown, people will go into social lockdown. And we're going to revisit, you know, more of the behavior we saw over the past year, where people are going to be nervous to travel, people are going to be nervous to fly, people are going to be nervous to go to restaurants. And, you know, the downstream consequences of everyone kind of locking up again, even if the government doesn't enforce lockups, could be pretty catastrophic.”
Chamath
Chamath macro w=1.06 · n=47 · E40 (2021-07-16) · explicit_prediction · strength 2 ▶ 29:54 SUPPORT
“The point is, guys, Friedberg is right. These things aren't going away. We have a cohort of people who will continue to allow this thing to become worse than it has to be. And I think that there will be economic repercussions and discrimination against those people for that. And I think economically, we are going to take a step back because politicians will try to slow the economy down again.”
Sacks
Sacks macro w=1.12 · n=40 · E40 (2021-07-16) · sentiment · strength 2 ▶ 32:11 OPPOSE
“This is not a big deal. I mean, for me, okay, it was not a big deal. It was like a mild cold. I am not going to change my I'm going to go back to normal, like my pre COVID behavior. And I would tell you, like, if you're double vax, I don't think you need to be that afraid of this.”
Jason
Jason macro w=1.27 · n=30 · E40 (2021-07-16) · sentiment · strength 2 ▶ 33:06 OPPOSE
“I'm not changing my behaviors. I made my I made my decision. My risk assessment is if I get it, then I'm doubly protected. And I'm not going to wind up in the hospital. I'm going to focus all my energy on riding my bike and taking my kids out and having a good time. I'm not going back in lockdown.”
Friedberg
Friedberg macro w=0.93 · n=40 · E57 (2021-12-04) · explicit_prediction · strength 3 ▶ 15:32 SUPPORT
“So look, one thing that seems pretty certain, this variant is going to be everywhere fast. ... The R0 on this could be as high as 40, which is, you know, measles by comparison is 12 to 13 ... it's got incredibly good evasiveness around people that have the vaccine or have had the virus. So it's going to spread like crazy.”
Jason
Jason macro w=1.27 · n=30 · E58 (2021-12-11) · sentiment · strength 1 ▶ 48:43 OPPOSE
“They have record cases right now, but deaths and they're also done great with the vaccine”
Friedberg
Friedberg macro w=0.93 · n=40 · E58 (2021-12-11) · explicit_prediction · strength 2 ▶ 49:09 OPPOSE
“there could be this thing happening where Omicron is the you know, the the air bomb that gets dropped, clears the room and then it's all over”
Friedberg
Friedberg macro w=0.93 · n=40 · E59 (2021-12-17) · explicit_prediction · strength 2 ▶ 46:19 SUPPORT
“Some studies show as much as 40 times more infectious than Delta, highly contagious, extreme, very much airborne. It's going everywhere. ... There's no end. There's no end in sight.”
Friedberg
Friedberg macro w=0.93 · n=40 · E60 (2021-12-23) · explicit_prediction · strength 2 ▶ 39:10 OPPOSE
“My biggest optimism is just that Omicron is a much less virulent virus, and it sweeps through the population, and we slowly see this pandemic becoming less severe.”
Chamath
Chamath macro w=1.06 · n=47 · E60 (2021-12-23) · sentiment · strength 2 ▶ 40:34 OPPOSE
“Unless something escapes from the lab again, I think that we're going to be okay. I think this is the end of the end.”
Jason
Jason macro w=1.27 · n=30 · E63 (2022-01-15) · sentiment · strength 1 ▶ 1:02:11 OPPOSE
“And thank God, it feels like Omicron is, you know, leading us out of this.”
Sacks
Sacks macro w=1.12 · n=40 · E67 (2022-02-12) · sentiment · strength 2 ▶ 36:07 OPPOSE
“No, I think getting Omicron helped you because it enabled you to see that this, for you, was largely a nothing burger. And so you could come out of your house and start acting normal. I think there's a lot of people all over the country who are like that.”

Who built this conviction

each voice's total force on the score — supports and opposes from every mention, weighted exactly as the replay applied them · share = % of all mention-driven movement

Friedberg
Friedberg w=0.93
6 scoring events · 47% of moves
+62.1 / -22.2 → net +39.9
Chamath
Chamath w=1.06
4 scoring events · 23% of moves
+29.2 / -12.8 → net +16.4
Jason
Jason w=1.27
3 scoring events · 17% of moves
+0.0 / -30.1 → net -30.1
Sacks
Sacks w=1.12
3 scoring events · 14% of moves
+11.4 / -13.5 → net -2.1

⏳ decay drained -24.1 over the idea's life — that's time passing, attributed to no one

Score events

episodekindΔafternote
E37 2021-06-25 init +32.4 32.4 E37 born by Friedberg (explicit_prediction x2) [w=0.93]
E37 2021-06-25 reinforce +16.2 48.6 E37 Chamath support x2 (new voice) [w=1.06]
E38 2021-07-03 decay -1.9 46.6 E38 silent
E39 2021-07-09 reinforce +8.5 55.1 E39 Chamath support x2 [w=1.06]
E39 2021-07-09 reinforce +11.4 66.5 E39 Sacks support x2 (new voice) [w=1.12]
E40 2021-07-16 reinforce +5.6 72.1 E40 Friedberg support x3 [w=0.93]
E40 2021-07-16 reinforce +4.5 76.5 E40 Chamath support x2 [w=1.06]
E40 2021-07-16 oppose -13.5 63.0 E40 Sacks opposes x2 [w=1.12]
E40 2021-07-16 oppose -15.2 47.8 E40 Jason opposes x2 [w=1.27]
E41 2021-07-23 decay -1.9 45.9 E41 silent
E42 2021-07-30 decay -1.8 44.1 E42 silent
E43 2021-08-06 decay -1.8 42.3 E43 silent
E44 2021-08-28 decay -1.7 40.6 E44 silent
E45 2021-09-04 decay -1.6 39.0 E45 silent
E46 2021-09-14 decay -1.6 37.4 E46 silent
E47 2021-09-18 decay -1.5 35.9 E47 silent
E49 2021-10-02 decay -1.4 34.5 E49 silent
E50 2021-10-09 decay -1.4 33.1 E50 silent
E51 2021-10-16 decay -1.3 31.8 E51 silent
E52 2021-10-23 decay -1.3 30.5 E52 silent
E53 2021-10-30 decay -1.2 29.3 E53 silent
E54 2021-11-06 decay -1.2 28.1 E54 silent
E55 2021-11-13 decay -1.1 27.0 E55 silent
E56 2021-11-20 decay -1.1 25.9 E56 silent
E57 2021-12-04 reinforce +12.3 38.3 E57 Friedberg support x3 [w=0.93]
E58 2021-12-11 oppose -12.2 26.1 E58 Jason opposes x1 [w=1.27]
E58 2021-12-11 oppose -11.1 15.0 E58 Friedberg opposes x2 [w=0.93]
E59 2021-12-17 reinforce +11.8 26.8 E59 Friedberg support x2 (flipped from oppose) [w=0.93]
E60 2021-12-23 oppose -11.1 15.7 E60 Friedberg opposes x2 [w=0.93]
E60 2021-12-23 oppose -12.8 2.9 E60 Chamath opposes x2 [w=1.06]
E61 2021-12-29 decay -0.1 2.8 E61 silent
E62 2022-01-08 decay -0.1 2.7 E62 silent
E63 2022-01-15 oppose -2.7 0.0 E63 Jason opposes x1 [w=1.27]
E64 2022-01-22 decay · 0.0 E64 silent
E65 2022-01-29 decay · 0.0 E65 silent
E66 2022-02-05 decay · 0.0 E66 silent
E67 2022-02-12 oppose · 0.0 E67 Sacks opposes x2 [w=1.12]
E68 2022-02-19 decay · 0.0 E68 silent
E70 2022-02-24 decay · 0.0 E70 silent
E71 2022-03-05 decay · 0.0 E71 silent
E72 2022-03-19 decay · 0.0 E72 silent
E73 2022-03-26 decay · 0.0 E73 silent
E74 2022-04-01 decay · 0.0 E74 silent
E75 2022-04-09 decay · 0.0 E75 silent
E76 2022-04-16 decay · 0.0 E76 silent
E77 2022-04-23 decay · 0.0 E77 silent
E78 2022-04-30 decay · 0.0 E78 silent
E79 2022-05-07 decay · 0.0 E79 silent
E80 2022-05-13 decay · 0.0 E80 silent
E81 2022-05-23 decay · 0.0 E81 silent
E82 2022-05-24 decay · 0.0 E82 silent
E84 2022-06-24 decay · 0.0 E84 silent