Ann: Ortho-ATI Shoulder Tendon Study Database Lock, page-39

The market is that daft. I've worked in it a long time. It was never that smart and this is the worse I have seen it ever. Look at the amount of stocks that have rocketed on mistaken identity with IPO's (Zoom, etc). The algorthimic risk sell down of oil futures to negatives prices last year on future delivery issues (NYMEX had only programmed the ability to tick negative prices months before). Nikola. Hertz. Meme stocks/cryptos, NFT's etc. COVID! I was short the market on COVID for two weeks losing money scratching my head as China blew up, then S.Korea and even N.Italy before the mkt finally stopped rallying. A 4-week top to bottom drop of immense proportions reversed by QE that dwarfs 2008 (and now drives absurd inflation in the US whilst the Fed has its head in the sand). GME nearly brought down the financial markets last year, yet most people have no idea (imagine Robinhood being Lehmans type thing). Welcome to the digital world. Exuberance, stupidity and error amplified to the nth degree with the Fed facilitating.

Just a little illustration of how daft. I am the top poster by votes in the r/stocks sub-reddit in a month with over 11K upvotes simply posting some Tesla stats vs the reality of the industry (and about 2.3K hate comments) as I've gone short Tesla recently against international EV/self-drive/chip stocks I own (and at nearly 40% retail holding in Tesla retail sentimetn is everything). By comparison today I could not get one vote today on r:ASX/bets on OCC that is up 7% on firm news.

Extreme examples, but illustrative of the confirmation bias nature of digital media. That bias extends to negative bias and disinterest. If no-one knows about OCC, it gains no traction in digital media, financial or otherwise and if it gains no traction, investors, institutional or retail have little knowledge. I appreciate that example is retail, but if you think Insto's don't follow sentiment in retail, if for no other reason to often simply pump and dump, please let me assure you they do - bots by the thousands pumping and bombing stuff on US digital media forums. I've worked for companies screen scraping the net 21 years ago in the dot.com crisis, both feeding and trading off the pump. Slowly the superior information of Insto's over retail has become less important than disinformation.

Regards Insto's and OCC I posted a Switzer investor video recently with a Hartleys analyst who gave some patter about OCC. The guy appeared literally clueless to what OCC actually does - these are the alleged professionals! A few days before I asked a reasonably sized investor I know to prompt Switzer on OCC (he lets them make his investments and will not buy direct) and I am not sure if that was related, but it did nothing to change the disinterest, or in Hartleys case (and sadly I know OCC mgmt have petitioned them), the complete ignorance of what OCC actually does.

The markets may well shrug at the ATI results, because it still does not see the implication/potential. Past spikes on CelGro news and today's spike suggest that won't be the case. I have been told I was obsessed with J&J before. I kind of am, because I know should they come on board this stock will go from disinterest, to suddenly (fleetingly at least) in the eyes of millions of US investors, programs or individuals, by sheer association with J&J in the financial (digital) media. This stock will make some headway with positive ATI results. With J&J partnership, it will blow up.

Its a massive call option. Bio-techs often are. So many don't make it. But I like the delta and the upside potential gamma on this one.