The thinking behind the positions.

Short notes go up on X. The longer reasoning arrives as the Lily Letter — market observations and the thinking behind a position, at length.

SPY763.49−0.29%·QQQ704.56−1.24%·IEF93.05+0.24%·GLD427.97+1.09%·USO132.61−1.51%·CPER40.16+0.41%·RKLB69.95−3.61%·SPCX134.98−1.45%·ASTS65.99−3.87%·LUNR16.97−7.37%·PL21.94−1.57%·RDW11.66−2.95%·KTOS54.44−4.78%·AVAV153.98−3.89%·PLTR175.25−2.61%·IONQ42.63−4.96%·NVDA209.60−2.38%·MSFT487.27+0.83%·GOOGL348.47+1.06%·AMZN262.31+1.42%·TSM407.24−2.80%·ASML1,733.96−1.69%·CRWD191.20−0.39%·PANW352.06−1.62%·ZS178.90−1.56%·TEM69.41−4.52%·ABCL10.76−4.94%·SPY763.49−0.29%·QQQ704.56−1.24%·IEF93.05+0.24%·GLD427.97+1.09%·USO132.61−1.51%·CPER40.16+0.41%·RKLB69.95−3.61%·SPCX134.98−1.45%·ASTS65.99−3.87%·LUNR16.97−7.37%·PL21.94−1.57%·RDW11.66−2.95%·KTOS54.44−4.78%·AVAV153.98−3.89%·PLTR175.25−2.61%·IONQ42.63−4.96%·NVDA209.60−2.38%·MSFT487.27+0.83%·GOOGL348.47+1.06%·AMZN262.31+1.42%·TSM407.24−2.80%·ASML1,733.96−1.69%·CRWD191.20−0.39%·PANW352.06−1.62%·ZS178.90−1.56%·TEM69.41−4.52%·ABCL10.76−4.94%·SPY763.49−0.29%·QQQ704.56−1.24%·IEF93.05+0.24%·GLD427.97+1.09%·USO132.61−1.51%·CPER40.16+0.41%·RKLB69.95−3.61%·SPCX134.98−1.45%·ASTS65.99−3.87%·LUNR16.97−7.37%·PL21.94−1.57%·RDW11.66−2.95%·KTOS54.44−4.78%·AVAV153.98−3.89%·PLTR175.25−2.61%·IONQ42.63−4.96%·NVDA209.60−2.38%·MSFT487.27+0.83%·GOOGL348.47+1.06%·AMZN262.31+1.42%·TSM407.24−2.80%·ASML1,733.96−1.69%·CRWD191.20−0.39%·PANW352.06−1.62%·ZS178.90−1.56%·TEM69.41−4.52%·ABCL10.76−4.94%·

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From the desk of Thomas McManus

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Lily Funds

@LilyFunds

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Beyond launching satellites, $rklb is expanding into satellite manufacturing and space systems, providing end-to-end solutions for customers. W/ acquisition of Sinclair Interplanetary and Advanced Solutions, Inc.

Rocket Lab

@RocketLab

We’ve been using carbon composite technology in our rockets and spacecraft since we first began launching in 2017. With Neutron’s largest carbon composite pieces quickly coming off the production line, we’re excited to realize the benefits of carbon composite on our largest

2:32 AM · Jul 10, 2024

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Lily Funds

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$MNTS @momentusspace is back on X since last month. First time in 2 1/2 yrs 👀 🧑‍🚀

MOMENTUS

@momentusspace

$MNTS was recently featured in @SatNewsEvents highlighting Vigoride 7’s recent critical operational milestones during its ongoing multi-month mission in Low Earth Orbit. Learn more about the mission: satnews.com/2026/07/30/mom…

1:37 PM · Aug 13, 2026