Hi {{first_name}} ,

The board is lit up: Venezuela’s President Maduro in custody, quiet resolutions with Japan and China, warrants dropping in perfect sync across key companies, Ryan Cohen’s compensation now 100% tied to shareholder wins, and the biggest IPO in history ties straight into the meme basket.

Everything we tracked in 2025 is now executing in 2026. The money trails are screaming M&A launch season. Noise aside, let’s connect the dots that reveal a Golden Age.

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TLDR: $GME warrants → $BBBY warrants → $OPEN warrants → tZERO Blockchain ecosystem (e.g. home insurance) → $FNMA IPO (squeeze swaps with new equity) → All Highly Shorted Stocks Explode + warrants execute → Marcus & Ryan meet performance goals → Executive Compensation + Shareholder Aligned = All Longs Win

Late 2024, the Wall Street Journal quoted Carl Icahn saying M&A activity would heat up in 2025 with President Trump in office. All of 2025 delivered hints, SEC filings, and pressure. Now 2026 is the payoff quarter. Deals that were negotiated under tariffs and geopolitical leverage are closing. Executive compensation is aligning. Warrants are syncing. The swaps from 2008 that lead to the meme basket in 2021 are about to get crushed by fresh equity supply. This is the year everything we have tracked clicks into place.

If you’ve been locked in with TMC Research, you’ve probably figured out something that most won’t ever. Behind every major deal tucked behind a global military operation, there’s a silver lining and it’s called Icahn. The activist investors and their affiliates are set to launch a MEGA CORP $DJT ( ▼ 1.48% ) in the Golden Age.

If you need a stack of receipts, start here.

Venezuela: Nicolás Maduro taken into custody. Oil → Citgo → CVR Energy → direct Icahn Enterprises control. Every major operation has activist investors moving quietly behind it.

Japan deal: ties to old Bed Bath & Beyond short positions (CH.11 DK-BUTTERFLY), short seller Nomura, Bank of Japan, and Japanese government bonds hitting repeated all-time highs. See post here.

China deal: TikTok resolution involves MGX (Elon Musk, Middle East sovereign funds, Silver Lake). Silver Lake is a controlled subsidiary under Carl Icahn. See livestream here.

Tariffs applied throughout 2025 forced compliance. Foreign entities with political influence felt the pain, governments acted, deals closed. No mainstream headline will ever spell out “Carl Icahn structured the Japan/China/Venezuela resolutions.”

Follow the SEC filings and related parties. That is where the truth lives.

Dr. Michael Burry – the Big Short legend – has been dropping receipts on swap cycles crushing shorts. Back in his December 2025 Substack "Foundations: The Big Short Squeeze," he highlighted GME's repeating patterns: algorithmic sequences tied to hidden swaps putting massive pressure on shorts. I wrote about it here.

He resurfaced a 2019 email chain showing insane summer volume on GameStop – 236 million shares traded while only 30 million tendered in a Dutch auction. His question then (still valid now): Who is really tendering? Institutions can't easily sell open market, yet liquidity appeared from nowhere. Classic sign of synthetic shares via equity total return swaps hiding massive short positions.

These same swaps birthed the 2008 crisis (CDS on subprime mortgages blowing up Fannie and Freddie) and the 2021 gamma squeeze when retail $GME ( ▲ 0.9% ) flipped the script on Wall Street. Burry just went public again in December 2025 disclosing positions in $FNMA, calling their relisting "nearly upon us."

The Big Short guy sees the counterpunch coming.

October 2025: GameStop and Bed Bath & Beyond both issue warrants in the same month and both already filed depository units. GameStop’s SEC filing titled Project Genesis – the beginning of the Golden Age.

Ryan Cohen’s new compensation package is now fully aligned with revenue and performance milestones and he’s got a 10X goal for $GME to reach $100B market cap from current standing. Marcus Lemonis at $BBBY ( ▼ 3.06% ) has a similar structure coming in weeks (deadline February 2026).

November 2025: Opendoor issues warrants one month later. Pulte has been openly reposting $OPEN ( ▼ 4.4% ) CEO content, sharing speaker panels, and hinting at deals involving Fannie Mae and Freddie Mac equity stakes in public companies.

These are not coincidences. These warrants tie straight into stock price, company performance, and executive compensation – perfect setup for M&A or equity injections from the coming IPO wave.

Opendoor isn't just flipping houses – it's the full AI-powered tech stack that's shaking up the entire real estate game. They hold 23 patents zeroed in on machine learning to nail down home prices and keep operations running like clockwork. Their new CEO, Kaz Nejatian, jumped on board in September 2025 straight from being Shopify's COO, and he's got big plans to turn Opendoor into the "Amazon of homes" with AI leading the charge. Plus, co-founders Keith Rabois and Eric Wu are back on the board, bringing their heavy-hitting experience from PayPal and Square to crank up the innovation.

I wrote about the connections here.

In Q2 2025, they posted $1.6 billion in revenue and hit positive EBITDA for the first time, all thanks to those AI efficiencies cutting costs and boosting margins. The numbers are looking solid moving forward too:

William J. Pulte – a trusted signal as FHFA Director – has been all over this, reposting Opendoor's CEO content, sharing the stage with him at events like the ResiDay 2025 livestream in November, and even confirming he'd join virtually. Pulte's been straight-up saying Fannie Mae and Freddie Mac are eyeing equity stakes in tech companies like this to make affordable housing a reality. Opendoor's big hiring spree for data engineers fits right in, tackling those massive challenges in mortgages, homes, and real estate – and now they've got the FHFA's ear.

This all ties beautifully into what's happening over at Bed Bath & Beyond ($BBBY). Just this week, Marcus Lemonis, their Executive Chairman and now CEO, dropped a letter to shareholders laying out the vision. He's redefining "Beyond" to go way past retail – think supporting the whole home with services, operating systems, transaction platforms, financial products, and even protection like insurance. He calls it becoming the "Everything Home Company," serving both people and their properties.

Lemonis gets specific: They're expanding into home warranties, property and casualty insurance, umbrella policies, shipping insurance, home maintenance programs, credit cards, financing tools, and yes, mortgage-related solutions. It's all about making home ownership easier, cheaper, and more rewarding, from your first apartment to your forever home. They're even building an AI-powered Beyond Home OS to connect everything – commerce, services, insurance, financing – with blockchain for security. And get this: targeted investments in prefab and modular homebuilders to tackle affordable housing head-on.

With Opendoor's tech linking up to Fannie and Freddie's systems for smoother buys and sells, and BBBY pushing into these same home financial spaces, the connections are stacking up. It's like the puzzle pieces for a massive housing revolution are snapping together right now.

Fannie Mae and Freddie Mac are the government-sponsored giants that back the majority of U.S. mortgages. They have been stuck in conservatorship since the 2008 crisis, when credit default swaps on subprime loans blew everything up and nearly took down the housing market.

Now, fast-forward to today: President Trump just directed them to purchase $200 billion in mortgage bonds to push rates and monthly payments lower for everyday people. William Pulte, FHFA Director and our go-to signal, is executing hard. He is calling them "stronger than ever" and fully ready to build big in 2026. Both Pulte and President Trump have publicly confirmed the coming full release and IPO.

Dr. Michael Burry has been pounding the table on this too, hammering $FNMA on X with reposts for maximum visibility and disclosing sizable personal positions in both common shares. He expects relisting and IPO pricing at 1-1.25x book value.

Combined potential market cap from full release: around $7 trillion in brand-new legitimate equity supply.

Initial plans discussed selling 5-15% to raise $25-30 billion, but a complete exit from conservatorship changes the game entirely. Decision expected in the next month or two.

This massive equity flood is the direct counterpunch to the toxic swaps that caused the 2008 meltdown and created the entire meme stock basket. Those hidden equity total return swaps are why we have seen years of inexplicable correlated volatility: wild swings in 30-year treasuries, Japanese government bonds hitting all-time highs, VIX spikes, silver runs, Bitcoin moves, you name it.

The only real way to neutralize and close those positions is overwhelming fresh shares. Linking this IPO to the warrants we just saw in GME (Project Genesis), BBBY, and OPEN – through debt-for-equity swaps or direct stakes – creates the perfect circuit to force shorts out.

M&A announcements will follow fast.

2026 is the execution year we have been waiting for. Warrants aligned, compensation aligned, geopolitical pressure resolved, $7 trillion IPO catalyst loaded. The swaps burn and the Golden Age begins.

This is the ride we've been tracking for years. The Everything Squeeze is coming.

Stay locked in while rockets are being fueled. Hopefully not for long.

Very best,
Edwin

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