Worst Adverse Excursions in November 2025

Added on by C. Maoxian.

There were significantly fewer terrible adverse excursions in November 2025 (5) compared with October 2025 (23). As long as you didn’t monkey with the system, November was an extremely profitable month for shorting dings given the tiny number of max losses offset by hundreds of winning trades.

November 5: MTC (China)

November 11: LFS (Japan)

November 12: LPTX (ticker symbol later changed to CYPH) (USA)

November 18: OLMA (USA)

November 19: WSHP (UK)

Kathryn Bigelow's Closet Picks in the Criterion Closet

Added on by C. Maoxian.

I’ve added the nine movies Kathryn Bigleow picked in her Criterion Closet appearance. She dressed up as Diane Keaton for her appearance. Also I really don’t like any of the movies she’s made, but that’s just my personal opinion.

  • Army of Shadows

  • Detour

  • Hiroshima Mon Amour

  • Notorious

  • Straw Dogs

  • The Battle of Algiers

  • The Confession

  • The Lodger

  • Z

Kathryn Bigelow made three original picks: Hiroshima Mon Amour, The Confession, and The Lodger. This is why my Master List of Closet Picks in the Criterion Closet is so valuable.

Movies Watched -- Get Out Your Handkerchiefs (1977)

Added on by C. Maoxian.

In French. 109 minute running time. This movie inexplicably won the Oscar in 1978 for best foreign film. It’s true that Carole Laure’s tits deserve an Oscar, but I’m not sure about the movie.

I like Bertrand Blier’s work, and really enjoyed his 1974 movie, Going Places. He makes weird movies for sure, but fun, lots of silly business. Gerard Depardieu’s nose was still fairly normal in 1977, and Patrick Dewaere’s chest hair is marvelous … I don’t know what I can say for Solange’s 13-year-old lover.

This was a John Farr reco and gets a yellow rating from me.

Not a kidnapping

Movies Watched -- Autumn Sonata (1978)

Added on by C. Maoxian.

In Swedish. 92 minute running time. Ingmar Bergman again, another stage play put on film, two people talking once again, this time a mother (Ingrid Bergman) and a daughter (Liv Ullman).

Now that I’m in my fifties I can watch and enjoy Bergman movies… I don’t think I would have liked this when I was in my twenties. Two people talking for 90 minutes, painful memories and words, some real viciousness (just like in Scenes from a Marriage). Bergman may be like: you’ve seen one, you’ve seen ‘em all, but I do enjoy them.

Jane Schoenbrun, a transvestite(??), is the only visitor to the Criterion closet who picked out this movie.

Mommie Dearest x 1000

Movies Watched -- Drylongso (1998)

Added on by C. Maoxian.

81 minute running time. This was like a homemade movie, and there’s no real story here, it’s sort of a hodgepodge of ideas, but I did watch all of it and was glad I did because I’ve never seen anything like it. It’s a black culture movie, sort of… it stars a beautiful dark-skinned black girl, who has a lot of spunk, and also a light-skinned black girl, who likes to dress up as a boy.

I’ve been working my way through the list of Criterion Closet Picks that have only been chosen once. Zeinabu Irene Davis was the sole person to recommend this movie, and I’m glad she did. It gets a yellow (consider it) rating from me (not green-go, not red-stop).

S’up little sistah

Wagner Moura's Closet Picks in the Criterion Closet

Added on by C. Maoxian.

I’ve added the seven movies Wagner Moura picked in his Criterion Closet appearance.

  • Black God, White Devil

  • Il posto

  • Martin Scorsese's World Cinema Project No. 2

  • Martin Scorsese's World Cinema Project No. 3

  • Memories of Underdevelopment

  • Rosetta

  • The Kid with a Bike

Wagner Moura had one original pick: Black God, White Devil. This is why my Master List of Closet Picks in the Criterion Closet is so valuable.

Cryptocurrency Regulation and Related Risks

Added on by C. Maoxian.

Our customer cryptocurrency offerings could subject us to additional regulations, licensing requirements, or other obligations or liabilities. Within the U.S., we are regulated by the New York State Department of Financial Services as a virtual currency business, which does not qualify us to engage in securities brokerage or dealing activities.

The regulatory status of particular cryptocurrencies is unclear under existing law. The evolving legislative and regulatory landscapes with respect to cryptocurrency other than stablecoins may subject us to additional licensing and regulatory obligations or to inquiries or investigations from various regulators and governmental authorities, and require us to make product changes, restrict or discontinue product offerings in certain markets, implement additional and potentially costly controls, or take other actions.

In August 2023, a third-party issuer with which we have partnered commercially (the “PYUSD Issuer”) launched a U.S. dollar-denominated stablecoin named PayPal USD (“PYUSD”), which is available to PayPal customers and Venmo customers in certain markets. These PayPal and Venmo customers may, if provisioned for external transfers and subject to our sanctions and anti-money laundering controls, send PYUSD to external wallets not controlled by PayPal.

The PYUSD Issuer may also allow institutional users to directly purchase PYUSD from the PYUSD Issuer (as per the PYUSD Issuer’s stablecoin terms and conditions). The regulatory treatment of stablecoins is evolving and has drawn significant attention from legislative and regulatory bodies around the world.

Recently enacted U.S. federal stablecoin legislation provides a regulatory framework that is in the process of being implemented. While PYUSD is designed to comply with this U.S. framework, there remain uncertainties on how ongoing changes to international laws and regulations will apply to stablecoins in practice, and we and the PYUSD Issuer may face substantial costs to operationalize and comply with any additional or changed requirement.

If we or the PYUSD Issuer fail to comply with regulations, requirements, prohibitions or other obligations applicable to us, we could face regulatory or other enforcement actions, potential fines, penalties, and other consequences. In addition, we could face reputational harm through our relationship with the PYUSD Issuer if the PYUSD Issuer were to face regulatory scrutiny or PYUSD is alleged to be used for transactions in connection with illicit or illegal activities.

We hold our customers’ cryptocurrency assets through one or more third-party custodians. Financial and third-party risks related to our customer cryptocurrency offerings, such as inappropriate access to, theft, or destruction of cryptocurrency assets held by our custodians, insufficient insurance coverage by a custodian to reimburse us for all such losses, a custodian’s failure to maintain effective controls over the custody and settlement services provided to us, a custodian’s inability to purchase or liquidate cryptocurrency holdings, the failure of the PYUSD Issuer to maintain sufficient reserve assets backing PYUSD and defaults on financial or performance obligations by a custodian, banks with which the PYUSD Issuer maintains reserve assets or counterparty financial institutions, could expose our customers and us to loss, and significantly harm our business, financial condition, and reputation.

We have selected custodian partners and the PYUSD Issuer, and may in the future select additional custodian partners and stablecoin issuing entities, that are subject to regulatory oversight, capital requirements, maintenance of audit and compliance industry certifications, and cybersecurity procedures and policies.

Nevertheless, any operational disruptions at any such custodian or issuer, or such custodians’ or issuer’s failure to safeguard cryptocurrency holdings (or reserve assets), could result in losses of customer assets, expose us to customer claims, reduce consumer confidence and materially impact our cryptocurrency product offerings and our operating results.

Custodial arrangements to safeguard cryptocurrency assets involve unique risks and uncertainties in the event of a custodian’s bankruptcy. While other types of assets and some custodied cryptocurrencies have been deemed not to be part of the custodian’s bankruptcy estate under various regulatory regimes, bankruptcy courts have not yet definitively determined the appropriate treatment of custodial holdings of digital assets in a bankruptcy proceeding.

In the event of a custodian’s bankruptcy, the lack of precedent and the highly fact-dependent nature of the determination could delay or preclude the return of custodied cryptocurrency assets to us or to our customers. Although we contractually require our custodians to segregate our customer assets and not commingle them with proprietary or other assets, we cannot be certain that these contractual obligations, even if duly observed by a custodian, will be effective in preventing such assets from being treated as part of the custodian’s estate under bankruptcy or other insolvency law. In that event, our claim on behalf of such customers against a custodian’s estate for our customers’ cryptocurrency assets could be treated as a general unsecured claim against the custodian, in which case our customers could seek to hold us liable for any resulting losses.


“Issuance of and custody of PayPal USD is performed by Paxos Trust Company, LLC. Learn more in PayPal's Cryptocurrency Terms, and in the Paxos Terms that also apply to PYUSD.”

Movies Watched -- Branded to Kill (1967)

Added on by C. Maoxian.

In Japanese. 91 minute running time. This was hilarious and wonderfully weird. Seijun Suzuki was making fun of the typical yakuza movie and movie conventions in general. I enjoyed it, but it doesn’t get the vaunted green-go, must-see recommendation.

I discovered this movie by reviewing the LEAST picked movies among the Closet Picks in the Criterion Closet. Only Yorgos Lanthimos, who makes wonderfully weird movies himself, recommended it.

Who is No. 1?

Movies Watched -- Scenes from a Marriage (1973)

Added on by C. Maoxian.

In Swedish. There are different cuts of this movie, and I watched the three hour version. I generally have a strict 100 minute rule with movies, but this one was special and gets a pass. I loved this movie, but didn’t watch it in one go … I watched an hour a night for three nights, more or less.

It’s a stage play, not really a movie, just two people talking (mainly). It’s funny, it’s sad, it’s insightful, it’s maddening. Maybe it’s only enjoyable for people who have been married twenty years? Anyway, it’s a green-go recommended movie. Of course John Farr recommended it too (“long and demanding, but richly rewarding”) and said it is “peak Bergman.”

Four visitors to the Criterion Closet picked it out; you can see who they are here.

Liv Ullman was both beautiful and a great actress.

“Yes, she has lovely breasts.”