In short: Recap of the closed pair trade and why he is still sidelined: "we were long SATS, we made 20% on that. We started to short SpaceX against it going into the unlocks, and we sold covered calls… then we just took off the entire position. And it was good that we did because SpaceX has gone down about 50% since, and it's dragged down a lot of the space stocks with it." On re-entry: "a lot of the float is still unlocking, so we haven't added back SATS yet. But we're obviously monitoring that." Revisited again in the Q&A.
EchoStar was the long leg of a paired trade: own EchoStar cheaply as a way to hold space exposure, while shorting SpaceX shares into the period when early investors were allowed to start selling. That trade is closed at a small profit — and closing it was the right call, because SpaceX has since fallen about 50% and dragged the whole space sector with it.
He hasn't gone back in. The reason is mechanical rather than fundamental: large blocks of previously restricted shares are still becoming sellable across the sector, and that supply has to be absorbed before prices can stabilise. It stays on the watchlist.
Full passage: premium transcript (PDF).
In short: Position closed, not a bear call. Asked twice whether Echo is a sell: "we were long Echo, short SpaceX. SpaceX has actually fallen more than Echo, so that spread has come in. Not horrible — but at this point, if you want to just take the entire trade off, take your short-covering profits on SpaceX and sell Echo, you can just get out of the whole position." The pair did its job; the unlock trade is over.
This closes out a trade that ran for months. Singh had been long EchoStar (the cheap way to own a slice of SpaceX, since EchoStar's value was tied to it) and short the listed SpaceX vehicle at the same time — a "pair trade," where you profit if the gap between two related things narrows, regardless of the market direction.
SpaceX has fallen further than EchoStar, so the gap has closed and the trade has done its work. His instruction: take the profit on the short side and sell EchoStar — "you can just get out of the whole position." This is a completed trade, not a negative view on the business.
Full passage: premium transcript (PDF).
In short: The long leg of the SpaceX-unlock pair (short SPCX vs long SATS, "now ECHO") into the August unlock — SpaceX fell more than SATS last week, so the spread should be compressing. The cheap SpaceX proxy.
The cheap way to own the SpaceX story into its upcoming share "unlock" (when insiders can finally sell, in August). Singh pairs it: he's long EchoStar (SATS, which he says now trades as "ECHO") and short the public SpaceX vehicle. Last week SpaceX fell more than EchoStar, so the gap between them should keep narrowing in his favor.
Full passage: premium transcript (PDF).
In short: The flagship cheap SpaceX proxy, now hedged: shorted ~30% of the SpaceX exposure against SATS and sold juicy ~$10 October covered calls — the SPCX short + call premium absorbed most of Friday's SpaceX-complex selloff. ATM put-buying by locked-up SpaceX holders keeps the arb wide ahead of the August unlock.
EchoStar (SATS) is Singh's cheap way to own SpaceX — it holds a stake in SpaceX plus valuable wireless spectrum. With SpaceX now public and volatile, he's protecting the position rather than just riding it: he sold short some SpaceX stock (about 30% of the exposure) and sold "covered calls" (collecting ~$10 of premium that pays him if the stock stays flat or falls).
That hedge worked — when the whole SpaceX complex sold off on Friday, SpaceX fell more than EchoStar, so his short and the option premium cushioned the loss. He's keeping the cheap-proxy long but braced for turbulence into August, when locked-up SpaceX insiders start to be able to sell.
Full passage: premium transcript (PDF).
In short: A component of the equal-weighted space-stock index (-32% avg from the 28-May peak, -12% Friday) — caught in the post-IPO buy-the-rumor-sell-the-fact / SpaceX-proxy rotation. Observational.
In short: The flagship long and cheap SpaceX proxy. Post-IPO SOTP: 2.2% SpaceX stake = $47B ≈ $114/sh discounted, plus ~$73 of net spectrum/cash = ~$187 intrinsic vs a ~$114 close — a 40% discount (mid-40s on after-hours marks). Bought back the trade ~$110–117 (avg ~$113) after selling pre-market ~$135; shorts hedge locked-up SpaceX via SATS puts, which depressed it.
EchoStar is a satellite and spectrum company whose best asset is a stake in SpaceX — it sold SpaceX the airwaves Starlink needs and took stock in return. Now that SpaceX is public at about $2.1 trillion, that 2.2% stake alone is worth ~$47 billion. Add up everything EchoStar owns (the SpaceX shares at a sensible discount, plus billions of spectrum it's selling to AT&T and SpaceX, minus debt and taxes) and Singh gets about $187 a share — yet it trades near $114.
That's a ~40% discount, and the reason is mechanical, not fundamental: people who own locked-up SpaceX shares can't sell them, so they've been buying EchoStar "put" options (bets it falls) to hedge, which pushed the stock down. Singh sees that as a gift — a way to own the SpaceX story at roughly fifty cents on the dollar, cushioned by hard spectrum assets, instead of paying full price for the frothy IPO.
Full passage: premium transcript (PDF).
In short: His SpaceX exposure, cost basis in the 80s: EchoStar sold spectrum to SpaceX for cash + stock (struck near a ~$400B valuation), worth >$160/share at $1.75T vs ~$116 trading — already in the money; would follow an IPO rally at lower beta. Shorts are using it to hedge the IPO.
EchoStar is a satellite and spectrum company. Its golden asset here: it sold wireless spectrum (the licensed airwaves Starlink needs) to SpaceX and took part of the payment in SpaceX stock — back when SpaceX was valued around $400 billion. With the IPO pricing SpaceX at $1.75 trillion, that stake alone makes EchoStar worth over $160 a share by Singh's math, versus about $116 where it trades.
This is his way of owning the SpaceX story without buying a frothy IPO: he got in with a cost basis in the 80s, so he's already sitting on profits, and if SpaceX pops on debut, EchoStar should ride along (a bit more gently). It's the "clever, cheaper way in" he always looks for instead of paying the sticker price on day one.
34:09and effectively Echoar was a company that owned a lot of Spectrum where it basically sold Spectrum to SpaceX in return for cash and stock and so it created SpaceX at back when it was valued around half around 400 billion initially and so effectively I think that at 1.75 trillion you know that stock is worth over $160 a share versus where it's trading at 116.
In short: The Sept 2025 spectrum sale to SpaceX (FCC-approved May 12, 2026) that turns Starlink Mobile vertically integrated — SpaceX no longer leasing direct-to-cell spectrum via partners but owning it.
"Spectrum" is the slice of radio airwaves a wireless service is legally allowed to broadcast on — it's a scarce, government-licensed resource. EchoStar (ticker SATS) owned spectrum that SpaceX agreed to buy back in September 2025, and US regulators (the FCC) approved the deal on May 12, 2026. Owning that spectrum outright lets Starlink beam internet straight to ordinary phones ("Starlink Mobile") without renting airwaves from carrier partners. In plain terms: SpaceX went from leasing a key ingredient to owning it — "vertical integration" — which strengthens the connectivity business that funds everything else.
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