Monetary Matters with Jack Farley Stock Market on Shaky Foundations | Blind Squirrel Macro’s Rupert Mitchell on IPO Supply, Oil, and Private Credit
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Mar 18, 2026 Rupert Mitchell, founder of Blind Squirrel Macro and macro/markets researcher formerly in banking, walks through why he sees the US market as fragile. He flags a potential flood of mega IPOs, private credit strains, and RSU selling. He outlines bearish targets like SaaS and boutique M&A banks, plus bullish plays in gold miners, Canadian oil and refiners.
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AI Buildouts Could Crowd Out Buybacks
- AI capex and hyperscaler decisions can divert buyback cash into data-center spending, removing a key support for equity markets.
- He warns shareholder revolts could follow if buybacks are canceled in favor of long AI buildouts.
De-Risk With Cash And Gold
- Move to high cash and gold allocation when risk is elevated and market internals deteriorate.
- Mitchell says he holds ~50% cash plus gold in his beta portfolio while assembling a shopping list for bargains.
How The Wuxi Twins Became A Biofoundry Pick
- Rupert describes the Wuxi Twins as biofoundry analogs to contract semiconductor manufacturers.
- He saw regulatory and trade-war headline risk fade and upgraded them as potential global oligopoly operators in pharma manufacturing.