The ACID Capitalist Podcast

Send us Fan MailMacro Confessions Part XXVI (somewhere in the future) This week the camera never lies. Hugh is trotting out responses under cross-examination from Chris. Bridgewater, Ray Dallio, Is he the greatest hedge fund manager ever? He's certainly made more money than anyone else...And then, Hugh goes freestyle. You can literally see the moment when the Acid Capitalist forms a new idea in his head. You can share that light bulb moment. Be in the room as Hugh brings down absurdity to try save the planet.No new Hedge Fund wannabee can afford to miss this journey from the past to the present. Our resident Time Lord reveals his trippy macro insights and explains why his own endorsement of EU carbon trading permits from last year may now be bearing fruit.This week, Hugh aims his sights against Extinction Rebellion. Just what purpose does it serve? It feels more like fin de siècle, Dadaism than a logical plan to reduce carbon emissions. He snorts, it's more like the great generational swindle. Kids seeking to make a difference should spend their money buying closed end mutual funds designed to permanently reduce the number of available pollution permits. Stick it to the guy, we should buy the permits before the polluters. It's totally absurd...They wince as they consider the zero tolerance for new oil field exploration. 6.5 billion people on the planet consume 3 barrels of oil per person per year. We consume 13. Are they to live in poverty, denied our lifestyle? Or will oil demand double before 2050? What to do, pleads Chris? Corner the market for permits, drive the pollution cost higher demands Hugh. And get smarter, use renewable energy to fuel oil and gas exploration. Don't ban oil, that's suicide, find lower carbon oil instead. Only by being smart can we avoid oblivion.And NFTs, vouchers, permits. nothing is considered out of bounds. Hugh proposes a radical idea to enfranchise all of us. Distribute pollution NFTs to every household for free. Then start issuing fewer and fewer of them and demand that households pay for their own carbon footprint with such vouchers. Those that pollute less will own more vouchers and accrue a very valuable asset. Use crypto technology to spread ownership of the planet's problemSupport the show⬇️ Subscribe on Patreon or Substack for full episodes  ⬇️https://www.patreon.com/HughHendryhttps://hughhendry.substack.comhttps://www.instagram.com/hughhendryofficialhttps://blancbleustbarts.comhttps://www.instagram.com/blancbleuofficial⭐⭐⭐⭐⭐  Leave a five star review and comment on Apple Podcasts!🧢 Hats & Merch 📸 Instagram 🐦 Twitter / X📩 Substack👂Listen and 🔥 Subscribe📺 YouTube🎧 ...

Send us Fan MailMacro Confessions Part XXV (APRIL,2012) This week Hugh felt a movement in the time-expanse of the financial universe. In a land far, far away, an elderly, wise man of his acquaintance, his Master and Macro overlord bore testimony to a prophecy of bad tidings.Despite their evident excitement, the boys compose themselves and set about deciphering the godfather of macro, George Soros, and his latest missives delivered in a face-off challenge to China's President Xi. No new Hedge Fund wannabee can afford to miss this journey from the past to the present day where the Time Lord reveals his trippy macro insights and explains why his own apocalyptic warnings from 12 years ago may now be bearing fruit.This week, in the high stakes game of international trade, they ask, is China the nation that reneged? Does history repeat? Has the Chinese property market mimicked the unstable rise of the DJI in the 1920s? Will there be blood? They wince as they consider the ramifications and ponder how best to start a mania.Regrets for being 10 years early? Perhaps, admits a frank Hugh, if only he had used the Chinese zodiac. Can the world save China, asks Chris? Hugh compares it to the gripping finale of The Squid Game. The curious tale of the Brazilian Icarus, Eike Batista, is revealed as well as the Soros Open Society. Just why do America's right revere Vlad the Blunderer? And will the rubble's gold backing protect the expansive Putin's flank? Not bloody likely! Snorts a dismissive Acid Capitalist.In probably the best of the series, Hugh takes us from the Gold Standard to Bretton Woods and now the last days of the EuroDollar Standard. A China reset will likely usher in the end of the dollar hegemony, how will nations reconfigure after the great crash?Chris continues to spin his wheel...Can you dare miss this special issue..?Support the show⬇️ Subscribe on Patreon or Substack for full episodes  ⬇️https://www.patreon.com/HughHendryhttps://hughhendry.substack.comhttps://www.instagram.com/hughhendryofficialhttps://blancbleustbarts.comhttps://www.instagram.com/blancbleuofficial⭐⭐⭐⭐⭐  Leave a five star review and comment on Apple Podcasts!🧢 Hats & Merch 📸 Instagram 🐦 Twitter / X📩 Substack👂Listen and 🔥 Subscribe📺 YouTube🎧 ...

Send us Fan MailMacro Confessions Part XX IV (2006) This week risk is resetting. Things changing. There will be opportunities. There will be blood. Let it be the other guy. Let's get absurd. The boys review the slaughter of the innocents, namely the abject poor performance of some of last year's most hyped new companies to emerge on the stock market.The conversation is fast paced. Chris has led Hugh to the Valley of Happiness but he wants to know more about what's causing the melt down in high profile stock names Peloton, Deliver and Oatly. No new Hedge Fund wannabee can afford to miss this journey from the past to the present day where Hugh reveals his latest macro insights and explains his Quantity Theory of Insanity. The Alchemy of Finance, it is not...This week they consider The Secret Policeman's Macro Ball, an annual illuminati gathering of the great minds in macro hedge fund management. The event you are assured not to receive an invitation to. Just why do the greatest minds share their best-ideas with their competition?Regrets, Hugh has a few and he travels back to December 2008 to confront his younger self. You see back in early 2006 he predicted a deflationary event that would send Treasury bond prices surging and the gold price crashing. But when his prophesy came true, he failed to load up on gold. Hugh is raging mad with his younger self.And with markets in turmoil, the chart rotator returns to examine the Dow Jones constituent 30 stocks to determine where prices are versus their slower, longer-dated moving averages. Hugh invokes his Acid Capitalist powers to draw predictions and stock ideas for the coming year. Chris continues to spin his wheel...Tune-in or be square...Charts can be found here https://www.youtube.com/channel/UCs4X8HJf2dQog8-CCaDBlsgSupport the show⬇️ Subscribe on Patreon or Substack for full episodes  ⬇️https://www.patreon.com/HughHendryhttps://hughhendry.substack.comhttps://www.instagram.com/hughhendryofficialhttps://blancbleustbarts.comhttps://www.instagram.com/blancbleuofficial⭐⭐⭐⭐⭐  Leave a five star review and comment on Apple Podcasts!🧢 Hats & Merch 📸 Instagram 🐦 Twitter / X📩 Substack👂Listen and 🔥 Subscribe📺 YouTube🎧 ...

Send us Fan MailMacro Confessions Part XX III (November 2005) This week the boys kick back. Inspired by Jeff Bezos, and his recent jaunt to St Barts, Hugh reveals his 20 hour fast and avocado regime. He believes that longevity and contrarian investing are bedfellows. Chris shakes his head in disbelief.The conversation is fast paced. Chris has his runner's legs on and wants to know more about what's knocking the capital markets this week. Bonds, not James but the ongoing disturbance in the US Treasury market are discussed. Better to construct an inventory of ideas than trade a market whose long-term trend has yet to change course, cautions Hugh. Check your premises!No new Hedge Fund wannabee can afford to miss this journey from the past to the present day where Hugh reveals his latest macro insights and explains how sometimes he outwitted the market's smartest minds.This week they take on The Raiders of the Lost Ark, via Cathy Wood's flailing tech fund, and ask why markets generate mysticism to create retail super-star managers and why their unwieldy funds often hit the skids.Shorting is this week's focus. Why do it? The epic short squeeze of Volkswagen in the midsts of the chaos of October 2008 is explored. Hugh shares his November 2005 Eclectica investment letter to lavish praise on John Armitage, a legendary British hedge fund manager who stopped shorting entirely. The cautionary tale of AW Jones, the manager who first brought  L/S strategies to the public's attention, is examined. You wont believe the paradox of what befell him in 1969.No one is spared. Hugh loved Ken Fisher's book Superstocks but less the man himself. The gloves are well and truly off and at the end Hugh confesses that he's starting to see a re-awakening in the gold sector. Really? Is that possible?  Chris' insatiable curiosity remains dialled to the max. Tune-in or be square...Support the show⬇️ Subscribe on Patreon or Substack for full episodes  ⬇️https://www.patreon.com/HughHendryhttps://hughhendry.substack.comhttps://www.instagram.com/hughhendryofficialhttps://blancbleustbarts.comhttps://www.instagram.com/blancbleuofficial⭐⭐⭐⭐⭐  Leave a five star review and comment on Apple Podcasts!🧢 Hats & Merch 📸 Instagram 🐦 Twitter / X📩 Substack👂Listen and 🔥 Subscribe📺 YouTube🎧 ...

Send us Fan MailMacro Confessions Part XX II (October 2005)The Scottish tormentor, Chris Sweeney, is pumped to the max as he seeks to understand the inner workings of Hugh's orthogonal Eclectica Fund. The boys use his monthly client letters as a Hedge Fund boot camp to reveal what he was really thinking at the time and why he made the decisions he did. No new Hedge Fund wannabee can afford to miss his journey to the present day where he reveals and expounds upon his latest macro insights and his chagrin for those that got away.This week, Chris continues to audit great hedge fund managers' recent performance. Hugh gives them a pass. And Chris is channeling investments via his viewing habits. He asks, is Succession accurate? Are investors petty or the guardian dogs of capitalism? Hugh favours the latter interpretation and  responds in an Ayn Randian manner. Never apologise for the wealth created by your intellectual graft, he barks.The investment discussion goes back to 1979, 1982 and 2005 to ask questions about today's epic bull market in the US Treasury market. Hugh accepts that bond yields will rise over the next 40 years but cautions that nascent bull markets protect their bounty of profits with enormous moats. Investors seeking to capture a bear market in Ts better beware. Adopt paradoxical investment techniques to capture the upside.And somewhere in the mix they discuss African jeep safari research trips and the prejudice of the present. Tune-in or be square...Support the show⬇️ Subscribe on Patreon or Substack for full episodes  ⬇️https://www.patreon.com/HughHendryhttps://hughhendry.substack.comhttps://www.instagram.com/hughhendryofficialhttps://blancbleustbarts.comhttps://www.instagram.com/blancbleuofficial⭐⭐⭐⭐⭐  Leave a five star review and comment on Apple Podcasts!🧢 Hats & Merch 📸 Instagram 🐦 Twitter / X📩 Substack👂Listen and 🔥 Subscribe📺 YouTube🎧 ...

Send us Fan MailMacro Confessions Part XX (Autumn 2005)We welcome back again,  the Scottish tormentor, Chris Sweeney, to chronicle the inner workings of Hugh's orthogonal Eclectica Fund. The boys use his monthly client letters as a Hedge Fund boot camp to reveal what he was really thinking at the time and why he made the decisions he did. No new Hedge Fund wannabee can afford to miss his journey to the present day where he reveals and expounds upon his latest macro insights and his chagrin for those that got away.This week, they examine the first time Hugh really got a good hosing. Warning, it's a shocking tale. And having navigated Christmas,  the boys are channelling The Beatles back catalogue; inspired by Let it Be, they ask why exactly was Hugh channeling Abbey Road back in 2005?  More big currency gyrations this week. This time Hugh attempts to fit together the jigsaw pieces of 5 year lows in the Japanese yen, the sell-off in US Treasuries and the absurd and persistent cheapness of volatility in Japan. Blame Netflix, but Hugh fears a direct meteor strike on planet "markets" and he is dusting down some convex trades.And somewhere in the mix they discuss Money Heist and wading through pools of reindeer blood. Tune-in or be square...Support the show⬇️ Subscribe on Patreon or Substack for full episodes  ⬇️https://www.patreon.com/HughHendryhttps://hughhendry.substack.comhttps://www.instagram.com/hughhendryofficialhttps://blancbleustbarts.comhttps://www.instagram.com/blancbleuofficial⭐⭐⭐⭐⭐  Leave a five star review and comment on Apple Podcasts!🧢 Hats & Merch 📸 Instagram 🐦 Twitter / X📩 Substack👂Listen and 🔥 Subscribe📺 YouTube🎧 ...

Send us Fan MailEver attended a Hedge Fund Christmas Party? We've super charged the subtitles as we welcome back the Scottish tornado, Chris Sweeney to once more chronicle the inner workings of Hugh's orthogonal Eclectica Fund. The boys use his monthly client letters as a Hedge Fund boot camp to reveal what he was really thinking at the time and why he made the decisions he did. No Hedge Fund wannabee can afford to miss the journey to the present day where Hugh reveals and expounds upon his latest macro insights and his chagrin for those that got away.This week, we examine Hugh's relationship with Crispin Odey, his vexation at seeing music business valuations explode to the upside this year. He rues his failure to buy EMI back in 2005 when valuations where just 5% to 10% of today's levels. It all makes for A Blue Christmas, the boys are channelling Elvis as they pick over this week's big currency gyrations from Turkey, a country of 85 million inhabitants with a GDP equal to less than a quarter of the value of Apple's stock market capitalisation. Apples and Turkey...merry Christmas one and all.Support the show⬇️ Subscribe on Patreon or Substack for full episodes  ⬇️https://www.patreon.com/HughHendryhttps://hughhendry.substack.comhttps://www.instagram.com/hughhendryofficialhttps://blancbleustbarts.comhttps://www.instagram.com/blancbleuofficial⭐⭐⭐⭐⭐  Leave a five star review and comment on Apple Podcasts!🧢 Hats & Merch 📸 Instagram 🐦 Twitter / X📩 Substack👂Listen and 🔥 Subscribe📺 YouTube🎧 ...

Send us Fan MailThis week we have a Shared Confession. Former macro hedge fund manager, Hugh Hendry, is joined by Dr. Angus Fletcher (Phd, Yale) , a neuroscientist and professor of Shakespeare. Angus rocks ! His latest book, Creative  Thinking, was written especially for US special operatives engaging with live risk. We discuss the carry over principals for all wannabe hedge fund investors. This is hedge fund bootcamp for narrative warriors. The pursuit of linguistics and rogue imagination over data; the rejection of logic. Data predicts yesterday. We suggest a non logical mode of intelligence that dares to see tomorrow. We explain how to react at the speed of life. If you can open yourself up to all the points of perspective when everyone else is rooted in the past then maybe you might just come to find yourself "in the moment". We discuss the principals for seeing the future. Brains don't need spreadsheets but exceptional data. Chaos is brain food.Support the show⬇️ Subscribe on Patreon or Substack for full episodes  ⬇️https://www.patreon.com/HughHendryhttps://hughhendry.substack.comhttps://www.instagram.com/hughhendryofficialhttps://blancbleustbarts.comhttps://www.instagram.com/blancbleuofficial⭐⭐⭐⭐⭐  Leave a five star review and comment on Apple Podcasts!🧢 Hats & Merch 📸 Instagram 🐦 Twitter / X📩 Substack👂Listen and 🔥 Subscribe📺 YouTube🎧 ...

Send us Fan MailEx macro hedge fund manager, Hugh Hendry, again invites his former investment partner, Tom Roderick, to review the global macro landscape. This week Tom discusses his new macro essay, China's Zodiac Doomsday Clock. Hugh becomes nostalgic for March 2009 and his slow train journey to Wuhan which revealed abundant evidence of China's property overbuilding 12 years ago. Tom explains why their China blow-up fund never made them a billion dollars. The answer was written in the stars. China's wise men acknowledged Confucius - wise man's clock is slower. Beijing's bureaucrats socialised risk and relied upon rapid gdp growth, urbanisation and population growth to remedy the situation.  The Chinese zodiac has 12 characters like our own system but takes 12 years, not months, to travel the galaxy and back. The gonzo investor shakes his head. A question of faulty time keeping ? The boys move on and consider whether inflation is deflationary ? This is macro conjecture for grown-ups and Tom asks why investors never consider debt levels to wealth rather than GDP ? The episode concludes with the contest between real and nominal US Treasury yields...which is the centre of our financial universe ?Support the show⬇️ Subscribe on Patreon or Substack for full episodes  ⬇️https://www.patreon.com/HughHendryhttps://hughhendry.substack.comhttps://www.instagram.com/hughhendryofficialhttps://blancbleustbarts.comhttps://www.instagram.com/blancbleuofficial⭐⭐⭐⭐⭐  Leave a five star review and comment on Apple Podcasts!🧢 Hats & Merch 📸 Instagram 🐦 Twitter / X📩 Substack👂Listen and 🔥 Subscribe📺 YouTube🎧 ...

Send us Fan MailFormer macro hedge fund manager, Hugh Hendry, again invites his former investment colleague, Tom Roderick, to review the global macro landscape.  This week they argue over inflation. Hugh is sceptical, Tom less so. The gonzo investor rails against the media’s shock and outrage on witnessing higher prices. “We closed the world for more than a year and then jolted it back to life with the greatest ever cash incentive to buy...why are we surprised that some prices have surged?” bellows Hugh from his cave in St Barts.  The boys consider a means to overcoming their differences and suggest that the Fed should take note. Tom has an ingenious idea – The Rule of 2 %. That the Fed should only announce a hike in rates should the 10-year Treasury yield breach 2%. But could the Fed ever admit to its lack of omnipotence in the rate setting arena even though the bond market always calls it right? Tom then explains why macro managers own gold in their hedge funds - hint, it’s the cheapest inflation hedge. This is macro conjecture for grown-ups and part I concludes with a review of a recent and revelatory thread by Michael Pettis, a prominent macro economist. Does China’s undervalued exchange rate and / or low wages export deflation onto an unsuspecting West? The boys de-construct the logic to confirm that yes, it is trade policy and not interest rates that govern our financial universe. Unless surplus nations mend their ways, risk-free rates will likely remain pinned to the floor and cautious investors will continue to forgo maximising future returns in favour of avoiding even greater losses.  Support the show⬇️ Subscribe on Patreon or Substack for full episodes  ⬇️https://www.patreon.com/HughHendryhttps://hughhendry.substack.comhttps://www.instagram.com/hughhendryofficialhttps://blancbleustbarts.comhttps://www.instagram.com/blancbleuofficial⭐⭐⭐⭐⭐  Leave a five star review and comment on Apple Podcasts!🧢 Hats & Merch 📸 Instagram 🐦 Twitter / X📩 Substack👂Listen and 🔥 Subscribe📺 YouTube🎧 ...