Explore every episode of the podcast The ACID Capitalist Podcast
| Title | Pub. Date | Duration | |
|---|---|---|---|
| Is the Market Running Out of Money? | 06 Nov 2025 | 01:21:20 | |
What if the cleanest read on market risk isn’t a sentiment index but the dollar itself? We connect the dots from DXY’s slide and rebound to the invisible gears of Eurodollar credit, showing how collateral breathes through trade invoices, repos, and leverage, and how that breath has begun to shorten. From port softness and a reported 17% drop in trucking volumes to tighter haircuts and slower factoring, we map the quiet contraction that can force risk assets to pay a toll in the form of sharp pullbacks. ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ | |||
| A One-in-a-Thousand Market Moment | 04 Nov 2025 | 01:16:52 | |
When logic fails, hedges break, and the models panic. Markets rarely behave. In this episode, Hugh Hendry unpacks why. Exploring what happens when models flash red and logic collapses in real time. From George Gammon’s CarMax hedge to the intricacies of dating, calculating sexual market value and the Fed’s confused dance with Treasury policy, Hugh dissects how a “Z-score of 3” moment becomes a one-in-a-thousand event that reshapes portfolios. He links collapsing used-car stocks to compressed thirty year immigration trends, digs into the stealth recession in U.S. housing, and considers how risk managers unknowingly amplify panic by reducing exposure. Along the way he spotlights Martin Marietta, BioNTech’s AI ambitions, and why the next big opportunity may lie inside America’s housing-linked equities. This is a raw, late-night macro sermon from St Barts: part reflection, part market therapy. Traders and macro mavens will find insight in Hugh’s irreverent exploration of fear, liquidity, and conviction. ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ | |||
| Acid Breath: Any Fool Could Make Money in Gold | 18 Oct 2025 | 01:05:35 | |
Any Fool Could Make Money in Gold But Only a Lunatic Could Explain It Like This The lights flicker but they don't go out. Today I tracked the silence. No CPI, no jobs print, no retail sales. The government is shut. The market is not. What moved was subtle. What didn’t move, the real story. Treasury yields dipped below 4 percent momentarily. Safety or something stranger? Bank stocks cracked again. Zions and KeyCorp lit the fuse with rising provisions and sour auto and credit card loans. That wasn't just a repeat of 2023. This feels like the credit cycle got squeezed. A demographic surge hit too fast. Fifty years of migration change compressed into one. The models never caught up. Now they're breaking. Steve Miran, the Fed’s newest voice, kept it cool. No surprise. But that calm tone is the tell. He knows the maps are wrong. They're flying with a faulty speedometer, in a world shifting too fast. Gold hit $4,300. Not from inflation. From doubt. I revisited the Sinclair thesis. A flawed but compelling idea. What if gold is just a mirror for broken trust? Bitcoin’s thesis is also resurfacing. Ten trillion isn’t far off if even a sliver of cash or pensions tip in. That’s where I leave it. No script. No forecast. Just recognition. Listen now and subscribe to ACID BREATH because when the official data disappears, the distortions are the data. ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ | |||
| Three Bowmen of the Apocalypse | 01 Oct 2022 | 00:47:25 | |
Cem Karsan's breadth and depth of knowledge has the Acid Capitalist reaching for the Ashwagandha! ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ | |||
| I believe, I believe? | 23 Sep 2022 | 01:02:43 | |
Saving retail investors one podcast at at time...all I can ask is that you stick with us till the end on this one... ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ | |||
| Hendry Goes to China: the Great GDP Swindle | 17 Sep 2022 | 00:10:00 | |
Hendry Goes to China: the Great GDP Swindle ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ | |||
| Ghost in the Machine (Remix) | 10 Sep 2022 | 00:19:48 | |
Welcome to a special episode of the Acid Capitalist -- ghost in the machine. This week we have an interview with an institutional trader on Wall Street who focuses on exotic derivatives and volatility. After the interview was over the guest's firm threatened legal action and tried to stop this episode from airing. The guest and firm will remain anonymous. Listen and judge for yourself why they tried to stop us. I suggest the guest and firm panic. The tribe of Acid Capitalism will not be stopped. Enjoy. ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ | |||
| Voodoo Lounge with Jared Dillian | 02 Sep 2022 | 01:31:02 | |
Join the Alchemist and Hugh as they enter the voodoo lounge with with Jared Dillian... ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ | |||
| Arrogance And Conceit of BTPs with Russell Clark | 26 Aug 2022 | 01:23:12 | |
Rampaging Russ AKA Russell Clark, is back for round two! ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ | |||
| Central Banking Isn't Working featuring Prof. Blanchflower | 19 Aug 2022 | 00:55:57 | |
Prof. Blanchflower joins Hugh and the Alchemist for a no-holds-barred discussion on the folly of group think and failure of central banks. ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ | |||
| Cowboys and Pirates with Javier Blas | 12 Aug 2022 | 01:08:29 | |
Bloomberg columnist Javier Blas (@JavierBlas) joins the gang to talk commodities, Indiana Jones, pirates and cowboys. Hugh mulls a run for President of Libya; and the Alchemist discusses Hugh's death defying journey through Zimbabwe! Please rate 5-stars, comment and subscribe on Apple Podcasts. ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ | |||
| Crude Talk with @ChiGrl aka Tracy Shuchart | 05 Aug 2022 | 01:28:06 | |
@ChiGrl aka Tracy Shuchart is on this week's episode to discuss all things oil! ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ | |||
| Part II: Halfway up the River with Ben Hunt | 29 Jul 2022 | 00:58:50 | |
Ben Hunt @EpsilonTheory is back for part II of our journey. Tune in, drop out and hold on tight as we enter the heart of darkness... ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ | |||
| Acid Breath. Inside the Macro Storm: Fed Policy, TSMC Earnings, and the Next Credit Crunch | 17 Oct 2025 | 00:45:05 | |
There’s a smell in the air, that faint electric tang before a storm. The markets are choppy, the screens green and red in alternating flickers, and behind it all you can almost hear the static of something old returning. In this episode of Acid Breath, I drive straight through the fog. The Philadelphia Fed survey just recorded its steepest drop since 2020; the factory heartbeat of America skipping hard. Across the Pacific, Taiwan Semiconductor printed perfection: record profits, guidance raised again, AI demand still climbing precipitously fast. Two worlds, one slowing, one racing ahead. And under it all, the same hum: leverage. I talk about the sub-prime echoes in auto credit and the quiet bankruptcies and American neighbourhoods with no lights on. It’s a signal. Then I go back in time to 2007 and recount a period when the whispers first started and nobody listened. It’s a long, cinematic ride through shutdown politics, manufacturing uncertainty, silicon glory, and the strange beauty of markets pretending to be calm. Think late-night jazz, not CNBC. If this episode makes you think, or even makes you uneasy, that’s the point. Give it a five-star rating, share it with a friend who still believes in “soft landings,” and help this show keep cutting through the noise. The more you amplify it, the further we can push the conversation away from headlines and back toward truth. Because markets may forget but memory still compounds. ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ | |||
| Halfway up the River with Ben Hunt | 22 Jul 2022 | 01:04:11 | |
Join Hugh Hendry and Ben Hunt (@EpsilonTheory) for a cerebral journey halfway up the river of your mind. Colonel Kurtz and villagers await you on a macro expedition like no other! ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ | |||
| Asian Tigers with Russell Clark | 15 Jul 2022 | 01:03:31 | |
The Acid Capitalist and the Alchemist reunited and ready for a magic mystery tour of Asia with special guest Russell Clark. *** Russell Clark on Substack https://www.russell-clark.com Russell Clark on Twitter https://twitter.com/rampagingruss *** Leave a 5-star review on Apple Podcasts! Like and subscribe to Hugh's channel on YouTube Follow Hugh on Twitter Follow Hugh on Instagram *** REMINDER: Want to be notified about limited edition hats before they go on sale? Rate, review and comment on Apple Podcasts and send a screenshot to info [at] upsonpartners [dot com] -- the first 100 commentators will get on the list! ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ | |||
| 👏 BONUS 👏 EDITION: 👏 Featuring Tom Roderick 👏👏👏 | 12 Jul 2022 | 01:17:16 | |
Jump on the bucking bronco🐎 with a special 👏bonus edition👏 of the Acid Capitalist Podcast, featuring the one and only Tom Roderick (@ToStRo)! ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ | |||
| UFOs, Bitcoin, & the End of the World w/ Matthew Pines | 08 Jul 2022 | 01:34:54 | |
Jason Bourne aka Matthew Pines joins the Acid Capitalist for a deep dive on tail risk. Let the war games begin. Don't forget to rate, review, comment, and share on Apple Podcasts... the hats are coming people! ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ | |||
| Psychedelic Therapy with Denise Shull | 01 Jul 2022 | 00:57:35 | |
The Acid Capitalist podcast | Psychedelic Therapy ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ | |||
| The Week That Commodities Confirmed the Worst | 25 Jun 2022 | 00:56:32 | |
Another live performance reflecting on tribal questions and the precipitous decline in commodity prices one week after the Fed's latest interest rate hike. ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ | |||
| CARL ICAHN'S IDIOT BUTTON | 17 Jun 2022 | 00:51:10 | |
I hate Fridays.This week we had a bantam weight world title decider between the contrarian and the populist. The Acid Capitalist squares up against Dylan Grice. Dylan spent years as a macro advisor tussling with the world's best hedge fund minds. He's worth a listen although the passing years haven't been kind. Still he's coining it in 😘 ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ | |||
| HUMPTY DUMPTY MACRO | 10 Jun 2022 | 01:23:23 | |
Another live edition. Humpty Dumpty? Remember the children's poem. With all the king's horses and all the king's men. They couldn't put Humpty together again...Are we closing the chapter that saw asset prices surge post the great financial crisis? Inflation or deflation? Which crisis seems more likely to the shroomers? The church debates. ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ | |||
| Hurricane MACRO | 02 Jun 2022 | 01:27:10 | |
We're joined by the Macro Compass writer, Alfonso Peccatiello, former bank prop trader, to discuss all things macro in the wake of JP Morgan's chief, Jamie Dimon, issuing a hurricane warning - bad things are coming. ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ | |||
| Banned in China | 27 May 2022 | 01:28:04 | |
The Acid Capitalism show went live this week. The Alchemist's hair morphed into a flock of seagulls. The Acid Capitalist levitated above the week's noise. He's a plastic thief with no belief in what he steals. A shirtless Good Kid B.a.a.d City holds it together. The Capitalist raps, 'The American Queen, she be smoking Prozac, The Totalitarians, they be smoking Napalm.' Macro thoughts from a bunker on a ting rock on a sea of oblivion. The church is open for prayers ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ | |||
| Acid Breath: The Bank of the Sopranos & Unlocking Gresham's Law | 16 Oct 2025 | 00:45:36 | |
ARM Ascends, Oil Drifts, Queens Endures I open on macro static and shutdown fog, a strange steadiness where the market beat goes on. The Beige Book whispers fractures, three Fed districts up, five flat, four softening, a recalibration more than a roar. The feature turns to ARM, where the data center bottleneck is power, not code. ARM sells the blueprint, cutting CPU energy use perhaps by half, and the live question is simple: can it win 50 percent of data center CPUs. Then energy’s riddle: oil sits near $56, where it was in 2005, with about 1.5 trillion barrels of proven reserves setting the rough scale. I close with Queens County, a Tony Soprano thrift that became my acid test and first great trade, the name fades, but the fuse remains. If this hit the mark, tap 5 🅂🅃🄰🅁, share the show with one friend who thinks in megawatts, and drop your one question for tomorrow's episode. Your questions shape the map. ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ | |||
| There Will Be Blood | 20 May 2022 | 01:33:53 | |
There will be blood. Let’s discuss. The Acid Capitalist continues to fume about injustices. He has the Fed and the mercantilistes in his sights. First the global economy has failed to regain its previous trajectory of greater prosperity ever since the Great Financial Crisis of 2008. GDP is lost somewhere over the Atlantic, destination unknown. The economy has recovered for sure but its no way near the level that a rational investor at the turn of the century might reasonably have expected. The shortfall at the global level might be more than $20 trillion. It’s absence froments social anger. There will be blood. ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ | |||
| Buck Broke Bitcoin | 14 May 2022 | 01:08:50 | |
Bloody hell. So much for stable coins. Fight it out in the comments; does anything matter anymore if the crypto well has been poisoned by lies and malfeasance? The Acid Capitalist saw a debate on twitter about whether he was a misunderstood genius or a pretentious riddler. Neither, he's a fool in a foolish world. ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ | |||
| Money Too Tight To Mention | 07 May 2022 | 01:24:39 | |
The Alchemist explores the mysteries of hedge fund management further. This week's deep dive sees him wearing a suit! Can he cut it? The Acid Capitalist had a rough night but he's taken a magic pill to restore his superpowers and he eventually finds his mojo. This week we review central bank rate hikes. Surely, its the end, not the beginning? Private providers of credit have been raising rates since the summer of 2020. The US economy contracted last quarter. Official economic data is heavily revised in later years. Did the British economy relapse into recession last year? Just why are they insistent on more rate hikes? The Acid Capitalist is afraid, very afraid that equity markets might need to reverse all of their post covid glory. But rather than accentuate the negative, he wants to offer guidelines and solutions. He believes that they should plead a mea culpa, their primary responsibility rests with preserving asset prices. Only by revealing that they're essentially custodian officers charged with preserving the collateral that underpins the huge debt mountain will we move forward. Better yet, they should move to enfranchise those citizens that have no assets. They should create a sovereign wealth fund. QE has only prolonged the depression. Better to impose a withholding tax on mercantilist nations that choose to park their trade bounty in treasury markets. These countries forsake endogenous domestic growth in favour of chasing exports. They perceive this as a more robust economic plan. But the world of international trade is the business of robbing Peter to pay Paul. To enact their cunning strategy, global savings must rise. In China, savings rise because their currency is set too low, preserving a comparative trade advantage that market capitalism would otherwise bid away. Without their state interventions their currency would rise to bring the world into balance. Chinese households' incomes would reset higher and they might reasonably consume more. This does not happen. Instead savings rise; the share of consumption to gdp is remarkably low for such an advanced state. The same applies elsewhere. With their comparative advantage, their lower relative manufacturing costs, secured by their "cheap" currency, they bleed jobs and income security from western households. You might lose your job but you still have non discretionary commitments to make; mostly these are energy and food related, credit cards must be tapped to prevent hunger and freezing. This dictates that western savings ratios decline, and more and more debt is necessary to restore equilibrium. The cycle amplifies itself in favour of the mercantilist. Whilst the Acid Capitalist's ire is presently directed at the central bankers, he recognises that the primary fault lies with the mercantilists. And so he proposes that western finance ministries adopt a withholding tax. Think of it as an economic rent imposed on those who choose to game the economic system. Left unchecked, and it has been for way too long, we've created an extraordinary volatility machine that leaves today's risk markets in maximum jeopardy. That's why the withholding tax ticks all the right boxes; it is vital not to throw grit into the global trading system. Global trade, if conducted properly, enriches all of us; but left in this perilous state it resembles the longest suicide note ever written. Charge them 3%. They wont balk; they'll gladly pay it. Nothing is too expensive in order to preserve the longevity of the Chinese Communist Party. Collectively, other nations own around $10 trillion of US Treasuries. A tax would raise $300 billion a year and it could underwrite a sovereign wealth fund that effectively underwrote the downside risks in equities and other risk assets. ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ | |||
| The Precipe, Markets on the Brink | 30 Apr 2022 | 01:24:01 | |
This week's episode is probably the most profoundly ridiculous exercise in hyperbole ever attempted. The boys are sensing a regime shift. Volatility is like a prolonged period of high pressure in the atmosphere. Hedge fund types gunned it for all it was worth. Leverage, concentrated portfolios, lies and misdemeanours, they raked up huge profits and made themselves into billionaires many times over. ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ | |||
| Risk Markets set to Self Destruct | 23 Apr 2022 | 01:17:44 | |
The alchemist doesn't speak, he yells; he's a proclaimer seeking the truth. Hear ye, hear ye, he bellows, the apocalypse is coming. Fear, greed, loathing, they're all set to knock the financial world off its perch once again. ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ | |||
| The God Trade | 15 Apr 2022 | 00:40:39 | |
The Reverence Episode. The Alchemist @writes_sweeney finds himself exalting at the triple religious whammy of Easter, Passover and Ramadan. But it's Franz Kafka that holds sway. The messiah will come only when he is no longer necessary; he will come only on the day after his arrival. The Acid Capitalist proclaims that the mysticism demanded to see the future for risk assets demands that you listen to those pursuing deviant pathways. He offers up his wooly hat as evidence...reject the front pages, listen to the Church of Acid Capitalism. ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ | |||
| The Soros Trade | 09 Apr 2022 | 00:55:35 | |
This week, the Acid Capitalist is restored to his spiritual home, Blanc Bleu and boy is The Alchemist on form ! He's dug up some ancient manuscripts from 2007 from the legend, James Dines, the original gold bull. The foolish reject what they see, the wise reject what they think and accept what they see. Except, the Acid Cap is about to do the unpardonable and reject the wisdom that defined his hedge fund career. He's been looking at the Ruble. He refers to it dismissively as the Barney Rubble. The Barney has eliminated all of its losses since the shock of the unexpected military campaign against Ukraine. Men in Suits are adamant that this marks a profound moment in economic history. That Vlad the Bad is Vlad the Economic genius. The decision to peg to gold, a modern day gold standard, has many in the financial community proclaiming this as the moment Russia defeated the proxy economic war. But more than that, they claim it as a great pivot in history. Where Russia goes, we will follow. Huh?? The Acid Cap is having none of this. The screen price of the Barney is paint taping propaganda. It doesn't trade except by invitation. It's the preserve of the monetary authorities in Russia and those shameful nations that continue to dance with the Bear. Russian citizens certainly can't sell their Barneys, foreign nationals still holding Russian assets can't sell the rally and, heck, even Russian exporters must return their dollars to the kleptocracy. A gold standard is feasible in Russia because they've defranchised their citizens but elsewhere, democracies rejected the rigours of gold a century ago. The Wizard of Oz captures this poignantly. In the 19th century it was the elites that determined the outcome of elections. The lion depicts the mighty William Bryan Jennings, the populist presidential candidate who ran 2x and lost. The elites robbed him of his courage... Gold ain’t neutral. It favours the creditor over the debtor, forces the pain on the We, the People. With no vote, the people back then had to take it on the chin. When Treasury Secretart, Mellon, said purge the system of its rottenness in 1929, he was set to crucify the populace on the cross of gold. Thankfully, saner heads prevailed and the system was de-weaponised within 3 years but not before adult unemployment had surged beyond 20% and the banking sector had been bankrupted. The Capitalist loves gold as an investment, as a store of wealth, but he love's the people more... Zoltan, another monetary wizard, is discussed. He's one of the most influential financial seers. When he speaks, the whales of the market listen. He believes that the dollar's days are inevitably numbered, that the currency of China is set to supplant the global hedgemon of the $. The Capitalist is having none of it. But rather than bicker, he's established a magical line of clarity. Today, you need 6.3 yuan to buy a dollar. The yuan has been the strongest currency. If the yuan appreciates further, which is to say below 6, the Capitalist is ready to doth his cap to the mighty wizard and proclaim his own Muppetry. And finally, the fixed pegs of Hong Kong and Saudi are put under the spotlight. Nothing lasts forever and the days of Hong Kong's dollar peg seem fast running out. The capitalist describes how you can wager a billion dollar bet against the Honkers and your max loss would be $12m whereas your upside is unlimited. Future George Soros wannabes are lining up to take a shot. And just why should the Chinese authorities protect what they see as an anachorism from the past, a potent symbol of when China was poor ? The Saudi? We might need to wait longer. But, he proclaims, the price of energy falls over the course of history, you want to be a long term consumer, not producer, the Saudi peg violates this rule, it will do a Honkers one day, just not yet. And remember, Joy is our Energy... ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ | |||
| Crazy Hedge Fund Idea | 02 Apr 2022 | 01:01:40 | |
The unplugged episode. The Acid Capitalist appears down on his luck this week. Recovering from another bout of dengue fever and yet another evening of rock and roll indulgence, he laments that if only he had found more time to prepare, perhaps the show would have been more spontaneous? Have no fear, the show is interrupted as the French police arrive to question the Acid Cap, the screen drops to an intermission and he returns only to knock out his mic. This is a wild ride. Watch the mayhem unfold. ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ | |||
| ACID ASSETS FOR THE MANY | 25 Mar 2022 | 01:23:15 | |
Macro Confessions Part XXXII, The Sweeney Alchemist (@writes_sweeney) is worried that the Acid Capitalist (@hendry_hugh), has been detained in Kyiv en route back to his Blessed isle. Recent images reveal a stark concrete bunker. Just where is he this week? He calls upon the aid and inspirational insight of the political economist @MkBlyt, The Tangerine Bishop of Dundee. It's an unforgettable, Scottish ménage-à-trois that will have you reaching for the closed caption service sooner rather than later. ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ | |||
| HEDGE FUND INTEL | 18 Mar 2022 | 01:19:47 | |
Macro Confessions Part XXXI, a very tired Acid Capitalist, having flown half-way across the globe, joins the The Sweeney Alchemist (@writes_sweeney), in London Town to review the week when risk markets rallied. ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ | |||
| Acid Breath: The Gold-Oil Puzzle | 15 Oct 2025 | 00:32:02 | |
A market meditation disguised as weather report, part Fear and Loathing, part BBC Shipping Forecast. Markets drift in a haze of caution and theatrical boredom. Bankers profit without joy, express bubble caution Traders fears resemble yoga poses held too long. Everyone trembling, pretending its balance when its really strain. This is macro as performance art:
Verdict, witty, contrarian, and usefully boring in the best way. ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ | |||
| UNMISSABLE HEDGE FUND INTEL | 12 Mar 2022 | 01:43:11 | |
Macro Confessions Part XXX, the Acid Capitalist is joined by his trusted lieutenant, @ToStRo and together with The Sweeney Alchemist, they brew a heady mix of Putin Put Downs and attempt re-set the global macro chessboard. Chris busies himself with a meaty cheese burger.. ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ | |||
| Hedge Fund Masterclass - Make Profits Not War | 05 Mar 2022 | 01:03:19 | |
Macro Confessions Part XXIX, the Acid Capitalist is mad as hell. Bewildered and traumatised by the human catastrophe in Ukraine, he's left exasperated by sinister political forces seeking to stymie the advance of the European carbon trading platform to advance their own selfish causes. Carbon permit prices have fallen sharply. ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ | |||
| HEDGE FUND MASTERCLASS - NAVIGATE EUROPE ENERGY CRISIS | 26 Feb 2022 | 01:12:07 | |
Macro Confessions Part XXVIII, projecting forward from the macro year 2007. Chris finds a Hank Moody like Acid Capitalist holed up in his friends' beautiful villa in St Barts. staring wistfully at the surf. The unthinkable has happened, Russian tanks have broken ranks and are moving in on Kiev. ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ | |||
| HedgeFund MasterClass - Profit from Russian Conflict | 19 Feb 2022 | 00:59:48 | |
Macro Confessions Part XXVII, projecting forward from the macro year 2006. Chris finds a dishevelled Acid Capitalist holed up in his cement bunker in St Barts. The initial salvos find the boys reminiscing about the Fight Club, The UNIBomber, Nirvana and bereaving the passing of Agent 007 as one of their own. ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ | |||
| HedgeFund MasterClass - The Great Carbon Swindle | 11 Feb 2022 | 01:15:46 | |
Macro 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 problem, to create the love-cult 2050 with smart people solving the world's greatest problem. In probably the most important of the series, Hugh and Chris ask that you share this discussion with friends and family to see if we can all start a revolution. To see if you and me can make the world a smarter and better place... Who dare refuse? ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ | |||
| HedgeFund Masterclass: CHINA CRASH 2024 | 04 Feb 2022 | 01:23:35 | |
Macro 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. ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ | |||
| Hedge Fund MasterClas - BIGGEST MACRO MISTAKE | 28 Jan 2022 | 01:32:36 | |
Macro 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. ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ | |||
| Hedge Fund Masterclass - Shorting | 21 Jan 2022 | 01:23:29 | |
Macro 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. ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ | |||
| Hedge Fund Masterclass - Paradoxical Investing | 14 Jan 2022 | 00:41:55 | |
Macro Confessions Part XX II (October 2005) ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ | |||
| Hedge Fund Masterclass- Don't Look Up - Trading Convexity | 07 Jan 2022 | 01:16:05 | |
Macro Confessions Part XX (Autumn 2005) ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ | |||
| Acid Breath: The Day Silver Spoke and AI Went Industrial | 14 Oct 2025 | 01:07:22 | |
The Day Silver Spoke and AI Went Industrial The age of abundance is over: compute, energy, and silver say so. Acid Breath Daily is Hugh Hendry’s financial freak show : a daily dive into markets where logic wrestles madness and central banks juggle chainsaws. It’s macro with a migraine, tequila spilled on spreadsheets, silver screaming at AI, and politicians pretending they can count. No safe takes, no sermons, just volatility with a pulse. ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ | |||
| Macro Christmas Confessions | 24 Dec 2021 | 00:51:29 | |
Ever 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. ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ | |||
| Hedge Fund Masterclass - Creativity | 17 Dec 2021 | 01:17:25 | |
This 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. ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ | |||
| China's Zodiac Doomsday Clock | 10 Dec 2021 | 00:33:29 | |
Ex 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. ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ | |||