Show Notes
Send us Fan Mail 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-ca...
More from The ACID Capitalist Podcast
Send us Fan Mail everyone thinks washington is the crime scene. thirty-year treasuries are above five percent, the vigilantes have apparently ridden back into town, and america is finally being punished for its fiscal sins. maybe. but i think everyone is staring at the debtor because that’s easier than asking what happens to the creditors when the debtor stops playing along. i get into bessent and the treasury buybacks in this episode. a few billion dollars of long-bond repurchases dressed up...
Send us Fan Mail a stranger asks for a kiss outside a bar in montauk and suddenly the weekend’s noise turns into a clean signal. you can buy the table and you can certainly buy the story afterwards, but presence is harder. i watched a man spend an afternoon inside a roped-off vip section staring at his phone, surrounded by everything he’d presumably come to enjoy. that felt uncomfortably close to the age we live in, where the proof of having been somewhere can matter more than actually being ...
Send us Fan Mail pay people to kill cobras and you end up with cobra farms. that one historical mistake is the operating manual for most of modern life, and this episode runs it through three places where it still matters. the first is monetary reform. fiat currency is a covenant that gets quietly rewritten, decade after decade, while purchasing power takes a long slow walk in a direction nobody approved. that's why people reach for scarce anchors like gold or bitcoin, something committees ca...
Send us Fan Mail it's nearly one in the afternoon and i haven't read a fucking email this year. this was supposed to be a serious day. deadlines. targets. catholic guilt. presbyterian duty stomping around the room like an angry motherfucker. instead i'm still in my silk bruce lee pyjama bottoms, three coffees deep, magic potions mashed into yoghurt, watching my laptop quietly devour the morning. this is a field report from inside the machine. adhd. drugs. barefoot running in tropical heat. mo...
Send us Fan Mail back in march i published a bullish substack essay into a collapsing tape. software stocks were getting butchered. hyperscalers accused of losing their minds. nvidia was falling like a broken momentum trade while missiles were raining down across iran and every idiot on television suddenly became a geopolitical strategist. but price was saying something else. software was no longer scarce. that was the whole point. once code starts writing code the scarcity moves upstream int...