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Global macro hedge fund guy distilling market insights via his alter-ego, the acid capitalist. ✉️ Summer Camp: https://t.co/HtFDwYPWmi

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hendry_hugh

Hugh Hendry Acid Capitalist TV

Verified account @hendry_hugh ·
2 Sep

𝚠𝚊𝚗𝚝 𝚖𝚘𝚛𝚎 𝚊𝚌𝚒𝚍?
𝚜𝚞𝚋𝚜𝚝𝚊𝚌𝚔 + 𝚙𝚊𝚝𝚛𝚎𝚘𝚗: @𝚊𝚌𝚒𝚍𝚌𝚊𝚙𝚒𝚝𝚊𝚕𝚒𝚜𝚝

𝚊𝚌𝚒𝚍 𝚌𝚊𝚙𝚒𝚝𝚊𝚕𝚒𝚜𝚝 🌴🏴‍☠️

Reply on Twitter 2095275959691952292 Retweet on Twitter 2095275959691952292 Like on Twitter 2095275959691952292 3 X 2095275959691952292
hendry_hugh

Hugh Hendry Acid Capitalist TV

Verified account @hendry_hugh ·
2 Sep

𝚊𝚌𝚒𝚍 𝚜𝚞𝚖𝚖𝚎𝚛 𝚌𝚊𝚖𝚙
𝚊𝚞𝚐 𝟷𝚜𝚝 - 𝟼𝚝𝚑 𝚊𝚞𝚐 𝟸𝟶𝟸𝟽
𝚎𝚊𝚛𝚕𝚢 𝚋𝚒𝚛𝚍 𝚍𝚒𝚜𝚌𝚘𝚞𝚗𝚝𝚜 𝚊𝚟𝚊𝚒𝚕𝚊𝚋𝚕𝚎

𝚊𝚌𝚒𝚍 𝚌𝚊𝚙𝚒𝚝𝚊𝚕𝚒𝚜𝚝 🌴🏴‍☠️

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hendry_hugh

Hugh Hendry Acid Capitalist TV

Verified account @hendry_hugh ·
2 Sep

𝚊𝚕𝚕 𝚝𝚑𝚘𝚜𝚎 𝚖𝚘𝚖𝚎𝚗𝚝𝚜 𝚠𝚒𝚕𝚕 𝚋𝚎 𝚕𝚘𝚜𝚝.
𝚕𝚒𝚔𝚎 𝚝𝚎𝚊𝚛𝚜 𝚒𝚗 𝚝𝚑𝚎 𝚍𝚎𝚜𝚎𝚛𝚝.
𝚝𝚒𝚖𝚎 𝚝𝚘 𝚍𝚒𝚎?
𝚗𝚊𝚑.
𝚝𝚒𝚖𝚎 𝚝𝚘 𝚎𝚕𝚎𝚟𝚊𝚝𝚎.
@hendry_hugh 🌵🏴‍☠️

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Hugh Hendry Youtube

Send us Fan Mail (https://www.buzzsprout.com/1017043/fan_mail/new) 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 as something more consequential has the familiar quality of a magician making a great show of the wrong hand. druckenmiller is worried too, although for slightly different reasons. i’m less interested in adjudicating the daily noise than in the structure underneath it. michael pettis gives you the useful way in. when china, germany or japan run persistent trade surpluses, somebody else has to run the savings deficit. that isn’t ideology. it’s arithmetic. those excess chinese savings come back into dollar assets, yields get compressed, asset prices rise, and america gets congratulated for enjoying its reserve currency privilege. i’ve always thought privilege was an odd word for an arrangement in which you’re required to absorb everybody else’s excess production. it’s a throne, certainly. it may also be a trap. that’s why the 1929 comparison matters. creditor nations can look extraordinarily strong while the system is working because somebody else is doing the absorbing. remove that jenga and the pressure migrates very quickly into factories, property collateral and export margins. if america begins refusing the role through tighter monetary policy that forces a resetting recession, the interesting crisis may not begin in washington at all. that is the argument in this episode. the simple story says the bond market is disciplining america. i’m much more interested in who discovers they were dependent on american indiscipline. subscribe if you want to get there before the story becomes obvious. Support the show (https://www.buzzsprout.com/1017043/support) ⬇️ Subscribe on Patreon or Substack for full episodes  ⬇️ https://www.patreon.com/HughHendry (https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbm5NNXRVZGFVVkJ2U3lBNTE1VVgybWp5OXhGZ3xBQ3Jtc0trTnQxOV9lb1R6SUR0bi1GUEh0aFFCdW1kRUFjUU9qS1kxTkVNX1hOckF6c2VTUEU0bmxrdmpfZ3h0enlvb0dHanNudXFQR25mSGdtQTR4VmZyaWwxeWFDel9sVVpIRGV1MEpiajVYa3pSTmtVWG1rYw&q=https%3A%2F%2Fwww.patreon.com%2FHughHendry&v=Z_w41bjHSYY) https://hughhendry.substack.com https://www.instagram.com/ (https://www.instagram.com/direct/inbox/) hughhendryofficial (https://www.instagram.com/hughhendryofficial/) https://blancbleustbarts.com (https://blancbleustbarts.com/) https://www.instagram.com/blancbleuofficial (https://www.instagram.com/blancbleuofficial/) ⭐⭐⭐⭐⭐  Leave a five star review and comment on Apple Podcasts! (https://podcasts.apple.com/us/podcast/the-acid-capitalist-podcasts/id1511187978) 🧢 Hats & Merch (http://acidcap.com) 📸 Instagram (https://www.instagram.com/hughhendryofficial) 🐦 Twitter / X (https://www.twitter.com/hendry_hugh) 📩 Substack (https://hendryhugh.substack.com) 👂Listen and 🔥 Subscribe 📺 YouTube (http://youtube.com/hughhendryofficial) 🎧 ... (https://podcasts.apple.com/us/podcast/the-acid-capitalist-podcasts/id1511187978)
stan druckenmiller is wrong
Send us Fan Mail (https://www.buzzsprout.com/1017043/fan_mail/new) 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 there. markets have their own version of the same mistake. composure matters when prices are moving against you, but there’s a cost to wearing the television face for too long, especially once conviction starts dressing up a guess as fact. certainty and position size aren’t the same thing. confuse them and you can end up watching the damage arrive in slow motion while still feeling unable to move. the caprivi strip is what happens when intelligent people fall in love with a map and forget the terrain. boeing and bayer belong in the same conversation for different reasons, because the mistake isn’t always stupidity. sometimes the business survives and the glitch passes. sometimes the thing you thought was contained turns out to own the entire outcome. the useful part is admitting, early enough, that reality gets a vote. this episode is about attention, conviction and the dangerous comfort of believing the story in your head has already become the world outside it. subscribe. share it with someone who lives through their screen. Support the show (https://www.buzzsprout.com/1017043/support) ⬇️ Subscribe on Patreon or Substack for full episodes  ⬇️ https://www.patreon.com/HughHendry (https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbm5NNXRVZGFVVkJ2U3lBNTE1VVgybWp5OXhGZ3xBQ3Jtc0trTnQxOV9lb1R6SUR0bi1GUEh0aFFCdW1kRUFjUU9qS1kxTkVNX1hOckF6c2VTUEU0bmxrdmpfZ3h0enlvb0dHanNudXFQR25mSGdtQTR4VmZyaWwxeWFDel9sVVpIRGV1MEpiajVYa3pSTmtVWG1rYw&q=https%3A%2F%2Fwww.patreon.com%2FHughHendry&v=Z_w41bjHSYY) https://hughhendry.substack.com https://www.instagram.com/ (https://www.instagram.com/direct/inbox/) hughhendryofficial (https://www.instagram.com/hughhendryofficial/) https://blancbleustbarts.com (https://blancbleustbarts.com/) https://www.instagram.com/blancbleuofficial (https://www.instagram.com/blancbleuofficial/) ⭐⭐⭐⭐⭐  Leave a five star review and comment on Apple Podcasts! (https://podcasts.apple.com/us/podcast/the-acid-capitalist-podcasts/id1511187978) 🧢 Hats & Merch (http://acidcap.com) 📸 Instagram (https://www.instagram.com/hughhendryofficial) 🐦 Twitter / X (https://www.twitter.com/hendry_hugh) 📩 Substack (https://hendryhugh.substack.com) 👂Listen and 🔥 Subscribe 📺 YouTube (http://youtube.com/hughhendryofficial) 🎧 ... (https://podcasts.apple.com/us/podcast/the-acid-capitalist-podcasts/id1511187978)
what if the real risk is distraction.
𝚌𝚘𝚕𝚕𝚊𝚝𝚎𝚛𝚊𝚕 𝚝𝚑𝚊𝚝 𝚏𝚞𝚌𝚔𝚜 𝚊𝚗𝚍 𝚐𝚛𝚘𝚠𝚜. 𝚋𝚒𝚝𝚌𝚘𝚒𝚗'𝚜 𝚌𝚊𝚙𝚙𝚎𝚍. 𝚐𝚘𝚕𝚍 𝚌𝚊𝚖𝚎 𝚏𝚛𝚘𝚖 𝚖𝚎𝚝𝚎𝚘𝚛𝚒𝚝𝚎𝚜 𝚊𝚗𝚍 𝚒𝚜𝚗'𝚝 𝚖𝚊𝚔𝚒𝚗𝚐 𝚖𝚘𝚛𝚎. 𝚋𝚞𝚝 𝚊 𝚋𝚊𝚋𝚢? 𝚍𝚒𝚏𝚏𝚎𝚛𝚎𝚗𝚝 𝚐𝚛𝚘𝚠𝚝𝚑 𝚜𝚝𝚛𝚊𝚝𝚎𝚐𝚢. 𝚋𝚊𝚋𝚢 𝚠𝚘𝚘𝚍𝚜. 𝚋𝚊𝚌𝚔 𝚢𝚘𝚞𝚛 𝚌𝚞𝚛𝚛𝚎𝚗𝚌𝚢 𝚊𝚐𝚊𝚒𝚗𝚜𝚝 𝚋𝚒𝚘𝚕𝚘𝚐𝚒𝚌𝚊𝚕 𝚐𝚛𝚘𝚠𝚝𝚑. 𝚊𝚌𝚒𝚍 𝚜𝚞𝚖𝚖𝚎𝚛 𝚌𝚊𝚖𝚙𝚊𝚞𝚐 𝟷𝚜𝚝 - 𝟼𝚝𝚑 𝚊𝚞𝚐 𝟸𝟶𝟸𝟽𝚎𝚊𝚛𝚕𝚢 𝚋𝚒𝚛𝚍 𝚍𝚒𝚜𝚌𝚘𝚞𝚗𝚝𝚜 𝚊𝚟𝚊𝚒𝚕𝚊𝚋𝚕𝚎 𝚠𝚊𝚗𝚝 𝚖𝚘𝚛𝚎 𝚊𝚌𝚒𝚍? 𝚜𝚞𝚋𝚜𝚝𝚊𝚌𝚔 + 𝚙𝚊𝚝𝚛𝚎𝚘𝚗: @𝚊𝚌𝚒𝚍𝚌𝚊𝚙𝚒𝚝𝚊𝚕𝚒𝚜𝚝 𝚊𝚌𝚒𝚍 𝚌𝚊𝚙𝚒𝚝𝚊𝚕𝚒𝚜𝚝 🌴🏴‍☠️ macro trading, financial markets, bond market behaviour, investor psychology, market narratives, contrarian thinking, hedge fund perspective
american baby bonds #economics #motivation #money #news
Send us Fan Mail (https://www.buzzsprout.com/1017043/fan_mail/new) 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 can't conjure at 2am. but pegging money to something finite doesn't remove human behaviour from the equation. it moves the snake farm. the mechanism comes first. the slogans come later. the second is the uk white collar economy. if knowledge work means reading, synthesising and producing documents under deadline, large language models do a growing share of it for essentially nothing. hsbc makes the mechanism visible: headcount disappears without a dramatic announcement, and the graduate-to-manager ladder starts sealing itself off. the consequences run straight into the tax base, public spending and the architecture of upward mobility. the third is demographics and sovereign arithmetic. fertility rates are running well below replacement, pension systems were built for a world with far more workers per retiree, and i make the case for baby bonds as collateral that grows. call it baby woods: a bretton woods replacement where the scarce asset is whoever shows up next. once children carry a bounty, the world reorganises to produce them. the cobra programme finally gets an incentive it actually wants. and then there is the awkward part. the collateral votes. if you listen, send me your strongest objection or the best real-world cobra story you've ever seen. Support the show (https://www.buzzsprout.com/1017043/support) ⬇️ Subscribe on Patreon or Substack for full episodes  ⬇️ https://www.patreon.com/HughHendry (https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbm5NNXRVZGFVVkJ2U3lBNTE1VVgybWp5OXhGZ3xBQ3Jtc0trTnQxOV9lb1R6SUR0bi1GUEh0aFFCdW1kRUFjUU9qS1kxTkVNX1hOckF6c2VTUEU0bmxrdmpfZ3h0enlvb0dHanNudXFQR25mSGdtQTR4VmZyaWwxeWFDel9sVVpIRGV1MEpiajVYa3pSTmtVWG1rYw&q=https%3A%2F%2Fwww.patreon.com%2FHughHendry&v=Z_w41bjHSYY) https://hughhendry.substack.com https://www.instagram.com/ (https://www.instagram.com/direct/inbox/) hughhendryofficial (https://www.instagram.com/hughhendryofficial/) https://blancbleustbarts.com (https://blancbleustbarts.com/) https://www.instagram.com/blancbleuofficial (https://www.instagram.com/blancbleuofficial/) ⭐⭐⭐⭐⭐  Leave a five star review and comment on Apple Podcasts! (https://podcasts.apple.com/us/podcast/the-acid-capitalist-podcasts/id1511187978) 🧢 Hats & Merch (http://acidcap.com) 📸 Instagram (https://www.instagram.com/hughhendryofficial) 🐦 Twitter / X (https://www.twitter.com/hendry_hugh) 📩 Substack (https://hendryhugh.substack.com) 👂Listen and 🔥 Subscribe 📺 YouTube (http://youtube.com/hughhendryofficial) 🎧 ... (https://podcasts.apple.com/us/podcast/the-acid-capitalist-podcasts/id1511187978)
baby bonds and snake farms.
𝚝𝚑𝚎 𝚖𝚘𝚜𝚝 𝚜𝚞𝚌𝚌𝚎𝚜𝚜𝚏𝚞𝚕 𝚒𝚗𝚟𝚎𝚜𝚝𝚘𝚛𝚜 𝚛𝚊𝚛𝚎𝚕𝚢 𝚜𝚑𝚘𝚠 𝚢𝚘𝚞 𝚠𝚑𝚎𝚛𝚎 𝚒𝚝 𝚑𝚞𝚛𝚝𝚜. 𝚝𝚑𝚎 𝚜𝚖𝚒𝚕𝚎 𝚜𝚝𝚊𝚢𝚜.𝚝𝚑𝚎 𝚠𝚒𝚗𝚎 𝚐𝚎𝚝𝚜 𝚜𝚒𝚙𝚙𝚎𝚍.𝚝𝚑𝚎 𝚋𝚕𝚊𝚍𝚎 𝚐𝚘𝚎𝚜 𝚒𝚗 𝚚𝚞𝚒𝚎𝚝𝚕𝚢. 𝚙𝚘𝚒𝚜𝚎 𝚒𝚜 𝚜𝚎𝚡𝚒𝚎𝚛 𝚝𝚑𝚊𝚗 𝚙𝚎𝚛𝚏𝚎𝚌𝚝𝚒𝚘𝚗. 𝚊𝚌𝚒𝚍 𝚜𝚞𝚖𝚖𝚎𝚛 𝚌𝚊𝚖𝚙𝚊𝚞𝚐 𝟷𝚜𝚝 - 𝟼𝚝𝚑 𝚊𝚞𝚐 𝟸𝟶𝟸𝟽𝚎𝚊𝚛𝚕𝚢 𝚋𝚒𝚛𝚍 𝚍𝚒𝚜𝚌𝚘𝚞𝚗𝚝𝚜 𝚊𝚟𝚊𝚒𝚕𝚊𝚋𝚕𝚎 𝚠𝚊𝚗𝚝 𝚖𝚘𝚛𝚎 𝚊𝚌𝚒𝚍? 𝚜𝚞𝚋𝚜𝚝𝚊𝚌𝚔 + 𝚙𝚊𝚝𝚛𝚎𝚘𝚗: @𝚊𝚌𝚒𝚍𝚌𝚊𝚙𝚒𝚝𝚊𝚕𝚒𝚜𝚝 𝚊𝚌𝚒𝚍 𝚌𝚊𝚙𝚒𝚝𝚊𝚕𝚒𝚜𝚝 🌴🏴‍☠️ macro trading, financial markets, bond market behaviour, investor psychology, market narratives, contrarian thinking, hedge fund perspective
the pain of success #economics #motivation #money
𝚒’𝚖 𝚊 𝚠𝚘𝚛𝚕𝚍-𝚌𝚕𝚊𝚜𝚜 𝚕𝚘𝚜𝚎𝚛. 𝚒𝚝 𝚝𝚘𝚘𝚔 𝚖𝚎 𝚢𝚎𝚊𝚛𝚜 𝚝𝚘 𝚛𝚎𝚊𝚕𝚒𝚜𝚎 𝚝𝚑𝚊𝚝 𝚠𝚊𝚜 𝚝𝚑𝚎 𝚎𝚍𝚐𝚎. 𝚐𝚘𝚘𝚍 𝚒𝚗𝚟𝚎𝚜𝚝𝚘𝚛𝚜 𝚍𝚘𝚗’𝚝 𝚊𝚟𝚘𝚒𝚍 𝚋𝚎𝚒𝚗𝚐 𝚠𝚛𝚘𝚗𝚐. 𝚝𝚑𝚎𝚢 𝚓𝚞𝚜𝚝 𝚝𝚛𝚢 𝚗𝚘𝚝 𝚝𝚘 𝚍𝚒𝚎 𝚏𝚛𝚘𝚖 𝚒𝚝. 𝚖𝚒𝚜𝚜 𝚜𝚖𝚊𝚕𝚕. 𝚜𝚞𝚛𝚟𝚒𝚟𝚎 𝚋𝚒𝚐. 𝚝𝚑𝚎𝚗 𝚘𝚙𝚎𝚗 𝚝𝚑𝚎 𝚕𝚘𝚠𝚎𝚛 𝚍𝚛𝚊𝚠𝚎𝚛, 𝚜𝚝𝚞𝚍𝚢 𝚝𝚑𝚎 𝚌𝚊𝚛𝚌𝚊𝚜𝚜, 𝚊𝚗𝚍 𝚝𝚛𝚢 𝚗𝚘𝚝 𝚝𝚘 𝚋𝚞𝚢 𝚝𝚑𝚎 𝚜𝚊𝚖𝚎 𝚜𝚝𝚞𝚙𝚒𝚍 𝚝𝚑𝚒𝚗𝚐 𝚝𝚠𝚒𝚌𝚎. 𝚠𝚎’𝚛𝚎 𝚐𝚘𝚗𝚗𝚊 𝚖𝚊𝚔𝚎 𝚢𝚘𝚞 𝚊 𝚋𝚎𝚝𝚝𝚎𝚛 𝚒𝚗𝚟𝚎𝚜𝚝𝚘𝚛. 𝚝𝚑𝚎 𝚖𝚘𝚜𝚝 𝚜𝚞𝚌𝚌𝚎𝚜𝚜𝚏𝚞𝚕 𝚒𝚗𝚟𝚎𝚜𝚝𝚘𝚛𝚜 𝚛𝚊𝚛𝚎𝚕𝚢 𝚜𝚑𝚘𝚠 𝚢𝚘𝚞 𝚠𝚑𝚎𝚛𝚎 𝚒𝚝 𝚑𝚞𝚛𝚝𝚜. 𝚝𝚑𝚎 𝚜𝚖𝚒𝚕𝚎 𝚜𝚝𝚊𝚢𝚜.𝚝𝚑𝚎 𝚠𝚒𝚗𝚎 𝚐𝚎𝚝𝚜 𝚜𝚒𝚙𝚙𝚎𝚍.𝚝𝚑𝚎 𝚋𝚕𝚊𝚍𝚎 𝚐𝚘𝚎𝚜 𝚒𝚗 𝚚𝚞𝚒𝚎𝚝𝚕𝚢. 𝚙𝚘𝚒𝚜𝚎 𝚒𝚜 𝚜𝚎𝚡𝚒𝚎𝚛 𝚝𝚑𝚊𝚗 𝚙𝚎𝚛𝚏𝚎𝚌𝚝𝚒𝚘𝚗. 𝚊𝚌𝚒𝚍 𝚜𝚞𝚖𝚖𝚎𝚛 𝚌𝚊𝚖𝚙𝚊𝚞𝚐 𝟷𝚜𝚝 - 𝟼𝚝𝚑 𝚊𝚞𝚐 𝟸𝟶𝟸𝟽𝚎𝚊𝚛𝚕𝚢 𝚋𝚒𝚛𝚍 𝚍𝚒𝚜𝚌𝚘𝚞𝚗𝚝𝚜 𝚊𝚟𝚊𝚒𝚕𝚊𝚋𝚕𝚎 𝚊𝚌𝚒𝚍 𝚌𝚊𝚙𝚒𝚝𝚊𝚕𝚒𝚜𝚝 🌴🏴‍☠️ macro trading, financial markets, bond market behaviour, investor psychology, market narratives, contrarian thinking, hedge fund perspective
world class loser

Hugh Hendry is an Award Winning Hedge Fund Manager, Market Commentator, Thought Leader, St Barts Real Estate Investor & Surfer.

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