In the Company of Mavericks

The Strategic Importance of the Garcia ViewpointHaving advised six U.S. presidents, Charlie offers insights into the current Middle East crisis that are not merely speculative; they are informed by decades spent at the levers of power. This proximity grants him a "strategic map" allowing him to see through the fog of the US/Israeli bombing of Iran to identify the underlying structural shifts in the global order. For the investor, this episode serves as a masterclass in how kinetic warfare catalyses a broader, permanent shift in financial stabilityCharlie GarciaIn today’s "crazy markets," the value of an analyst is directly proportional to the depth of their real-world experience. Navigating the intersection of war and finance requires a lens sharpened by high-stakes decision-making, making it essential to evaluate the pedigree of those providing the intelligence. Charlie Garcia’s history distinguishes him as a rare "maverick" in a field often saturated by desk-bound theorists.The Garcia PedigreeMilitary Service: His analytical lens is fundamentally grounded in tactical military experience, providing a "boots-on-the-ground" realism to his geopolitical assessments.Advisory to Six Presidents: His role as advisor to six U.S. administrations has provided him with an institutional memory of American foreign policy that few can match.Commitment to Hard Assets: As an active investor, he practices a philosophy of tangible wealth, prioritising assets that survive the collapse of paper-heavy narratives.Garcia’s writing style is a hybrid of a Tom Clancy thriller and the sardonic wit of P.J. O’Rourke, is more than a stylistic choice—it is a competitive advantage. In the "Digital Intelligence Era," this high-signal, narrative-driven approach ensures that high-density geopolitical information is not only absorbed but retained by the reader. Unlike sterile corporate reports, Garcia’s style translates complex theatre-level manoeuvres into actionable intelligence.Capital MischiefAs traditional corporate filters increasingly sanitise geopolitical reporting to protect institutional interests, independent platforms like Substack have emerged as essential repositories for raw, unfiltered research. Capital Mischief represents the vanguard of this movement.Core DifferentiatorsNarrative Style: Garcia utilises a "Clancy-esque" narrative drive and sharp, sardonic wit to challenge conventional market wisdom, making the discovery of "hard truths" an engaging process.Responsiveness: During the recent US/Israeli/Iran escalations, Garcia moved into "overdrive," providing a kinetic stream of high-frequency situation reports that tracked the conflict's evolution in near real-time.Analytical Focus: The platform is designed for the deep-dive "sitrep," attracting a sophisticated audience that prioritises theatre-level situational awareness over daily ticker noise.For Garcia, writing is more than a creative outlet; it is his primary tool for exploring the "emerging paradigm" and making sense of global chaos. His passion for the medium allows him to provide a level of dedication and depth that standard investment research simply cannot replicate.This responsiveness proved particularly critical as global focus shifted abruptly toward the escalating hostilities in the Middle East.Geopolitical Deep Dive: War in the Middle East and the Emerging ParadigmThe current theatre of war in the Middle East—specifically the US/Israeli bombing of Iran—is a strategic inflexion point for global financial stability. This escalation is not a temporary disruption but a fundamental shift in how risk must be priced in an era of active conflict.Analysis of the ConflictThe Iran Escalation: The bombing of Iran has moved the conflict from a proxy war to a direct kinetic confrontation, demanding the "seemingly endless" stream of situation reports provided by Garcia.Tactical Agility: The shift from the Caracas discussion to the Middle East theatre demonstrates that in the current paradigm, static investment theses are a liability.High-Signal Intelligence: Garcia’s reporting provides the context needed to understand if these escalations are localised events or the opening salvos of a larger systemic reconfiguration.The "emerging paradigm" is defined by the transition from theoretical, "black swan" risk to active, theatre-level conflict. In this environment, investors can no longer treat geopolitics as a peripheral variable. It is the core driver of market movement, necessitating a shift from speculative paper assets to tangible hedges.This geopolitical chaos creates an urgent requirement for a more robust investment posture focused on intrinsic value.Investment Strategy: Hard Assets in "Crazy Markets"As the old global order is disrupted, a defensive yet proactive investment posture is the only viable path forward. In "these crazy markets," where traditional paper-heavy portfolios face unprecedented volatility, Garcia’s focus on the tangible provides a necessary anchor.Garcia’s Investment PrioritiesThe Case for Hard Assets: Garcia is a "committed investor" in this category, viewing hard assets as the ultimate hedge. When traditional narratives fail, assets with intrinsic, physical value are the only reliable store of wealth.Navigating Uncertainty: Despite his deep expertise, Garcia maintains a professional discipline, urging listeners to seek personal financial counsel. This is not merely a disclaimer but a strategic imperative: in high-risk environments, bespoke advice is critical before committing capital.The Emerging Paradigm Defined: This new landscape is the intersection of active kinetic warfare, independent intelligence, and a return to asset classes that retain value regardless of the stability of the global financial system.The Bottom Line for the Professional Listener: The value of Charlie Garcia’s approach lies in the rare intersection of "information and entertainment." By eschewing the dry, sanitised prose of traditional research in favour of a maverick perspective, Garcia provides the tactical depth needed to survive—and profit from—modern volatility. To fully grasp the implications of the Middle East conflict and the shift in the global order, the full episode provides an essential exploration of these volatile times.Brought to you by Progressive Equity. 

Last week, I was due to host a joint episode with Doomberg and Charlie Garcia, but diaries conspired against it. However, I got to do two recordings of influential Substackers covering global events and their implications: one through an energy lens, and the other, crafting a line of journalism that reminds me of the great PJ O'Rourke. Capital Mischief is an ambitious investment Substack project from a man who served six US Presidents, was decorated by US military intelligence, is an entrepreneur and investor, and, now in his mid-60s, is developing a long-held ambition to write freely about what he sees happening in the world.    Charlie's detailed briefings on the build-up to the early stages of the Middle East war have been informative, timely and highly entertaining. We had a great chat. Be sure to subscribe to receive the full episode dropping soon on a podcast app near you. 

In this timely episode, I chat with the internet’s favourite financial avian—Doomberg—to unpack the escalating chaos in the Middle East and its profound impact on global energy markets. Recorded on Tuesday, March 3rd, as the fog of war deepens, we dive into why oil prices are spiking and how the world’s reliance on fossil fuels is shaping modern warfare.Doomberg delivers his signature "no-holds-barred" analysis from "fly-over country," using his unique mental models to strip away the mainstream narrative. We explore the massive disconnect between the information being fed to the public and the harsh realities of energy physics and geopolitics.In this conversation, we cover:Operation Epic Fury: A day-three characterisation of the conflict.Energy as a Weapon: Why energy security is the ultimate arbiter of market stability.The Fog of War: Navigating misinformation and understanding the longevity of current market volatility in the age of algorithms. Market Impacts: How investors should view the intersection of politics and commodities during periods of high tension.Whether you're looking to understand the macroeconomic shift or seeking a "maverick" perspective on the green transition versus energy reality, this conversation provides a sobering look at where we are headed.Brought to you by Progressive Equity. Disclaimer:This podcast is for informational and entertainment purposes only. Nothing discussed in this episode constitutes financial or investment advice. Global markets are currently experiencing extreme volatility; please perform your own due diligence and consult a professional financial advisor before making any investment decisions.

Finding Wonder Stocks with Jamie Ward -  Compounding, Nick Sleep, and the Parasite of Passive InvestingHow do you find the next "supernormal" company in a world of radical uncertainty? In this episode, we sit down with Jamie Ward, author of the Wonder Stocks newsletter and a mathematician-turned-investor who survived the Global Financial Crisis.Jamie shares his framework for identifying stocks capable of 20% compound growth and discusses the profound influence of Nick Sleep (Nomad Capital) on his investment philosophy. We dive deep into why stock selection is about more than just "crunching numbers" and evaluate two specific UK-listed companies: Frasers Group (FRAS) and Wise (WISE).We also tackle the controversial rise of passive investing. Jamie explains why he views index trackers as a "parasite" on market efficiency and how retail investors should navigate this shift to protect their capital.In this episode, you’ll learn:How to filter for companies with 50x to 100x return potential.The specific stock selection criteria Jamie uses to find "Wonder Stocks."The bull case for Frasers and Wise.How to adjust your portfolio for the impact of passive flows.Show Notes & KeywordsGuest: Jamie Ward (Wonder Stocks Substack)Keywords: Value Investing, Compound Interest, Stock Market Strategy, Passive Investing vs Active Management, UK Stocks, Frasers Group Analysis, Wise Stock, Nick Sleep, Nomad Capital, Financial Markets.Brought to you by Progressive Equity

I recently chatted to Substacker, investment writer and investor, Jamie Ward.Jamie writes the Wonder Stocks newsletter with a focus on identifying compounding supernormal growth stocks, and he shares his thoughts on how to find these stocks. He also discusses the damaging impact of passive investing on the stock-picking process.  Full episode to drop soon. Be sure to subscribe.      

Are we over-indexed on the "Digital Masters of the Universe" while starving the physical supply chains that underpin national security?In this episode, we dive into why global capital might be facing the wrong direction. We’re joined by Django Davidson, Partner and Portfolio Manager at Hosking Partners, to explore the Capital Cycle Theory—an investment framework made famous by Marathon Asset Management and financial historian Edward Chancellor.While most of Wall Street obsesses over uncertain future demand, the Capital Cycle approach focuses on the one thing we can track: Supply.In this episode, we discuss:The Mag Seven vs. Physical Reality: Why the chronic underinvestment in critical infrastructure is creating a massive valuation gap.The Chancellor Doctrine: Understanding why return on capital—driven by industry competition—is the ultimate north star for share prices.The Return of the Cycle: How the current market mirrors the dot-com boom/bust and why we are in the early phases of a long-term capital rotation.Supply over Demand: Why analysing where capital is flowing (or fleeing) is more effective than chasing quarterly earnings.Django breaks down the "huge valuation discrepancies" waiting to unwind and why the next decade of investing won’t look anything like the last.Brought to you by Progressive Equity. Disclaimer: This podcast is for informational and entertainment purposes only and does not constitute financial advice. Markets are volatile; please conduct your own research or consult a professional advisor before investing.

Supply is Measurable, Demand is Storytelling - Capital Cycle Investing with Django Davidson of Hosking Partners.  In his legendary book Capital Account, Chancellor said that:  Over the long run, it is a company’s return on capital, not changes in quarterly earnings, which primarily determines the direction of its share price. The return on capital of any company is largely subject to the state of competition within its industry. Simple stuff, but this process happens in cycles; capital is attracted to higher returns and is withdrawn when returns fall. Critically, it is an approach to investing that focuses on supply conditions rather than expected but uncertain future demand.  So, as capital cycle investing came into prominence during the dotcom boom and bust, it is unsurprisingly making a comeback today. And it is Django’s view that we are in the early phases of a new long-term capital cycle, and the world, as he sees it, has some huge valuation discrepancies to unwind. We had a fascinating chat.  

The monetary metals, gold and silver and so-called digital gold, or Bitcoin, have had an unusual few months.   As recently as September last year, the gold price was $3,500/oz, silver was $40/oz, and a Bitcoin was priced at around $110,000. Since then Gold rose by over 50% to $5,400 / oz before correcting to $5,000 / oz or up 40%; silver rose nearly 200% to $115 / oz before correcting to $80/oz up 90% and while all this was going on the price of Bitcoin more than halved peak to trough before stabilising down 40% at c $70,000. So, why the volatility spike? What just happened to the debasement trade? Has the newly nominated Fed Chair changed everything? Is AI or quantum computing about to kill Bitcoin? Is the FT right? Is the Bitcoin price still $70, 000 too high?    To help dig into what we have just experienced, I was joined last week by two friends of the pod and long-term advocates of precious metals and Bitcoin, so-called outside money, to try to better understand the drivers behind these volatile asset prices and how to assess where things might go from here. Dominic Frisby, of the Flying Frisby Substack, has written books on Bitcoin and gold, and multi-asset manager Charlie Morris of ByteTree is the founder of the BOLD (Bitcoin & Gold) Fund, which recently launched on the London Stock Exchange. It was a timely discussion in which we tried to dissect the different drivers of these asset prices and what has changed as a result of these dramatic moves. But of course, none of what you are about to hear is any kind of advice, but just for your information and hopefully entertainment too. You should seek personal financial advice and do your own research before investing a penny in these crazy markets.         And with that said, please enjoy my conversation with Dominic Frisby and Charlie Morris. Brought to you by Progressive Equity.  

Last week, I spoke with two longstanding advocates of outside money and the debasement trade: wealth manager Charlie Morris, the founder of the BOLD (Bitcoin and gold fund) and author, Substacker and all-round renaissance man, Dominic Frisby.My question to them was: WTF is happening to gold, silver, and Bitcoin, and following their extraordinary price actions over recent months, where to now? Please subscribe to ITCOM, where you listen to your podcasts, so you don't miss the full episode later this week, along with other great guests and topics lined up over the coming weeks. Brought to you by Progressive Equity.   

Davos Man, The Revelation & Capital RotationFor this episode, I chat with Roger Lee, Head of Equity Strategy at Cavendish and a City veteran with almost 30 years in the equity market. Roger started his broking career with Cazenove, then worked at HSBC James Capel, JPMorgan, Deutsche Bank, and, most recently, as Head of UK Equity Strategy at Investec.   Roger is a Fellow of the Institute of Chartered Accountants, a Physics graduate and a frustrated Politician.For this discussion, I wanted to talk to Roger about politics and how it has come to dominate markets over recent years. He puts today’s seemingly chaotic geopolitics and rather depressing UK domestic politics into a useful historical context. It was an absorbing and illuminating chat with some suggestions on how markets might play out over the coming months. But as ever, none of what you are about to hear is any kind of advice; it is for your information and, hopefully, entertainment. Please seek personal financial advice and DYOR before investing a penny in these volatile markets.  And with that said, please enjoy my conversation with Roger Lee.  Brought to you by Progressive Equity. 

I spoke last week with Roger Lee, Market Strategist at London broker, Cavendish.We had a great conversation, sharing views on how politics have impacted markets over the span of our professional careers. Particularly we discuss how we are in revelationary era for Davos Man, the global elite and the interests of the ordinary man. And how the West can no longer afford the cost of the state. Roger talks about his ideas of how Trump's policy volatility and the impact of the AI card cycle has and will continue to impact financial markets.Dropping soon on all good podcast apps. If you want to listen to this and future episodes, be sure to subscribe to In The Company of Mavericks. 

Simple But Not Easy– The Investment Wisdom of Richard OldfieldRichard Oldfield, Founder of Oldfield Partners and author of Simple But Not Easy. We discuss the psychology of value investing, the structural flaws of modern asset management, and the challenges of navigating the bifurcated markets of the mid-2020s.Episode OverviewIn this episode, veteran investor Richard Oldfield debunks myths about the finance industry, arguing that successful investing is "simple but not easy." Drawing on decades of experience—from the 1970s inflation era to the AI boom of 2025—Oldfield explains why value investing is a character trait rather than a learned skill, why "doing nothing" is often the best strategy in a crisis, and why investors should treat the stock market like a casino where the odds vary wildly depending on which "table" you sit at.Key TakeawaysValue Investing is In the Blood. Oldfield argues that true value investors are born, not made. It requires a contrarian temperament that naturally gravitates toward unloved assets—a trait that is "simple" to understand but psychologically challenging ("not easy") to execute.Growth vs. Value. Oldfield believes value provides a "margin of safety" that prevents the ground from opening up beneath you, as it does with growth stocks. He discusses his view of an exciting future for value versus growth. Index Hugging. Oldfield is a fierce critic of large asset management firms, arguing they inevitably drift toward mediocrity and "index hugging" (mimicking the market to avoid being fired). He advocates small, independent firms that can maintain "distance" from the noise of Wall Street and the City, enabling independent thought.A Checklist for Selecting Managers: When choosing a fund manager, Oldfield warns against relying on past performance, calling it a "trap". Brought to you by Progressive Equity. 

A preview of the upcoming episode of In the Company of Mavericks, Simple But Not Easy with Richard Oldfield. Hosted by Jeremy McKeown, this podcast series delivers conversations with people who dare to be different. Listen to this trailer and follow now to catch the full release and other exciting content on its way to your ears. 

In this episode, we move beyond the typical hype surrounding cryptocurrency and digital assets to dissect the plumbing of the global financial system. To do this, we have a panel of industry insiders:You will hear from Steve Whyman, who previously ran Fidelity International’s debt capital markets business, where he built their investment thesis for digital assets from scratch. Joining him is Ian Hunt, a 40-year veteran of the buy-side who designed the very first ledger for a tokenised fund launched in the UK market. Rounding out the panel is Marvin, an economist and returning "friend of the pod," who brings his critical geopolitical lens to the discussion.Our guests argue that the current financial ecosystem is not just inefficient, but fundamentally "absurd", filled with intermediaries that add cost without adding value. They contend that we are standing at a precipice: we can either "retool" old processes with new tech, or undergo a paradigm shift toward "composability"—a system in which smart contracts self-execute and assets are built from the ground up as tokens.This conversation goes far beyond technical theory.The panel explores:• How tokenisation will democratise wealth, allowing individuals to invest mere pence into equities, bonds, and private assets.• The massive geopolitical threat to London’s dominance, as self-executing contracts may remove the need for English Common Law in global debt markets.• How the rise of US-backed stablecoins could act as a foreign policy tool to counter China and destabilise economies in the Global South.Stay tuned until the end for an existential risk to the Euro and the European Union: a flight to digital dollars could trigger a major liquidity crisis.

Coming soon, we explore how tokenisation is set to revolutionise the global economy.Joined by "friend of the pod" Marvin Barth of Seriously, Marvin? and Thematic Markets, we chat with digital assets specialists Dr Ian Hunt and Steve Whyman.  We expose the "absurd" complexity and cost added by traditional intermediaries in the financial sector. Discover how blockchain technology acts as the ultimate disintermediator, democratising access to markets by allowing individuals to invest mere pence into equities, bonds, and private asset funds.We dive into:• The geopolitical impact of self-executing contracts, reducing reliance on traditional jurisdictions like the UK for global transactions.• The rise of dollarised stablecoin economies in emerging markets such as Venezuela, Nigeria, and Argentina.• Critical predictions regarding the potential "end of the European Union" and financial events that could make the Silicon Valley Bank collapse look minor by comparison.Tune in to understand why financial markets designed for intermediation are facing a huge disruptive test. Keywords: Tokenisation, Blockchain, Fintech, Disintermediation, Stablecoins, Global Economics, Investment, Smart Contracts.Brought to you by Progressive Equity. 

Is silver's price spike a bubble, or an early warning of government confiscation for AI data centres and military needs? Craig Tindale, Australian investor and essayist, argues the West has lost touch with the physical economy — and national capitalism is our only path back.In this episode:• Why Craig sees silver regulation or confiscation coming, or where we rip out solar panels for their silver content. • How Western policy has detached from real-world physics• Lessons from 40 years of upgrading Asian manufacturing, banks & central banks• Why “national capitalism” is the West’s last hope• The real economic operating system we’ve forgottenTimestamps:0:00 – Intro & Craig’s background4:44 – The West’s detachment from physical reality12:24 – Silver: not a bubble, but a strategic signal20:26 – National capitalism vs globalism29.04 – Lessons from Asia’s economic transformation38:03 – Final thoughts & provocative outlookFor information & entertainment only – not financial advice. Always do your own research or consult a professional before investing.Did you enjoy this? If so, please leave a 5-star review — it really helps the show reach more listeners! Subscribe for weekly deep dives into markets, economics and the investment world.Brought to you by Progressive Equity.  

According to Australian investor and essayist Craig Tindale, we are in an era of Hard Bifurcation, a terminal rupture between the monetary economy and the physical world. For forty years, Western orthodoxy has blythely assumed that financial liquidity and material goods were a unified system. But that linkage is dead, and we have entered a state of Impedance Mismatch.According to Tindale, Western policymakers must evolve their mandates to reflect the hard physics of strategic rivalry and material constraint. If we continue to manage the economy as a stateless financial abstraction, we will enter the next decade of great-power competition with an operating system designed for a world that no longer exists. Power belongs to the system that aligns its money with matter first.Please subscribe to make sure you get the full episode, dropping shortly. Brought to you by Progressive Equity. 

I recently caught up with Erik @ YWR, a widely experienced investment professional and popular Substacker.  Erik discusses his experience investing in Africa in the 20'teens and his involvement in what he calls Project Zimbabwe; don't think that we, in the West, are immune from our own versions of Project Zimbabwe. In Erik's view, we are, and counterintuitively, it partially explains Erik's current bullish stance on equities, with his framing of S&P 10,000 and how we can get there. He also shares how his investing process identifies sectors and markets at inflexion points, and he currently sees energy (specifically oil and gas) as poised to join the commodity rally underway in metals and rare earths. He also discusses how AI and robo-advisors might challenge the impact of passive investing on equity markets.   But of course, none of what you are about to hear is any type of advice; it's for your information and, hopefully, entertainment only. Please take personal financial advice before investing a penny of your money in these crazy markets. With that said, please enjoy my conversation with Erik @ YWR. Brought to you by Progressive Equity. 

I recently caught up with experienced investor and Substacker, Erik@YWR, to chat about the state of the markets and how he sees things for 2026. Erik has a unique perspective on what he calls Project Zimbabwe, which he experienced firsthand while running an African fund in the 2010s, and it enables him to be more bullish than most investors about his call for the S&P to reach 10,000 in this cycle. Erik's framework seeks out unloved areas of the markets and inflexion points to time his investments. He sees energy as offering such an opportunity at the moment. As he says, inflation-adjusted oil has rarely been cheaper. But of course, none of this is investment advice. Please take personal financial advice before investing in these crazy markets.Brought to you by Progressive Equity.    

What have the Austrians ever done for us?The answer is quite a lot, particularly regarding the importance of liberty and free markets, and how government overreach in economic matters results in long-term damage and decline.However, Carl Menger, Ludwig von Mises, Friedrich Hayek, and other members of the so-called Austrian School have long occupied a fringe position in conventional economic thought, and their ideas have been excluded from policymakers' toolkits, which are dominated by the Keynesian framework.But is this changing?The evidence suggests it might be. The growing interest in non-state-backed money, the rise of social media platforms such as Substack, which provide outlets for new ideas, and, significantly, the Milei Revolution, now underway in Argentina, all point to a renaissance in Austrian economics.   Javier Milei regards himself as an Austrian economist and cites, among others, Mises, Hayek and Murray Rothbard as his heroes, whose ideas changed his life. They may yet change the course of Argentina's history.So, I was honoured when Dr Mark Thornton of Auburn University and the Mises Institute agreed to join me for a discussion on the Austrian School and its growth since the early 1980s. At that time, we were both undergraduates reading works such as Hayek's The Road to Serfdom, von Mises' Human Action, and Rothbard's Man, Economy & State. And it turns out that we may have met previously, 45 years ago. It is sometimes a small world.   We had a great conversation in which Mark outlined his optimistic view of how Austrian ideas can help us understand the investment landscape, the broader significance of Milei's reform agenda, and our world where human action seeks opportunities in non-fiat money.Mark's published works include The Skyscraper Curse: How Austrian Economics Predicted Every Major Economic Crisis of the Last Century. Additionally, articles, digests, and podcasts from the Mises Institute, which provides extensive freely available content for those keen to learn more about the Austrian way of thinking and its growing relevance to our times. However, of course, none of what you are about to hear is any kind of advice but solely for your information and hopefully, entertainment. Please seek personal financial advice before investing a penny of your money in these crazy markets. With that said, please enjoy my conversation with the maverick Austrian economist, Dr Mark Thornton.Brought to you by Progressive Equity.   Hayek for the 21st Century: Essays in Political Economy/ Order a FREE copy of the book or multiple copies! Also, you can download the PDF and ePub versions using this link:  https://mises.org/library/book/hayek-21st-century-essays-political-economy