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ยฉ 2026 The ACID Capitalist Podcast
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Gonzo Finance!
Hugh Hendry is an Award Winning Hedge Fund Manager, Market Commentator, Thought Leader, St Barts Real Estate Investor & Surfer.
Full episodes are available at https://www.patreon.com/HughHendry and https://hughhendry.substack.com
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Send a text A market story is only as good as the portfolio that can survive it. Hugh Hendry sat down in London to explore risk from first principles. Why playful, curious, even mischievous thinking can beat credentialed certainty, and how to build an allocation that thrives whether AI delivers a productivity superโcycle or ushers in painful dislocation. The conversation tugs at the great plaster on the body politic : consumer sentiment scraping historic lows while prosperity narratives soar....
Send a text A faster lap by going blind sounds reckless until you hear Lando Norris say he drives better with the delta display switched off. Thatโs the spark for a bigger idea we explore: acid capitalism, where imagination and shared beliefs move markets more than the neatest spreadsheet ever can. We start with the critique that more frequent shows dilute intrigue and use it to sharpen the mission: reduce noise, focus on decision design. From there we test how narrative beats decimals in pl...
Send a text Markets have a habit of choosing the path that hurts the most people, and this week they proved it. We open with a jolt: CarMax plunges 24%, the CEO is shown the door, and usedโcar demand looks like a classic pullโforward that left a hole in todayโs sales. From there, we follow the thread across the macro tapestry: consumer sentiment hovering near crisis lows, layoffs announced at a pace that clashes with payroll prints, and a tech slide that turns โAI capexโ from dream to doubt i...
Send a text What if the cleanest read on market risk isnโt a sentiment index but the dollar itself? We connect the dots from DXYโs 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 fo...
Send a text 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 Gammonโs CarMax hedge to the intricacies of dating, calculating sexual market value and the Fedโs confused dance with Treasury policy, Hugh dissects how a โZ-score of 3โ moment becomes a one-in-a-thousand event that reshapes portfolios. He links collapsing used-car sto...
Send a text The Ricardian Equivalence, Treasury Debt, and the Modernity of Money Support the show โฌ๏ธ Subscribe on Patreon or Substack for full episodes โฌ๏ธ https://www.patreon.com/HughHendry https://hughhendry.substack.com https://www.instagram.com/hughhendryofficial https://blancbleustbarts.com https://www.instagram.com/blancbleuofficial โญโญโญโญโญ Leave a five star review and comment on Apple Podcasts! ๐งข Hats & Merch ๐ธ Instagram ๐ฆ Twitter / X ๐ฉ Substack ๐Listen and ๐ฅ Subscribe ๐บ YouTub...
Send a text Do Deficits Make You Rich? The uncomfortable truth: fiscal stimulus creates wealth, not consumer inflation. Sat pondering in a Caribbean bar, thinking about intelligence, the Fed, deficits, and why inflation lives in Wall Street not in your supermarket basket. When the government runs a deficit, it injects reserves into the system, an automatic overdraft with the banking system. Later it issues Treasuries that drain those reserves. Economists call it a swap. Net financial wealth i...
Send a text In this acid breath of mine, I drift between the sublime and the sardonic. I trace how America, once the debtor, became the empire, how quantitative easing rewired the flow of wealth from the cautious creditor to the restless entrepreneur. China hoarded savings, America dis-saved, and the machine rolled on until an American administration was bold enough to call time. Gold gleams like a reflexive meme, Bitcoin hums like a ghost in the circuitry, but US equities m...
Send a text I began with CPI, but as usual, I ended up somewhere between Beethoven and gold. The headline CPI 3%, core the same. The whisper was higher. The market calls it โGoldilocks.โ Not too hot, not too cold. I call it โNever be a dick for a tick.โ Thatโs how you survive this racket. Everyone obsesses over decimals while the system quietly breaks and remakes itself. The models are wrong, the Fedโs neutral rate misplaced, and shelter data a bad joke. Markets have music. Sometimes off key,...
Send a text Perhaps the best, most revealing of this daily series. This is macro analysis as cabaret. The Japanese call it, rakugoka (่ฝ่ชๅฎถ), a man in kimono, I have no kimono, seated on a cushion performing poignant financial monologues. The entire performance relies on market imagination. If in a hurry, skip the first 15 to 30 mins. You can't miss what follows. American housing flickers, Kansas manufacturing hums, and in Asia the monetary plumbing begins to shake. I explore ...
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Send a text October 21st, no fanfare, just me and my thoughts. I have been on X all day, and only later realized gold had fallen sharply. Some people thought I had timed my comments to take gold down, as if I could move the market. It made me laugh. I start by questioning gold's 50 percent gain this year. If that rise is really fundamental, then there must be better trades no one is touching. That brings me to call options, far out on the horizon, like March 2027. I walk through the logic of ...
Send a text Creativity, Chaos, and the Signals That Matter Gold's ripping, stocks are ripping, but this isn't a hedge, it's a hallucination. In today's episode, I break down the paradox of rising fear assets and euphoria trades moving in sync. We bounce off China's Q3 GDP: if the US won't provide data, the Chinese will. And I revisit how creativity really works, not through structure, but through a blissful surrender. Then we take another stab at valuing gold in a syst...
Send a text 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 didnโt 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 l...
Send a text Thereโs 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, g...
Send a text 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. ...
Send a text 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: wind light to variable, visibility ironicconfidence intermittent. Verdict, witty, contrari...
Send a text 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 Hendryโs financial freak show : a daily dive into markets where logic wrestles madness and central banks juggle chainsaws. Itโs 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. Support the show โฌ๏ธ Subscribe on Patreo...
Send a text Todayโs Acid Breath is a descent into the machinery behind the marketโs tremor. Tariffs ignite, rare earths reveal their dirty chemistry, and Americaโs clean hands look suspiciously like Walter Whiteโs gloves. Are we about to Break Bad? I pack away a shadow CPI masquerading as today's real deal, a half-billion hit at Jefferies that smells of 2007 teen spirit, and a twenty-billion tango with Argentina that echoes the Tequila bailout. The dollar doesn't only price the wo...
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boat's name was Bayesian. irony (taunt?) not lost.
awful.
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