The ACID Capitalist Podcast
The ACID Capitalist Podcast is a gonzo finance show hosted by Hugh Hendry, an award-winning hedge fund manager and market commentator. The podcast covers financial markets, investing, and economic insights with a provocative and unconventional style. Full episodes are available on Patreon and Substack.
Episodes
stan druckenmiller is wrong
Send us Fan Maileveryone 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 t
what if the real risk is distraction.
Send us Fan Maila 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 t
baby bonds and snake farms.
Send us Fan Mailpay 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 app
the drugs work.
Send us Fan Mailit'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 th
Compute Is Revenue
Send us Fan Mailback 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 s
what if the uk is already bankrupt.
Send us Fan Mailcome to the acid capitalist summer camp in st barts 2nd to 6th august.https://hughhendry.com/acid-capital-retreat/broadcasting from the caribbean as the acid capitalist, i try to make the uk’s sovereign problem legible without the institutional fog. no jargon. no costume. just the one signal that still cuts through the spin: price. i start with a ghost story of imperial infrastruct
the tape is calling bullshit
Send us Fan Mailthe strangest part of the last few weeks is not the headlines about iran, the strait of hormuz, or "financial war". the strangest part is the price. while the front pages sound confident that risk should be melting stocks down, the s&p 500 and nasdaq act like they already know how this ends, and they keep moving higher. i dig into that uncomfortable moment every inves
double voltage. the trade no one sees.
Send us Fan Mailit broke. the talks. iran, the us, all of it. the kind of weekend that’s supposed to matter. the market sells off. of course it does. and then it gets quickly bought back. clean. no hesitation. and by the time you’re ready to process it, it’s back at the all time high again.so now you’ve got a problem. because that isn’t noise. it’s instruction. price telling you what it doesn’t ca
what if your real edge is disobedience.
Send us Fan Maila senior rates trader with the closest seat to the federal reserve looks you in the eye and says the quiet part out loud: rates are impossible to predict. that single line detonates the whole religion of macro commentary, expert priesthood, and the endless chase for “signal” in GDP tweaks, inflation prints, and breathless basis point narratives. we follow that thread to a blunt sta
𝚌𝚘𝚗𝚜𝚎𝚗𝚜𝚞𝚜 𝚑𝚊𝚕𝚕𝚞𝚌𝚒𝚗𝚊𝚝𝚒𝚘𝚗.
Send us Fan Mailfourteen basis points. that’s the kind of move that gets treated like prophecy on financial television, dressed up with solemn voices and “sticky inflation” metaphors. i'm not buying it. from an apocalypse now rant delivered with a trader’s eye, i lay out a brutal macro investing filter: markets don’t move because someone “figured it out” they move because people act, react, a
fiat isn't a failure. it's a weapon. and bitcoin is the shield.
Send us Fan Mail𝚊 𝚑𝚊𝚛𝚍 𝚊𝚜𝚜𝚎𝚝 𝚜𝚕𝚊𝚖𝚖𝚎𝚍 𝚒𝚗𝚝𝚘 𝚊𝚗 𝚎𝚕𝚊𝚜𝚝𝚒𝚌 𝚠𝚘𝚛𝚕𝚍. 𝚠𝚑𝚊𝚝 𝚝𝚑𝚎 𝚑𝚎𝚕𝚕 𝚑𝚊𝚙𝚙𝚎𝚗𝚜 𝚗𝚎𝚡𝚝? 𝚒 𝚍𝚛𝚊𝚐 𝚢𝚘𝚞 𝚏𝚛𝚘𝚖 𝚛𝚊𝚒𝚗-𝚜𝚘𝚊𝚔𝚎𝚍 𝚋𝚛𝚒𝚝𝚒𝚜𝚑 𝚙𝚘𝚞𝚗𝚍 𝚗𝚘𝚝𝚎𝚜 𝚝𝚘 𝚊 𝚏𝚞𝚕𝚕-𝚝𝚑𝚛𝚘𝚝𝚝𝚕𝚎 𝚊𝚞𝚍𝚒𝚝 𝚘𝚏 𝚋𝚒𝚝𝚌𝚘𝚒𝚗'𝚜 𝚒𝚛𝚘𝚗𝚌𝚕𝚊𝚍 𝚜𝚝𝚛𝚞𝚌𝚝𝚞𝚛𝚎, 𝚐𝚘𝚕𝚍'𝚜 𝚝𝚒𝚖𝚎𝚕𝚎𝚜𝚜 𝚋𝚎𝚗𝚌𝚑𝚖𝚊𝚛𝚔, 𝚊𝚗𝚍 𝚝𝚑𝚎 𝚝𝚠𝚒𝚜𝚝𝚎𝚍 𝚎𝚌𝚘𝚗𝚘𝚖𝚒𝚌𝚜 𝚘𝚏 𝚜𝚌𝚊𝚛𝚌𝚒𝚝𝚢 𝚒𝚗 𝚊𝚗 𝚎𝚛𝚊 𝚑𝚞𝚛𝚝𝚕𝚒𝚗𝚐 𝚝𝚘𝚠𝚊𝚛𝚍 𝚊𝚋𝚞𝚗𝚍𝚊𝚗𝚌𝚎. 𝚒 𝚔𝚒𝚌𝚔 𝚘𝚏𝚏 𝚋𝚢 𝚏𝚕𝚒𝚙𝚙𝚒𝚗𝚐 𝚏𝚒𝚊𝚝 𝚘𝚗 𝚒𝚝𝚜 𝚑𝚎𝚊𝚍: 𝚗𝚘𝚝 𝚜𝚘𝚖𝚎 𝚖𝚘𝚛𝚊𝚕 𝚏𝚕𝚘𝚙, 𝚋𝚞𝚝 𝚊 𝚜𝚕𝚒𝚌𝚔 𝚊𝚍𝚊𝚙𝚝𝚒𝚟𝚎 𝚠𝚎𝚊𝚙𝚘𝚗 𝚝𝚑𝚊𝚝
10x ʀɪᴄʜᴇʀ ᴏʀ ᴅᴇᴀᴅ ☠️
Send us Fan MailA 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 super‑cycle or ushers in painful dislocation. The conversation tugs at the great plas
What If Markets Reward Vision More Than Math?
Send us Fan MailA faster lap by going blind sounds reckless until you hear Lando Norris say he drives better with the delta display switched off. That’s 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 mis
What if AI cuts jobs faster than rates can fall?
Send us Fan MailMarkets 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 used‑car demand looks like a classic pull‑forward that left a hole in today’s sales. From there, we follow the thread across the macro tapestry: consumer sentiment hovering near crisis lows, layoffs announced at
Is the Market Running Out of Money?
Send us Fan MailWhat 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
A One-in-a-Thousand Market Moment
Send us Fan MailWhen 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” momen
What If Government Debt Isn’t Debt at All?
Send us Fan MailThe Ricardian Equivalence, Treasury Debt, and the Modernity of MoneySupport the show⬇️ Subscribe on Patreon or Substack for full episodes ⬇️https://www.patreon.com/HughHendryhttps://hughhendry.substack.comhttps://www.instagram.com/hughhendryofficialhttps://blancbleustbarts.comhttps://www.instagram.com/blancbleuofficial⭐⭐⭐⭐⭐ Leave a five star review and comment on Apple Podcasts!🧢
Do Deficits Make You Rich?
Send us Fan MailDo 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. Late
When America Pretends to Be Reckless
Send us Fan MailIn 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
Copper, Gold and Trading the Fuzzy Cloud
Send us Fan MailI 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 “Goldilocks.” Not too hot, not too cold. I call it “Never be a dick for a tick.”That’s how you survive this racket. Everyone obsesses over decimals while the system quietly breaks and remakes itself. The models are wrong, t
The Quantum Crisis: Gold, China, and the Trust Deficit in Markets
Send us Fan MailPerhaps the best, most revealing of this daily series. This is macro analysis as cabaret. The Japanese call it, rakugoka (落語家), 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, K
Did Gold Just Crash…or Reset?
Send us Fan Mailʏᴇꜱᴛᴇʀᴅᴀʏ’ꜱ ᴛʀᴀᴅɪɴɢ ꜰᴇʟᴛ ʟɪᴋᴇ ᴀ ᴍɪʀᴀɢᴇ. ᴛʜᴇ ᴍᴀʀᴋᴇᴛ ʟᴏᴏᴋᴇᴅ ᴄᴀʟᴍ, ʏᴇᴛ ᴜɴᴅᴇʀ ᴛʜᴇ ꜱᴜʀꜰᴀᴄᴇ ᴛʜᴇʀᴇ ᴡᴀꜱ ꜱʜᴀᴋᴇꜱᴘᴇᴀʀᴇᴀɴ ᴅʀᴀᴍᴀ.ꜱᴛᴏᴄᴋꜱ ᴅɪᴇᴅ ɪɴ ᴘʟᴀɪɴ ꜱɪɢʜᴛ ᴡʜɪʟᴇ ᴛʜᴇ ɪɴᴅᴇx ʙᴀʀᴇʟʏ ʙʟɪɴᴋᴇᴅ. ɢᴏʟᴅ ᴛʀᴇᴍᴏʀꜱ ᴄᴏɴᴛɪɴᴜᴇᴅ ꜰᴏʟʟᴏᴡɪɴɢ ɪᴛꜱ ᴛʜʀᴇᴇ ꜱɪɢᴍᴀ ᴅᴀʏ,ᴛʜᴇ ᴋɪɴᴅ ᴏꜰ ᴍᴏᴠᴇ ᴛʜᴀᴛ ᴏɴʟʏ ᴠɪꜱɪᴛꜱ ᴏɴᴄᴇ ᴇᴠᴇʀʏ ꜰᴇᴡ ʏᴇᴀʀꜱ.ᴛʜᴇ ʙᴜꜱʜ ʙᴜʀɴᴇᴅ, ᴛʜᴇ ꜱᴏ-ᴄᴀʟʟᴇᴅ “2-ɪɴ-ᴛʜᴇ-ʙᴜꜱʜ” ꜰᴀɴᴛᴀꜱʏ ɢʀᴏᴡᴛʜ ꜱᴛᴏᴄᴋꜱ ᴡᴇʀᴇ ᴛᴏʀᴄʜᴇᴅ, ᴀɴᴅ ɪ ꜱᴀᴛ ʜᴇʀᴇ ᴡᴏɴ
The Real Pulse of Money: Gold, Bonds, and the Hidden Trade
Send us Fan MailOctober 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 touchi
Acid Breath: Why Everything’s Going Up for the Wrong Reason
Send us Fan MailCreativity, Chaos, and the Signals That MatterGold'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, no
Acid Breath: Any Fool Could Make Money in Gold
Send us Fan MailAny Fool Could Make Money in GoldBut Only a Lunatic Could Explain It Like ThisThe 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 stock
Acid Breath. Inside the Macro Storm: Fed Policy, TSMC Earnings, and the Next Credit Crunch
Send us Fan MailThere’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 A
Acid Breath: The Bank of the Sopranos & Unlocking Gresham's Law
Send us Fan MailARM Ascends, Oil Drifts, Queens EnduresI 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 perha
Acid Breath: The Gold-Oil Puzzle
Send us Fan MailA 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 cautionTraders 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, v
Acid Breath: The Day Silver Spoke and AI Went Industrial
Send us Fan MailThe Day Silver Spoke and AI Went IndustrialThe 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.
Acid Breath - Rare Earth - Fri 13 October, 2025
Send us Fan MailToday’s Acid Breath is a descent into the machinery behind the market’s tremor. Tariffs ignite, rare earths reveal their dirty chemistry, and America’s clean hands look suspiciously like Walter White’s 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-billi
Acid Breath - Shadowlight - 9th October 2025
Send us Fan MailShadowlightA new inflation priesthood grabbed the pulpit. With officials offstage, a retail outfit called OpenBrand dropped a fresh CPI and the press sang hymns.I torch the cosplay, then hold up the mirror. In markets, any number that moves price pretends to be truth. That is the joke. That is the trade.Now the prints that matter. Jobless claims at 258,000. A soft miss, not a crisi
Acid Breath - The Deal - 8th October 2025
Send us Fan MailDay eight of the shutdown, no data, no scoreboard, just thunder over St Barts and my voice in the dark. The Philly Fed whispers life and the Fed’s month-old minutes somehow steal the show: dovish, nervous, and oddly triumphant. I talk about Stephen Miran’s population shocks: millions arriving, then vanishing, the beat that moves jobs and rents faster than the Fed can blink. I take
Acid Breath - Kobayashi Test -7 October 2025
Send us Fan MailAcid Breath - Kobayashi Test - 7 October 2025Government shut, data feed dead, and the market is whispering its sins. I open today’s Acid Breath by reading price as confession, not scripture. Regional banks are mating for survival as Fifth Third reaches for Comerica, a fear of dying small dressed up as synergy. A trillion dollars threatens to seep from emerging world vaults into dol
Acid Breath - Respect The Trend - 6 October
Send us Fan MailPTJ brings signal, Takaichi tilts pro growth and the tape points higherAcid Breath is the market show that slaps you awake. Government went dark; price turned the lights on. Paul Tudor Jones walked on TV and the noise shut up. Trend over tale. Above the one year or out. Never average down. Tokyo just told you what it believes: weak yen, loud profits. Ceilings become trampolines. If
Acid Breath Market Wizards 3rd October
Send us Fan MailWhat Is Acid Breath?A nightly macro riff that turns the day’s markets and data into signal. Quirky, erudite, fast. We entertain, then arm you to trade like an adult.Fly Blind, See ClearShutdown day three, payrolls locked in a drawer, yet stocks print records. The tape speaks when the oracle is silent. Read price and weekly closes before you read headlines.Process Beats ProphecyBill
Acid Breath GOLD 2nd October, 2025
Send us Fan MailSupport the show⬇️ Subscribe on Patreon or Substack for full episodes ⬇️https://www.patreon.com/HughHendryhttps://hughhendry.substack.comhttps://www.instagram.com/hughhendryofficialhttps://blancbleustbarts.comhttps://www.instagram.com/blancbleuofficial⭐⭐⭐⭐⭐ Leave a five star review and comment on Apple Podcasts!🧢 Hats & Merch 📸 Instagram 🐦 Twitter / X📩 Substack👂Listen and 🔥 S
Acid Breath BIG PHARMA 1st October, 2025
Send us Fan MailThe Shipping News for Investors. Acid Breath is a sub-30 minute market monologue for thinkers, not twitchers. Nightly under the Caribbean sky with jazz low, I strip the day bare for signal. Today was diffusion indices in plain English (50+ expands, under 50 contracts). Decimals = vanity; the first two digits tell the story. I cross-check S&P Global with ISM and translate what i
Acid Breath: Stocks-to-Money, Tuesday 30 September, 2025
Send us Fan MailAcid Breath is a 10 to 20 minute daily market monologue for investors who prefer thinking to twitching. I scan the day's U.S. economic releases like JOLTS, CPI, and payrolls, note how risk assets moved, then strip away the theater of first prints, revisions, and spurious decimals to focus on signal: liquidity, positioning, incentives, and Marshallian K. Expect dry humor, clear
Acid Breath: Dopamine Monday 29 September, 2025
Send us Fan MailStarted too late, desk on the terrace, sound may dip, mind awake.Welcome to the quiet safe macro room.Seekers of clear stories.Turning noise into knowledge.The economy is a machine.Complicated, not mystical.I round to whole moves.Neutral.Call it mauve.I hate decimal points.They pretend at precision.Jobs talk is the usual racket.Hiring, but careful.Never mind the bollocks.Friday has
Acid Breath: Friday 26th September
Send us Fan MailAcid Capital Breath is a quiet ten to fifteen minute ritual: breathe, reflect, and translate the day's economic data and market moves into plain English. I attempt to cut the code, tell the simple story of a market seeking its future, and leave you calm and ready to act. Logic says I may not do it daily, but the heart says I’m gonna try.Acid Capitalist™ 🖤⚔️💣Support the show⬇️
The Autopsy of a Dying System
Send us Fan MailTitle: The Autopsy of a Dying SystemSubtitle: How a Foreign Money Printer Rigged the Game and Why Bitcoin is the Only Way Out.The consensus hallucination blames the Fed. The reality is a foreign money printer running a 40-year rigged game. This is the autopsy of that lie. I dissect the malware that infected the West and reveal the only asset with the physics to escape the coming de
The Curse of Knowing
Send us Fan MailThis show reflects on what it means to see the future too clearly and the cost of carrying that vision alone.A few weeks ago, America burned on the monitor behind me. Cameras rolled in Santa Monica. Steve Drobny, founder of Clocktower Group, advisor in global hedge funds, told me to sit straight, but I didn't care. We discussed the future and America’s possibly undead economy.
The Dollar: From Beast to Burden, P.1
Send us Fan MailThe fuse is already burning.This isn’t empire. This is captivity masquerading as privilege. For decades, the dollar system was sold as sovereign strength. But behind the curtain, it was scaffolding, a fragile architecture supporting global imbalances that no one dared to fix.China floods us with goods. We print the debt. They hoard the collateral. This isn’t trade. It’s a hostage e
The Acid Sex Tapes - Confessions of a Hedge Fund Manager
Send us Fan MailWild bets, hot streaks, and a little market seduction.The acid capitalist is back, sunburnt and shirtless, broadcasting straight from St. Barts with sand in his toes and a dollar short in his hand. This is Confessions Part II, the origin story sharpened, scuffed, and refitted for today’s volatility junkies. If finance had a Tarantino cut, this is it.We rewind to the end of 2002. Th
The Spice And The Ledger
Send us Fan MailThis week, I offer you a barefoot sermon from the battlefield of economic memory. A walk from Hamilton to Trump. From Ricardo to Argentina. From Abraham Lincoln’s top hat to the red-capped defiance of tariff diplomacy. A retelling of the American experiment through its most potent and most misunderstood weapon: the tariff.I argue here that Donald Trump, however clumsy and chaotic,
Solana Saved My Ass
Send us Fan MailA beachside macro sermon on whale liquidations, a 5700 S&P play, and why Treasuries are the keystone to everything. Solana trades, SOFR action, and The Acid Capitalist’s call to be volatile, be violent, be legendary. Stay acid.Support the show⬇️ Subscribe on Patreon or Substack for full episodes ⬇️https://www.patreon.com/HughHendryhttps://hughhendry.substack.comhttps://www.ins
Shooting The Breeze
Send us Fan MailWelcome backThe breeze is talking again. The sea too, whispering something older than the market, more enduring than yield curves. This episode was recorded beneath Saharan skies on the island of St. Barts, during Acid Capitalist Summer Camp 2.0. But what is a camp if not a gathering of searchers. A pause in the trade winds to ask the old questions.I was met by a journalist. Young,
The Last Scotsman on Wall Street
Send us Fan MailWelcome back to paradise, where the rosé is chilled, the sun strokes the sea, and your third ear is tuned to the gospel according to Hugh.This week, I take you deep into the delirious heart of Wall Street circa 2006, an era of mutual fund gods, tax-deductible lap dances, and a man named Scotty who nearly exploded trying to mask the scent of strippers with gasoline.Yes, really.In a
A Gonzo Dive into Wall Street's Wild Side: My Chat with Derek Wallis, Head of Equity Execution at Soros
Send us Fan MailGood Fortune Makes the Man, and The Man Retains the Fortune and Multiplies It...Welcome back to another transmission from paradise, broadcasting from the heavenly shores of St. Barts. The Acid Capitalist, beamed straight into your ears, sun-kissed and untamed. This week, I open the vault—pulling an old gem from my private paywall, unchaining it from Patreon and Substack for the fir
$WISE and Contrarianism
Send us Fan MailIn this episode of The Acid Capitalist, Hugh Hendry dives into the volatile world of FinTech, analyzing Wise and its market positioning compared to giants like PayPal. He shares insights from an encounter with a young, die-hard value investor, dissecting the risks of stock-picking in a sector riddled with landmines.Are FinTech disruptors truly innovative, or are they just banks in
Acid Breath 7 - The Quantum Insanity of Christmas
Send us Fan MailWelcome to a Christmas like no other, where I wrestle with the absurdities of modern finance and the strange beauty of human existence. From the quiet shores of St. Bart's, and it’s a quiet one for sure, Christmas morning and i’m about to post this to you all. There’s a cool macro economic essay in there somewhere. I wanted to get something, anything out there for this holiday
Acid Breath 6 - The Knickerless Karate Kick
Send us Fan MailWelcome to another episode of the Acid Capitalist, coming to you from the sun-drenched shores of St. Barts in the French Caribbean. This week, we’re diving headfirst into market mayhem, absurd tales, and the kind of insights you can only find here.Palm trees. Santa Claus. Sleigh bells. An unlikely combination, yet somehow it works. St. Barts this time of year is pure energy: the pr
Acid Breath 5 - The Kangaroo in the Wardrobe
Send us Fan MailThis week, a journey through the bonkers world of financial markets, absurd cultural phenomena, and personal reflections from the splendid shores of St. Barts.A Brief Memoir MomentI share a childhood anecdote about an imaginary kangaroo in my parents’ wardrobe, a metaphor for life's absurdities and the early seeds of my contrarian mindset. From tales of youthful rebellion to t
Acid Breath 4 - The Gateless Gate and Acid Capitalism
Send us Fan MailA Life in RebellionYou should listen to the Acid Capitalist Podcast.It's my raw and revealing true story. It's about rebellion. The quiet, existential battle against the grey, the dull, soul-crushing monotony that sneaks into the cracks of life. This isn’t just my story, it’s the story of the markets, a cosmic dance between chaos and order, failure and transcendence.The R
Acid Breath 3 - The Squirt and the Folly of MSTR
Send us Fan MailI was born in Glasgow, a city carved by raw grit and humor, think of Sir Alex Ferguson and Billy Connolly. Not far from there, I began my career in Edinburgh, a mere fifty miles geographically, but an infinite leap in atmosphere. Imagine stepping into an aristocratic investment house, its rooms brimming with the ghosts of ambition and refinement. Suddenly finding yourself in the do
Acid Breath 2 - The Macro Blues - No Music
Send us Fan MailMacro Meditation #2Wow. Did you enjoy the Complexity episode? I went full zen on you. Deep breathing, tapping into the god-like forces within. Sounds crazy, right? Except it’s not. You are the god. The universe doesn’t revolve around some external queen bee or king. Nope, it’s you. But modern society? It’s been locking that realization away for centuries, creating gatekeepers, the
Acid Breath 2 - The Macro Blues
Send us Fan MailMacro Meditation #2Wow. Did you enjoy the Complexity episode? I went full zen on you. Deep breathing, tapping into the god-like forces within. Sounds crazy, right? Except it’s not. You are the god. The universe doesn’t revolve around some external queen bee or king. Nope, it’s you. But modern society? It’s been locking that realization away for centuries, creating gatekeepers, the
Acid Breath 1 - Complexity
Send us Fan MailWhy Acid Meditation Matters for Investors: Embracing Complexity and the Chaos WithinDear friendsI’m launching a meditation series that, I admit, may seem far afield from my usual punk-macroeconomic analysis. But this is no gimmick. It’s an exploration of how mastering the inner world of your mind can make you a better investor and a more resilient human being.Why It’s Worth Your At
Just who is Keyser Söze? The tragic end of Mike Lynch
Send us Fan MailMike Lynch, a man who faced down the giant of US Justice, out maneuvered the legal behemoths, took on the law and emerged victorious—only to be taken by the cold, capricious hand of Mother Nature. Imagine it: overcoming insurmountable odds, the weight of the world against you, and yet, you rise. Then, in a cruel twist, you're snuffed out by the very seas that should’ve carrie
Macro Markets Unleashed: Hugh Hendry, Brent Johnson, and Tracy Shuchart in Conversation
Send us Fan MailStep into the dim glow of our dive bar of financial musings in the humid, Caribbean night air, where the ACID Capitalist, Hugh Hendry, the sardonic Brent Johnson (@SantiagoAuFund), and the ever-perceptive Tracy Shuchart (@chigrl) huddle over a table of half-empty glasses and half-baked theories. This is a raw, unfiltered exploration into the underbelly of macroeconomics. We wander
The ACID Capitalist Unplugged: Subscriber Q&A
Send us Fan MailSome folks possess the philosophers stone. Me? I just have this fabulous oversized sofa at Maison Blanc Bleu, and as this glorious weekend unfolds, I'm rolling out my life creed. Journeys morph and twist. I embarked on an epic voyage from a haunting housing project to a chouette Caribbean island. Sacrifices were made, asses were kissed, and I, a prodigious child of circumstanc
The Stoned Investor Sees All
Send us Fan MailStrap in for a wild ride through the cannabis revolution with Peter Barsoom, the mastermind behind 1906, where ancient botanicals meet modern science in a dazzling maze of Dadaist innovation. In this episode, Peter takes us behind the scenes of crafting cannabis products that aren't just about getting high—they're about elevating your well-being. From the gritty details o
Fools Gold: The ACID Capitalist Reveals How to Trade Gold
Send us Fan MailWelcome to a journey into the gold markets on today’s podcast, where I, alongside a valued member from the John Galt community, dive deep into the glittering realms of gold trading. For the next 50 minutes, we’re going to tackle some burning questions, slicing through the noise with sharp insights and fearless forecasts. Whether you're a battle-hardened trader or a curious onl
Les Étoiles Vagabondes
Send us Fan MailStep off Wall Street's grimy sidewalks and plunge into the wilderness with the ACID Capitalist as your guide on another mind-bending journey. We've connected with Tom Morgan, a standout from this year's Ira Sohn conference and a fellow traveler lost in the financial wilds. Tom tells me that it's fantastic being telepathic, that he’s read my mind, that things are
The Path to Serfdom
Send us Fan MailDive into the vaults with the ACID Capitalist, as I resurrect a mentoring session from July '23, "The Path to Serfdom". The young Padawan and I dissect the how and why of the financial depression gripping the majority, questioning the orthodoxies that pin us down in a world seemingly designed by and for the elite. This isn't a chat; it's a rebel yell, seeki
Acid Therapy - Episode 3
Send us Fan MailWelcome back, my enlightened audience, to another episode of Acid Therapy, where yours truly, The Acid Capitalist, delves once more into the mental maelstrom with Denise Shull's guidance.This episode serves as a serenade to the chaos of existence, exploring a myriad of topics from the rollercoaster of my personal life to the philosophical musings that keep the midnight oil bur
Acid Therapy - Episode 2
Send us Fan MailLadies and gentlemen, daredevils of the financial markets, connoisseurs of the unconventional, welcome back to what I've cheekily dubbed "Acid Therapy" with the indomitable Denise Shull. If you thought our first Tango-in-Paris was a trip down the rabbit hole, brace yourselves for a sequel that delves deeper into the psyche of trading, investing, and the emotional rol
Acid Therapy - Episode 1
Send us Fan MailSwitching it up with a throwback from the archives. About a year ago, I had a series of 3 interviews with Denise Shull. She's a certified pro, cut from the same cloth as Wendy from Billions – you know, that HBO show about Bobby Axelrod, the hedge fund big shot. Denise even took a swing at the show's creators, claiming they owed her royalties for using her likeness in Wend
Is Softbank Crazy Bust?
Send us Fan MailIn this week's episode Nick Searle the from ADP podcast interviews Hugh Hendry.Nick and Hugh talk through Hugh’s thoughts on the outlook for 2024 and go on a macro Acid Capitalist trip along the way.They discuss when will the Fed cut interest rates, the 1970s and Hugh's white paper on the parallels between the monetary landscape and the Chernobyl nuclear disaster, suggest
Is The 40 Year Bond Bull Market OVER? Jeffrey Gundlach & The Acid Capitalist Discuss.
Send us Fan MailHere is a sneak peak from my 38 minute full video that I dorpped on my Patreon last week.To get exclusive access to all of my content as soon as it´s released, sign up today and I´ll see you in there.THIS IS NOT INVESTMENT ADVICE!!Support the show⬇️ Subscribe on Patreon or Substack for full episodes ⬇️https://www.patreon.com/HughHendryhttps://hughhendry.substack.comhttps://www.ins
What Do I Think Of Bitcoin?
Send us Fan MailHere is a behind the scenes interview I gave at the Bitcoin conference in Amsterdam with Isabella from Bitcoin Magazine.I've dropped a couple of short videos from this interview, but here you can enjoy the full audio.In this interview we discuss why I don't believe Bitcoin is going to fix every issue the current system has, as well as so much more.Support the show⬇️ Subsc
Trading The End of the Cycle And Generating Equity Risk Premium.
Send us Fan MailThis video was originally released on my Patreon. To get exclusive access to all of my content as soon as it´s released, sign up today and I´ll see you in there.⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️https://www.patreon.com/HughHendryI randomly managed to watch a recent interview on Bloomberg with a talking head from Invesco.I found it priceless. The nonsense that's spoken by the biggest inv
The World´s #1 Bond Trader Reveals His Next Money Making Trade. Exclusive Interview With Bob Treue
Send us Fan MailWatch the entire conversation at https://www.patreon.com/HughHendry **THIS IS NOT INVESTMENT ADVICE!!**Support the show⬇️ Subscribe on Patreon or Substack for full episodes ⬇️https://www.patreon.com/HughHendryhttps://hughhendry.substack.comhttps://www.instagram.com/hughhendryofficialhttps://blancbleustbarts.comhttps://www.instagram.com/blancbleuofficial⭐⭐⭐⭐⭐ Leave a five star rev
Acid Capitalist Summer Camp Roundtable with Brent Johnson, George Gammon, Hugh Hendry & Jeff Snider
Send us Fan MailBrent, George, Hugh and Jeff sit down to discuss FX and the Japanese Yen and Chinese Yuan devaluation, monetary policy, Fed actions and the yield curve.Watch the entire conversation at https://www.patreon.com/HughHendry **THIS IS NOT INVESTMENT ADVICE!!**Support the show⬇️ Subscribe on Patreon or Substack for full episodes ⬇️https://www.patreon.com/HughHendryhttps://hughhendry.sub
Macro Musings with Jim Bianco (preview)
Send us Fan MailListen to the entire conversation at https://www.patreon.com/HughHendry ***THIS IS NOT INVESTMENT ADVICE!!***Support the show⬇️ Subscribe on Patreon or Substack for full episodes ⬇️https://www.patreon.com/HughHendryhttps://hughhendry.substack.comhttps://www.instagram.com/hughhendryofficialhttps://blancbleustbarts.comhttps://www.instagram.com/blancbleuofficial⭐⭐⭐⭐⭐ Leave a five st
The Approaching Macro Shock Wave with Skanda Amarnath (public preview)
Send us Fan MailThe Approaching Macro Shock Wave with Skanda Amarnath (public preview) ***THIS IS NOT INVESTMENT ADVICE!!***Support the show⬇️ Subscribe on Patreon or Substack for full episodes ⬇️https://www.patreon.com/HughHendryhttps://hughhendry.substack.comhttps://www.instagram.com/hughhendryofficialhttps://blancbleustbarts.comhttps://www.instagram.com/blancbleuofficial⭐⭐⭐⭐⭐ Leave a five st
Inflation Collision Course with Bob Elliot (Preview)
Send us Fan MailInflation Collision Course with Bob Elliot (Preview)***THIS IS NOT INVESTMENT ADVICE!!***Support the show⬇️ Subscribe on Patreon or Substack for full episodes ⬇️https://www.patreon.com/HughHendryhttps://hughhendry.substack.comhttps://www.instagram.com/hughhendryofficialhttps://blancbleustbarts.comhttps://www.instagram.com/blancbleuofficial⭐⭐⭐⭐⭐ Leave a five star review and commen
Acid Capitalist meets Real Vision Mashup with Andreas Steno (Preview)
Send us Fan MailAcid Capitalist meets Real Vision Mashup with Andreas StenoListen to the entire conversation at https://www.patreon.com/HughHendry ***THIS IS NOT INVESTMENT ADVICE!!***Support the show⬇️ Subscribe on Patreon or Substack for full episodes ⬇️https://www.patreon.com/HughHendryhttps://hughhendry.substack.comhttps://www.instagram.com/hughhendryofficialhttps://blancbleustbarts.comhttps:
Macro Jiving: Inflation? Sticky or Slip, Sliding Away with Tom Roderick
Send us Fan MailListen to the entire conversation at https://patreon.com/HughHendry Support the show⬇️ Subscribe on Patreon or Substack for full episodes ⬇️https://www.patreon.com/HughHendryhttps://hughhendry.substack.comhttps://www.instagram.com/hughhendryofficialhttps://blancbleustbarts.comhttps://www.instagram.com/blancbleuofficial⭐⭐⭐⭐⭐ Leave a five star review and comment on Apple Podcasts!🧢
PREVIEW: Anarchists at the Fed with Steve Hanke
Send us Fan MailPREVIEW: Anarchists at the Fed with Steve Hanke Support the show⬇️ Subscribe on Patreon or Substack for full episodes ⬇️https://www.patreon.com/HughHendryhttps://hughhendry.substack.comhttps://www.instagram.com/hughhendryofficialhttps://blancbleustbarts.comhttps://www.instagram.com/blancbleuofficial⭐⭐⭐⭐⭐ Leave a five star review and comment on Apple Podcasts!🧢 Hats & Merch 📸
