Hedge fund manager, Hugh Hendry, again invites his former colleague, Tom Roderick, the manager of the Trium, Epynt, macro hedge fund, to review his 3D macro thought piece. De-Carbonisation. De-Globalisation. Demographics. Macro has changed! The Acid Capitalist, Hugh, explains how the Fed and it’s put on bonds and equities will instead become the government floor on the price of carbon. You need to understand this to make money…
Hedge fund pirate Hugh Hendry, chronicle the inner workings of the uncorrelated and legendary Eclectica Fund. Hugh’s monthly client letter is deployed as a hedge fund boot camp to reveal what he was thinking and why he made the decisions he did, in real time. No new Hedge Fund wannabee can afford to miss the journey to the present day where Hugh reveals and expounds upon his latest macro insights.
This week they also reveal the Ethereum of the commodity bull market. The PGMs: Palladium, Rhodium and Platinum. A store of monetary value with industrial usage via catalytic converters built on top. Priced as a discarded cigarette butt on 4x profits, the boys claim that we’re only at the start of a huge profit surge. And over-valued / bubble stockmarkets? Then why are so many major household names trading at prices last prevailing in 1998? Overcome prejudice. Renault is a French Government Motors. But it sold more electric cars in the world’s largest market last year than anyone else.
Chapters:
00:00 Confessions Part XXI Fed Irrelevant. Macro Has Changed
01:30 3D Macro
03:20 De Carbonisation / De Globalisation / Demographics
06:30 A Commodity Bull Market with no Brakes
07:20 Oil Price $180 to $65 but 13 y later, GDP +2x & Wealth +3x
08:30 Does DeCarbon De-Nuke Corporate Profits?
10:00 One Bank will become risk seeking; others will follow…
14:00 Worst Becomes Best – Why you should BUY @ 1998 prices
16:40 Renault sold more electric cars in EU than anybody else
18:20 Commodities Trade @ Historic Value Lows 3x EBITDA
19:15 PGMs the Ethereum Commodity: Store of Value + Industrial App
21:25 Sibanye Stillwater / Anglo Plats / plus a few others
23:00 Expensive Annuity or V Cheap Perpetuity?
25:20 What does a Macro fund do with an 8x bagger?
29:40 Gold Miners/ Bitcoin Plus Dividends?