Discover the Ethereum of Commodity Bull Market | by Hugh Hendry & Tom Roderick

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?

25 thoughts on “Discover the Ethereum of Commodity Bull Market | by Hugh Hendry & Tom Roderick

  1. Most people think…. Investing in crypto is all about buying coins then leaving it to rise, 🙅 come on it takes much analysis to be a successful crypto *trader……*.

  2. Bringing up the rear of a possible commodity super cycle, the "sheet-music" on dry bulk shippers looks to be on a tear.

  3. Loved it. Watching this week's episode after listening to the latest macrovoices episode with Larry McDonald I just feel like buying every last mining/ commodity stock out there. All the smart people in the room see the same supply and demand imbalance out there that can only leas to one thing…📈

  4. I'd be interested to hear more of your thoughts on inflation, primarily because I don't have a shred of confidence that economists and central bankers really understand it or measure it. do we have to have an increase in lending to get more inflation rather than just rising input costs and shortages?

  5. I assume given the FTSE 100 and FTSE 250 have such overweight positions in the sectors you discuss (mining, oil & gas, resource stocks etc) relative to say S&P500 we reasonably might expect outperformance ?

  6. Hugh. Feel could meet one in pub talk garbage. Same level. Yet I haven’t a team good look after me. Great life. Brilliant see one get out of Scots end in St Barts. I’ll listen this one on Pod riding

  7. Inflation is the only option there is, I don't see any other possible future. Valuations arent crazy taking that into consideration. Everything will go up, but which horse is gonna be the fastest horse in the race. I might just put some money on every horse and get myself a mortgage loan.
    Gold miners, crypto, tech, real estate, what else?

  8. Hugh got it right – rock bottom commercial lending and virtually zero velocity of money is not a long term driver of inflation. Seems to be the popularized call, nonetheless…..

  9. I can’t see regulators banning horse and buggy until the masses can afford a model T. The decarbonisation movement has been a shot from the hip with little regard for base load and see a future of continued increase in inflation due to supply shortages regardless of weak demand.

  10. Hugh the content is too interesting to be rolling around with laptop microphone audio. Step up the audio quality please.

  11. Brilliant. I was laughing with you guys on the absurdity of holding something akin to a fire cracker for it's dividend. But I'm right there with you Hugh, it shows how after 2009 and 2015-2016 that the miners have become very very cautious. So are many of the analyst as well, many will say only by streamers or majors, they may very well be right. What do you think of all the crowding in short duration treasuries, my take is no one will take the longer duration and it's pushing the short term towards zero. This actually steepens the yield curve. But I'm wondering what the effects on banks will be if the yield goes negative on the short term. Will they continue repo with negative yields? And when does the is crowd at the short end of duration give up and put their money elsewhere…. Really enjoy your videos please keep them coming.

  12. Sitting in the living room having dinner and listening to a conversation of this level is brilliant – The power of the podcast world! Never at a point in history could you have this, TV programs always have a agenda, these unfiltered conversations are just amazing.

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