#168 The ‘Acid Capitalist’ Hugh Hendry On The Fed’s No-Win Situation, The Fragility Of Valuations, Gold As ‘The Alchemy Of Chaos,’ Buying Bitcoin, And The Dangerous Sign The Japanese Yen Is Sending
The Acid Capitalist Hugh Hendry joins Julia La Roche again, this time in the East Village, for an in-person, unfiltered conversation on macro and more. Links: Twitter/X: https://twitter.com/hendry_hugh Podcast: https://podcasts.apple.com/us/podcast/the-acid-capitalist-podcast/id1511187978 YouTube: https://www.youtube.com/@HughHendryOfficial Timestamps: 0:00 Intro and welcome 1:36 Macro view and the Fed’s no-win situation 2:45 Revisiting financial history 4:20 The U.S. has become the economic locomotive of global growth 5:00 Policy error of fiscal conservatism 6:30 Everything is expensive 7:52 Invest 10% of net worth 9:00 Hugh’s hedge fund years 12:24 ‘To manage a lot of money you have to be serious.’ — the suits 19:07 Looking at charts and patterns while listening to Pink Floyd 24:30 China 36:19 The bubble today - the fragility of valuations 38:00 How you want to be allocated 44:16 The conceit and the arrogance of a well-formed argument 47:00 Hugh’s mistake buying Reader’s Digest in the 90s 48:48 Hugh’s go-to interview question: Tell me when you know it’s going wrong 50:44 Gold’s breakout — not an agent of chaos, the alchemy of chaos 52:24 Japanese Yen 53:49 Bitcoin 57:09 Silver 1:01:50 The Fed’s no-win situation 1:06:49 The Fed shouldn't be cutting interest rates 1:08:47 Present danger 1:11:00 The death of money? 1:15:00 Millennials and Bitcoin 1:18:43 The Bono story