The ACID Capitalist Podcast
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
Episodes
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 bl...
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 didn’t move, the real story.
Treasury yields dipped below 4 percent momentarily. Safety or something stranger? Bank stocks cracked again. Zions and KeyCorp li...
There’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 America skipping hard. Across the Paci...
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 ...
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 ironic
- confidence interm...
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 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. No safe takes, no sermons, just vola...
Today’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-billion tango with Argentina that echoes t...
Shadowlight
A 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 crisis. The cleanest weekly read on labor ...
Day 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 you from Malta to Tokyo, from tariffs...
Acid Breath - Kobayashi Test - 7 October 2025
Government 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 dollar stablecoins, sovereign power seep...
PTJ brings signal, Takaichi tilts pro growth and the tape points higher
Acid 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 your plan bends to a decimal, you ne...
What 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 Clear
Shutdown 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 Prophecy
Bill Lipschutz once dreame...
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The 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 it means for margins, pricing power, a...
Acid 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 definitions, and Munger style aphori...
Started 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 b...
Acid 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™ 🖤⚔️💣
Title: The Autopsy of a Dying System
Subtitle: 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 demolitio...
This 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 previous night, a girl at a Venic...
The 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 exchange. America ...
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