#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