The ACID Capitalist Podcast
by Hugh Hendry
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
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love it least
Send us Fan Mail a hedge fund mind on a tropical island paradise sounds like the end of the story, until the bank accounts go negative and the mask slips. hugh hendry, the acid capitalist, offers a candid account of what happens when financial success collides with a liquidity crisis. he's spent...
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stan druckenmiller is wrong
Send us Fan Mail everyone thinks washington is the crime scene. thirty-year treasuries are above five percent, the vigilantes have apparently ridden back into town, and america is finally being punished for its fiscal sins. maybe. but i think everyone is staring at the debtor because that’s…
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what if the real risk is distraction.
Send us Fan Mail a stranger asks for a kiss outside a bar in montauk and suddenly the weekend’s noise turns into a clean signal. you can buy the table and you can certainly buy the story afterwards, but presence is harder. i watched a man spend an afternoon inside a roped-off vip section staring…
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baby bonds and snake farms.
Send us Fan Mail pay people to kill cobras and you end up with cobra farms. that one historical mistake is the operating manual for most of modern life, and this episode runs it through three places where it still matters. the first is monetary reform. fiat currency is a covenant that gets…
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the drugs work.
Send us Fan Mail it's nearly one in the afternoon and i haven't read a fucking email this year. this was supposed to be a serious day. deadlines. targets. catholic guilt. presbyterian duty stomping around the room like an angry motherfucker. instead i'm still in my silk bruce lee pyjama bottoms,...
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Compute Is Revenue
Send us Fan Mail back in march i published a bullish substack essay into a collapsing tape. software stocks were getting butchered. hyperscalers accused of losing their minds. nvidia was falling like a broken momentum trade while missiles were raining down across iran and every idiot on…
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what if the uk is already bankrupt.
Send us Fan Mail come to the acid capitalist summer camp in st barts 2nd to 6th august. https://hughhendry.com/acid-capital-retreat/ broadcasting from the caribbean as the acid capitalist, i try to make the uk’s sovereign problem legible without the institutional fog. no jargon. no costume. just...
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the tape is calling bullshit
Send us Fan Mail the strangest part of the last few weeks is not the headlines about iran, the strait of hormuz, or "financial war". the strangest part is the price. while the front pages sound confident that risk should be melting stocks down, the s&p 500 and nasdaq act like they already know…
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double voltage. the trade no one sees.
Send us Fan Mail it broke. the talks. iran, the us, all of it. the kind of weekend that’s supposed to matter. the market sells off. of course it does. and then it gets quickly bought back. clean. no hesitation. and by the time you’re ready to process it, it’s back at the all time high again. so…
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what if your real edge is disobedience.
Send us Fan Mail a senior rates trader with the closest seat to the federal reserve looks you in the eye and says the quiet part out loud: rates are impossible to predict. that single line detonates the whole religion of macro commentary, expert priesthood, and the endless chase for “signal” in…
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𝚌𝚘𝚗𝚜𝚎𝚗𝚜𝚞𝚜 𝚑𝚊𝚕𝚕𝚞𝚌𝚒𝚗𝚊𝚝𝚒𝚘𝚗.
Send us Fan Mail fourteen basis points. that’s the kind of move that gets treated like prophecy on financial television, dressed up with solemn voices and “sticky inflation” metaphors. i'm not buying it. from an apocalypse now rant delivered with a trader’s eye, i lay out a brutal macro investing...
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fiat isn't a failure. it's a weapon. and bitcoin is the shield.
Send us Fan Mail 𝚊 𝚑𝚊𝚛𝚍 𝚊𝚜𝚜𝚎𝚝 𝚜𝚕𝚊𝚖𝚖𝚎𝚍 𝚒𝚗𝚝𝚘 𝚊𝚗 𝚎𝚕𝚊𝚜𝚝𝚒𝚌 𝚠𝚘𝚛𝚕𝚍. 𝚠𝚑𝚊𝚝 𝚝𝚑𝚎 𝚑𝚎𝚕𝚕 𝚑𝚊𝚙𝚙𝚎𝚗𝚜 𝚗𝚎𝚡𝚝? 𝚒 𝚍𝚛𝚊𝚐 𝚢𝚘𝚞 𝚏𝚛𝚘𝚖 𝚛𝚊𝚒𝚗-𝚜𝚘𝚊𝚔𝚎𝚍 𝚋𝚛𝚒𝚝𝚒𝚜𝚑 𝚙𝚘𝚞𝚗𝚍 𝚗𝚘𝚝𝚎𝚜 𝚝𝚘 𝚊 𝚏𝚞𝚕𝚕-𝚝𝚑𝚛𝚘𝚝𝚝𝚕𝚎 𝚊𝚞𝚍𝚒𝚝 𝚘𝚏...
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10x ʀɪᴄʜᴇʀ ᴏʀ ᴅᴇᴀᴅ ☠️
Send us Fan Mail A market story is only as good as the portfolio that can survive it. Hugh Hendry sat down in London to explore risk from first principles. Why playful, curious, even mischievous thinking can beat credentialed certainty, and how to build an allocation that thrives whether AI...
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What If Markets Reward Vision More Than Math?
Send us Fan Mail A faster lap by going blind sounds reckless until you hear Lando Norris say he drives better with the delta display switched off. That’s the spark for a bigger idea we explore: acid capitalism, where imagination and shared beliefs move markets more than the neatest spreadsheet…
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What if AI cuts jobs faster than rates can fall?
Send us Fan Mail Markets have a habit of choosing the path that hurts the most people, and this week they proved it. We open with a jolt: CarMax plunges 24%, the CEO is shown the door, and used‑car demand looks like a classic pull‑forward that left a hole in today’s sales. From there, we follow…
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Is the Market Running Out of Money?
Send us Fan Mail What if the cleanest read on market risk isn’t a sentiment index but the dollar itself? We connect the dots from DXY’s slide and rebound to the invisible gears of Eurodollar credit, showing how collateral breathes through trade invoices, repos, and leverage, and how that breath…
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A One-in-a-Thousand Market Moment
Send us Fan Mail When logic fails, hedges break, and the models panic. Markets rarely behave. In this episode, Hugh Hendry unpacks why. Exploring what happens when models flash red and logic collapses in real time. From George Gammon’s CarMax hedge to the intricacies of dating, calculating sexual...
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What If Government Debt Isn’t Debt at All?
Send us Fan Mail The Ricardian Equivalence, Treasury Debt, and the Modernity of Money Support the show ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ https://www.patreon.com/HughHendry https://hughhendry.substack.com https://www.instagram.com/hughhendryofficial...
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Do Deficits Make You Rich?
Send us Fan Mail Do Deficits Make You Rich? The uncomfortable truth: fiscal stimulus creates wealth, not consumer inflation. Sat pondering in a Caribbean bar, thinking about intelligence, the Fed, deficits, and why inflation lives in Wall Street not in your supermarket basket. When the government...
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When America Pretends to Be Reckless
Send us Fan Mail In this acid breath of mine, I drift between the sublime and the sardonic. I trace how America, once the debtor, became the empire, how quantitative easing rewired the flow of wealth from the cautious creditor to the restless entrepreneur. China hoarded savings, America…
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Copper, Gold and Trading the Fuzzy Cloud
Send us Fan Mail I began with CPI, but as usual, I ended up somewhere between Beethoven and gold. The headline CPI 3%, core the same. The whisper was higher. The market calls it “Goldilocks.” Not too hot, not too cold. I call it “Never be a dick for a tick.” That’s how you survive this racket....
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The Quantum Crisis: Gold, China, and the Trust Deficit in Markets
Send us Fan Mail Perhaps the best, most revealing of this daily series. This is macro analysis as cabaret. The Japanese call it, rakugoka (落語家), a man in kimono, I have no kimono, seated on a cushion performing poignant financial monologues. The entire performance relies on market imagination. If...
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Did Gold Just Crash…or Reset?
Send us Fan Mail ʏᴇꜱᴛᴇʀᴅᴀʏ’ꜱ ᴛʀᴀᴅɪɴɢ ꜰᴇʟᴛ ʟɪᴋᴇ ᴀ ᴍɪʀᴀɢᴇ. ᴛʜᴇ ᴍᴀʀᴋᴇᴛ ʟᴏᴏᴋᴇᴅ ᴄᴀʟᴍ, ʏᴇᴛ ᴜɴᴅᴇʀ ᴛʜᴇ ꜱᴜʀꜰᴀᴄᴇ ᴛʜᴇʀᴇ ᴡᴀꜱ ꜱʜᴀᴋᴇꜱᴘᴇᴀʀᴇᴀɴ ᴅʀᴀᴍᴀ. ꜱᴛᴏᴄᴋꜱ ᴅɪᴇᴅ ɪɴ ᴘʟᴀɪɴ ꜱɪɢʜᴛ ᴡʜɪʟᴇ ᴛʜᴇ ɪɴᴅᴇx ʙᴀʀᴇʟʏ ʙʟɪɴᴋᴇᴅ. ɢᴏʟᴅ ᴛʀᴇᴍᴏʀꜱ ᴄᴏɴᴛɪɴᴜᴇᴅ ꜰᴏʟʟᴏᴡɪɴɢ ɪᴛꜱ ᴛʜʀᴇᴇ ꜱɪɢᴍᴀ ᴅᴀʏ,ᴛʜᴇ ᴋɪɴᴅ ᴏꜰ ᴍᴏᴠᴇ ᴛʜᴀᴛ ᴏɴʟʏ ᴠɪꜱɪᴛꜱ ᴏɴᴄᴇ ᴇᴠᴇʀʏ ꜰᴇᴡ...
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The Real Pulse of Money: Gold, Bonds, and the Hidden Trade
Send us Fan Mail October 21st, no fanfare, just me and my thoughts. I have been on X all day, and only later realized gold had fallen sharply. Some people thought I had timed my comments to take gold down, as if I could move the market. It made me laugh. I start by questioning gold's 50 percent...
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Acid Breath: Why Everything’s Going Up for the Wrong Reason
Send us Fan Mail 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...
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Acid Breath: Any Fool Could Make Money in Gold
Send us Fan Mail 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...
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Acid Breath. Inside the Macro Storm: Fed Policy, TSMC Earnings, and the Next Credit Crunch
Send us Fan Mail 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…
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Acid Breath: The Bank of the Sopranos & Unlocking Gresham's Law
Send us Fan Mail 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,...
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Acid Breath: The Gold-Oil Puzzle
Send us Fan Mail 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,...
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Acid Breath: The Day Silver Spoke and AI Went Industrial
Send us Fan Mail 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...
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Acid Breath - Rare Earth - Fri 13 October, 2025
Send us Fan Mail 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...
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Acid Breath - Shadowlight - 9th October 2025
Send us Fan Mail 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…
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Acid Breath - The Deal - 8th October 2025
Send us Fan Mail 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:...
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Acid Breath - Kobayashi Test -7 October 2025
Send us Fan Mail 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...
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Acid Breath - Respect The Trend - 6 October
Send us Fan Mail 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...
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Acid Breath Market Wizards 3rd October
Send us Fan Mail 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...
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Acid Breath GOLD 2nd October, 2025
Send us Fan Mail Support the show ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️ https://www.patreon.com/HughHendry https://hughhendry.substack.com https://www.instagram.com/hughhendryofficial https://blancbleustbarts.com https://www.instagram.com/blancbleuofficial ⭐⭐⭐⭐⭐ Leave a five…
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Acid Breath BIG PHARMA 1st October, 2025
Send us Fan Mail 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 =...
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Acid Breath: Stocks-to-Money, Tuesday 30 September, 2025
Send us Fan Mail 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...
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Acid Breath: Dopamine Monday 29 September, 2025
Send us Fan Mail 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...
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Acid Breath: Friday 26th September
Send us Fan Mail 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…
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The Autopsy of a Dying System
Send us Fan Mail 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...
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The Curse of Knowing
Send us Fan Mail 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…
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The Dollar: From Beast to Burden, P.1
Send us Fan Mail 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....
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The Acid Sex Tapes - Confessions of a Hedge Fund Manager
Send us Fan Mail Wild bets, hot streaks, and a little market seduction. The acid capitalist is back, sunburnt and shirtless, broadcasting straight from St. Barts with sand in his toes and a dollar short in his hand. This is Confessions Part II, the origin story sharpened, scuffed, and refitted…
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The Spice And The Ledger
Send us Fan Mail This week, I offer you a barefoot sermon from the battlefield of economic memory. A walk from Hamilton to Trump. From Ricardo to Argentina. From Abraham Lincoln’s top hat to the red-capped defiance of tariff diplomacy. A retelling of the American experiment through its most…
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Solana Saved My Ass
Send us Fan Mail A beachside macro sermon on whale liquidations, a 5700 S&P play, and why Treasuries are the keystone to everything. Solana trades, SOFR action, and The Acid Capitalist’s call to be volatile, be violent, be legendary. Stay acid. Support the show ⬇️ Subscribe on Patreon or Substack...
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Shooting The Breeze
Send us Fan Mail Welcome back The breeze is talking again. The sea too, whispering something older than the market, more enduring than yield curves. This episode was recorded beneath Saharan skies on the island of St. Barts, during Acid Capitalist Summer Camp 2.0. But what is a camp if not a...
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The Last Scotsman on Wall Street
Send us Fan Mail Welcome back to paradise, where the rosé is chilled, the sun strokes the sea, and your third ear is tuned to the gospel according to Hugh. This week, I take you deep into the delirious heart of Wall Street circa 2006, an era of mutual fund gods, tax-deductible lap dances, and a…
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A Gonzo Dive into Wall Street's Wild Side: My Chat with Derek Wallis, Head of Equity Execution at Soros
Send us Fan Mail Good Fortune Makes the Man, and The Man Retains the Fortune and Multiplies It... Welcome back to another transmission from paradise, broadcasting from the heavenly shores of St. Barts. The Acid Capitalist, beamed straight into your ears, sun-kissed and untamed. This week, I open...
About this show
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
Hosted by
Hugh Hendry
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