Blind Squirrel Macro - The Pod

Recorded 27th March, 2025. Audio-only edition embedded below and also available in the usual ‘Blind Squirrel Macro: The Pod’ podcast feeds.I have just recorded a fabulous conversation with Craig Coben. The show notes are a bit briefer than normal this week as I wanted the content with you BEFORE Coreweave $CRWV prices (in the next 24 hours). Introducing CraigCraig is a veteran capital markets banker. After starting as an attorney at Sullivan and Cromwell, he transitioned into investment banking in the late 1990s at Deutsche Bank (or rather Deutsche Morgan Grenfell as the firm was known at the time). He joined Merrill Lynch in 2005 going on to run the EMEA and later Global Equity Capital Markets businesses of what we now all know as Bank of America.Since retiring from the sell side 3 years ago, Craig has turned his skills to the keyboard where he has been writing really fantastic columns for the Financial Times’s Alphaville team as well as for Global Capital Magazine, where he is the resident agony aunt for frustrated sell siders.I really hope you enjoy the conversation as much as I did. I got 20% of the way through my list of questions so we have to have him back on the show soon!If you get an unexpected call from your sales coverage at Morgan Stanley, JP Morgan or Goldman Sachs today, please listen to this pod before returning that call.Squirrel out!If you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.blindsquirrelmacro.com/subscribe

The full Monday note can always be found at www.blindsquirrelmacro.comMusic from Max Slorach. Find him at:email: [email protected] / web: maxonsax.com.auThanks for listening!If you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.blindsquirrelmacro.com/subscribe

Recorded 19th March, 2025. Audio-only edition embedded below and also available in the usual ‘Blind Squirrel Macro: The Pod’ podcast feeds.This is the first of what I hope will be a regular chat between the 🐿️ and Leo on the topic of China and Asia-Pac equities.Topics Covered* "Made in China 2025" Scorecard: We note that China has achieved significant success in sectors like electric vehicles, high-speed rail, and renewable energy. However, challenges remain in areas such as commercial aircraft and semiconductors."Frankly, they've ticked off most of the boxes. So those sort of naysaying the effectiveness of this type of central economic planning when it comes to China, maybe need to take a little bit of pause." - 🐿️* Consumption: We analyze recent announcements on boosting consumption in China, emphasizing that the government's approach is not about direct stimulus checks but rather about addressing underlying issues like pension reform and childcare support to encourage spending in a society of savers. The sell side wanted explicit numbers to make their modelling tasks easier. That’s not how it works!"The real limiting factor for the Chinese spending has never been on the income side. It's always been about the propensity to consume." - 🐼"These sell side models tend to follow price. We're seeing breakouts in quite a number of sectors right now, so I guess it's just a matter of time before the EPS revisions start to snowball up." - 🐿️* Capital Allocation and Dividends: We speculate about potential changes in capital allocation strategies among well-capitalized consumer companies. We both see the potential for increased dividend payouts and share buybacks in the beverage sector."I think we will see capital allocation noise in these very well capitalized consumer players... They're not exactly the most forward-looking institutions out there, but they will catch up." - 🐼* 🐿️ wonders whether the 50% short interest in the MSCI China ETF $FXI is all just ‘pod shops’ hedging their ‘rented’ trading positions in Alibaba $BABA triggering a rant from Leo about problems with Chinese equity indices.Follow Leo’s work by clicking on the image below:A selection of recent China equity pieces from the 🐿️:Squirrel out!If you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.blindsquirrelmacro.com/subscribe

The full Monday note can always be found at www.blindsquirrelmacro.comMusic from Max Slorach. Find him at:email: [email protected] / web: maxonsax.com.auThanks for listening!If you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.blindsquirrelmacro.com/subscribe

The full Monday note can always be found at www.blindsquirrelmacro.comMusic from Max Slorach. Find him at:email: [email protected] / web: maxonsax.com.auThanks for listening!If you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.blindsquirrelmacro.com/subscribe

Recorded 25th February, 2025. Audio-only edition embedded below and is also available in the usual ‘Blind Squirrel Macro: The Pod’ podcast feeds.Introducing JerryJerry Parker's adventures in trend following is a case study in the power of disciplined adherence to a systematic, rules-based trading methodology over a successful 40+ year career in financial markets. His trading journey began in 1983 when, having grown dissatisfied with a career in accounting, he responded to a Wall Street Journal ad from the legendary commodity trader Richard Dennis. This was his first step to becoming a 'Turtle Trader', a group of individuals trained in the principles of trend following. Jerry never looked back. He founded Chesapeake as soon as the ‘Turtle’ program completed in 1988.I wrote about this ‘Turtle’ program when I introduced my own trend allocation last May.Topics covered in the interview:* The role of trend following in diversified portfolios.* Evolution of trend following strategies over time.* Challenges when selling trend following to asset allocators.* The importance of systematic trading and strictly following the rules.* Diversification across markets and timeframes.* Psychology of letting profits run and cutting losses.* Accessibility of trend following through ETFs.* How trend followers traded the Nasdaq during the dot-com bubble.* Managing multiple trading systems with different parameters.* Dealing with drawdowns and maintaining discipline.* The current market environment for trend following.* The impact of economic regimes (and government intervention!) on markets.Some broader takeaways from the 🐿️:* Rules-Based Trading: The Turtle program instilled in him the importance of following a predefined set of rules. These rules dictate entries, exits, and risk management, removing emotional decision-making from the trading process. Parker emphasizes that while the rules themselves may seem simple, the psychological discipline to adhere to them is the real challenge. He believes that anyone can learn the rules, but the difficulty lies in consistently following them, especially during periods of drawdown.* Trend Following as a Core Strategy: Parker is an advocate for 100% trend following, rejecting all other investment strategies. He believes that a portfolio of various markets and asset classes, with both long and short positions offers ample diversification. He argues that trend following is a robust strategy that can generate profits across most market regimes.* Risk Management: Risk management is fundamental to Parker’s approach. He stresses the importance of limiting losses through predetermined stop losses. He also uses volatility to size positions, ensuring that each trade carries a similar level of risk. The goal is to keep losses small while allowing profitable trades to run.* Psychological Discipline: The emotional aspect of trading is a major focus for Jerry, acknowledging that the process is psychologically demanding. He believes that successful trading requires a mindset that is counterintuitive to human nature. This involves accepting periods of drawdown and resisting the urge to deviate from the system. He notes that the most difficult part of trading is not getting out of profitable positions too quickly.* Long-Term Perspective: Jerry stresses that trend following is a long-term game. He acknowledges that there may be periods of underperformance or choppy return. However, he is committed to staying with his system, believing that it has a ‘dealer’s edge’ that will generate profits over time.* Adaptability: While Parker emphasizes sticking to the system, he also acknowledges the importance of some evolution, particularly in response to changing market conditions (as well as competition from ‘the machines’ of quant shops and high frequency traders). Charts that we discussed on the callJerry’s Listed ETFs$TFPN is the ETF we own in the trend allocation of the BUSHY™ portfolio: Jerry also just started managing the $MFUT ETF for Meb Faber at Cambria:Introducing the 🐿️’s Trend AllocationIntroduction piece of our trend following basket from last May:Further recommended viewing on Jerry and the Turtle ProgramThe full ‘Turtle Trader’ story via Niels Kaarstup-Larsen’s terrific Top Traders Unplugged podcast:Jerry chatting with the 🐿️’s good friend, Kevin Muir: Squirrel out!If you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.blindsquirrelmacro.com/subscribe

The full Monday note can always be found at www.blindsquirrelmacro.comMusic from Max Slorach. Find him at:email: [email protected] / web: maxonsax.com.auThanks for listening!If you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.blindsquirrelmacro.com/subscribe

The full Monday note can always be found at www.blindsquirrelmacro.comMusic from Max Slorach. Find him at:email: [email protected] / web: maxonsax.com.auThanks for listening!If you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.blindsquirrelmacro.com/subscribe

The full Monday note can always be found at www.blindsquirrelmacro.comMusic from Max Slorach. Find him at:email: [email protected] / web: maxonsax.com.auThanks for listening!If you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.blindsquirrelmacro.com/subscribe

The full Monday note can always be found at www.blindsquirrelmacro.comMusic from Max Slorach. Find him at:email: [email protected] / web: maxonsax.com.auThanks for listening!If you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.blindsquirrelmacro.com/subscribe

The full Monday note can always be found at www.blindsquirrelmacro.comMusic from Max Slorach. Find him at:email: [email protected] / web: maxonsax.com.auThanks for listening!If you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.blindsquirrelmacro.com/subscribe

The full Monday note can always be found at www.blindsquirrelmacro.comMusic from Max Slorach. Find him at:email: [email protected] / web: maxonsax.com.auThanks for listening!If you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.blindsquirrelmacro.com/subscribe

The full Monday note can always be found at www.blindsquirrelmacro.comMusic from Max Slorach. Find him at:email: [email protected] / web: maxonsax.com.auThanks for listening!If you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.blindsquirrelmacro.com/subscribe

The full Monday note can always be found at www.blindsquirrelmacro.comMusic from Max Slorach. Find him at:email: [email protected] / web: maxonsax.com.auThanks for listening!If you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.blindsquirrelmacro.com/subscribe

The full Monday note can always be found at www.blindsquirrelmacro.comMusic from Max Slorach. Find him at:email: [email protected] / web: maxonsax.com.auThanks for listening!If you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.blindsquirrelmacro.com/subscribe

The full Monday note can always be found at www.blindsquirrelmacro.comMusic from Max Slorach. Find him at:email: [email protected] / web: maxonsax.com.auThanks for listening!If you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.blindsquirrelmacro.com/subscribe

The full Monday note can always be found at www.blindsquirrelmacro.comMusic from Max Slorach. Find him at:email: [email protected] / web: maxonsax.com.auThanks for listening!If you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.blindsquirrelmacro.com/subscribe

The full Monday note can always be found at www.blindsquirrelmacro.comMusic from Max Slorach. Find him at:email: [email protected] / web: maxonsax.com.auThanks for listening!If you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.blindsquirrelmacro.com/subscribe

The full Monday note can always be found at www.blindsquirrelmacro.comMusic from Max Slorach. Find him at:email: [email protected] / web: maxonsax.com.auThanks for listening!If you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.blindsquirrelmacro.com/subscribe

The full Monday note can always be found at www.blindsquirrelmacro.comMusic from Max Slorach. Find him at:email: [email protected] / web: maxonsax.com.auThanks for listening!If you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.blindsquirrelmacro.com/subscribe

The full Monday note can always be found at www.blindsquirrelmacro.comMusic from Max Slorach. Find him at:email: [email protected] / web: maxonsax.com.auThanks for listening!If you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.blindsquirrelmacro.com/subscribe

The full Monday note can always be found at www.blindsquirrelmacro.comMusic from Max Slorach. Find him at:email: [email protected] / web: maxonsax.com.auThanks for listening!If you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.blindsquirrelmacro.com/subscribe

The full Monday note can always be found at www.blindsquirrelmacro.comMusic from Max Slorach. Find him at:email: [email protected] / web: maxonsax.com.auThanks for listening!If you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.blindsquirrelmacro.com/subscribe

The full Monday note can always be found at www.blindsquirrelmacro.comThe Monday Note:Show Note Visuals:Link to Goldman Sachs AI piece “I think that there is a foundational massive breakthrough in software engineering that has happened in the last 3 months that people are not paying enough attention to. I was able to build an app for myself in a couple of weeks using AI software engineering tools which previously would have cost $1-2m in seed capital, five people and 12 to 18 months of time to build…” Dave Morin, Offline Ventures.Semiconductors ($SOXX ETF) versus Cloud / SaaS providers ($WCLD, the Wisdomtree Cloud ETF that we discussed in the 🐿️’s most recent acorn trade and on The Market Huddle with Kevin Muir last week).Music from Max Slorach. Find him at:email: [email protected] / web: maxonsax.com.auThanks for listening!Squirrel Out!If you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.blindsquirrelmacro.com/subscribe

The full Monday note can always be found at www.blindsquirrelmacro.comThe Monday Note:Show Note Visuals:Music from Max Slorach. Find him at:email: [email protected] / web: maxonsax.com.auThanks for listening!Squirrel Out!If you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.blindsquirrelmacro.com/subscribe

The full Monday note can always be found at www.blindsquirrelmacro.comThe Monday Note:Show Note Visuals:Let’s walk through the economics of owning that option. Click the image below to link to the profit and loss worksheet.Music from Max Slorach. Find him at:email: [email protected] / web: maxonsax.com.auThanks for listening!Squirrel Out!If you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.blindsquirrelmacro.com/subscribe

The full Monday note can always be found at www.blindsquirrelmacro.comThe Monday Note:Show Note Visuals:Music from Max Slorach. Find him at:email: [email protected] / web: maxonsax.com.auThanks for listening!Squirrel Out!If you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.blindsquirrelmacro.com/subscribe

Welcome to the first edition of The Multi Asset Speed Date with my friend MC of MacroCharts. We recorded this on Wednesday 25th September 2024.Running time: 37 minutes.Squirrel out!If you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.blindsquirrelmacro.com/subscribe

The full Monday note can always be found at www.blindsquirrelmacro.comThe Monday Note:Show Note Visuals:Music from Max Slorach. Find him at:email: [email protected] / web: maxonsax.com.auThanks for listening!Squirrel Out!If you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.blindsquirrelmacro.com/subscribe

The full Monday note can always be found at www.blindsquirrelmacro.comThe Monday Note:Show Note Visuals:Music from Max Slorach. Find him at:email: [email protected] / web: maxonsax.com.auThanks for listening!Squirrel Out!If you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.blindsquirrelmacro.com/subscribe

The full Monday note can always be found at www.blindsquirrelmacro.comThe Monday Note:Show Note Visuals:Thanks for listening!Squirrel Out!If you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.blindsquirrelmacro.com/subscribe

The full Monday note can always be found at www.blindsquirrelmacro.comThe Monday Note:Show Note Visuals:Rogue Trader Soundtrack:Squirrel Out!If you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.blindsquirrelmacro.com/subscribe

The full Monday note can always be found at www.blindsquirrelmacro.comThe Monday Note:Show Note Visuals:Squirrel Out!If you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.blindsquirrelmacro.com/subscribe

The full Monday note can always be found at www.blindsquirrelmacro.comIf you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.blindsquirrelmacro.com/subscribe

The full Monday note can always be found at www.blindsquirrelmacro.comIf you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.blindsquirrelmacro.com/subscribe

The full Monday note can always be found at www.blindsquirrelmacro.comIf you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.blindsquirrelmacro.com/subscribe

The full Monday note can always be found at www.blindsquirrelmacro.comIf you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.blindsquirrelmacro.com/subscribe

The full Monday note can always be found at www.blindsquirrelmacro.comIf you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.blindsquirrelmacro.com/subscribe

The full Monday note can always be found at www.blindsquirrelmacro.comIf you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.blindsquirrelmacro.com/subscribe

The full Monday note can always be found at www.blindsquirrelmacro.comIf you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.blindsquirrelmacro.com/subscribe

The full Monday note can be found at www.blindsquirrelmacro.comThe Monday Note:Show Note Visuals:Remember in March when the obituaries were being written for Alphabet GOOG 0.00%↑ after the botched launch of their ‘woke’ chatbot, Gemini? So does the 🐿️! 😉Squirrel Out!If you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.blindsquirrelmacro.com/subscribe

The full Monday note can be found at www.blindsquirrelmacro.comThe Monday Note:Show Note Visuals:If you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.blindsquirrelmacro.com/subscribe

The full Monday note can be found at www.blindsquirrelmacro.comThe Monday Note:Show Note Visuals:SpotGamma note the vanna and charm effects of the index options market.Dispersion explainer: These days everyone is a seller of volatility and the dispersion trade (long single stock volatility, short index volatility - explainer here) continues to be crowded.David Dredge’s excellent April Risk Update - “Wittgenstein’s Ruler” elegantly points out some long-term patterns from the past, highlighting how extreme compression in FX vols often acts as a harbinger for major (unforeseen) risk events. With hindsight it all looks so obvious!es.If you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.blindsquirrelmacro.com/subscribe

The Monday Note:Show Note Visuals:Agriculture’s share of developed economies has shrunk dramatically over that period.If you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.blindsquirrelmacro.com/subscribe

The Monday Note:Show Note Visuals:If you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.blindsquirrelmacro.com/subscribe

The Monday Note:The Visuals:If you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.blindsquirrelmacro.com/subscribe

The Monday Note:The Visuals:The 3 tables below are taken from the OECD and UN FAO’s Agricultural Outlook 2023-2032:‘The Hip’If you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.blindsquirrelmacro.com/subscribe

If you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.blindsquirrelmacro.com/subscribe

If you act on anything provided in this newsletter, you agree to the terms in this disclaimer. Everything in this newsletter is for educational and entertainment purposes only and NOT investment advice. Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.blindsquirrelmacro.com/subscribe

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.blindsquirrelmacro.com/subscribe