Blind Squirrel Macro - The Pod

This is a free preview of a paid episode. To hear more, visit www.blindsquirrelmacro.comThe 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 free preview of a paid episode. To hear more, visit www.blindsquirrelmacro.comThe 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.

During June, before Blind Squirrel Macro moves completely behind the paywall, we are going through the process of re-underwriting all of the live Acorn trades and revisiting the 'bull pen' of themes that we have closed out the trade but continue to monitor. This week we tackle the financials from financial exchanges, digital payments and banks (from Japanese behemoths to advisory boutiques) to our old friends at #TeamSaddlebags!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

Blind Squirrel Macro: The Pod (Episode 88).. Audio-only edition embedded below and also available in the usual ‘Blind Squirrel Macro: The Pod’ feeds on the podcast apps.It’s Monaco Grand Prix weekend and the 🐿️ sat down with his good friend and motorsport guru Matt Marsh on Friday afternoon to discuss the business of motorsport and Formula One. We also took a quick look at the latest betting odds for tomorrow’s big race. I hope you enjoy the conversation. I certainly learned a lot. Acorn follow-up note 👇.Introducing Matt MarshAfter a successful career on the racetrack (Porsche Carrera Cup Asia champion and first driver to represent Hong Kong in the Le Mans 24hr race), Matt was the F1 presenter for Fox Sports Asia (formerly Star Sports / ESPN).In 2005, Matt founded EDJ Motorsport Marketing, a specialist brand and marketing consultancy focused on motorsports. He is currently based in Singapore, but you will usually find him the F1 paddock on race days.Podcast Summary (Run time: 37 minutes)Minute 04 | The Evolution of Formula One’s Business Model* Discussion of Bernie Ecclestone’s commercial transformation of Formula One, his focus on high-value sponsors, and the origins of the sport’s current business structure.* Ecclestone’s approach to TV rights and team representation, and how these innovations laid the groundwork for Formula One’s modern commercial success.Minute 8 | Liberty Media’s Revolution and Fanbase Expansion* Liberty Media’s F1 acquisition and their focus on entertainment, accessibility, and expanding the fanbase.* The impact of digital content, social media, and the Netflix series “Drive to Survive” in attracting younger and more diverse audiences.* Growth in global fan numbers, with significant increases in female and 16–34-year-old fans.Minute 13 | Financial Growth, Team Valuations, and Commercial Sustainability* The economic transformation of Formula One under Liberty, including team valuations and the drive for commercial sustainability among all teams.* Discussion of anti-dilution fees for new teams (e.g., Cadillac’s entry) and the debate around expanding the grid line up.Minute 15 | Formula One’s and the US Market* How Liberty succeeded in making Formula One popular in the US; the differences in audience size and sponsor appeal between F1 and NASCAR; and the unique global and B2B opportunities F1 offers sponsors.Minute 22 | Sponsorship, Branding, and Marketing in Modern Motorsport* Breakdown of sponsorship tiers and the value proposition for brands in F1, from small ambassador deals to title partnerships.* The shift from traditional branding to storytelling, internal branding, and the importance of aligning sponsorships with business objectives.Minute 26 | ‘Sim’ Racing: Technology, Training, and Commercial Potential* ‘Sim’ (simulator) racing, its role as a driver training tool* The limitations of ‘Sim’ racing as a spectator or commercial product as compared with other esports.Minute 32 | Monaco Grand Prix Preview and F1 Punditry* Analysis of current odds for the Monaco Grand Prix and Constructors’ Championship, the impact of the race’s new pit stop regulations, and the unpredictability of racing at Monaco.* Discussion of this weekend’s intra-team driver matchups; potential race scenarios; and weather considerations.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

Blind Squirrel Macro: The Pod (Episode 87) - Recorded May 15th, 2025. Audio-only edition embedded below and also available in the usual ‘Blind Squirrel Macro: The Pod’ feeds on the podcast apps.“Amazon.com is the leading online retailer of books. Since opening for business as "Earth's Biggest Bookstore" in July 1995, the Amazon.com bookstore has quickly become one of the most widely known, used and cited commerce sites on the World Wide Web.”Introducing Jim MillerJim enjoyed an illustrious multi decade investment banking career starting in the mid 1980s at Merrill Lynch, cycling through Deutsche Morgan Grenfell, and Lehman Brothers before establishing an equities business for Dresdner after Bruce Wasserstein’s eponymous boutique had been ‘acqui-hired’ by the German bank to create Dresdner Kleinwort Wasserstein.Like the 🐿️, Jim spent much of his banking career as an equity capital markets specialist. He has some extraordinary stories to share but I wanted to dig into one particular tale. The Amazon IPO.Podcast summary below the charts. 👇Podcast Summary:00:01:10 – Deutsche Bank’s US Expansion and Recruitment Drive* Discussion of Deutsche Bank’s strategic push into US capital markets in the mid-1990s, led by Edson Mitchell and Carter McClelland.* Jim describes joining Deutsche to build its US ECM business and meeting Frank Quattrone, a star tech banker newly recruited from Morgan Stanley.00:03:20 – The Amazon IPO: Background and Context* The conversation shifts to Amazon’s 1997 IPO, led by Deutsche Bank-a surprising choice at the time.* Jim provides context on the tech IPO boom of 1996, with 244 deals raising $13 billion, and Alan Greenspan’s “irrational exuberance” speech marking a turning point in market sentiment.* Why Amazon chose Deutsche Bank (Frank Quattrone’s charisma and hardcover pitch books).00:07:58 – Valuing Amazon: Challenges and Approach* The challenges of valuing Amazon, a small but high-profile business.* The DCF-based research valuation came from a young analyst called Bill Gurley - yes that one!00:11:02 – The IPO, Aftermarket Trading and Stabilization* Detailed account of the 3-hour pricing meeting, where the price was set at $18 per share after much debate.* The trading debut was attended by Jeff Bezos’ mum!* The retail ambush that stripped the register of all the institutional names.* The stock quickly declined post-IPO, underperforming the NASDAQ. Deutsche Bank intervened, buying a third of the float to stabilize the price and protect their new franchise.00:24:14 – Frank Quattrone and the “Friends of Frank” Scandal* Discussion of Frank Quattrone’s subsequent move to Credit Suisse and the controversial “friends of Frank” IPO allocation practices.* Jim explains how these practices differed from stricter protocols at other banks and the eventual legal scrutiny faced by Quattrone and his team.00:29:39 – Reflections on the Modern IPO Market* The conversation shifts to the current state of the US IPO market, characterized by limited deal activity despite buoyant equity markets.* Jim attributes this to excess liquidity in private markets, distorted valuations, and a lack of pricing discipline among venture and private equity firms1.00:36:23 – Closing Thoughts and Future Topics* Final reflections on the challenges facing dealmakers in 2025 and the persistent issues in the IPO and private equity markets.Please do sign up for Jim’s excellent occasional blog on Substack, Comments from Connecticut, here and active users of The Drey will know him as one of our regulars, Jim.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

Was back on CNBC on Tuesday morning. Blind Squirrel Macro is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.With Carney in the White House today, have we bought the bottom in Canadian energy?Yes, I still think the ‘deal boys’ have a tough 2025 ahead. Refresher below.Thanks, as ever, for your support. 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

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