Send us Fan Mail it's nearly one in the afternoon and i haven't read a fucking email this year. this was supposed to be a serious day. deadlines. targets. catholic guilt. presbyterian duty stomping around the room like an angry motherfucker. instead i'm still in my silk bruce lee pyjama bottoms, three coffees deep, magic potions mashed into yoghurt, watching my laptop quietly devour the morning. this is a field report from inside the machine. adhd. drugs. barefoot running in tropical heat. mo...

Send us Fan Mail back in march i published a bullish substack essay into a collapsing tape. software stocks were getting butchered. hyperscalers accused of losing their minds. nvidia was falling like a broken momentum trade while missiles were raining down across iran and every idiot on television suddenly became a geopolitical strategist. but price was saying something else. software was no longer scarce. that was the whole point. once code starts writing code the scarcity moves upstream int...

Send us Fan Mail come to the acid capitalist summer camp in st barts 2nd to 6th august. https://hughhendry.com/acid-capital-retreat/ broadcasting from the caribbean as the acid capitalist, i try to make the uk’s sovereign problem legible without the institutional fog. no jargon. no costume. just the one signal that still cuts through the spin: price. i start with a ghost story of imperial infrastructure repurposed into luxury hospitality, then land the argument with brutal ratios that sound ...

Send us Fan Mail the strangest part of the last few weeks is not the headlines about iran, the strait of hormuz, or "financial war". the strangest part is the price. while the front pages sound confident that risk should be melting stocks down, the s&p 500 and nasdaq act like they already know how this ends, and they keep moving higher. i dig into that uncomfortable moment every investor recognises: being right on your story but wrong in your p&l, and what to do when the tape gives th...

Send us Fan Mail it broke. the talks. iran, the us, all of it. the kind of weekend that’s supposed to matter. the market sells off. of course it does. and then it gets quickly bought back. clean. no hesitation. and by the time you’re ready to process it, it’s back at the all time high again. so now you’ve got a problem. because that isn’t noise. it’s instruction. price telling you what it doesn’t care about, and what you should stop caring about too if you want to invest like an adult rather ...

Send us Fan Mail a senior rates trader with the closest seat to the federal reserve looks you in the eye and says the quiet part out loud: rates are impossible to predict. that single line detonates the whole religion of macro commentary, expert priesthood, and the endless chase for “signal” in GDP tweaks, inflation prints, and breathless basis point narratives. we follow that thread to a blunt standard for intellectual hygiene: if price did not move materially, the story is mostly theatre.&n...

Send us Fan Mail fourteen basis points. that’s the kind of move that gets treated like prophecy on financial television, dressed up with solemn voices and “sticky inflation” metaphors. i'm not buying it. from an apocalypse now rant delivered with a trader’s eye, i lay out a brutal macro investing filter: markets don’t move because someone “figured it out” they move because people act, react, and mis-price risk inside a chaotic system. if you want clarity, you need distance from the noise and ...

Send us Fan Mail 𝚊 𝚑𝚊𝚛𝚍 𝚊𝚜𝚜𝚎𝚝 𝚜𝚕𝚊𝚖𝚖𝚎𝚍 𝚒𝚗𝚝𝚘 𝚊𝚗 𝚎𝚕𝚊𝚜𝚝𝚒𝚌 𝚠𝚘𝚛𝚕𝚍. 𝚠𝚑𝚊𝚝 𝚝𝚑𝚎 𝚑𝚎𝚕𝚕 𝚑𝚊𝚙𝚙𝚎𝚗𝚜 𝚗𝚎𝚡𝚝? 𝚒 𝚍𝚛𝚊𝚐 𝚢𝚘𝚞 𝚏𝚛𝚘𝚖 𝚛𝚊𝚒𝚗-𝚜𝚘𝚊𝚔𝚎𝚍 𝚋𝚛𝚒𝚝𝚒𝚜𝚑 𝚙𝚘𝚞𝚗𝚍 𝚗𝚘𝚝𝚎𝚜 𝚝𝚘 𝚊 𝚏𝚞𝚕𝚕-𝚝𝚑𝚛𝚘𝚝𝚝𝚕𝚎 𝚊𝚞𝚍𝚒𝚝 𝚘𝚏 𝚋𝚒𝚝𝚌𝚘𝚒𝚗'𝚜 𝚒𝚛𝚘𝚗𝚌𝚕𝚊𝚍 𝚜𝚝𝚛𝚞𝚌𝚝𝚞𝚛𝚎, 𝚐𝚘𝚕𝚍'𝚜 𝚝𝚒𝚖𝚎𝚕𝚎𝚜𝚜 𝚋𝚎𝚗𝚌𝚑𝚖𝚊𝚛𝚔, 𝚊𝚗𝚍 𝚝𝚑𝚎 𝚝𝚠𝚒𝚜𝚝𝚎𝚍 𝚎𝚌𝚘𝚗𝚘𝚖𝚒𝚌𝚜 𝚘𝚏 𝚜𝚌𝚊𝚛𝚌𝚒𝚝𝚢 𝚒𝚗 𝚊𝚗 𝚎𝚛𝚊 𝚑𝚞𝚛𝚝𝚕𝚒𝚗𝚐 𝚝𝚘𝚠𝚊𝚛𝚍 𝚊𝚋𝚞𝚗𝚍𝚊𝚗𝚌𝚎. 𝚒 𝚔𝚒𝚌𝚔 𝚘𝚏𝚏 𝚋𝚢 𝚏𝚕𝚒𝚙𝚙𝚒𝚗𝚐 𝚏𝚒𝚊𝚝 𝚘𝚗 𝚒𝚝𝚜 𝚑𝚎𝚊𝚍: 𝚗𝚘𝚝 𝚜𝚘𝚖𝚎 𝚖𝚘𝚛𝚊𝚕 𝚏𝚕𝚘𝚙, 𝚋𝚞𝚝 𝚊 𝚜𝚕𝚒𝚌𝚔 𝚊𝚍𝚊𝚙𝚝𝚒𝚟𝚎 𝚠𝚎𝚊𝚙𝚘𝚗 𝚝𝚑𝚊𝚝 𝚑𝚎𝚕𝚍 𝚜𝚘𝚌𝚒𝚎𝚝𝚒𝚎𝚜 𝚝𝚘𝚐𝚎𝚝𝚑𝚎𝚛 𝚝𝚑𝚛𝚘𝚞𝚐𝚑 𝚠𝚎𝚒𝚖𝚊𝚛'𝚜 𝚌𝚑𝚊𝚘𝚜, 𝟷𝟿𝟸𝟿'𝚜 𝚌𝚛𝚊𝚜𝚑, 𝟸𝟶𝟶𝟾'𝚜 𝚖𝚎𝚕𝚝𝚍𝚘𝚠𝚗, 𝚊𝚗𝚍 𝚝𝚑𝚎 𝚙𝚊𝚗𝚍𝚎𝚖𝚒𝚌'𝚜 𝚏...

Send us Fan Mail A market story is only as good as the portfolio that can survive it. Hugh Hendry sat down in London to explore risk from first principles. Why playful, curious, even mischievous thinking can beat credentialed certainty, and how to build an allocation that thrives whether AI delivers a productivity super‑cycle or ushers in painful dislocation. The conversation tugs at the great plaster on the body politic : consumer sentiment scraping historic lows while prosperity narratives ...

Send us Fan Mail A faster lap by going blind sounds reckless until you hear Lando Norris say he drives better with the delta display switched off. That’s the spark for a bigger idea we explore: acid capitalism, where imagination and shared beliefs move markets more than the neatest spreadsheet ever can. We start with the critique that more frequent shows dilute intrigue and use it to sharpen the mission: reduce noise, focus on decision design. From there we test how narrative beats decimals ...