The $9 Trillion Risk | Rupert Mitchell on the Unwind of US Dominance - And What Comes After It

In this episode of Excess Returns, Matt Zeigler sits down with Rupert Mitchell—founder of Blind Squirrel Macro—for an insightful, opinionated, and often humorous discussion on global market dynamics, the Mag 7, structural portfolio shifts, and what it takes to be a successful generalist investor. From the “Chart of Truth” to the hidden value in tire stocks, Rupert brings decades of experience and a distinctive lens to markets, risk, and opportunity.

🔍 Topics Covered:

Why European pension funds are rethinking U.S. equity exposure

The “Chart of Truth” and its implications for global allocations

The unexpected strength of retail investors in recent rallies

Mag 7 dominance, Nvidia’s market impact, and AI euphoria

Why Apple might be the ultimate funding short

A deep dive into the “Bushy” portfolio and why 60/40 is broken

How inflation volatility shapes asset choices and international diversification

The case for owning Goodyear and Korean utilities

The problem with adjusted EBITDA and financial storytelling

How being a generalist can be a competitive investing edge