Rupert Mitchell of Blind Squirrel Macro joins Matt Zeigler to talk global markets, China’s resurgence, the AI CapEx boom, and where investors can still find value in a concentrated, overvalued U.S. market. Rupert shares insights from his recent trip to China, his evolving macro framework, and how he’s positioning across equities, credit, and real assets in what he believes could be the start of a long cycle shift away from U.S. dominance.
Topics covered:
China’s accelerating industrial and market recovery
Why he sees the start of an 8–10 year bull market in China
The “CapEx time bomb” under the Mag 7
U.S. vs. international equity performance and valuations
The rise of fallen angels and how private credit changed high yield
Why he may soon flip from short to long credit
The end of the stock-bond correlation era
His “Bushy” portfolio and defensive positioning
Trend following, precious metals, and EM local debt
Emerging opportunities in Africa and Uzbekistan
The global energy complex and long-dated crude exposure
Short ideas in fast casual restaurants and the “forgotten 493”
How investor sentiment extremes create opportunity
Timestamps:
00:00 China’s transformation and why Rupert’s bullish
05:00 The Made in China 2025 plan and global dominance
07:00 U.S. vs. international equity rotation
10:00 The Mag 7’s CapEx problem
14:00 The “forgotten 493” and passive flow dynamics
18:00 Bonds, credit spreads, and what the yield curve says
21:00 Private credit, fallen angels, and the next credit setup
25:00 The end of risk parity and correlation breakdown
27:00 Inside the Bushy portfolio and alternatives
30:00 Gold, miners, and precious metals strategy
33:00 Frontier and EM opportunities – Africa and Uzbekistan
39:00 The Acorns portfolio and global positioning
44:00 Energy stocks, refiners, and long-dated crude
49:00 The restaurant short thesis and U.S. consumer trends
53:00 Where to follow Rupert and Blind Squirrel Macro
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