When logic fails, hedges break, and the models panic.
Markets rarely behave. In this episode, Hugh Hendry unpacks why.
Exploring what happens when models flash red and logic collapses in real time. From George Gammon’s CarMax hedge to the intricacies of dating, calculating sexual market value and the Fed’s confused dance with Treasury policy, Hugh dissects how a “Z-score of 3” moment becomes a one-in-a-thousand event that reshapes portfolios.
He links collapsing used-car stocks to compressed thirty year immigration trends, digs into the stealth recession in U.S. housing, and considers how risk managers unknowingly amplify panic by reducing exposure. Along the way he spotlights Martin Marietta, BioNTech’s AI ambitions, and why the next big opportunity may lie inside America’s housing-linked equities.
This is a raw, late-night macro sermon from St Barts: part reflection, part market therapy. Traders and macro mavens will find insight in Hugh’s irreverent exploration of fear, liquidity, and conviction.
⬇️ Subscribe on Patreon or Substack for full episodes ⬇️
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