He Called It the Worst Chart Imaginable. Then He Bought It | Rupert Mitchell on Cracks in the Mag 7

Rupert Mitchell of Blind Squirrel Macro joins Matt Zeigler to explain how surging AI capital spending, mega-cap share issuance and expensive U.S. technology stocks could reshape global equity leadership. They discuss the case for equal-weight stocks, energy equities, gold, UK small caps, Uzbekistan and Turkey, along with the risk that a surprise Federal Reserve hike could trigger a broader unwind in leveraged markets.Rupert Mitchell on Xhttps://x.com/SquirrelMacroBlind Squirrel Macrohttps://www.blindsquirrelmacro.comTopics coveredWhy the S&P 500 versus the rest of the world remains Rupert's chart of truthHow the Bushy portfolio uses international equities, gold, commodities and hedges as an alternative to a traditional 60/40 portfolioWhy positive stock-bond correlation has weakened the diversification case for long-duration bondsHow AI data center spending, mega IPOs and new share issuance could reverse the buyback-driven de-equitization of U.S. marketsWhy Rupert is long the equal-weight S&P 500 and short the Nasdaq 100 as market leadership broadensHow China's growing power in oil markets may create a price collar that supports energy producers, refiners, midstream companies and offshore servicesWhat a surprise Federal Reserve hike or death shot could mean for technology stocks, private credit, private equity and leveraged risk assetsWhy deeply discounted UK small and mid-cap stocks may benefit from buybacks, takeovers, pension capital and investment trust activismThe opportunity in Uzbekistan's privatization program and the role of Templeton in improving governanceWhy Turkey's inflation-tested companies, strategic geography and cheap valuations may offer an attractive emerging-market setupTimestamps00:00 Intro04:00 Bushy portfolio changes across energy, commodities and precious metals08:54 How AI capital spending and equity issuance threaten the buyback era13:00 Equal-weight valuations and the long RSP, short QQQ trade17:02 China's oil price collar and the energy equity re-rating22:18 The Fed death shot and the danger of an unpriced hike30:06 Peak populism and the historic valuation gap in UK equities34:10 M&A, pension capital and UK investment trusts38:50 Uzbekistan's privatization opportunity43:39 Turkish equities, inflation and geopolitical leverage49:13 Why stress-tested businesses may offer better value53:39 Blind Squirrel Macro and Benny and the SquirrelLearn more about the Excess Returns podcast network:https://excessreturns.coNo information discussed in this podcast should be construed as investment advice. Securities discussed may be held by the hosts and guests, their firms or their clients.