Hypernormal Investing: Growing Capital & Protecting Wealth Amid Radical Uncertainty
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Why isn't oil at $200 with the Strait of Hormuz restricted? Rupert Mitchell — "The Blind Squirrel" — argues China has become a monopsony: the swing buyer of crude, putting an effective floor and ceiling on oil prices using storage tanks instead of quotas. He calls it the China Collar, and he thinks it will permanently re-rate energy equities. We also cover why he's buying UK domestic mid-caps "on the bond floor", what replaces bonds now the 60/40 portfolio has stopped working, and the Monte Carlo runs where OpenAI and Anthropic are worth nothing. A 25-year capital markets banker turned independent macro writer, Rupert publishes his own portfolio, losses included. The Blind Squirrel Macro: https://www.blindsquirrelmacro.com/ Hypernormal Times: https://jeremymckeown.substack.com/ In this episode: An accidental banker: Barings, 1994 — five months before Leeson Hong Kong ECM, and why the syndicate desk beat the prospectus Inside a Chinese EV startup: "capitalism is a full-body contact sport in China" BYD, Alibaba, Tencent — great company vs. great stock Why a blind squirrel: strong convictions, loosely held Leopold Aschenbrenner: the leverage lesson, not the fraud lesson I