This was one of my favorite podcasts I have recorded so far and I had to go listen to it a second time last night. I haven’t found many investors like PauloMacro that are as good at painting a picture of where we are today in financial markets and where we might be going. If you aren’t able to get enough from his Substack, you can also find him on Twitter.

Inflationary recessions create monetary illusions.

There are a lot of moving pieces in financial markets and geopolitics right now, and Paulo does a great job of setting the stage before diving into different commodities and opportunities in certain sectors. There were three takeaways that I think everyone should consider in their investing process:

* Why Paulo looks for commodities or sectors “going to sleep” or being invisible for a while.

* How positioning, sentiment, and narrative impact his investing process.

* Why there is no clear way to express the trade in certain situations.