The Macro Dirt Podcast The Running of the Bulls: Gold, Uranium, and AI
16 snips
Oct 2, 2025 
In a vibrant discussion, Paulo Macro, a seasoned writer and trader with 25 years in Wall Street, explores the 'upside down' market dynamics shaped by the Trump administration. He highlights the bullish potential of uranium due to supply deficits and government support, while cautioning against speculative investments. The conversation also delves into AI's costly infrastructure and its fragility in the credit market, emphasizing the growing risks amidst the excitement. Throughout, Paulo intertwines insights from his musical background and trading disciplines.
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Markets Living In The Upside Down
- The current era is an "upside down" market where fiscal activism and industrial policy clash with free-market norms.
- Paulo says investors must accept paradoxes and position for government-directed capital flows.
Follow The Fiscal Hose
- Identify where fiscal hoses will spray money and invest close to those beneficiaries early.
- Don't fight policy-driven flows; follow the sectors the administration signals it will support.
Commodities Are Poised For Rotation
- Commodities and miners are tiny in global market cap but ripe to absorb fresh fiscal and institutional flows.
- Paulo expects upstream miners to rerate as capital chases constrained supply assets.
