The Market Huddle “An Empty Room Kinda Guy” (Guest: Robert Mullin)
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Aug 2, 2025 Robert Mullin, founder and chief investment officer of Marathon Resource Advisors, dives into the intricacies of the macroeconomic landscape. He discusses why recent market shifts represent significant VAR shocks and shares his strategic positioning in resource stocks. Mullin explores the investment dynamics in energy, the risks associated with shale oil, and the emergence of uranium as a stable option. He also touches on the evolving correlation of assets amid inflation pressures and geopolitical uncertainties, all while sprinkling in light-hearted anecdotes about trading successes.
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Early Investing Anecdote
- Robert Mullin grew up learning about stocks from his stockbroker father and invested early in companies like Amgen.
- Early success with Amgen gave him firsthand experience of how financial markets can produce significant returns over time.
Stocks-Bonds Correlation Shift
- Bonds and stocks were negatively correlated mainly during low inflation periods like 2000-2020.
- Historically, bonds and stocks have often moved together, especially when inflation is above 2.5%, which changes portfolio risk dynamics.
Liberation Day VAR Shock Impact
- The Liberation Day decline was a massive VAR shock affecting global US asset holders with a 20% drop in 2 months.
- This shock dwarfed the Global Financial Crisis in speed and magnitude, forcing a reevaluation of portfolio risk assumptions.
