The ACID Capitalist Podcast Acid Breath: The Bank of the Sopranos & Unlocking Gresham's Law
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Oct 16, 2025 The market maintains a strange steadiness amidst whispers from the Beige Book about regional growth. Hugh explores ARM's energy-efficient CPUs and their potential impact on data centers, questioning if they could capture a significant market share. Oil prices linger near 2005 levels, raising eyebrows about the economy's state. The episode wraps up with reflections on the complex relationship between oil and gold, and how these factors intertwine in the current economic landscape.
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Macrostatic Market Rhythm
- Markets feel strangely steady with no crashes and few new highs despite messy macro headlines.
- Hugh Hendry calls this 'macrostatic' where the beat goes on amid a government shutdown.
Tony Soprano Thrift Trade
- Hugh Hendry recounts buying Queens County Savings Bank in the mid-1990s as his first big trade.
- The thrift had never recorded a credit loss and later exploded higher, partly due to local repayment culture.
Beige Book: Regional Recalibration
- The Beige Book shows mixed regional conditions: three districts growing, five flat, four softening.
- Hendry reads this as recalibration, not boom or bust, with coastal strength and heartland strain.