# He Called It the Worst Chart Imaginable. Then He Bought It | Rupert Mitchell on Cracks in the Mag 7

Page: https://stenobird.com/podcast/excess-returns-902655/he-called-it-the-worst-chart-imaginable-then-he-bought-it-rupert-mitchell-on-cracks-in-the-mag-7
Text version: https://stenobird.com/podcast/excess-returns-902655/he-called-it-the-worst-chart-imaginable-then-he-bought-it-rupert-mitchell-on-cracks-in-the-mag-7.md
Podcast: [Excess Returns](https://stenobird.com/podcast/excess-returns-902655)
Published: 2026-07-29T14:18:34+00:00
Episode link: https://podcasters.spotify.com/pod/show/excess-returns/episodes/He-Called-It-the-Worst-Chart-Imaginable--Then-He-Bought-It--Rupert-Mitchell-on-Cracks-in-the-Mag-7-e3mmukk
Audio file: https://traffic.megaphone.fm/APO1570335232.mp3
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Duration seconds: 3310

## Resource

Rupert Mitchell of Blind Squirrel Macro joins Matt Zeigler to explain how surging AI capital spending, mega-cap share issuance and expensive U.S. technology stocks could reshape global equity leadership. They discuss the case for equal-weight stocks, energy equities, gold, UK small caps, Uzbekistan and Turkey, along with the risk that a surprise Federal Reserve hike could trigger a broader unwind in leveraged markets. Rupert Mitchell on X https://x.com/SquirrelMacro Blind Squirrel Macro https://www.blindsquirrelmacro.com Topics covered Why the S&P 500 versus the rest of the world remains Rupert's chart of truth How the Bushy portfolio uses international equities, gold, commodities and hedges as an alternative to a traditional 60/40 portfolio Why positive stock-bond correlation has weakened the diversification case for long-duration bonds How AI data center spending, mega IPOs and new share issuance could reverse the buyback-driven de-equitization of U.S. markets Why Rupert is long the equal-weight S&P 500 and short the Nasdaq 100 as market leadership broadens How China's growing power in oil markets may create a price collar that supports energy producers, refiners, midstream companies and offshore services What a surprise Federal Reserve hike or death shot could mean for technology stocks, private credit, private equity and leveraged risk assets Why deeply discounted UK small and mid-cap stocks may benefit from buybacks, takeovers, pension capital and investment trust activism The opportunity in Uzbekistan's privatization program and the role of Templeton in improving governance Why Turkey's inflation-tested companies, strategic geography and cheap valuations may offer an attractive emerging-market setup Timestamps 00:00 Intro 04:00 Bushy portfolio changes acr…

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