{"podcast":{"title":"Excess Returns","slug":"excess-returns-902655","podcast_index_feed_id":902655,"rss_url":"https://anchor.fm/s/9a1dfac/podcast/rss","website_url":"https://excessreturnspod.com","image_url":"https://d3t3ozftmdmh3i.cloudfront.net/staging/podcast_uploaded_nologo/1516035/1516035-1743436234284-87994a171a4a2.jpg","author":"Excess Returns","episode_count":560,"summary":"Excess Returns is dedicated to making you a better long-term investor and making complex investing topics understandable. Join Jack Forehand, Justin Carbonneau and Matt Zeigler as they sit down with some of the most interesting names in finance to discuss topics like macroeconomics, value investing, factor investing, and more. Subscribe to learn along with us.","last_synced_at":"2026-09-13T06:18:13.262156+00:00","page_url":"https://stenobird.com/podcast/excess-returns-902655"},"episode":{"title":"He Called It the Worst Chart Imaginable. Then He Bought It | Rupert Mitchell on Cracks in the Mag 7","slug":"he-called-it-the-worst-chart-imaginable-then-he-bought-it-rupert-mitchell-on-cracks-in-the-mag-7","published_at":"2026-07-29T14:18:34+00:00","page_url":"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","show_page_url":"https://stenobird.com/podcast/excess-returns-902655","url":"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_url":"https://traffic.megaphone.fm/APO1570335232.mp3","summary":"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…","meta_description":"Rupert Mitchell of Blind Squirrel Macro joins Matt Zeigler to explain how surging AI capital spending, mega-cap share issuance and expensive U.S. technolo…","key_points":[],"chapters":[],"topics":[],"duration_seconds":3310,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/excess-returns-902655/episodes/he-called-it-the-worst-chart-imaginable-then-he-bought-it-rupert-mitchell-on-cracks-in-the-mag-7/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"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","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}