![\"\ud83c\udf99\ufe0f\"](\"https:\/\/cdn-cfjem.nitrocdn.com\/zNcCGDbeXvZPFMQObFaWnTyopWrvNGgO\/assets\/images\/optimized\/rev-4753d21\/fonts.gstatic.com\/s\/e\/notoemoji\/15.1\/1f399_fe0f\/32.png\")
\u00a0\u00a0NEW PODCAST WITH CHRIS AND BRAD<\/strong><\/h2>\nWe\u2019ve got a new podcast to share with you this week. Chris MacIntosh and our head trader, Brad McFadden sat down with Danny over at CapitalCosm.<\/p>\n
\n![\"\"](\"https:\/\/cdn-cfjem.nitrocdn.com\/zNcCGDbeXvZPFMQObFaWnTyopWrvNGgO\/assets\/images\/optimized\/rev-4753d21\/capitalistexploits.at\/wp-content\/uploads\/2024\/11\/image-6.jpeg\")
<\/figure>\n<\/div>\n\n- On the knife\u2019s edge:\u00a0we\u2019re in the middle of a stagflationary environment that looks very dangerous<\/strong>\u00a0(and very few investors are actually positioning for it). Historically, this almost always coincided with wars.<\/li>\n
- What\u2019s going on with gold?<\/strong><\/li>\n
- The brilliance of George Soros and his\u00a0\u201cfind a narrative that\u2019s wrong and bet against it\u201d<\/strong><\/em>\u00a0philosophy.<\/li>\n
- Why energy is the bedrock of inflation<\/strong><\/li>\n
- How the \u201cgreen\u201d mania opened up the door to a wide range of asymmetric setups. Getting gassy: why every energy investor should be keeping an eye on the\u00a0alarming trends in US shale<\/strong><\/li>\n
- The convergence of multiple decades-long or even centuries-long cycles<\/strong>\u00a0that\u2019s happening right now and how it affects macro investing.<\/li>\n
- What investing in cheap assets really means<\/strong>\u00a0(and why it has little to do with discounted cash flows, etc.).<\/li>\n<\/ul>\n
You can listen to the\u00a0entire conversation on Youtube here<\/a>.<\/p>\n![\"\ud83d\udcc8\"](\"https:\/\/cdn-cfjem.nitrocdn.com\/zNcCGDbeXvZPFMQObFaWnTyopWrvNGgO\/assets\/images\/optimized\/rev-4753d21\/fonts.gstatic.com\/s\/e\/notoemoji\/15.1\/1f4c8\/32.png\")
\u00a0\u00a0AND THE WORLD\u2019S #1 PERFORMING STOCK MARKET IS\u2026<\/strong><\/h2>\nAny guesses as to what the world\u2019s top performing stock market so far this year might be? Hint: it\u2019s not the tech heavy Nasdaq.<\/p>\n
\n![\"\"](\"https:\/\/cdn-cfjem.nitrocdn.com\/zNcCGDbeXvZPFMQObFaWnTyopWrvNGgO\/assets\/images\/optimized\/rev-4753d21\/capitalistexploits.at\/wp-content\/uploads\/2024\/11\/image-5.jpeg\")
<\/figure>\n<\/div>\nYep, it\u2019s Argentina. As it turns out, Argentinian stocks have thus far clobbered both the S&P 500 (which these days is really a proxy for the Magnificent 7) as well as the Nasdaq by more than 2x.<\/p>\n
\n![\"\"](\"https:\/\/cdn-cfjem.nitrocdn.com\/zNcCGDbeXvZPFMQObFaWnTyopWrvNGgO\/assets\/images\/optimized\/rev-4753d21\/capitalistexploits.at\/wp-content\/uploads\/2024\/11\/image-3.png\")
<\/figure>\n<\/div>\nWe touched on Argentina in the last missive, so won\u2019t be rehashing the fundamentals and the political and economic sea-change under Javier Milei that\u2019s fueling a lot of this growth. Nevertheless, it\u2019s a textbook example of what can happen when things (at least in the eyes of investors) go from completely \u201cphac\u2019d up\u201d to less so.<\/p>\n
One other thing worth pointing out is that despite this impressive performance so far, Argentinian stocks are still cheap as chips. As a quick comparison, here\u2019s how they stack up against the S&P 500.<\/p>\n
\n![\"\"](\"https:\/\/cdn-cfjem.nitrocdn.com\/zNcCGDbeXvZPFMQObFaWnTyopWrvNGgO\/assets\/images\/optimized\/rev-4753d21\/capitalistexploits.at\/wp-content\/uploads\/2024\/11\/image-2.png\")
<\/figure>\n<\/div>\nWe are actually on the ground in Argentina right now, looking at investing opportunities \u2014 both publicly listed and private. We\u2019ll have more to share in the future, so stay tuned.<\/p>\n
One thing we can comfortably declare \u2014 after a sumptuous asado dinner last night \u2014 is that this is probably the worst place on Earth to be a vegan.<\/p>\n
\n![\"\"](\"https:\/\/cdn-cfjem.nitrocdn.com\/zNcCGDbeXvZPFMQObFaWnTyopWrvNGgO\/assets\/images\/optimized\/rev-4753d21\/capitalistexploits.at\/wp-content\/uploads\/2024\/11\/image-4.jpeg\")
<\/figure>\n<\/div>\n![\"\ud83c\udf0a\"](\"https:\/\/cdn-cfjem.nitrocdn.com\/zNcCGDbeXvZPFMQObFaWnTyopWrvNGgO\/assets\/images\/optimized\/rev-4753d21\/fonts.gstatic.com\/s\/e\/notoemoji\/15.1\/1f30a\/32.png\")
\u00a0\u00a0THE TIDE IS TURNING<\/strong><\/h2>\nThe following chart caught our attention (h\/t @VladBastion):<\/p>\n
\n![\"\"](\"https:\/\/cdn-cfjem.nitrocdn.com\/zNcCGDbeXvZPFMQObFaWnTyopWrvNGgO\/assets\/images\/optimized\/rev-4753d21\/capitalistexploits.at\/wp-content\/uploads\/2024\/11\/image-1.png\")
<\/figure>\n<\/div>\nWe often wondered if the whole \u201cnet zero\u201d push was a byproduct of low interest rates. While correlation doesn\u2019t necessarily mean causation, there does seem to be some truth to that. The above chart shows two very clear trends:<\/p>\n
1. The\u00a0excitement<\/s>\u00a0hype around clean energy is gone.<\/strong><\/h2>\nIn just a few years now, we essentially went from this\u2026<\/p>\n
\n![\"\"](\"https:\/\/cdn-cfjem.nitrocdn.com\/zNcCGDbeXvZPFMQObFaWnTyopWrvNGgO\/assets\/images\/optimized\/rev-4753d21\/capitalistexploits.at\/wp-content\/uploads\/2024\/11\/image-3.jpeg\")
<\/figure>\n<\/div>\nTo this\u2026<\/p>\n
\n![\"\"](\"https:\/\/cdn-cfjem.nitrocdn.com\/zNcCGDbeXvZPFMQObFaWnTyopWrvNGgO\/assets\/images\/optimized\/rev-4753d21\/capitalistexploits.at\/wp-content\/uploads\/2024\/11\/image-2.jpeg\")
<\/figure>\n<\/div>\nMore broadly, Morningstar reports that 349 ESG funds have closed or merged across the EU and US this year, 102 in the third quarter alone so far.<\/p>\n
And here\u2019s the second takeaway from the above chart\u2026<\/p>\n
2. Investors are waking up to the reality that nuclear energy isn\u2019t going away.<\/strong><\/h2>\nAnd not only that, for the first ever, the amount of money invested in nuclear\/uranium funds now exceeds that of clean energy funds.<\/p>\n
Somewhat ironically, we now also have Mag 7 companies like Amazon, Google, Microsoft directly involved with nuclear. We have to admit we never saw it coming, but being that uranium is one of the core themes in\u00a0Insider<\/em><\/a>, we\u2019ll take it.<\/p>\n![\"\ud83e\uddd8\u200d\u2642\ufe0f\"](\"https:\/\/cdn-cfjem.nitrocdn.com\/zNcCGDbeXvZPFMQObFaWnTyopWrvNGgO\/assets\/images\/optimized\/rev-4753d21\/fonts.gstatic.com\/s\/e\/notoemoji\/15.1\/1f9d8_200d_2642_fe0f\/32.png\")
\u00a0\u00a0THE POWER OF PATIENCE<\/strong><\/h2>\nSome timeless wisdom from Jesse Livermore (h\/t @marketplunger1):<\/p>\n
\n![\"\"](\"https:\/\/cdn-cfjem.nitrocdn.com\/zNcCGDbeXvZPFMQObFaWnTyopWrvNGgO\/assets\/images\/optimized\/rev-4753d21\/capitalistexploits.at\/wp-content\/uploads\/2024\/11\/image-1.jpeg\")
<\/figure>\n<\/div>\nToday \u2014 almost 100 years later \u2014 this is more true than ever. It appears that patience is a declining skill these days, at least from an investing perspective.<\/p>\n
We shared this chart in the\u00a0Insider Newsletter<\/em><\/a>\u00a0a few weeks ago, and it perfectly demonstrates out point \u2014 the average holding period in the stock market shrunk from 8.3 years in the 1960\u2019s to just 7 months today.<\/p>\n\n![\"\"](\"https:\/\/cdn-cfjem.nitrocdn.com\/zNcCGDbeXvZPFMQObFaWnTyopWrvNGgO\/assets\/images\/optimized\/rev-4753d21\/capitalistexploits.at\/wp-content\/uploads\/2024\/11\/image.png\")
<\/figure>\n<\/div>\nNow, in all fairness, it is all very well saying you are more patient than others (i.e., have a longer time frame), but when the market comes for you, sitting on your hands and doing nothing indeed becomes much harder.<\/p>\n
![\"\ud83e\udd23\"](\"https:\/\/cdn-cfjem.nitrocdn.com\/zNcCGDbeXvZPFMQObFaWnTyopWrvNGgO\/assets\/images\/optimized\/rev-4753d21\/fonts.gstatic.com\/s\/e\/notoemoji\/15.1\/1f923\/32.png\")
\u00a0\u00a0WEEKLY HUMOUR<\/strong><\/h2>\nAnd lastly, a brief\u00a0commercial message<\/a>\u00a0from our Big Pharma sponsors.<\/p>\n\n![\"\"](\"https:\/\/cdn-cfjem.nitrocdn.com\/zNcCGDbeXvZPFMQObFaWnTyopWrvNGgO\/assets\/images\/optimized\/rev-4753d21\/capitalistexploits.at\/wp-content\/uploads\/2024\/11\/image.jpeg\")
<\/figure>\n<\/div>\nHave a great start to the new week!<\/p>\n<\/p><\/div>\n
<\/figure>\n<\/div>\n- \n
- On the knife\u2019s edge:\u00a0we\u2019re in the middle of a stagflationary environment that looks very dangerous<\/strong>\u00a0(and very few investors are actually positioning for it). Historically, this almost always coincided with wars.<\/li>\n
- What\u2019s going on with gold?<\/strong><\/li>\n
- The brilliance of George Soros and his\u00a0\u201cfind a narrative that\u2019s wrong and bet against it\u201d<\/strong><\/em>\u00a0philosophy.<\/li>\n
- Why energy is the bedrock of inflation<\/strong><\/li>\n
- How the \u201cgreen\u201d mania opened up the door to a wide range of asymmetric setups. Getting gassy: why every energy investor should be keeping an eye on the\u00a0alarming trends in US shale<\/strong><\/li>\n
- The convergence of multiple decades-long or even centuries-long cycles<\/strong>\u00a0that\u2019s happening right now and how it affects macro investing.<\/li>\n
- What investing in cheap assets really means<\/strong>\u00a0(and why it has little to do with discounted cash flows, etc.).<\/li>\n<\/ul>\n
You can listen to the\u00a0entire conversation on Youtube here<\/a>.<\/p>\n
\u00a0\u00a0AND THE WORLD\u2019S #1 PERFORMING STOCK MARKET IS\u2026<\/strong><\/h2>\nAny guesses as to what the world\u2019s top performing stock market so far this year might be? Hint: it\u2019s not the tech heavy Nasdaq.<\/p>\n
\n<\/figure>\n<\/div>\nYep, it\u2019s Argentina. As it turns out, Argentinian stocks have thus far clobbered both the S&P 500 (which these days is really a proxy for the Magnificent 7) as well as the Nasdaq by more than 2x.<\/p>\n
\n<\/figure>\n<\/div>\nWe touched on Argentina in the last missive, so won\u2019t be rehashing the fundamentals and the political and economic sea-change under Javier Milei that\u2019s fueling a lot of this growth. Nevertheless, it\u2019s a textbook example of what can happen when things (at least in the eyes of investors) go from completely \u201cphac\u2019d up\u201d to less so.<\/p>\n
One other thing worth pointing out is that despite this impressive performance so far, Argentinian stocks are still cheap as chips. As a quick comparison, here\u2019s how they stack up against the S&P 500.<\/p>\n
\n<\/figure>\n<\/div>\nWe are actually on the ground in Argentina right now, looking at investing opportunities \u2014 both publicly listed and private. We\u2019ll have more to share in the future, so stay tuned.<\/p>\n
One thing we can comfortably declare \u2014 after a sumptuous asado dinner last night \u2014 is that this is probably the worst place on Earth to be a vegan.<\/p>\n
\n<\/figure>\n<\/div>\n\u00a0\u00a0THE TIDE IS TURNING<\/strong><\/h2>\nThe following chart caught our attention (h\/t @VladBastion):<\/p>\n
\n<\/figure>\n<\/div>\nWe often wondered if the whole \u201cnet zero\u201d push was a byproduct of low interest rates. While correlation doesn\u2019t necessarily mean causation, there does seem to be some truth to that. The above chart shows two very clear trends:<\/p>\n
1. The\u00a0
excitement<\/s>\u00a0hype around clean energy is gone.<\/strong><\/h2>\nIn just a few years now, we essentially went from this\u2026<\/p>\n
\n<\/figure>\n<\/div>\nTo this\u2026<\/p>\n
\n<\/figure>\n<\/div>\nMore broadly, Morningstar reports that 349 ESG funds have closed or merged across the EU and US this year, 102 in the third quarter alone so far.<\/p>\n
And here\u2019s the second takeaway from the above chart\u2026<\/p>\n
2. Investors are waking up to the reality that nuclear energy isn\u2019t going away.<\/strong><\/h2>\n
And not only that, for the first ever, the amount of money invested in nuclear\/uranium funds now exceeds that of clean energy funds.<\/p>\n
Somewhat ironically, we now also have Mag 7 companies like Amazon, Google, Microsoft directly involved with nuclear. We have to admit we never saw it coming, but being that uranium is one of the core themes in\u00a0Insider<\/em><\/a>, we\u2019ll take it.<\/p>\n
\u00a0\u00a0THE POWER OF PATIENCE<\/strong><\/h2>\nSome timeless wisdom from Jesse Livermore (h\/t @marketplunger1):<\/p>\n
\n<\/figure>\n<\/div>\nToday \u2014 almost 100 years later \u2014 this is more true than ever. It appears that patience is a declining skill these days, at least from an investing perspective.<\/p>\n
We shared this chart in the\u00a0Insider Newsletter<\/em><\/a>\u00a0a few weeks ago, and it perfectly demonstrates out point \u2014 the average holding period in the stock market shrunk from 8.3 years in the 1960\u2019s to just 7 months today.<\/p>\n
\n<\/figure>\n<\/div>\nNow, in all fairness, it is all very well saying you are more patient than others (i.e., have a longer time frame), but when the market comes for you, sitting on your hands and doing nothing indeed becomes much harder.<\/p>\n
\u00a0\u00a0WEEKLY HUMOUR<\/strong><\/h2>\nAnd lastly, a brief\u00a0commercial message<\/a>\u00a0from our Big Pharma sponsors.<\/p>\n
\n<\/figure>\n<\/div>\nHave a great start to the new week!<\/p>\n<\/p><\/div>\n
- What\u2019s going on with gold?<\/strong><\/li>\n