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Artwork for Hypernormal Investing: Growing Capital & Protecting Wealth Amid Radical Uncertainty

Hypernormal Investing: Growing Capital & Protecting Wealth Amid Radical Uncertainty

Jeremy McKeown
China
Bitcoin
Gold
United States
United Kingdom
Artificial Intelligence
Federal Reserve
Oil
Iran
Austrian Economics
Middle East
Japan
Argentina
Emerging Markets
Nvidia
Energy
Boutique Asset Management
Geopolitics
Donald Trump
European Union

A podcast where we help serious active investors navigate market volatility, protect capital, and uncover new ways to confidently grow wealth in these radically uncertain times.

PublishesTwice weeklyEpisodes166Founded5 years ago
Number of ListenersCategories
InvestingBusinessEntrepreneurship

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Artwork for Hypernormal Investing: Growing Capital & Protecting Wealth Amid Radical Uncertainty

Latest Episodes

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Anthropic files for what could be the largest IPO in history. Meta launches its biggest-ever equity raise. And then the earnings land: Alphabet has its worst day ever, Amazon’s record AWS growth is swallow... more

Subscribe here on Substack.

US 10-year Treasury yields are at around 5%, 30-year gilts have been heading towards 6%, and bond markets are repricing across the world. What should investors make of it?

I am joined by Marcus Ashworth, financial commen... more

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David Dredge, CIO of Convex Strategies, returns sixteen months after his first appearance to grade the hopes he once had for Scott Bessent as the "adult in the room" at Treasury. This episode covers Bessent... more

Subscribe to Hypernormal Times for more episodes and other market content.

Ten months after Europe's Crisis of Competence, one of the most listened-to episodes of Hypernormal Investing, I caught up again with Brawlster, author of The Brawl Street J... more

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Recent Guests

Marcus Ashworth
Financial Commentator, former Bloomberg Opinion Writer, Fixed Income Specialist
Independent commentator
Episode: Is it Time to Buy Bonds? - Why 5% Treasury Yields Aren't Scary, the Hyperscaler Debt Binge and the Bank of England's QT U-Turn with Marcus Ashworth
David Dredge
CIO of Convex Strategies and volatility investor
Convex Strategies
Episode: Brakes, Not Speed: David Dredge on Bessent, Warsh, and the Reawakened Debasement Trade
John Polomy
Guest expert from Actionable Intelligence Alert
Actionable Intelligence Alert
Episode: Dollar Debasement, Bond Market Crisis & Uranium Investing — John Polomy on Protecting Your Portfolio
Kevin Muir
Trader, writer, founder of The Macro Tourist Letter
The Macro Tourist
Episode: Kevin Muir (The Macro Tourist) on the End of US Exceptionalism, the Fed's Bluff, and Why AI Is an Earnings Bubble, Not a Price Bubble
Damian Pudner
Monetary economist and founder of the Great British Think Tank
Great British Think Tank (GBTT)
Episode: Is the UK Heading for a Controlled Default? Damian Pudner on Monetary Policy & The Future of Britain
Rupert Mitchell
The Blind Squirrel, former investment banker with Asia experience
The Blind Squirrel Macro (sub-stack)
Episode: Why Oil Isn't $200 - The Blind Squirell on the China Collar, buying Britain on the floor, & what replaces bonds
Edgar Allen
Founder and CEO of High Ground Investment Management, a long-short equity firm
High Ground Investment Management
Episode: Long-Cycle Investing, Short Selling & the AI Bubble Question - Why duration matters when buying stocks
Erik at YWR
Investment researcher and commentator, author on YWR
YWR (Your World Research)
Episode: Investing in China, Inflation Expectations & Energy - Revisiting Project Zimbabwe & S&P 10,000 with Erik@YWR
Paul Pindar
Founder Chairman of Literacy Capital, former CEO of Capita
Literacy Capital / Capita
Episode: Building Capita & Repurposing Private Equity Investing to Help Every Child Read - Paul Pindar on doing things differently & keeping them simple

Hosts

Jeremy McKeown
Host of Hypernormal Investing; frequent presenter of market synthesis and capital-management themes.
Jeremy McEwen
Host of In the Company of Mavericks; contributes long-form interviews and narrative on value creation and strategic investing.

Reviews

4.6 out of 5 stars from 40 ratings
  • Slightly frustrating

    Great guests, interesting topics - but to the presenter please stop interrupting your guests, let them finish their point. It was very annoying in the Andrew Craig episode - lots of talking over the guests and ruining their flow.

    Apple Podcasts
    3
    SB-Uk898
    United Kingdom5 months ago
  • Best podcast I have listened to

    Jeremy consistently finds fascinating people to talk to and his naturally inquisitive and conversational questioning really brings out some fascinating insights.

    Apple Podcasts
    5
    Tom Tilney
    United Kingdom9 months ago
  • Excellent

    It's a must-listen for anyone seeking a well-rounded and captivating podcast experience, episodes are both informative and entertaining.

    Apple Podcasts
    5
    Lau L.
    United Kingdom2 years ago
  • A captivating journey through the minds of innovators

    This podcast stands out, offering enlightening conversations with leaders in entrepreneurship and creativity. It presents fresh perspectives, practical insights, and engaging stories. For those in search of inspiration and actionable advice, I highly recommend giving it a listen. It's a wonderful source of insight for me, providing a unique glimpse into the minds of mavericks.

    Apple Podcasts
    4
    I feel like I have been robbed
    United Kingdom3 years ago
  • Mavericks review

    Really enjoyable podcast with a thorough insight into the life of interesting business entrepreneurs. A relaxing listen whether you’re on the running machine or in your car. Highly rated!

    Apple Podcasts
    5
    luke_mcg1986
    United Kingdom5 years ago

Listeners Say

Key themes from listener reviews, highlighting what works and what could be improved about the show.

Feedback notes occasional interruptions; improving guest flow could elevate episodes further.
Guests are consistently strong and the host asks insightful questions, creating compelling conversations.
The show is viewed as a reliable source of practical investing perspectives and market context.
Listeners praise the quality of guests and the depth of market analysis.

Chart Rankings

How this podcast ranks in the Apple Podcasts, Spotify and YouTube charts.

Talking Points

Recent interactions between the hosts and their guests.

Brakes, Not Speed: David Dredge on Bessent, Warsh, and the Reawakened Debasement Trade
Q: So where in the world is the cheap convexity now?
Dredge says the earlier opportunity in single-stock volatility has largely played out. He points instead to potential mispricing in interest-rate and currency volatility, alongside emerging concerns in AI-related credit, and recommends holding explicit convex protection.
Brakes, Not Speed: David Dredge on Bessent, Warsh, and the Reawakened Debasement Trade
Q: What are your thoughts?
Dredge says Bessent's original 3-3-3 goals have not been achieved, deficits remain high, and interventions in the yen and Treasury market are signals rather than lasting solutions to the struggle to find buyers for government debt.
Investing in China, Inflation Expectations & Energy - Revisiting Project Zimbabwe & S&P 10,000 with Erik@YWR
Q: Is it really that extreme, the 8% inflation expectation versus 2.3% forecast, and what are the consequences?
The guests explain that consumer expectations have moved up dramatically, historically leading bond yields; if expectations remain elevated, it can constrain monetary policy and shape pricing power, potentially lifting longer-term yields even as short-term policy remains cautious. This dissonance suggests investors should emphasize real earnings growth and the reaction function of energy and other scarce resources.
Investing Decision Making: The Stock You Bought is Down 20% - Now What?
Q: What should a investor do when a position falls 20% after purchase?
Evaluate whether the investment thesis remains intact, consider averaging down if the fundamentals still look favorable, and avoid knee-jerk reactions unless new adverse information emerges.
The English Are Coming! Investing in the Birth of a New Wine Region
Q: What is the realistic prospect of English wine becoming a globally important player and where is the place for this product?
The speakers argue there is huge potential, driven by climate advantages, a distinct terroir, and a clear path to scale. They emphasize the need for brand-building, international distribution, and premium positioning to bridge the gap with Champagne while leveraging England's heritage and growing consumer interest in fresh, crisp sparklers.

Audience Metrics

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Frequently Asked Questions About This Podcast

What is This Podcast about and what kind of topics does it cover?

The show centers on disciplined, long-horizon investing and risk management in a world of radical uncertainty. Across episodes, the host dissects macro themes, policy signals, and market structure, tying AI hype, central-bank dynamics, and geopolitical tensions to real-world asset prices and portfolio decisions. Guests range from veteran long-short investors to private equity leaders and industry operators, offering practical frameworks, market observations, and actionable tips for building and protecting wealth. A notable throughline is the emphasis on durable cash flow, disciplined capital allocation, and patient capital in volatile environments, often with a candid, data-driven, and sometimes provocative style that resonates with serious... more

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These podcasts share a similar audience with this podcast:

1. Behind the Balance Sheet
2. Monetary Matters with Jack Farley
3. Macro Voices
4. The Market Huddle
5. Merryn Talks Money

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this podcast launched 5 years ago and published 166 episodes to date. You can find more information about this podcast including rankings, audience demographics and engagement in our podcast database.

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What guests have appeared on this podcast?

Recent guests on this podcast include:

1. Marcus Ashworth
2. David Dredge
3. John Polomy
4. Kevin Muir
5. Damian Pudner
6. Rupert Mitchell
7. Edgar Allen
8. Erik at YWR

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