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In the weekend flagship note, the 🐿️ conducted a ‘red team’ exercise on his long-term ‘passive aggressive indifference’ to the long bond. Check it out via the link below 👇: Before we get to the portfolio reviews, I want to follow up on the idea that I teased at the end of the weekend note. Quick housekeeping note. Several subscribers are not YouTube fans and have asked for an audio edition of Benny & The Squirrel to be available on the podcast apps.

Episode 74 was recorded at 5.00pm EST on Sunday 2nd August, 2026. Don’t miss this week’s guest show on Thursday evening (6.30pm EST). Michael W.

Current time: 0:00 / Total time: -6:38 Audio playback is not supported on your browser. Please upgrade. Paid subscribers who would like to listen to these pods on their favorite podcast app (instead of via a browser or the Substack app) can set this up very easily. Click this link while on the device you use to listen to podcasts. Macro for Civilians. Sharing successes and failures in the 30-year hunt for acorns in the markets. Finance observations are hit and miss. Macro for Civilians.

I promise that this is not a lengthy post-mortem about last week’s Fed meeting - but we do need to talk about bonds (and if the 🐿️ needs to get over some biases). When my friend Kevin Muir - a long-time “bond Grizzly” - is sniffing an opportunity in long duration fixed (on the long side!) at the same time that Hoisington Asset Management’s Lacy Hunt - a four-decade bond bull - calls time on the trade of his career, the 🐿️ goes on high alert.

Thanks to everyone that joined us live on the various platforms - and for all the questions. Watch via the panel above or link to the YouTube recording below. Blind Squirrel Macro is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. Available for iOS and Android If you act on anything provided in this newsletter, you agree to the terms in this disclaimer.

This week’s Benny & The Squirrel Sunday Show covered ‘The Death Shot’. Today’s ‘Start the Week’ note focuses on the implications of such a move for our portfolios. In the weekend flagship note, the 🐿️ took a look at the opportunity in Turkish equities. Check it out via the link below 👇: So far, the month of July has been kind to the BUSHY™ portfolio - last week saw solid outperformance versus the ‘target date’ benchmark and the S&P.

Episode 72 was recorded at 6.30pm EST on Saturday 26th July, 2026. Don’t miss this week’s LIVE ‘Ask us Anything’ on Thursday evening at 6.30pm EST.

Current time: 0:00 / Total time: -5:03 Audio playback is not supported on your browser. Please upgrade. Paid subscribers who would like to listen to these pods on their favorite podcast app (instead of via a browser or the Substack app) can set this up very easily. Click this link while on the device you use to listen to podcasts. Macro for Civilians. Sharing successes and failures in the 30-year hunt for acorns in the markets. Finance observations are hit and miss. Macro for Civilians.

Being an investment banker in emerging markets in the mid-1990s had a lot to be said for it. Doing deals in a hot asset class and business trips to exotic places with limited mobile phone roaming and the hotel business center fax machine as the only link with accountability the office. Turkey was a regular (and favorite) destination for ‘Club Med’ - the secret name we gave to our intrepid corporate finance team covering the Casablanca to Beirut (a lot more fun in those days…) beat.

Benny (Capital Misallocation) & The Squirrel were joined once again by great friend of the show Kevin Muir, author of The MacroTourist newsletter. The show was recorded at 6pm EST on Wednesday 22nd July - just after Google released their earnings - very timely, given the fact that Kev has been doing a great job recently unpicking the S&P ‘earnings bubble’ (hint: most of it is mark-ups on unrealized gains on AI investments).