From Energy Drinks to… the dangers of returning to holiday cocktails

The Blind Squirrel's Monday Morning Notes, July 10th, 2023.

Jardines de Alfabia, Mallorca. Sorry about the 🐿️ spoiling the view – the branding team was not taking no for an answer...

The 🐿️ is on the road in Europe for a final weekend of celebrating ‘significant numbers’ in the family. A short note this week with no Acorn Review / Portfolio Update (but early! - party tonight, travelling tomorrow). Resumption of normal service next weekend from Melbourne.

• Is the Vodka Red Bull economics we discussed last week creating the perfect set up for a repeat of the long energy / short tech trade that worked so well in the first half of 2022?

• Tech stocks might finally be taking notice of higher bond yields and the AI craze looks like it could be taking a breather.

• On the energy side, paper oil markets (futures positioning) appear to be completely ignoring the emerging supply/demand imbalance in the physical oil market.

• We are revisiting a classic trade of 2022. Will it work again, or suffer the fate of favorite holiday cocktails brought back home?

From E…