Blind Squirrel Macro paid subscriptions are paused until early June. I am unable to accept new paid subscribers until then. While I am on the road, I am continuing to publish the ‘Start the Week’ note on Sundays. Please get in touch if you recently subscribed to the letter and are interested in a trial / review of the archive.
This week’s ‘Start the Week’ was sent via email at 4.30am EST on Monday 25th May if you want to search your inbox. It will be put back in the online archive here once subscription billing is un-paused in June.
If you had not had a chance to look at the new SpaceX piece I put out on Sunday - I think this IPO is the biggest risk factor facing US equity markets this quarter. You need to understand the potential flow of funds impact even if you have no interest in investing in Elon’s rockets.
At the moment, BUSHY™ is underweight risk assets out of choice. The only risk that the beta portfolio has added since the start of the war has been in agricultural commodities and energy equities.
As such, the portfolio is always destined to underperform in market conditions like we saw last week - with energy producers XOP 0.00%↑ being the weakest US equity sector.
A Quick Note on Crude
I am writing this on Monday afternoon Asia time (c.4am EST). Sunday night futures appear to be paying tepid lip service to the ‘Iran deal proximity’ being sold over the Memorial Day weekend. Equities are well bid and $4-5 per barrel has been shaved off front month Brent and WTI crude prices (about half of what was suggested by Hyperliquid markets over the weekend).
The current headlines out of Washington and the Middle East are not exactly screaming FINAL RESOULUTION! at me but I am prepared to at least concede that we are closer to the end of the war than the beginning.