Stock Take: Part 1

The Blind Squirrel's Mid-Year Position Review, 8th July 2024.

The 🐿️ is still on his ‘extended offsite’ in Andalucia. Instead of providing subscribers with yet another hot take on the tectonic shifts we are seeing in Western politics, I decided that we should do something different. A mid-year Stock Take!

I think it is important to return and give a status update (and postmortems where necessary!) on some of the key themes that we have been investing in and writing about in the past 18 months.

In Part 1 (this note) we will be covering:

• all of our positions that touch on AI (mostly fading the theme but balanced with longs in a couple of second derivative plays!);

• our latest thoughts on agricultural commodities and related equity sectors;

• our energy positions (including physical crude, some producers, offshore services and the US refiners); and

• the perennial heartbreaker that is the uranium trade!

Part 2 (tomorrow) will update on a number of consumer-related acorn positions (from car tires and Formula One to Louis Vuitton handbags) as well as our exposure to selected international market themes (Mexico, China, UK etc.)

Part 3 (later this week) will lift the lid on the 🐿️’s core macro (strategic and tactical) trades. We will also review some of the themes that we have written on in the past, but where for now we are on the sidelines (private asset markets, cash incinerating Web 2.0 businesses etc.).

Don’t miss out! Please consider becoming a paid subscriber to receive these ‘Stock Take’ updates as well as other 60% of the content we produce, Discord access and even merch!

Some feedback below from happy readers that have already taken the leap.