OUT NOW - Freddy Brick from @muddywatersre on their move into metals and mining. Listen to the episode and subscribe to @opmpod Apple: Spotify: YouTube: 00:00 Intro 01:28 Approach to Portfolio Construction 07:56 Fraud Report Origin 09:35 Block Models Explained 15:27 Why Juniors Are Distressed 21:19 Finding Mispriced Projects 25:12 Venture Like Investing 28:25 Promoters and Capital Raising 33:43 Sentiment and Cycles 38:28 M&A Wave Ahead 43:27 Trading Vol and Hedging 46:57 Long Activism Approach 50:23 Scaling the Strategy 55:10 When Alpha Shows Up

Macro risk is taking over and it's time to reduce equity risk... @WarrenPies argues on @opmpod that the time to be overweight stocks was before strong earnings, not after, especially with looming macro risk from the Fed, cracks in the AI thesis, and poor seasonality. 00:00 Intro 01:21 Why Macro Takes Over 03:19 Earnings Season Structure 05:43 Upcoming Macro Catalysts 08:24 Fed Hike Odds Mispriced 10:37 Political Pressure on Fed 15:29 Sponsor Break HFGM 17:45 Coin Flip Meeting Dynamics 19:42 Rates Curve and Term Premium 24:54 How to Position in September 26:53 Tech Breadth and AI Cracks 30:17 Lab ARR Reality Check 34:40 Tech Leadership Needed 38:17 Data Center ROI Debate 40:36 Election and Policy Risk 43:44 AI Issuance Scapegoats 47:35 Energy as Diversifier 51:48 Anthropic IPO Impact 55:01 Software Versus Semis 58:28 Pair Trades and Correlations 01:01:19 Fade Macro Risk Playbook 01:02:55 Conclusion Check out the full interview YouTube: Apple: Spotify:

The US is having an industrial renaissance, driven by manufacturing, electrification, & AI. I spoke with @ChrisSemenuk PM of $RSHO & $VOLT (both outperforming) about the trend on @opmpod. YT: Apple: Spot: