Hello, Rebel Capital. Hope you're well. I'm here with my good buddy, Hugh Hendry, and he just had an incredible conversation with Lacey Hunt.

And I want to get into that, but before we do, Hugh, it's been probably, what a year,

and a half since we'd have, since we've had the chance to talk.

So I know you're one of the foremost thinkers in macro and you're always outside of the box which is great.

So what's your worldview right now? What are you thinking about? What do you think is most important?

The most important thing continues to be the professional investment communities obsession with the bold blind rats of the Central

Banking community. of the perception of omnipotence that is placed upon the central banking community fascinates me and obviously I don't believe it's warranted and it's a profound

curiosity to me because here are these supposedly very smart people like you

listening out to every word in these dot patterns and whatever. The a community that's always wrong.

It's always wrong.

It's always doing damage to the greater good.

So that, that, we're in a cycle just now where the Federal Reserve is in its

ascendancy and when the Federal Reserve is in its ascendancy bad things happen.

Bad things happen.

When did you first get into this business?

The business,

wait, wait, wait, wait, just analyzing macro and as a hedge fund manager, I'm sure you're doing it prior to setting up your own fund.

But when did you really start paying attention to markets?

Haven't. I mean, wow, George, I mean, when did I not, you know, but I mean, if you wanted, like, the very first sensation, I was at university, and in my fourth honors year I was offered, this is desperately

dull. I mean, if there are kids watching this, go to and and learn English literature. English

literature to my mind is the most powerful subject you could take on and don't

study something relevant. I studied relevant

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