Investment Musings

The audio edition of Investment Musings, by Nuno Amado Mendes, CFA. Cross-asset macro and markets in a plain, FT-neutral voice with a deliberately adversarial edge – every thesis carries the level at which it would be wrong. Less news, more thinking.

Episodes

Investment Musings Episode 3 - Chokepoints

A ~$10bn military just deterred a ~$1tn one – no bomb, just a strait. It may be the biggest "TACO" yet: not a tariff walked back, but a war. Episode 3 of Investment Musings reads the Iran climbdown as the opening note in a much larger score.

June 23, 2026 • Season 1 • Episode 3 • 11:04

Below Cost

Kevin Warsh, the new Fed chair, wants to kill inflation – and the convenient version of that story is that AI will do it for him. This week's leaked OpenAI accounts show who is actually paying: the disinflation everyone is celebrating ...

June 17, 2026 • Season 1 • Episode 2 • 1:56

The Price of Calm

Low volatility is not the absence of risk – it is risk moved somewhere it no longer has to be counted. This episode argues that the AI build-out is the largest version of that trade ever built.It starts with the 2018 collapse of XIV, the...

June 15, 2026 • Season 1 • Episode 1 • 11:59

Investment Musings

Episodes

3 episodes