<![CDATA[The MacroTourist]]>https://posts.themacrotourist.comhttps://substackcdn.com/image/fetch/$s_!yx6t!,w_256,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc0b7f4f1-4ece-44fb-9134-52d615cb647f_1280x1280.pngThe MacroTouristhttps://posts.themacrotourist.comSubstackThu, 24 Sep 2026 03:14:42 GMT<![CDATA[THE MACROTOURIST IS ON THE ROAD IN EUROPE]]>https://posts.themacrotourist.com/p/the-macrotourist-is-on-the-road-inhttps://posts.themacrotourist.com/p/the-macrotourist-is-on-the-road-inWed, 09 Sep 2026 09:11:15 GMT

I am currently hiking in the Bavarian Alps and will be unable to post and update, so I have paused the billing for the MacroTourist letter while I am not writing.

What does this mean for you?

If you are a current subscriber, you don’t need to do anything. Your subscription (whether it is monthly or yearly) will be automatically extended by the period in which I am not writing.

If you are not a subscriber but would like to become one, unfortunately substack does not allow enrolment while billing is paused. Send me an email at kevin@themacrotourist.com and I will make sure we get you going when I return.

Also, I am doing a little business in Zurich at the tail end of my trip. My plans have recently changed and I have some availability to meet on Thursday, September 17th or during the morning of Friday, September 18th. If you would like me to swing by your office and say hello, just send me an email. Would love to meet you!

Thanks — and don’t break anything while I am away,
Kevin Muir
the MacroTourist

PS: if you are interested in seeing a recent piece I wrote, check out “CANADA: AMERICA’S BEST CUSTOMER.”

]]><![CDATA[DATA CENTERS VS. EVERYTHING ELSE]]>https://posts.themacrotourist.com/p/data-centers-vs-everything-elsehttps://posts.themacrotourist.com/p/data-centers-vs-everything-elseWed, 09 Sep 2026 09:10:15 GMT

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]]><![CDATA[THE VIX’S EVIL TWIN]]>https://posts.themacrotourist.com/p/the-vixs-evil-twinhttps://posts.themacrotourist.com/p/the-vixs-evil-twinTue, 08 Sep 2026 14:27:57 GMT

The other day, after writing my piece about buying mid-term election vol, my buddy Vincent Deluard from StoneX messaged me. He wanted to highlight the fact that index volatility is low because stock correlation has collapsed, but underneath the surface, lurks a hidden danger.

I have written about this before, but I’ve been warning about this for so long,…

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]]><![CDATA[WATCH YOUR BIDS (s2026 e24)]]>https://posts.themacrotourist.com/p/watch-your-bids-s2026-e24https://posts.themacrotourist.com/p/watch-your-bids-s2026-e24Sun, 06 Sep 2026 13:10:47 GMT

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]]><![CDATA[ELECTION VOL: THE CHIP SHOT NOBODY’S TAKING]]>https://posts.themacrotourist.com/p/election-vol-the-chip-shot-nobodyshttps://posts.themacrotourist.com/p/election-vol-the-chip-shot-nobodysFri, 04 Sep 2026 04:19:34 GMT

I’ve been sitting on my hands for what seems like forever waiting to publish this piece. You see, it’s a long volatility call. Every day that nothing blows up is another day that my insurance gets a little bit cheaper. Squeezing out a few extra weeks saves a lot of money.

Yet, I feel like the idiot with an Outer Banks beach house without hurricane insur…

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]]><![CDATA[WATCH YOUR BIDS (s2026 e23)]]>https://posts.themacrotourist.com/p/watch-your-bids-s2026-e23https://posts.themacrotourist.com/p/watch-your-bids-s2026-e23Sun, 30 Aug 2026 18:20:39 GMT

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]]><![CDATA[CANADA: AMERICA’S BEST CUSTOMER]]>https://posts.themacrotourist.com/p/canada-americas-best-customerhttps://posts.themacrotourist.com/p/canada-americas-best-customerWed, 26 Aug 2026 16:19:52 GMT

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]]><![CDATA[BESSENT’S BUYBACKS WON’T FIX WHAT FISCAL POLICY BROKE]]>https://posts.themacrotourist.com/p/bessents-buybacks-wont-fix-what-fiscalhttps://posts.themacrotourist.com/p/bessents-buybacks-wont-fix-what-fiscalMon, 24 Aug 2026 12:32:03 GMT

“Every government policy is to grow nominal GDP, but they’re pissed when 10s start chasing 7% nominal.”

Harris Kupperman

The other day I was chatting with my buddy Kuppy, and he made a comment about the absurdity of governments being upset with higher rates. It really resonated with me. I thought to myself, “According to the President of the United States…

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]]><![CDATA[WATCH YOUR BIDS (s2026 e22)]]>https://posts.themacrotourist.com/p/watch-your-bids-s2026-e22https://posts.themacrotourist.com/p/watch-your-bids-s2026-e22Sun, 16 Aug 2026 15:00:01 GMT

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]]><![CDATA[WATCH YOUR BIDS (s2026 e21)]]>https://posts.themacrotourist.com/p/watch-your-bids-s2026-e21https://posts.themacrotourist.com/p/watch-your-bids-s2026-e21Mon, 10 Aug 2026 02:22:19 GMT

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]]><![CDATA[SOMETIMES TRADING IS THAT SIMPLE: LONG GOLD AGAIN]]>https://posts.themacrotourist.com/p/sometimes-trading-is-that-simplehttps://posts.themacrotourist.com/p/sometimes-trading-is-that-simpleSat, 08 Aug 2026 14:55:47 GMT

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]]><![CDATA[THE FFQ6 SELLER: WILL HE BE RIGHT ABOUT THIS FOMC MEETING?]]>https://posts.themacrotourist.com/p/the-ffq6-seller-will-he-be-righthttps://posts.themacrotourist.com/p/the-ffq6-seller-will-he-be-rightTue, 28 Jul 2026 01:59:10 GMT

THE FFQ6 SELLER: WILL HE BE RIGHT ABOUT THIS FOMC MEETING?

I suspect many equity folks don’t appreciate the uniqueness of this week’s FOMC meeting. For the past few decades, the Federal Reserve has operated on the premise of guiding markets whenever there is a change in policy. The rationale being that the Fed didn’t want to surprise markets. For example…

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]]><![CDATA[THE FORWARD-DISCOUNTING MACHINE DOESN'T CARE ABOUT YOUR EPS CHART]]>https://posts.themacrotourist.com/p/sometimes-the-forward-discountinghttps://posts.themacrotourist.com/p/sometimes-the-forward-discountingMon, 27 Jul 2026 02:21:05 GMT

SOMETIMES THE FORWARD-DISCOUNTING MACHINE DOESN’T CARE ABOUT YOUR EPS CHART

Over the last half-year, whenever I mention that I am worried about the US stock market, the best counter-argument has been, “Earnings are rising. Don’t overthink it.”

And I understand why folks might say that.

In fact, back in 2024, I wrote a piece arguing that EPS revisions are …

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]]><![CDATA[WATCH YOUR BIDS (s2026 e20)]]>https://posts.themacrotourist.com/p/watch-your-bids-s2026-e20https://posts.themacrotourist.com/p/watch-your-bids-s2026-e20Sun, 26 Jul 2026 01:14:01 GMT

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]]><![CDATA[CLIQUET OPTIONS: WALL STREET'S INSURANCE POLICY AGAINST YOUR ETF BLOWING UP]]>https://posts.themacrotourist.com/p/cliquet-options-wall-streets-insurancehttps://posts.themacrotourist.com/p/cliquet-options-wall-streets-insuranceMon, 20 Jul 2026 04:08:29 GMT

CLIQUET OPTIONS: WALL STREET’S INSURANCE POLICY AGAINST YOUR ETF BLOWING UP

All right, my previous post, LEVERAGED ETFs: DAILY REBLANCING, ETERNAL CONSEQUENCES, hopefully explained how leveraged ETFs work. This write-up will focus on the underappreciated risks associated with these products — both to the individual holders and also the macro risks to the…

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]]><![CDATA[LEVERAGED ETFs: DAILY REBLANCING, ETERNAL CONSEQUENCES]]>https://posts.themacrotourist.com/p/leveraged-etfs-daily-reblancing-eternalhttps://posts.themacrotourist.com/p/leveraged-etfs-daily-reblancing-eternalMon, 20 Jul 2026 04:07:04 GMT

LEVERAGED ETFs: DAILY REBLANCING, ETERNAL CONSEQUENCES

We need to talk about leveraged ETFs. You know the type of securities that I am talking about. It’s that ETF your neighbour bought that has gone up 235% over the past month. And it’s not just the annoying idiot you share a driveway with that has bought these levered ETFs. Lately, it feels like everyo…

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]]><![CDATA[WATCH YOUR BIDS (s2026 e19)]]>https://posts.themacrotourist.com/p/watch-your-bids-s2026-e19https://posts.themacrotourist.com/p/watch-your-bids-s2026-e19Tue, 14 Jul 2026 02:38:56 GMT

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]]><![CDATA[KATAYAMA'S WARNING SHOT]]>https://posts.themacrotourist.com/p/katayamas-warning-shothttps://posts.themacrotourist.com/p/katayamas-warning-shotTue, 14 Jul 2026 00:00:35 GMT

MAKE JAPAN GREAT AGAIN: CURRENCY EDITION

Lately, I have received some flak for being negative on AI stocks. I am a big boy, and sticking your neck out comes with the territory of writing a letter, but if you read my comments closely, I have continually focused on shorting the MAG7. And when it comes to that call, it’s actually been not that shabby. On a …

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]]><![CDATA[WATCH YOUR BIDS (s2026 e18)]]>https://posts.themacrotourist.com/p/watch-your-bids-s2026-e18https://posts.themacrotourist.com/p/watch-your-bids-s2026-e18Sat, 04 Jul 2026 03:33:48 GMT

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]]><![CDATA[OI&E: THERE'S A FINE LINE BETWEEN CLEVER AND CIRCULAR]]>https://posts.themacrotourist.com/p/oi-and-e-theres-a-fine-line-betweenhttps://posts.themacrotourist.com/p/oi-and-e-theres-a-fine-line-betweenSat, 04 Jul 2026 01:42:29 GMT

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