On this episode of Chit Chat Stocks, we talk with Rupert Mitchell of the Blind Squirrel Macro newsletter. We discuss: (00:00) Introduction (02:57) Rupert&#x27;s Background and the SpaceX IPO (06:04) Understanding the Lockup Period for SpaceX (09:04) Market Dynamics and Capital Raising Trends (11:52) The Impact of Indices on Market Valuations (15:03) Hyperscalers and Their Capital Raising Strategies (17:51) The Future of AI IPOs and Market Sentiment (34:40) The Role of AI in Market Valuations (38:17) Understanding Addressable Market in IPOs (46:34) Navigating Bull Markets and Historical Context (50:17) Retail Investors and the IPO Process Blind Squirrel Macro: https://www.blindsquirrelmacro.com/p/its-line-in-the-sand-time-dario?r=9ef2u&amp;utm_campaign=post&amp;utm_medium=web&amp;triedRedirect=true ***************************************************** Subscribe to our newsletter, Emerging Moats: emergingmoats.com ********************************************************************* Chit Chat Stocks is presented by Interactive Brokers. Get professional pricing, global access, and premier technology with the best brokerage for investors today: https://www.interactivebrokers.com/ Interactive Brokers is a member of SIPC. ********************************************************************* Fiscal.ai is building the future of financial data. With custom charts, AI-generated research reports, and endless analytical tools, you can get up to speed on any stock around the globe. All for a reasonable price. Use our LINK and get 15% off any premium plan: ⁠https://fiscal.ai/chitchat ********************************************************************* Disclosure: Chit Chat Stocks hosts and guests are not financial advisors, and nothing they say on this show is formal advice or a recommendation. Learn more about your ad choices. Visit megaphone.fm/adchoices

The SpaceX IPO And Looming Capital Supply Shock That Could Upend This Bull Market

Chit Chat Stocks

# Full Transcript

**Podcast:** Chit Chat Stocks

## Participants

- **Ryan Henderson** (Chit Chat Stocks)
- **Brett Schaefer** (Chit Chat Stocks)
- **Rupert Mitchell** (Blind Squirrel Macro)
- **James Emanuel** (Blind Squirrel Macro)

## Transcript

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Welcome to Chit Chat Stocks. On this show, hosts Ryan Henderson and Brett Schaefer analyze businesses and riff on the world of investing. As a quick reminder, Chit Chat Stocks is a CCM Media Group podcast. Anything discussed on Chit Chat Stocks by Ryan, Brett, or any other podcast guest is not formal advice or recommendation. Now please enjoy this episode.

Welcome into the Chit Chat Stocks podcast, a podcast to help you find your next great investment. My name is Brett Schaefer and I'm joined by my co-host Ryan Henderson. Today we bring on new guest, James Emanuel, author of the Blind Squirrel Macro Substack, a substack helping uncover macro for civilians. Ryan and I are two macro civilians and I think plenty of the listeners are as well. So I'm really excited to talk today just as a tease for the audience to help them know what this episode of BIA is about.

We're going to start with Rupert's background, hit a lot of the SpaceX IPO because Rupert does have some expertise in how all this process works. And then go through the entire capital raising market and how it's affecting the hyperscale, the giant companies and really the market in general. So let's get into it. Rupert, give us a brief background on your career and why you decided to start the Blind Squirrel.

Oh, wow. Well, I spent 25 years on the sell side starting in the early 90s and most of that time was as an equity capital markets banker. And I spent the last 10 years of my career in Asia for Goldman and Citi running Asian equity capital markets businesses for them. I moved down to Australia four years ago, which is when I started Blind Squirrel Macro.

I fell in love with a Melbourne girl and moved down here. So, yeah, that's where we are. And that's, you know, hence my close interest in what's going on with all these jumbo IPOs because they're pretty unprecedented. We're going to talk about some of the some of the big IPOs and the big perspective IPOs going on right now.

But Rupert, before we before we hit record, you mentioned that you you were used to seeing 50 million dollars as a big figure back in the day. Does it feel like people have just become desensitized to how large? It's something I think about a huge, a huge amount.

I mean, the law of large numbers has got us all insensitized to reality somehow as in it. I mean, when I when I first started a 50 million dollar equity fundraising was a decent meal ticket for an investment banker. Now, nowadays, that's like that's like a ...

The SpaceX IPO And Looming Capital Supply Shock That Could Upend This Bull Market

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
edge in conversations you're not hearing.

The SpaceX IPO And Looming Capital Supply Shock That Could Upend This Bull Market

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.