Hugh Hendry Full Eclectica Letter on China’s Impending Collapse. April 29, at pm by Sheeraz Raza · Hugh Hendry Full Eclectica Letter on China’s. Hugh Hendry is a fund manager at Eclectica Asset Management. He has become prominent in the United Kingdom for his commentary on the. Eclectica Asset Management CEO, Hugh Hendry, talks to the media at the However, we also think it will end in Asia,” he said in the letter.

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They also hugely intervened in the currency and ended the old limited currency auctions. And this explains our inactivity in G7 government bonds. I suspect that I am one of the few CIOs who does not maintain daily correspondence with investment bankers and their specialist hedge fund sales teams. And for several years we have studiously avoided investing in companies exposed to industrial commodities and have been circumspect in sizing equity shorts mindful of the torturous upside price volatility short squeezes that has made monetization of the narrative almost impossible.

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Hugh Hendry

Lerter is simply too absurd. Hugh Hendry’s Eclectica hedge fund is no more. This page was last edited on 11 Novemberat Please click the verification link in your email to activate your newsletter subscription.

All will now be out of jobs, along with Hendry himself.

Hugh Hendry Full Eclectica Letter on China’s Impending Collapse

Our cheat sheet Equities represent just over half of our risk allocation. My life of abuse by idiot traders on the buy-side by Anonymous 15 September Instead, my weapons are irony and paradox. We think there may be life left in the old dear yet. Misbehaviour is all about curiosity, how you invoke and think about change, which is very necessary in the management of money. I attempt to cultivate my own insights and to recognise lettef precarious uncertainty eclecica global macro trends.


It’s and Deutsche Bank would like everyone to calm down. In other words, going long very rich risk premium or buying cheap stuff. US fixed income markets would optically seem hejdry offer more value given the large spread to other developed markets but we remain unconvinced.

On the plus side we also believe that we are much closer than before to the beginning of a bull market of perhapsif notproportions. The outspoken Glaswegian has shuttered the 15 year-old fund after it slumped 9. The Fund’s ten-year NAV progression demonstrates this survivorship bias; when bad things have happened, we have made money. But whereas in China this mostly manifested itself in corporate behaviour, lteter Mexico it was a different set hendrt participants: Retrieved 8 June Enter a valid email address.

It is in the constant exclamation “Who would have thought it?

For, if the last ten years have taught me anything, it must be that the French philosopher Albert Camus, in hednry search for an understanding of the principals of ethics that can shape and form our behaviour, may have surreptitiously provided us with three basic principles for macro investing.

Our cheat sheet.

He began to attract attention when his fund achieved a On an episode of the BBC ‘s Newsnight programme aired on 9 AprilHendry began his response to comments by the Nobel Prize—winning economist Joseph Stiglitz hygh the financial position of Greece by saying, “Erm, hello. Hendry has become known in the United Kingdom for his outspoken commentary on the financial crisis. To conclude, our current views can be broadly summarised as follows. On the other hand, Mexican inflation recently dropped to all-time lows 2.

The beautiful mind, if you will. But of course this expansion has always seemed atypical with the differentiating factor of the eclwctica sector having deleveraged during the upcycle. I am perhaps doing him a gross injustice, but I would summarise as follows: After this ‘fortuitous encounter,’ Hendry moved to Odey Asset Management inaged God is dead, life is absurd and there are no rules.


In Hendry joined the prestigious Edinburgh investment management firm, Baillie Gifford. elcectica

Hugh Hendry Full Eclectica Letter on China’s Impending Collapse

We will let readers combs through the narrative that shapes Hendry’s most recent outlook, although one chart worth pointing out is The Eclectica boss’ visual summary of the “New Economic Order” which presents precisely the tenuous relationship between the Fed and the PBOC we have hufh decrying for so long, and which so many commentators ooh, ooh, the PBOC is easing any minute now Send me ocassional third party offers Yes No.

It is my assertion that what makes a great fund manager first and foremost is the ability to establish a contentious premise outside the existing belief system and have it go on to become adopted by the broader financial community. We believe that this could potentially be achieved by taking a: Mexico still appears a very good source of receiving carry. Time will tell, but for now, we are again at odds with consensus opinion. Morgan by Paul Clarke 14 September That is to say, I fear the financial lettfr is in danger of harvesting a monoculture of fund returns that could prove less than robust should the global economy suffer another deflationary reversal No long-distance commuting after Brexit How to stay married when you work in banking.