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Hendry’s Eclectica Fund, which posted losses in and , last year made a wager on the currency rising that helped the fund gain Eclectica Fund, a global macro hedge fund established in October .. Mar. Apr. May. Jun. Jul. Aug. Sep. Oct. Nov. Dec Year. Eclectica Asset Management LLP is authorised and regulated by the Financial Conduct Authority / Private & Confidential. 2 Hugh Hendry, April

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Hugh Hendry

Hendry has become known in the United Kingdom for his outspoken commentary on the financial crisis. Pierre Corneille Polyeucte, Do not forget that the US does not share the distinction of the British or Australian housing markets. So to elaborate further, our chances of financial success are greatest under conditions where investors believe government spending will succeed aapril in reality it fails.

Communications from InvestorsInsight are intended solely for informational purposes. And in this environment risk aversion stimulates the investment desire for risk free assets.

Retrieved 19 July Despite his reputation as a contrarianHendry explained to the Financial Times in July that his approach continued to be based in taking advantage of market momentum. The dollar’s role as the world’s sole reserve currency has both assisted and accelerated the development of world trade. The Yellow Brick Road Consider another economy needing to be rebuilt: Hendry was born in GlasgowScotland, in and graduated from Strathclyde University in with a BA in economics and finance.


No sex, no drugs, no wine, no woman, no fun, no sin, no wonder it’s dark Everyone around me is a total stranger. My intellectual foes, 201 the other hand, are adamant that long duration government bonds are a short. The Norwegians suffer the most pain at present, but if the dollar were to strengthen Alcoa could conceivably go bust.

Hugh Hendry Full Eclectica Letter on China’s Impending Collapse

I keep hearing that a dollar devaluation would help matters. Eclectica Asset Management was founded in [9] when Hendry and his colleague Simon Batten purchased the management contract of the Eclectica Fund from Odey to establish themselves as a stand-alone fund manager.

Don’t be so sure about anything, Big Horace. In other words, quantitative easing, masquerading as a cheap but fixed currency regime, has succeeded where Japan’s orthodox version has failed. The private sector’s debt may be sustained by maintaining low nominal interest rates.

Hugh Hendry Full Eclectica Letter on China’s Impending Collapse

But first, I am indebted to Scott Sumner, professor of eclsctica at the University of Bentley, and his essay on the fynd lessons that can be drawn from timelessness in art see http: We believe the information contained herein to be accurate and reliable.

Lawrence’s coal miner Gerald from the novel Women in Love, who, just days after his father’s funeral, steals into his former lover’s bedroom and, ” I am sure I need not remind you that gold, along with just about every other commodity, has at least quadrupled in price since They understand that it is only the US that is willing to embrace the benefits aprli comparative advantage that arise from international trade.


The argument can be condensed into just two fears. Or in other words, the best forgeries tend to pay homage to the tastes and prejudices of their time.

Japan has championed both Friedman and Keynes. Heady stuff, but not without precedent: The surprise might concern the role that rising leverage has played in boosting GDP and in anchoring investors’ expectations to an unrealistic level of nominal GDP. This is why China’s mad dash for commodities and its investment splurge this year dclectica so worrying. The fund is going to, “get rich or die tryin'”.

At least the Harvard endowment scheme did not share their enthusiasm for golf. We must remember, however, that British fixed rates are determined by two and three year swap rates; so effectively the entire stock of UK mortgages are eclfctica by the central bank and could be thought of as floating.

Another popular argument is that the emerging economies have to urgently diversify their immense dollar reserves. However, where will the demand for all fhnd this additional government debt come from?

Of course, they are not alone. Perhaps in the end supply will create its own demand.