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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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His father worked as a lorry driver and he was the first member of his family to go to university. But whereas in China this mostly manifested itself in corporate behaviour, in Mexico it was a different set of participants: I have, I think, a soul mate in the prolific but often misunderstood Italian soccer player Pippo Inzaghi, the second highest scorer in all European club competitions.

I am not seeking that kind of hugj. Essentially, therefore, it seems that you need a recession to appear to make money in US fixed income markets. These are, in no stringent order: By embracing his inadequacies and leaping on his luck, the strong man may have finally broken the binds that had previously held him back.

You cannot make stuff like this up.

Hugh Hendry

The beautiful mind, if you will. Sort by Relevance Newest Oldest. The need to choose the asset class offering the highest probability of payout should the conviction hold true whilst offering an asymmetric loss profile should the original premise prove unfounded. People” [ permanent dead link ]Eclectica Asset Management website. We respect your privacy no spam ever. We tactically hedge against these more constructive positions given the recent reset to higher equity volatility and their periodic outperformance of the wider market.

Who would’a thunk it: But above all, my job is to make money. We still see the global economy as eclevtica distorted by the presence of fixed exchange rates, the unraveling of which is creating financial anarchy, just as it did in the s and s. I attempt to observe such things first hand through my extensive travel I promise no more YouTube videosand seek to understand their significance by investigating how previous societies coped under similar circumstances.


He claimed that he was hejdry only because investors had instructed the company to recruit more working-class employees.

Hugh Hendry’s Eclectica Letter: The rate of living theory and an enduring US economic recovery

For the moment, Hendry the hedge fund manager is out of action. But of course this expansion has always seemed atypical with the differentiating factor of the private sector having deleveraged during the upcycle.

He began to attract attention when his fund achieved a A best in class risk technique that stop losses the narrative and responds early with loss mitigation procedures i.

Despite being highly opinionated and extremely prone to expressing his opinions, Hendry seems to have feigned placidity when he was first at Odey. Hendry says their relationship moved into a ‘second phase’ characterised by the high that Odey wasn’t infallible and characterised by the notion that, “That is an interesting hendrg you’re giving me, here’s what I think.

Today the opposite is the case: Europe A euro henry up does not feature remotely in our projections nevertheless we seek to prevail should such unforeseen cataclysmic scenarios come to pass.

Maybe that was the easy bit. By using this site, you agree to the Terms of Use and Privacy Policy. In a curious sort of way the cause of these recent problems seems analogous to those of the renminbi, in that too many speculators were lured in by an attractive, high carry fixed income market. Eclectica Asset Management — Where to play lower rates for longer On the other hand, Mexican inflation recently dropped to all-time lows 2.

Typically these creditor nations already have low interest rates and seem likely to need further currency weakness if they are to defend their competitiveness. In a letter to investors he said he’ll sit out of trading until the eclectics downturn, but said he’s optimistic about the global economy.

The momentous nature of recent advances in shale oil nugh gas extraction and America’s acceptance of the unpleasantness of debt and labour price restructuring looks to us as if it is creating yet another historic turning point. Odey invited Hendry to dinner and reportedly told him: The Fund’s ten-year NAV progression demonstrates this survivorship bias; when bad things have happened, we have made money. He stayed there for eight years and managed funds in the US and British teams.


Recall that I have the kind of imagination that can conceive of the yen trading closer to We think to comprehend what happened next you have to appreciate just how incentivised the authorities are to legter inflation. And then in February they posted a poor inflation print that moved the core rate to 2. On the other hand we are short those nations which can be typified as being producers of increasingly commoditized goods dependent on world trade and vulnerable to a slowing China and its desire to capture more of the value chain.

Hugh Hendry – Wikipedia

After this ‘fortuitous encounter,’ Hendry moved to Odey Asset Management inaged He also thinks they are the political opposition.

They hiked rates 50 basis points, on top of the recent increase of 25 basis points when they followed the Fed. We believe it is possible to demonstrate that such headline grabbing Armageddon scenarios can be addressed and hedged at a very modest cost, if not profit, whilst retaining upside exposure should, as we contend, such fears prove overstated.

Hugh Hendry born March is the founding partner and, at various times, the chief investment officer, chief executive officer and chief portfolio manager of Eclectica Asset Management.

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That is perhaps a long way of saying that existentialism is alive and well in the 21st century. On the other hand we have to contend with the proposition that we may be wrong.

Click here to manage your subscriptions. In the letter the most surprising insight from the perpetual contrarian is his almost predictable contrary view of the dominant investing meme at the moment. Please click the verification link in your oetter to activate your newsletter subscription Click here to manage your subscriptions.

And if anything remotely close to the China bear scenario, or a political disaster in Europe stemming from Brexit or migration issues does play out, this spread will almost certainly explode to the upside.