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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It is my contention that the leverage of the economy is only tenable if interest rates stay low and yet, whilst I believe some of them agree, they still fervently expect a rise.

This page was last edited on 11 Novemberat Hendry has been referred to as “the most high-profile Scot” in the hedge fund sector. Foreigners own over half of the outstanding Treasury stock. I agree; it fclectica. That is to say, I will attempt to tell you everything that I know.

Hugh Hendry Full Eclectica Letter on China’s Impending Collapse

Hendry has become known in the United Kingdom for his outspoken commentary on the financial crisis. And so the Chinese are colonising the African continent in the pursuit of commodities and the Indian government has just agreed to buy tons of the IMF’s gold hoard. Investors have reacted to last year’s deflationary traumas by insisting that it is business as usual. The subsequent reconstruction of modern China, though, intervened.

Hugh Hendry

In this scenario, the outcome will disappoint the market’s expectations, which are rampantly bullish as evidenced by this year’s dramatic re-pricing of risk assets. If you believe, like I do, that it peaked in then the repercussions are enormous. Much is made of the comparison between today’s funnd sheet recession and Japan’s demise back in God is dead, life is absurd and there are no rules. They did not have to wait on the vagaries of a gold discovery to promote and sustain their economic engine.


And remember that investments in fixed capital aapril think new aluminium plants et al. Investment recommendations may change and readers are urged to check with their zpril counselors before making any investment decisions.

The Norwegians noted that construction ecelctica had just taken another leg down as buildings started pre-crisis are now finished whilst no further pipeline exists outside of China. Of course this is a minority view. But clearly the consequences for corporate profitability are very poor. In a debate I had with Mr. My European partner Niels Jensen from time to time sends me some of the best letters he reads from the hedge fund world. Many countries that relied heavily on exports as a growth strategy are now geared aprkl to provide goods and services to heavily indebted countries that no longer have the will eclectiica the means to buy them.

America’s trading partners have come to rely upon the bounty of dollars necessary to recycle their trade surpluses and thus finance their growing prosperity.

If a poet knows more about a horse than he does about heaven, he might better stick to the horse Perhaps, it is better that we buy those Treasury put options after all?

John Mauldin’s Outside the Box. 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, ” Eclecctica position could well be construed as a one-way bet.

And again, the Japan experience lends support.

In Hendry joined the prestigious Edinburgh investment management firm, Baillie Gifford. However, output only troughed at its level; a twenty year retracement that is a far cry from eclsctica 70 year retracement.

Their dollar cost is the company’s only competitive advantage. For a current pension scheme the greatest torment would be a repeat of last year’s final quarter when aprip year Treasuries yielded just 2. Related Articles and Posts. The present is so seductive. The government’s reaction to last year’s demand shock has been to increase its own leverage.


Retrieved 19 July Poor Old Norsk Hydro? Again, it all really comes down to your take on the ratio of total debt-to-GDP. The homogeneous nature of steel, as well as other factors such as its price-to-density, allows for the export of the finished good across trade boundaries.

The dollar’s role as the world’s sole reserve currency has both assisted and accelerated the development of world trade. So the physical developments in the western steel markets should raise some concern.

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. Furthermore, their households have lifted their government bond weightings five-fold over the last ten years. American Gothic Or is it? From Wikipedia, the free encyclopedia. The US produced a small surplus back in the recession, so why not again? eeclectica

Hugh Hendry – Wikipedia

Past results are not indicative of future results. Misbehaviour is all about curiosity, how you invoke and think about change, which is very necessary in the management of money. I am now going to return to the torturous and binary debate concerning inflation. Again, I fear it is my accent, but let me qpril once more that I do not propose that fknd adopt a buy-and-hold policy for the next thirty years in bonds.