HUGH HENDRY ECLECTICA LETTER 2012 PDF

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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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. Lstter will tell, but for now, we are again at odds with consensus opinion. When he first joined, he told The Hedge Fund Journal that he spent 12 months ‘paying his dues’, ‘keeping quiet’ and ‘soaking huth what was going on.

Someone once said we should think of the world as a sentence with no grammar. That success was simply a matter of contentious macro posturing. Can Hugh Hendry teach us lettwr love hedge funds?

We are very robust. Despite being highly opinionated and extremely prone to expressing his opinions, Hendry seems to have feigned placidity when he was first at Odey.

The momentous nature of recent advances in shale oil and 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.

InHendry claims to have been hendryy first non-Oxbridge graduate to get a job at Edinburgh-based fund manager Baillie Gifford known for its graduate training programme.

That is the kind of guy I want to be when I grow up. And so they came out all guns blazing.

Hugh Hendry – Wikipedia

The beautiful mind, if you will. Since then the spread has refused to make new lows and responds well to Europe-specific flares in volatility.

The Fund’s ten-year NAV progression demonstrates this survivorship bias; when bad things have happened, we have made money. According to the Independenthe was ‘labelled a troublemaker. If we do I see my job as putting in the punctuation. Instead, my weapons are irony and paradox. According to this article in the Independent, Hendry was the first in his family and one of the only people at his school to go to university.

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Hugh Hendry predicts crisis will spread to Asia | Reuters

In a letter to investors he said he’ll sit out of trading until the next downturn, but said he’s optimistic about the global economy. Recall that I have the kind of imagination that can conceive of the yen trading closer to Cannot load job sectors at this time.

For, if the last ten years have taught me anything, it must be that the French philosopher Albert Camus, in his 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.

Bad things might happen after all. This is largely because not much has happened to change our views. We respect your privacy no spam ever. This makes us bearish on most Asian stocks, bearish on industrial commodity prices, interested in some US stocks, a seller of high variance equities and deeply concerned that Japan could become the focal point of the next global leg down.

Retrieved from ” https: In an interview five years agoHendry says he was pretty unemployable in London after leaving Credit Suisse: It’s bad luck to communicate with genius,” he told Investor’s Chronicle. They also hugely intervened in the currency and ended the old limited currency auctions.

We tactically hedge against these more constructive positions given the recent reset to higher equity volatility and their periodic outperformance of eclectiva wider market. I am not hugu with the notion of certainty.

10 things you didn’t know about Hugh Hendry, whose Eclectica hedge fund just closed

As G7 rates tumbled to zero the steep yield curve in Mexico proved one of the few credible places left to receive rates and allied to encouraging set of reforms of the political economy it seems that some investors neglected to hedge their currency exposure which left them exposed when the petrol-peso was dragged down by the tumbling oil price.

We wrote at length last month about our view that falling oil prices are a benefit rather than a threat for the majority of the world economy. Send me ocassional third party offers Yes No. Furthermore, the strategy accrues a positive carry should nothing alarming happen and the return series has been typically less correlated to the fortunes of global equities than orthodox hedges such as the dollar or the US Treasury market.

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Perhaps they just try too hard.

Never Miss A Story! Perhaps they are just too smart. It is in the constant exclamation “Who would have thought it? Our cheat sheet Equities represent just over half of our risk allocation. In other words, you are on your own and you must take ownership of your own destiny.

Hendry once said to an interviewer: These are, in no stringent order:. 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.

Hendry has become known in the United Kingdom for his outspoken commentary on the financial crisis. You will never see us pursue a homegrown idea when it is to the detriment of the prevailing trend,” he said.

Last year was no exception. Here’s what you didn’t know about the UK’s most colourful ex-hedge fund manager. Successful but contentious macro risk posturing. Can I tell you about the real world? And then in February they posted a poor inflation print that moved the core rate to 2. For me this has always meant being detached from the sell-side community. I attempt to cultivate my own insights lettrr to recognise the precarious uncertainty of global macro trends.

I suspect daily VaR budgets are anchored at 50 bps or 201. We have identified a series of hand-picked stock baskets both in Europe and Japan that we believe represent profitable trades capable of capturing the upside from the prevailing macro landscape; we have written previously on the merits of such trades.