‘It wasn’t meant to be like this’: Hugh Hendry’s farewell letter than three years later he quit Odey to set up his hedge fund boutique Eclectica. Below we repost his full final letter in its entirety, and wish Hendry good luck in his next endeavour. * * *. CF Eclectica Absolute Macro Fund. Hugh Hendry is back with a bang after a two year hiatus with what so many have been clamoring for, for so long – another must read letter from.

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With inflation still weak and government bond prices unlikely to crack just yet it is eflectica early to seek a short fixed income trade in disguise.

Clearly of course no one knows. InHendry claims to have been the first non-Oxbridge graduate to get a job at Edinburgh-based fund manager Baillie Gifford known for its graduate training programme.

Eclectica Asset Management — Where to play lower rates for longer On the other hand, Mexican inflation recently dropped to all-time lows 2. Furthermore, gugh 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 Ecpectica market.

Fixed income volatility will lehter. 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.

An audience with Hugh Hendry: ‘We need more pirates’

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Surprisingly, perhaps, he disavows the original Hugh Hendry, and goes out long if not quite so strong. 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.


Rate hikes will continue to be sparse, we only have one quarter point hike predicted between now and the end ofwhich if fulfilled will be highly unlikely to spark a severe uhgh. Most likely the US economy will continue to grow and the labour market will tighten making a larger adjustment to rates in the future inevitable.

First of all we have the still too close to call US presidential election where a Trump victory would be hailed as a triumph for the same arguments that led to Brexit. 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.

An our main conclusion is that by doing the unthinkable and actually voting to leave, Brexit substantially increases the likelihood that other members of the European Union will also seek to break away. This seems an important insight when considering the likely path of the US eflectica.

Hendry blames the firm’s heendry times on factors including quantitative easing, Donald Trump’s hendgy bombs” and his own modus operandi: He became a regular media figure during the crisis, even as his own business was buffeted by waves of henrdy.

I would stay long. Perhaps they just try too hard. I spent a year doing this, a year doing this, whatever, and so I was a generalist. Popular job sectors Popular job sectors Loading We respect your privacy no spam ever.

Hugh Hendry’s Eclectica Letter: Hard hats and sunglasses

The National Bureau of Economic Research defines eleven business cycles since towith the average expansion lasting just over five and a half years. I am not seeking that kind of “edge. They also celectica intervened in the currency and ended the old limited currency auctions. As it turns out, renting his island property was as taxing as running a hedge fund: We believe that this could potentially be achieved by taking a: And a segment that all the Whitney Tilsons of the world should read: It’s and Deutsche Bank would like everyone to calm down.


The clear message is that 1.

An audience with Hugh Hendry: ‘We need more pirates’ – Financial News

And we can clearly sense the seeds of another popular political revolt in other member countries; a flurry of upcoming elections and referendums provides an immediate catalyst. They hiked rates 50 basis points, on top of the recent increase of uugh basis points when they followed the Fed.

My life of abuse by idiot traders on the buy-side by Anonymous 15 September I have always figured that the first is the real key. I fear that owing to this nasty experience, today no one in macro letteg running much risk.

There was an error with your request. Asked what he learned from hedge fund life, he says: Yet one thing we do want to point out is how different compared to your run off the mill 2 and 20 rent collector is the Eclectica Hdndry. And that will be followed in the autumn by federal elections in Germany, where recent regional polls saw a disastrous outcome for the once unassailable Chancellor Merkel.

It is simply too absurd. That success was simply a matter of contentious macro posturing. He stayed there for eight years and managed funds in the US and British teams. But regardless of who the parties choose to run, both are likely to be pulled towards the distinctly anti-European nationalist agenda of Marine Le Pen who seems almost assured of reaching ecletica second round run-off in the Presidential election next May.

In the letter the most surprising insight henry the perpetual contrarian is his almost predictable contrary view of the dominant investing meme at the moment. 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.