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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On the plus side we also believe that we are much closer than before to the beginning of a bull market of perhapsif notproportions. So it is entirely rational especially if you have never met a hedge fund manager to assume the industry attracts the brightest, smartest minds. The National Bureau of Economic Research defines eleven business cycles since towith the average expansion lasting just over five and a half years.

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

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. His father worked as a lorry driver and he was the first member of his family to go to university.

And then in February they posted a poor inflation print that moved the core rate to 2. Equities represent just over half of our risk allocation. And we cannot understate the size and influence of these players on marginal pricing: We are also more pessimistic on Chinese growth than ever. People” [ permanent dead link ]Eclectica Asset Management website. Views Read Edit View history. 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.

I do not think it is logical to try and outsmart the smartest people.


Eclectica Asset Management — Hard hats and sunglasses To conclude, our current views can be broadly summarised as follows. I suspect he would have made a fine macro manager.

If we do I see my hendru as putting in the punctuation. It’s and Deutsche Bank would like everyone to calm down. Rates typically spike higher if concerns in China heighten against a backdrop of weaker economic growth or further unease about the domestic banking system. And so they came out all guns blazing.

Luckily, however, he met hedge fund manage r Crispen Odey. He stayed there for eight years and managed funds in the US and British teams. Of course today they are celebrated once again for making double digit returns in the quarter just ended yet they still languish below high water marks and their Sharpe ratios are busted.

You will never see us pursue a homegrown idea when it is to ecpectica detriment of the prevailing trend,” he said. The oil price collapse that we discussed in the last monthly newsletter and the inevitability of significant swathes of bankruptcies.

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Recent events come on the back of a period of profound Mexican peso weakness; indeed since the end of November the peso has been one of the worst performing currencies in the world. Time will tell, huggh for now, we are again at odds with consensus opinion. And whilst we cannot rule this scenario out, with our predilection for giant tortoises we fail to find the current risk-reward proposition compelling. No long-distance commuting after Brexit How to stay married when you work in banking.

Ecleectica sign up Get the latest career advice and insight from eFinancialCareers straight to your inbox Sign up. Mexico has proven a big draw to the largest fixed income managers in the world.

Eclectica Asset Management was founded in [9] when Hendry and his colleague Simon Batten purchased the management contract of the Eclectica Hubh from Odey to establish themselves as a stand-alone fund manager. He grew up close to the Gorbals, a notorious housing estate in Glasgow. We believe that this could potentially be achieved by taking a: By using this site, you agree to the Terms of Use and Privacy Policy.


Hugh Hendry Full Eclectica Letter on China’s Impending Collapse

Retrieved from ” https: What if the hyper but short lived shrew like performance of previous Henndry expansions has metamorphosed into the slothful giant tortoise that can live for years?

We do not believe this. The finance ministry seems determined to succeed. Send me ocassional third party offers Yes No. By embracing his inadequacies and leaping on his luck, the strong man may have finally broken the binds that had previously held him back.

Hendry has become known in the United Kingdom for his outspoken commentary on the financial crisis.

This page was last edited on 11 Novemberat God is dead, life is absurd and there are no rules. Recall that I have the kind of imagination that can conceive of the yen trading closer to The question now is just how we can make money in the tough business of global macro investing this year. Click here to manage your subscriptions. He also thinks they are the political opposition.

Hugh Hendry Is Back – Full Eclectica Letter | Zero Hedge

Price levels appear very unexciting in Europe and Japan where you probably need a lot of really bad things to happen to make money from here. 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.

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 lettet to capture hjgh of the value chain.

Hendry says their relationship lettdr into a ‘second phase’ characterised by the realisation that Odey wasn’t infallible and characterised by the notion that, “That is an interesting view you’re giving me, here’s what I think.