‘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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Instead we have favored the FX markets for expressing this theme and its most likely enduring properties.
We still see the global economy as grotesquely 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. And now the European continent is recovering. A eclectiac error now could jeopardise the whole European project.
You cannot make stuff like this up. This seems an important insight when considering the likely path of the US economy.
Be a global citizen.
It tends to bear comparison with how Hemmingway described going broke: We just need the last shoe to drop. Popular job sectors Popular job sectors Loading He does have some small personal investments, but that is all.
There’s no role for a colourful character like me, presently.
Instead, my weapons are irony and paradox. After closing Eclectica, he did not jump back into finance.
Hugh Hendry Is Back – Full Eclectica Letter | Zero Hedge
He compares his investment philosophy to the famous quote from iconic footballer Eric Cantona: Hugh Hendry’s Eclectica hedge fund is no more.
Equities represent just over half of our risk allocation. The theory that will take artificial intelligence to the trading floor Morning Coffee: It will inevitably buckle eclecfica it replaces the carrot with the stick. 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.
We believe we are approaching a dramatic fulcrum point in public opinion in Europe which could deliver another bout of outsized positive returns from a unique Eclectica trade.
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Our cheat sheet. Within four months the market had taken 10 year treasuries from a yield of 1.
By embracing his inadequacies and henfry on his luck, the strong man may have finally broken the binds that had previously held him back.
He didn’t like it there, and again according to the Independent’spoke up’ and was fired within a month. There was an error with your request. We’re a long way removed from that. To some, the country has gone from a credible reforming sovereign play to one caught up in a Asian crisis like scenario where the level of the peso determines the bendry of monetary policy with the domestic economy punished by the consequences.
I am perhaps doing him a gross lette, but I would summarise as follows: Not one buddy, not one phone call, not one instant message. That success was simply a matter of contentious macro posturing.
That is perhaps a long way of saying that existentialism is alive and well in the 21st century. Is that something you would be interested in? This is largely because not much has happened to change our views.
Hugh Hendry’s Eclectica Letter: The rate of living theory and an enduring US economic recovery
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. Successful but contentious macro risk posturing. When the status quo priced in is this boring, fixed income volatility really has only one direction it can go.