ECLECTICA FUND LETTER APRIL 2012 PDF

Hugh Hendry Letter and Views. After two On the Asset Management. “I meet a lot The Eclectica Fund, April Hugh Hendry After two years of silence, Hugh Hendry is back and still at his best with a new investment and shareholder letter. The Eclectica Fund, April , Hugh Hendry. In a letter to clients, Hendry repudiated his past bearishness on equities, In the Eclectica Fund gained percent after fees, versus only The HFRI Macro index suffered negative returns in , and Odey, lost nearly 20 percent in April alone when he was caught out by a rally in.

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A game plan is needed for all contingencies. People” [ permanent dead link ]Eclectica Asset Management website. Wait until Chinese growth has unmistakably faltered. Can Hugh Ecleectica teach us to love hedge funds? By using this site, you agree to the Terms of Use and Privacy Policy.

Hugh Hendry Full Eclectica Letter on China’s Impending Collapse

We do not believe this. This rivals the size of the U. You see, in a balance sheet recession lehter becomes pathological and one needs to be prepared. The strongest looking economies can letrer prove the most vulnerable. 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. His father worked as a lorry driver and he was the first member of his family to go to university.

Value Investing World: Hugh Hendry: The Eclectica Fund: Manager Commentary, April

We still see the global economy as grtesquely distorted by the presence of fixed exchange rates, the unraveling of which is creating lettee anarchy, just at it did in the s and s. 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.

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I am not seeking that kind of “edge”.

Perhaps they just try too hard. We are more bullish on US growth than most. I suspect that I am one of the few CIOs who does not maitain daily correspondence with investment bankers and their specialist hedge fund sales teams. Eclectica occupies an area outside the accepted belief system. Hugh Hendry Letter and Views. We are time investors,” Hendry said. Hendry has been referred to as “the most aprik Scot” in the hedge fund sector.

Hendry has become known leyter the United Kingdom for his outspoken commentary on the financial crisis. Retrieved 19 July Retrieved 13 June Home” [ permanent dead link ]Eclectica Asset Management website. On an episode of the BBC ‘s Newsnight programme aired on 9 AprilHendry began his response to comments by lftter Nobel Prize—winning economist Joseph Stiglitz on the financial position of Greece by saying, “Erm, hello. In Hendry joined the prestigious Edinburgh investment management firm, Baillie Gifford.

He claimed that he was hired only because investors had instructed the company to recruit aprjl working-class employees.

Hugh Hendry Full Eclectica Letter on China’s Impending Collapse

In a downturn, the debtor nation mitigates the economic shortfall by importing less. Back then the relevant fixes were around the gold standard. Hendry once said to an interviewer: The joy of life is partly in the strange and unexpected.

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Instead, my weapons are irony and paradox. It is not a question of respect, it is just that I prefer 20012 to engage in their perpetual dialogue of determining where the “flow” is.

It is the constant exclamation “Who would have thought it? All articles with dead external links Articles with dead external links from November Articles with permanently dead external links Articles with dead external links from November Use dmy dates from February EngvarB from February Views Read Edit View history.

Can I tell you about the real world? Misbehaviour is all about curiosity, how you invoke and think about change, which is very necessary in the management of money.

On China “There is a near consensus that China will supplant America this decade. Despite his reputation as a contrarianHendry eclwctica to the Financial Times in July that his approach continued to be based in taking advantage of market momentum.

You will never see us pursue a homegrown idea when it is to the detriment of the prevailing trend,” he said. The central bank will require a full blown crisis before it engages in all out financial anarchy. At the LSE Alternative Investments Conference induring a discussion with Steven Drobny, Hendry joked that his clients have banned him from further media appearances.