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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This is largely because not much has happened to change our views. We still see the global economy as grtesquely distorted by the presence of fixed exchange rates, the unraveling of which is creating financial anarchy, just at it did in the s and s. Back then the relevant fixes were around the gold standard.

However, we also think that it will end in Asia. We do not believe this. We are more bullish on US growth than most.

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Hugh Hendry

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. This rivals the size of the U. In a downturn, the debtor nation mitigates the economic shortfall by importing less. The strongest looking economies can sometimes prove the most vulnerable. I mainatin that the central bank will only seek to destroy the value of the currency after the next leg down in the struggle for corporate profitability that we are currently witnessing.

The central bank will require a full blown crisis before it engages in all out financial anarchy.

Hugh Hendry Full Eclectica Letter on China’s Impending Collapse

Wait until Chinese growth has unmistakably faltered. Perhaps they just try too hard. Instead, my weapons are irony and paradox. The joy of life is partly in the strange and unexpected. It is the constant exclamation “Who would have thought it? It is not a question of respect, it is just that I prefer not to engage in their perpetual dialogue of determining where the “flow” is.

I cannot be reached by telephone. I suspect that I am one of the few CIOs who does lrtter maitain daily correspondence with investment bankers and their specialist hedge fund sales teams. Not one buddy, not one phone call, not one instant message.

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Hugh Hendry Full Eclectica Letter on China’s Impending Collapse

I am not seeking that kind of “edge”. Eclectica occupies an area outside the accepted belief system.

But volatility killed Jesse. You see, in a balance sheet recession volatility becomes pathological and one needs to be prepared. A game tund is needed for all contingencies. Wat is more it is not necessarily the high volatility that is so daunting but rather the great oscillations from high to low that keep wrong fooring investors.

Hugh Hendry Letter and Views. After two years of silence, Hugh Hendry is back and still at his best with a new investment and shareholder letter. On China “There is a near consensus that China will supplant America this decade.