‘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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But what if such flatness has more to do with the commercial investment pressure brought on by QE rather than a genuine recession threat? There was an error with your request. This shift in power at the head of the ECB brings into question the resolve of the central bank to act quickly to prevent future crises.


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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 would largely ignore and when monetary policy was tightened and the economy buckled under the duress of the dramatic reversal in what had been credit fuelled misallocations of capital in the TMT and property sectors.

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 one of the true if completely unsung visionary investors of our time: We’re a long way removed from that. Eclectica Asset Management — Hard hats and sunglasses To conclude, our current views can be broadly summarised as follows. In an interview five years agoHendry says he was pretty unemployable in London after leaving Credit Suisse: I cannot be reached by telephone.


It’s bad luck to communicate with genius,” he told Investor’s Chronicle. Hendry says their relationship moved 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.

It’s war, real-life drama, and you mistakenly think you’re going to die because you’re wrapped up in it, which is so preposterous. 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.

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Luckily, however, he met hedge fund manage r Crispen Odey. 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 the second round run-off in the Presidential election next May. Click here to manage your subscriptions.

Hugh Hendry’s Eclectica Letter: Hard hats and sunglasses

Remember, just two years after the UK similarly rejected the gold standard back in there were just 12 remaining members versus the 45 that had previously been committed. Hugh Hendry might be enjoying getting his life back but something tells me this pirate will not be on shore leave for much eclectiva.

As G7 rates tumbled to zero the steep yield curve in Mexico proved one of the few credible places left to receive rates and allied to encouraging set of reforms of the political economy it seems that some investors neglected to hedge their currency exposure which left them exposed when the petrol-peso was dragged down by the tumbling oil price.


As I am sure you by now know, I am nothing but a worrier.

Not one buddy, not one phone call, not one instant message. That is the kind of guy I want to be when I grow up.

I suspect daily VaR budgets are anchored at 50 bps or less. Please click the verification link in your email to activate your newsletter subscription Click here to huggh your subscriptions.

And we cannot understate the size and influence of these players on marginal pricing: It is my assertion that what makes a great fund manager first and foremost is the ability to establish a contentious premise outside the existing belief system and have it go on to become adopted by the broader financial community. Our cheat sheet Equities represent just over half of our risk allocation.

God is dead, life is absurd and there are no rules. After closing Eclectica, he did not jump back into finance. However, in the fourth year of his four year course he realised that he had absolutely no desire to become an accountant and returned the sponsorship money he’d received from the accounting firm. Huhg potentially leaves us in a strange environment.

The absurdity of this demonstrates the problem of devising an appropriate monetary policy for the bloc. Hendry studied Accounting and Economics at Strathclyde. Hendry blames the firm’s tough times on factors including quantitative easing, Donald Trump’s “news bombs” and his own modus operandi: Someone once said we should think of the world as a sentence with no grammar.