ECLECTICA FUND APRIL 2012 PDF

Hendry’s Eclectica Fund, which posted losses in and , last year made a wager on the currency rising that helped the fund gain Eclectica Fund, a global macro hedge fund established in October .. Mar. Apr. May. Jun. Jul. Aug. Sep. Oct. Nov. Dec Year. Eclectica Asset Management LLP is authorised and regulated by the Financial Conduct Authority / Private & Confidential. 2 Hugh Hendry, April

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And, fundamentally that argument still suffers from the dearth of any other major economy showing any willingness to sacrifice its short term economic standing for the longer-term mutual benefit of having enriched trading partners.

Their dollar cost is the company’s only competitive advantage. Retrieved 19 July And in this environment risk aversion stimulates the investment desire for risk free assets. They have built bridges to nowhere and dropped Yen notes from helicopters for twenty years and still they have nothing to show for it.

Of course, they are not alone. This is my home. If ecldctica believe, like I do, that it peaked in then the repercussions are enormous.

Hugh Hendry – Wikipedia

Now with China having been on such an expansionary tear, it may not surprise you to hear that finished Chinese steel prices today trade below their production cost. However, where will the demand for all of this additional government debt come from? Hendry once said to an interviewer: Hendry was born in GlasgowScotland, in and graduated from Strathclyde University in with a BA in economics and finance.

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To make matters even worse, the Chinese have stopped importing and are eager to ramp up domestic aluminium production. It is almost as if the world’s greatest speculators are agitating for their own demise.

Despite their bubble never coming close to matching China’s prominence in industrial commodities, the loss of Japanese economic growth in the s was nevertheless a major factor in the waterfall crash in commodities. But, like I said, I think events could reignite some of the natives’ old amour. We eclectia that there would be a “zero-hour” for the economy when the creation of new debt would not contribute to GDP growth. It is the old dice game, Mort Subiteplayed by the employees of the National Bank of Belgium in the busy lunch time cafes of Brussels in The ability of fractional reserve banking to leverage this liquidity many times over provided the monetary mo-jo to instigate ever higher commodity prices.

But weaker economic growth? This is my point. If a poet knows more about a horse than he does about heaven, he might better stick to the horse Eclectlca is why China’s mad dash for commodities and its investment splurge this year is so worrying. That is what the last five years were all about.

Almost half of the fund is invested in emerging market equities, commodities, real-estate, private equity and junk bonds. Views Read Edit View history.

Retrieved from ” https: However, it is our contention that US savings are heading north over the months and years to come. The QE succeeded because, amongst other features, it raised the velocity of monetary circulation. It is as though the rap artist 50 Cent has taken over the advisory board. Yet the Alcoa CDS trades at basis points, down from its high of earlier this year.

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Imagine that we have not even considered their pension liabilities. He began to attract attention when his fund achieved a However, errors may occasionally occur. Eclecgica is to say, I will attempt to tell you everything that I know. Opinions expressed in these reports may change without prior notice. They behave like D.

Hugh Hendry Full Eclectica Letter on China’s Impending Collapse

So consider, instead, the annual run rate this year from January to August. And yet, they blithely run the risk of ruination. My European partner Niels Jensen from time to time sends me some of the best letters he reads from the hedge fund world. In Hendry joined the prestigious Edinburgh investment management firm, Baillie Gifford.

It offers some very thought-provoking ideas.

They did not have to wait on the vagaries of a gold discovery to promote and sustain their economic engine. Lawrence’s coal miner Gerald from the novel Women in Love, who, just days after his father’s funeral, steals into his former lover’s bedroom and, ” Let me explain why. They understand that it is only the US that is willing to embrace the benefits of comparative advantage that arise from international trade.

The Yellow Brick Road Consider another economy needing to be rebuilt: