Hugh Hendry on Fund Closing, Bonds, Fed Policy
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- čas přidán 14. 09. 2017
- Sep.15 -- Hugh Hendry, founder at Eclectica Asset Management, discusses his decision to close his flagship hedge fund after 15 years. He speaks on "Bloomberg Daybreak: Americas."
Huge balls on this guy. Independent thinker. Brave (and asymmetrically profitable) when he believed he was right. Humble when he was wrong.
What ? An annualised return of 6% since 2009 ? If you had bought the DOW in 2009 it would have doubled by 2013 equating to an annualised return of 12%. I like Hugh but either he is not giving the real game away or is infatuated with rich people.
@@DavidAKZ if you bought at the bottom you mean? Nice cherry picking
His premise is correct, I think if his investors would of been more patient they would have been happy about it during the March Covid crash. Tragic really. Good to see him call the end but not despair and keep going on. He's making some really interesting content now.
Hugh should write a book, if you will. I would buy it, if you will. I expect it would lament in contentious posturing, if you will.
Interesting guy.. I would read it and review it. Raw af.
He is writing one right now called acid capitalist
Is now the time for a Marco hedge fund?
"the treasuries are supposedly serve as an hedge to your equity exposure but they became so correlated". for the first time in history 2022 saw Stock and Bonds down simultaneously. Kudos to Hugh
That bit at the very very end is actually good (profound). That's also one of the key reasons John Tempelton and Warren Buffett have been so successful. Short term is not good for long profits.
I like listening to this guy....but something tells me he's talking bollocks!
Ha I got that impression first too, hard to say with an articulate Scott's man.
Well his hedge fund dissolved because he made several large gamble short-plays that he was on the losing end of. Whether you judge his success on that is up to you.
welcome to finance
Absolutely spot on! Articulate gambler!
Love you Hugh. Inspiration for me and always will be. I could listen to you all day. If you are ever looking to hire for your next venture you know where i am!! I think buying the DAX into the new year will work very handsomely. Technical advisor in the financial industry
He's brilliant, but as a money manager he had sub-par returns. Basically he made 48% in a single month in 2008 and since then sideways. I like the attitude though, but in money management sometimes does not go along with brilliant thinking
"If I've succeeded at anything, I've succeeded at being idle" Hugh Hendry
Class act! All the best in your future endeavors Hugh.
He spotted a macro shift in 2007/2008 and that was about it. Other than that he simply wanted to over complicate things and messed up terribly. I really don't think that he ever grasped how QE worked in relation to its trickle down effect on equity markets.
He made big money before that on the gold trade and a few other things.
I've been around enough of these guys to know they're all bullshitters par excellence. Great company but any profits they made was PURE luck. Gift of the gab though and always entertaining characters. Charismatic psychopaths
@@bitcoinisfreedommoney.fckt2663 In reference to Hugh? Because he’s always been a contrarian flipping off the financial establishment. He’s spot on here in saying the system is broken, addicted to loose policy, and it’s up only until we hit an air pocket (like COVID and repo freeze before it). Idk if you’ve seen his recent material, but he’s actually quite the Bitcoin bull.
He speaks so well
Another Bear since 2008 capitulating. Now he says go long risk. Good sign of a market topping out.
i think this year if fed raises rates
You weren't that far off, dude.
@@r.s.334 much of the issues he was concerned about back then have actually come to pass and more could be coming. i know he's long gold.
Markets can stay irrational longer than anyone can stay solvent.
The federal reserve has to keep the curve inverted!
This Guy is Legendary
Returns adjusted for inflation were piss poor....
He wants to manage people money if he can lose them 5% per annum and he is very good at being idle. Brilliant!
His annualized return was 6% over 15 years.
@@winstonsmith2079 So less than real CPI inflation? What a rockstar investor he is. See my earlier comment.
@@bitcoinisfreedommoney.fckt2663 are you 14? Between 2002 and 2017 inflation was averaging 2%. His fund had returns on average of 6% per annum while being uncorrelated to the market. He delivered especcially when IT WAS NEEDED in 2007, 2008. It had 40% returns in the biggest financial crisis when every asset was on discount. Gains made in a crisis have a higher future value than the ones made in a neutral/booming economy.
Helicopter money ends up in the hands of investors, those owning property (via rents and capital appreciation) and businesses that supply the essentials. Let the market deal with the fall out and those who have saved up to pick up cheap assets.
never believe over confident guy
Great jump , laddie! Single malt and Guinness. Come back with a trump necktie?
If he could have just held on his trade for a few more months until Volmageddon...
Boy did he turn out to be right...
He should have stuck it all on cryptos. :)
unfortunately he is a centralist, thinking that rich people will always get bailed out by government bonds i.e. a Central Bank. I would be surprised if he understood there is a relationship between cryptocurrencies and distributed systems.
@@DavidAKZ and he is kinda right
@@DavidAKZ There is ONLY Bitcoin peasant. Everything else is a garbage coin_edcuate yerself
This will go down as famous last words (3:30 mark):
People say, "but at what cost?" I would say, "I don't care about the cost." There's no cost greater than preventing what could've been an immense human tragedy in the aftermath of 2008.
There is no free lunch, Hugh. The costs of intervention play out over decades. With $15T in global bonds yielding less than zero, central bankers have turned the world upside down and all risk lights green. Let's stop treating them like rock stars and saviors. The greatest monetary experiment in history will not end well.
My username checks out
As a fund manager all you did was collect money, throw it into the market and pray you are one of the lucky ones "working" at a time where it doesnt matter where you put the money, cuz the whole market is booming. 2ndly Most managers underperformed and just collected fees. Please, explain to me more how that is not a scam? But these times will be over, because the internet will purge all scams. Knowledge will spread everywhere and very fast.
He is not a fund manager. He was a macro hedge fund manager. He returned 50% in 2003 and 30% in 2008. That is what a hedge fund is for.
@@winstonsmith2079 nailed it Winston
But he's fucked now
@@winstonsmith2079 Lol he had an edge for 2 years out of 20...care to mention the other 18 year returns_numpty
@@bitcoinisfreedommoney.fckt2663 He ran a global macro hedge fund. If you don't know what that is and unwilling to find out, then there is no helping you. And as for bitcoin.... good luck with that LOL.
Translation: I got the boot.
Effing legend
Getting the shat out of sterling first off.
Halicopter money - Free money is right
glad he doesnt have my money
why?
@@liyexiang666 cause he sucked most of the time
6% per annum PLUS massive helicopter money was pretty horrible if not subpar record.. how do hedgefunders survive @3.5% 2022 onwards then?
@@liyexiang666 because all he wants to do is get rich off of his clients. If his clients go broke as he churns their account and loses their money, he doesn't care
Buy vanguard total world and you will beat this guy easily
No one can guess where markets are going no one
Wow billionaire self stroking show
hugh, why do you suck at investing? why did you lose money?
Bet in favor of the EU breaking up ...............and lost badly ......... oh well no more obnoxious appearances on question time
So did Jon Corzine and stole 1.6b of clients money when the bet went against him. Don't bet against the house Jon. At least before the advent of cryptocurrency.
Hmmmmm... the EU is breaking up.