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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Indeed, this peculiarity is circular in nature. First, they will suggest that 4.

However, back then, the broad trade weighted index kept rising. John Mauldin’s Outside the Box. Jonathan Lopez, the noted art historian, argues that a FAKE succeeds owing to its power to sway the contemporary mind. This is my home.

But, like I said, I think events could reignite some of the natives’ old amour. And yet it is as though the other surplus countries are behaving like Bernie’s former investors who, believing in the stated NAV and its promise of more of the same i.

This was further augmented by America’s willingness to run trade deficits, the modern day equivalent vund a gold discovery, which became necessary to sustain the emergence of the new economic trading bloc.

It was heralded by the Japanese experience. The dollar’s role as the world’s sole reserve currency has both assisted and accelerated the development of world trade. However, it was not always like this.

Hugh Hendry

So to elaborate further, our chances of financial success are greatest under conditions where investors believe government spending will succeed but in aprik it fails. Perhaps, it is better that we buy those Treasury put options after all? People” [ permanent dead link ]Eclectica Asset Management website. In order to finance the emergence of a new economic superpower, an abundance of dollars was needed.

  IEEE C37.20.7 PDF

Hugh Hendry Full Eclectica Letter on China’s Impending Collapse

Again, we find ourselves agreeing vigorously. Over the last decade, each marginal dollar of debt has generated less and less marginal income. The alarming thing is that my opponents see Ferguson et al.

Retrieved from ” https: Much is made of the comparison between today’s balance sheet recession and Japan’s demise back in But the pressure from so much issuance at a time of great reluctance from financial institutions to purchase bonds could break the stalemate. Think of it this way, a greater supply of Treasuries would be a very ec,ectica by-product of weaker than anticipated economic growth.

Opinions expressed in these reports may change without prior notice. The Yellow Brick Road Consider another economy needing to be rebuilt: All material presented herein is believed to be reliable but we cannot attest to its accuracy. It is as though the rap artist 50 Cent has taken over the advisory board.

So consider, instead, the annual run rate this year from January to August. The subsequent reconstruction of modern China, though, intervened.

Hugh Hendry Full Eclectica Letter on China’s Impending Collapse

Let me say it again; we have already had the devaluation. The ability of fractional reserve banking to leverage this liquidity many times over provided the monetary mo-jo to instigate ever higher commodity prices. Do not forget that the Chinese could replicate equivalent currency baskets to SDRs at any moment. They have built bridges to nowhere and dropped Yen notes from helicopters for twenty years and still they have nothing to show for it. Retrieved 8 June Ferguson in London last month, he claimed that Japan was an extreme outlier and could be ignored.


We are time investors,” Hendry said. So just how did Van Meegeren fool the Nazis with paintings that today look so awful, so un-Vermeer? The advocates of Prechter’s socio-economics would not be surprised to hear that the Romanian writer Herta Mueller has been awarded this year’s Nobel Prize for literature for her work depicting “the landscape of the dispossessed”.

The US produced a small surplus back in the recession, so why not again? Of course, eclectoca are not alone. And an America that saves is an America that does not run a current account deficit. We knew that there would be a “zero-hour” for the economy when the creation of new debt would not contribute to GDP growth.

He 212 that he was hired only because investors had instructed the company to recruit more working-class employees.