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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They did not have to wait on the vagaries of a gold discovery to promote and sustain their economic engine.

As you know, I am in the deflation camp for now, and we own a modest amount of government bonds and a series of asymmetric bets which would receive a boost from a return to some form of risk aversion. Admittedly, their strong petro-currency does not help and you have to discount the solace I seek in finding people even more miserable than myself. What an Ungrateful Lot We Are? Even Ryanair are talking about suspending their aggressive growth plans and may delay the purchase of more planes.

However, where will the demand for all of this additional government debt come from? eclecticx

I am sure I need not remind you that gold, along with just about every other commodity, has at least quadrupled in price since If you believe, like I do, that it peaked in then the repercussions are enormous. Home” [ permanent dead link ]Eclectica Asset Management website. The QE succeeded because, amongst other features, it raised the velocity of monetary circulation.

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And in a similar way, the rise ecectica leverage has probably misrepresented the truly recurring nature of nominal GDP. Austerity beckons for the clergymen; heaven will have to pay their stipend.

Hugh Hendry Full Eclectica Letter on China’s Impending Collapse

As an example, ten years ago it was unthinkable that the dollar would prove so fragile. Indeed, 30 years later, fhnd the presidential election campaign ofWilliams Jennings Bryan was still hotly contesting its merits. Take another august body, the Harvard Endowment Fund. Imagine that we have not even considered their pension liabilities. It was heralded by the Japanese experience. We believe the information contained herein to be accurate and reliable.

Past results are not indicative of future results.

Hugh Hendry Full Eclectica Letter on China’s Impending Collapse

They have built bridges to nowhere and dropped Yen notes from helicopters for twenty years and still they have nothing to show for it. In Hendry joined the prestigious Edinburgh investment management firm, Baillie Gifford. The rationale behind this is the same as the rationale used by LME speculators.

On an episode of the BBC ‘s Newsnight programme aired on 9 AprilHendry began his response to comments by the Nobel Prize—winning economist Joseph Stiglitz on the financial position of Greece by saying, “Erm, hello. However, forget the art world.

Hugh Hendry

Despite their bubble never coming close to matching China’s prominence in 0212 commodities, the loss of Japanese economic growth in the s was nevertheless a major factor in the waterfall crash in commodities. It offers some very thought-provoking ideas.

The Norwegians noted that construction demand had just taken another leg down as buildings started pre-crisis are now finished whilst no further pipeline exists outside of China.

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Much is made of the comparison between today’s balance sheet recession and Japan’s fclectica back in Let me repeat once more: 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, ” Even so, the aluminium situation mimics that of steel, but with an even mightier inventory overhang.

Therefore, all information and materials are provided “AS IS” without any warranty of any kind. But the Economy is Growing? And with it the ominous precedent ofoutlined in our February report, when fjnd back up in ten year Treasury yields from 3. But, with the economy operating at its zero-hour, we believe this incremental leverage will actually have eeclectica negative impact. That is to say, I will attempt to tell you everything that I know.

Does Life Imitate Art? I keep hearing that a dollar devaluation would help matters. Investment recommendations may change and readers are urged to check with their investment counselors before making any investment decisions. Clearly the additional return from Yen debt in Japan is close to zero and it exposes the nightmare of interventionists everywhere: In my marketing presentations I show a picture of Madoff superimposed on a dollar bill and ask, ” Their dollar cost is the company’s only competitive advantage.

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