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Money managers under the microscope
Saving Hendry? Thanks but no thanks, says Hugh
It was always unlikely that a letter of advice was going to change the mind of maverick hedge fund manager Hugh Hendry.
And in his latest letter to investors, Hendry has smartly rebuffed any attempt to ‘save’ him from his bond investments.
The letter in question – Gregor.us’s monthly note, entitled “Saving Hugh Hendry” – praises the Eclectica co-founder and CIO as a “brilliant and colourful” hedge fund manager who saw the coming storm and took cover well in advance.
But it goes on to argue that the 27-year bull market in government debt, in which Hendry is a big investor, is probably coming to an end:
There are certainly few signs of inflation at the moment. Hendry makes an interesting point that maybe we’ve already had all that inflation that investors are expecting somewhere down the line. But do you think we could be in for the deflationary slump he talks about?