rtr1z9ud1It 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:


    "Far be it from me to instruct Hugh Hendry but in the last few weeks I’ve started wondering if Hugh is selling his bonds. And frankly, I hope for him he is indeed selling. Over the past eight weeks with a 30 Year Treasury bond auction here, a German Bund auction there, we’ve started to see the flashes of a very extended market. I think we’re seeing the end-game of a 27 year bull market, in government debt. And it comes, apparently, as the world tips over into stealth beggar-thy-neighbor policies, and as questions about solvency are rampant, thus affecting the credit quality of sovereign debt. If this is true it’s time to save Hugh Hendry, and get him out of all his bonds."