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More from @hendry_hugh

Hugh Hendry Eclectica

@hendry_hugh

27 Mar

Every Friday I publish my podcast series Confessions - a boot camp for wannabe hedge fund types - and I play time travel by bouncing from my old investment letters to the present day in search of inspiration. This week I reflect upon time investing. buzzsprout.com/1017043/8215964

This edition is labelled "Loud!!" because I finally resolved the problem with my mike - I'm now positively loud...furthermore I have had an epiphany -I now accept that I can only recognise absurd investment opportunities with the advantage of large swathes of time.

I compare and contrast time cycles, using the 20 year bear market in gold with that for the tech giant SAP back in 2003 - I'm grateful that I could read the entrails in gold but I admonish myself for failing to buy SAP at €10 in 2003 and why I might buy it now for €120...

Read 16 tweets

Hugh Hendry Eclectica

@hendry_hugh

21 Mar

The creative who’s taken the path of time and space to the end knows that where it all ends, it all begins... Not the beginning, not the end

Me? I’m just movin on with a curious and playful mind. Remember, I’ve seen things you people wouldn’t believe and I’m determined that all those moments won’t be lost in time. These aren’t tears in the rain and this isn’t a time to die...we got bull and bear markets to discover

Read 5 tweets

Hugh Hendry Eclectica

@hendry_hugh

19 Mar

Bear-to-Infinity? Few people remember my transformation to the bullish camp at the end of 2013 with SPX bubbling under 2k. Here’s an extract from the letter that caused a billion $s to walk. No one could handle a bullish moi...

Bob Ryan, from the US cable TV show Entourage. The show chronicles the workings of Hollywood
and Ryan is a legendary movie producer credited with a string of box office winners. His problem
is that his success was rather a long time ago.

So no one is certain of his skills anymore. He makes seemingly absurd promises – think along the lines of "...what if I were to tell
you that this movie will cost peanuts to make, will earn you four Oscars and will gross $100m...is that something you might be interested in?"

Read 15 tweets

Hugh Hendry Eclectica

@hendry_hugh

19 Mar

The 2 sides of a speculator. The first is the moment when I knew that my end was nigh. I found myself at a macro conference in Barcelona in 2017. My guys literally begged for the organising bank to let us in...

I spent 2 days in this cubicle pitching to low quality macro investors. Track record? Uncorrelated and positive carry returns over 15 years...convex too, which is too say i made a lot more than I ever lost. Yeah sure but how do you spell the name of the fund? You got a pen?

Write this down« F-$-C-K-O-F-F »

Read 10 tweets

Hugh Hendry Eclectica

@hendry_hugh

7 Mar

There was a time when i thought that to speculate you had to be a nihilist set on destruction - tu consens ou plutôt aspires à ta ruine?? That you had to yearn for your own demise..? Hold on..? Perhaps I succeeded?

I got to thinking like this owing to some scrapes with death when i climbed Big Mountains. I can recall the perilous position of climbing steep ice gradients many thousands of metres high in the French Alps.

You would leave the mountain hut at 2 am high on adrenalin with your flickering head torch and ice picks. Boy, did nature reveal its majesty and glory at those moments when the sun began to tentatively rise and spread a glimpse of the new day across the inky black horizon.

Read 26 tweets