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Congratulations To Hugh Hendry For Achieving The Best Macro Hedge Fund YTD Return
Being right pays off. Being an outspoken, funny, irreverent, non-sycophant, who has achieved the best 2010 YTD return according to Bloomberg's scoring of macro hedge funds, without holding a gun to the head of the American people and telling the president that the latest 100,000 sq. foot expansion wing in the third island palace is really for the common good, is priceless.
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Hugh rocks
Nothing quite screams treasury/dollar bubble like this.
If he doesn't exit out of treasuries, he will go broke.
Christ. You telling me I'd be in the top ten with a 4% ytd. These guys stink. (BTW-There are derogatory terms that you could use on Hugh, but he certainly is as far from sycophantic as you can possibly get.)
Huge rocks
(You are welcome.)
Cue the list of Hendry interviews where he takes bankster tools to task for their stupidity.
As he loads up on Obama paper....
Fuck yeah. Hugh for President. Not that he'd take such a shit job. He's much too honest.
Exactly what's needed except they'd kill him too.
Hugh! back. away. from. the. hot. tub.
I am definitely straight, but I must say I have a man crush on H.H.
Nice work, Hugh.
And I've an average return of 17%, only with physical gold and silver... And so what the fuck, Hendry...
The only transaction I did this year for this return: I sold one time gold into silver (when the ratio was highest (70:1)), and this was a good bet...
Got gold, silver and FOFOA, Bitchez...
ya but your AUM is prob like $500; try to do that with a few billion...
Too f'n funny -1Delta!
The man is truly a maverick.
"Hugh dat?"
"I suggest you panic."
Indeed.
What is the Macro Fund that is rumored to be blowing up today?
China Ponzi Capital
Can you please stop this I just spit my fucking pop all over my keyboard ..
You must be a Midwesterner. I spit my soda all over my computer when I read TD's comment.
Chicago my brother ....
+ 1
Obligatory link to the Pop vs. Soda map.
http://bigthink.com/ideas/21360
from that same website: Japanese Machine Converts Plastic to Oil
http://bigthink.com/ideas/22993
Well, I spit my soft drink all over the keyboard.
Top holding of CPC- US treasuries
Now wouldn't it be interesting if he left the market also...
Hugh for Prime Minister!
I thought he was considered crazy by most the talking heads, how did this tin foil hat crackpot make so much cash for his clients.?
who junked you for good sarcasm?.... over the years, the "tin foils" have been closer to reality than most.
Yes... please do post the links to Hugh's battles! I'd like to save them all... some are classic.
It would be soooo great to see Hugh (and maybe Mad Max Keiser) take on Cramer and Liesman!
"It would be soooo great to see Hugh (and maybe Mad Max Keiser) take on Cramer and Liesman!"
I heard a funny line the other day - "I like to keep them just under a quivering lip when I teach."
HH inna HedgeFund House! Rich, Funny...Makes me wish I was a woman, and he wasnt a pasty, snaggletoothed Limey
...some of us love pasty snaggle-toothed limey's...
hes a glasgowinian, not a limey. good on ya hugh.
the Scots have always been better with their money
http://www.youtube.com/watch?v=zCrT96QJBfQ
and their patter.
y'ken?
[no doubt hendry would get a good chuckle from the Pharo Mgmt. UK fund manager's surname. . . "Fonkenhell ! "]
Two small exceptions: Gordon Brown, RBS?
Glaswegian (or Sweaty to us southerners) which means he's allergic to vitamins,so defo not a Limey
Irn Bru.
made in scotland fro' girders.
Liquid candy.
Sorry breezer1, I'm not sure if you're being ironic or not...my apologies if you are!
It should be Glaswegian.
DavidC
9 out of 10 macro funds took the oh so obvious "short gov. bonds" trade. They're now paying the price.
I believe that's referred to as "being early" in industry parlance.
Hendry is good but Hoisington and
Hunt are up 25% YTD in their long
treasury fund (WHOSX). Must be
a good year for the letter H.
And they say tobacco is bad for you.
love this Hendry guy
I'm so glad Keynesianism is dying in my lifetime. Perhaps my children will have more opportunities than I have.
I'm confused (again). If hedge funds are "non public" how does one know their performance and rank them? Does one scavenge up as many "letters to investors" as one can?
Congrats to Hugh but Bridgewater takes top honors. They just lauched a liquid version of their flagship fund:
Bridgewater Associates has always kept the size of its Pure Alpha hedge fund strictly limited—indeed, the fund, which has been closed to new investors for four years, is actually returning money to investors to keep within its capacity constraints. But now the firm plans to experiment with a more liquid version of the tremendously successful strategy.
The Westport, Conn.-based firm, which manages $81 billion, is launching the new vehicle to give current investors in Pure Alpha an opportunity to reinvest the money the firm returns them in the same strategy without exceeding the existing fund’s capacity. But those who have been shut out of Pure Alpha for the last four years will remain shut out: The new strategy, despite investing in “markets that are not capacity constrained,” will be open only to current Pure Alpha investors, Pensions & Investments reports.
Pure Alpha Major Markets is “not a new strategy,” co-chief investment officer Robert Prince told P&I. “It is a limited extension of the capacity of existing Pure Alpha for existing clients. It [uses] the same indicators and markets, just moderately bigger trades in the bigger markets and no change in smaller ones.”
The $58 billion Pure Alpha fund is up about 20% this year. Prince said that clients would be allowed to split their investment between the two funds, and that client demand was not behind the decision to create the new fund.”
“We are not looking to raise assets and we are otherwise closed to new business,” Prince said. “This is a good way to create a limited accommodation to existing clients whose PA assets have risen as a result of good performance.”
And then there is Kyle Bass and generalizes about not seeing "ANY" reason for being invested in stocks...Hahahahahahahahaha ! Stick to your CDO business, Kyle ! Obviously you´re not a "stock player"....
Makes no sense to me. Pure Alpha returns cash so it doesnt get too big to work well - but now you can invest in Pure Alpha II. Pure Alpha II does exactly the same as Pure Alpha I. It will therefore get in the way of the first fund, just as simply expanding its size would do.
Sorry to be cynical but it sounds like fee chasing to me, on the back of good 2010 performance. Or maybe a way of increasing the size of the fund without spoiling all those "we are closed and returning profits" advertising slogans & stories.
Hendry did what few macro managers achieved. He rode up the 2003 leverage induced bull run. Cashed in 40+% in 2008. Survived the 2009 bear market rally and continues to make new highs in 2010. Not bad.
Add one more macro fund to that list - Balestra Capital. Up 200% in 2007 and 50% in 2008. Flat (defensive) since then, but who cares after a couple of years like those.
The Balestra difference:
http://www.balestracapital.com/balestra-difference.html
Leo, what´s AUM for Balestra Capital, Ltd. ? Thx
1 Bn USD I believe
d
TD, you should interview this guy on twitcam or something. Serious.
Congrats Hugh. Eventually those who defer to their common sense (If possessed) and less concerned with daily gains chasing momentum will yield the greatest results.
Anyone who wants to entrust their capital to market that can lose 30 points in 2 minutes as just occurred while even seasoned hedge funds are closing up shop and preparing to liquidate best of luck. Either they do not understand the implications of our debt and the social changes we are about to undergo or are victim to the same myopic greed that got us in this situation. Now not only did we not reform this system while we still had a chance we increased the systemic risk and now longs and banks are walking around in a Fed induced haze and sense of security. Shortly the markets will be the last thing on people's minds. Thee American people have nearly had enough of this blatant thievery and when those funemployment checks stop rolling in and they see their 401k's tank and confiscated by Wall Street one last time after the regulators had fair warning that Wall Street would resume their favorite pastime time of private gains and socialized losses they are going to require grand appeasement. This is exactly what they need to wake them from their matrix like artificial lives of reality television and GaGa fever.
To paraphrase Hugh Hendry: " I recommend you shit your pants"
The third act in this financial crisis is lifting the curtains and this will be a show not to be missed.
God bless Hugh
remember what Hugh said about China...short the shit out of it
Job well done Mr. Hendry.
It shows Bruce Kovner with GAM. Is that a mistake? What happened to Caxton?
13% is lame...i was up 860% last year.
Greek Banks Pressured to Merge as Economy Hurts Profits
LOL
One of Hugh's favorite ideas has been treasuries.
Anyone see the irony here?
If not, refer to the recent post re UST 2Y auction
Yeah, I see the irony.
He better hope there is a greater fool then him that he can sell to.
Hugh is one of a kind.
Sorry, but this whole thread is useless. If you've ever invested in hedge funds before, you'd realize just how useless it is to look at one or two year performance. Besides some of the best macro funds are closed!!!
So, Leo, I am looking for a macro fund track record > 5 years, minimum + 15 % p.a. average, maximum drawdown 15 %, NON US, no lock up period. Ideas ?
Yes, keep dreaming! If you find such a fund, sign a side letter ensuring capacity!
I think people are just pleased that a non-douchelord was able to outperform in spite of central planning.
+1000
that, & the rest are lookin' for a good winch.
http://www.urbandictionary.com/define.php?term=winch
Dude, we talk return, but the love, the Hugh-love-fest, that is a character thing.
Kovner changed the name of his firm?
Help! - way off-topic.... I have been trying to find the name of a book that involves the main character being in a foreign prison and using vinyl records under aluminum or tin plates to heat food... ring a bell with anyone here?? - it's not midnight express.
I love that guy!
Hugh and Prechter, my favorite deflationist.
everybody loves a winner. HH did a nice job of shorting Greek sovereign debt via CDS along with sagging Euro banks. when those bones are picked clean, he can start in on US states and municipalities. where the corpse is there also gather the vultures. as to the fulsome and overweening praise on this thread "beware when all men speak well of you..."
Righ on Hugh! I love his quote:
Thanks for such a great post and the review, I am totally impressed! Keep stuff like this coming!...
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