For Hugh Hendry followers much of what he said at the conference may be familiar, but here are a few of the highlights:
- The euro is “mortally wounded but can limp on for awhile at the expense of ordinary people, making it expensive to speculate against”.
- His best trades are the ones where he doesn’t “fear the consequences of being wrong”.
- He’s not positive (bullish) on any country.
- In his own opinion, one of the keys to his success is that from an early age he was “taught to misbehave”.
When it came to talking specific investments themes, Hugh outlined his bearish stance on China: “the only thing unique about China’s economic strategy are the sheer numbers”. Fundamental to his bearishness is the fact that so much capital in China has been directed for sovereign, rather than purely economic purposes.
via The PolyCapitalist.