This week Nick talks to Hugh Hendry.

In this special episode recorded in front of a live audience at November's MelloLondon investor event in London. Legendary hedge fund manager and self-styled “Asset Capitalist” Hugh Hendry speaks with Nick about today’s macroeconomic landscape, the psychology of bubbles, and why imagination—rather than pure data—is essential for understanding markets. Hendry reflects on his unconventional career, his philosophy of “playfulness, curiosity and mischief,” and his belief that investors must learn to become “world-class losers” by surviving their mistakes rather than fearing them.

Hendry argues that we are living through a moment of profound uncertainty, shaped by technological singularity fears, social tension, and extreme divergence in economic outcomes. He describes current market conditions as “bubble-like,” fuelled by compressed cycles and narrative-driven risk-taking. He outlines his four-quadrant macro framework—cash, equities, long-duration bonds, and “narrative assets” such as gold, property, private equity, and crypto—and stresses the need for flexible allocation and anti-fragility. Will AI Make Us 10x Richer — or Dead?

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