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Hedge fund manager, Hugh Hendry, invites technology savant, Benedict Evans, to provide an overlay between macro and tech. Together they explore the new questions: crypto, machine learning, shifts in ecommerce, what's happening in media, China, and it's 900 million users and their significance on the rest of the world.

Hedge fund pirate Hugh Hendry chronicles the inner workings of the uncorrelated and legendary Eclectica Fund. Hugh's discussions with other though leaders are deployed as a hedge fund boot camp to reveal what he's thinking and why in real time. No new Hedge Fund wannabee can afford to miss the journey to the present day where Hugh reveals and expounds upon his latest macro insights. 

This week they also discuss the convexity of adoption and why crypto as a tradeable asset could be as, or more effective, to the pressing issue of today - how do you kick-start a new network or community. Is it more effective than Instagram spending? The boys discuss. Hugh is ready to proclaim a new macro world. He can see a future were the economy turns people into assets. He gets very excited.

Chapters:
00:00 Shared Confessions Is it possible to tokenise knowledge
04:05 Comparing Crypto to Opensource technology
07:35 The Convexity of Adoption
11:40 Turn People Into Assets
13:45 The Irrevocability Bug of Tokens
14:30 All Financial Innovations go to far
17:15 Instagram reached 50m users with 7 people
19:00 Apple's new Ad Model
20:25 Duck Duck Go...The Google Token
23:50 Today's Icons - Zero Marketing
25:20 L'Oreal does 25% Sales online
28:25 Chinese Concepts Go Global

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Chapters:
00:00 Confessions Part XXI Fed Irrelevant. Macro Has Changed
01:30 3D Macro
03:20 De Carbonisation / De Globalisation / Demographics
06:30 A Commodity Bull Market with no Brakes
07:20 Oil Price $180 to $65 but 13 y later, GDP +2x & Wealth +3x
08:30 Does DeCarbon De-Nuke Corporate Profits?
10:00 One Bank will become risk seeking; others will follow...
14:00 Worst Becomes Best - Why you should BUY @ 1998 prices
16:40 Renault sold more electric cars in EU than anybody else
18:20 Commodities Trade @ Historic Value Lows 3x EBITDA
19:15 PGMs the Ethereum Commodity: Store of Value + Industrial App
21:25 Sibanye Stillwater / Anglo Plats / plus a few others
23:00 Expensive Annuity or V Cheap Perpetuity?
25:20 What does a Macro fund do with an 8x bagger?
29:40 Gold Miners/ Bitcoin Plus Dividends?

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Hedge fund manager, Hugh Hendry, invites his former colleague Tom Roderick, the manager of the Trium Macro Hedge Fund, to review this week's crash in cryptocurrencies. They draw parallels with the tech bubble of the late 1990s and the pyramid of leverage that lay behind the housing bubble in late 2006. They discuss bitcoin's coming of age. With values soaring past one trillion dollars, crypto is no longer a cheap out-of-the money call option on currency debasement. Downside volatility will feature as prominently as the upside. Finally, they venture that real world applications for the currency could take bitcoin beyond its peak price.

Hedge fund pirate Hugh Hendry, chronicle the inner workings of the uncorrelated and legendary Eclectica Fund. Hugh's monthly client letter is deployed as a hedge fund boot camp to reveal what he was thinking and why he made the decisions he did, in real time. No new Hedge Fund wannabee can afford to miss the journey to the present day where Hugh reveals and expounds upon his latest macro insights. 

This week he also chronicles his fight with his old boss, Crispin Odey, that saw them go long and short the same stock in their different funds and Hugh concludes by examining the social mood of ESG, why it is likely to create a further and huge up leg in commodity prices and why gold prices feel like bitcoin at 10,000

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https://www.instagram.com/blancbleuofficial

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Macro Hedge Fund Manager offers more global insights and delivers a shellacking of Elon Musk, Tesla, and their incestuous menage-à-trois with Bitcoin. Comparing the ESG mood to the anti-bank sentiment in the 1930s, he compares Bitcoin with Lehman Brothers; is one as incongruous as the other? He takes us from a critique of dirty bitcoin to a deep dive into the Chinese steel industry - showing why the moribund steel sector could be poised to enter a bull market.

Hedge Fund pirate Hugh Hendry and co-host Chris Sweeney chronicle the inner workings of the uncorrelated and legendary Eclectica Fund using its monthly client letters as a Hedge Fund boot camp to reveal what he was thinking and why he made the decisions he did, in real time. No new Hedge Fund wannabee can afford to miss the journey to the present day where Hugh reveals and expounds upon his latest macro insights.

Support the show

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https://hughhendry.substack.com
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https://blancbleustbarts.com
https://www.instagram.com/blancbleuofficial

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Hugh goes back to the future to zero in on the hydroelectric income trust, Innergex, in the Canadian province of Quebec. Having invested back in 2005 he re-examines the business today, 16 years later. He also empties the tank on his disdain for fellows in suits and moustaches, the zeitgeist of impending inflation and what the big US banks are telling us. He even treats us to another spin of The Hendry Chart Rotator., this time reviewing the largest European stocks. And Hugh explains why the "sophistication" for market neutral strategies can creates absurdities and opportunities. He suggests that the fallen tech giant ,Nokia, could be set to crawl out from its shallow grave.

Hedge Fund pirate Hugh Hendry and co-host Chris Sweeney chronicle the inner workings of the uncorrelated and legendary Eclectica Fund. The boys use Hugh's monthly client letters as a Hedge Fund boot camp to reveal what he was thinking and why he made the decisions he did, in real time. No new Hedge Fund wannabee can afford to miss the journey to the present day where Hugh reveals and expounds upon his latest macro insights. 

This week, Elton John, Phil Collins and Run DMC pop up in the weekly song choice. Walk This Way people.

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Hugh gets X-rated unveiling his version of hardcore pornography - The Hendry Chart Rotator. 

He offers a lesson from what can be gleaned from chart patterns.  We discuss the shocking failure of Europe - youth unemployment - and why the banks are the cork in the bottle right now and an analysis of Sony recording their biggest ever annual net profit. Hugh even gets in an almighty fangle and confuses Hitachi for Toshiba. We've kept it not to spare his blushes. 

Hedge Fund pirate Hugh Hendry and co-host Chris Sweeney chronicle the inner workings of the uncorrelated and legendary Eclectica Fund. They use Hugh's monthly client letters as a Hedge Fund boot camp to reveal what he was thinking and why he made the decisions he did, in real time. No new Hedge Fund wannabee can afford to miss the journey to the present day where Hugh reveals and expounds upon his latest macro insights. 

There's also mention of Tesla, Elon Musk and Hugh goes all millennial by delving into social media phenomenon, Only Fans. Plus, we squabble over being from Scotland's biggest city, Glasgow - one of us was born and bred there, the other fled.

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https://www.instagram.com/blancbleuofficial

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Mick Jagger's Swagger warns us to be wary of Bitcoin

Hugh lifts the lid on how the pressures of working side by side with Crispin Odey drove him to seek refuge on Mustique, where he rented a house next door to Sir Mick Jagger and near Bryan Adams, He talks about how a drop in commodity prices in late 2004 hit him hard, but how he battled with the searing Caribbean heat (minus air-conditioning) to end the year +8%. 

Hedge Fund pirate Hugh Hendry and co-host Chris Sweeney chronicle the inner workings of the uncorrelated and legendary Eclectica Fund. The boys use Hugh's monthly client letters as a Hedge Fund boot camp to reveal what he was thinking and why he made the decisions he did, in real time. No new Hedge Fund wannabee can afford to miss the journey to the present day where Hugh reveals and expounds upon his latest macro insights. 

This week there's also a look at the fall in Bitcoin, what a gap in a price chart signifies and Hugh reveals that he no longer knows where the Chinese currency should trade.

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Hugh laments on the things he didn't see as clearly in 2004, as he does now. There's a warning from someone who's experienced it - if you're anointed an investment god, don't get too high on your own supply. And an article from The Financial Times is eviscerated for forewarning the coming power of digital currency.

Hedge Fund pirate Hugh Hendry and co-host Chris Sweeney chronicle the inner workings of the uncorrelated and legendary Eclectica Fund. The boys use Hugh's monthly client letters as a Hedge Fund boot camp to reveal what he was thinking and why he made the decisions he did, in real time. No new Hedge Fund wannabee can afford to miss the journey to the present day where Hugh reveals and expounds upon his latest macro insights. 

This week there's also chats about The Beastie Boys, Swedish discount retailer Axfood, the power of a third, how price-to-sales works as a value metric and how one of Hugh's former colleagues fled Iran stitched inside a sofa.

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https://www.instagram.com/blancbleuofficial

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The narrative continues as we jump from uranium into the oil market, and we get filthy, maybe even dirty... Why did the scorpion kill the frog? Hey hedge Fund managers gotta make money. There's also a look at China, could it be about to turn Japanese? Too early to say conclusively but the Princes of the Yuan are stirring?

Hedge Fund pirate Hugh Hendry and his co-host Chris Sweeney chronicle the inner workings of the uncorrelated and legendary Eclectica Fund. The boys use Hugh's monthly client letters as a Hedge Fund boot camp to reveal what he was thinking and why he made the decisions he did, in real time. No new Hedge Fund wannabee can afford to miss the journey to the present day where Hugh reveals and expounds upon his latest macro insights. 

This week they discuss his journey into 2004, why he told his clients to "bury their money in the backyard" and what he makes of the $1.8 billion purchase of London skyscraper 100 Bishopsgate. Sadly, there's no orgasms this time but Hugh's maybe contemplating a return and refuses to let the episode end as the trade ideas keep flowing and he delivers an extended masterclass. Even Iggy Pop gets a mention. Use the chapter headings and the closed caption service to skip to the nitty gritty.

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Deep dive into the uranium sector and the Archegos scandal. Plus, how Hugh was almost tossed out of a plane by Robert Mugabe’s money men during a trip to Africa.

Hedge Fund pirate Hugh Hendry and his co-host Chris Sweeney chronicle the inner workings of the uncorrelated and legendary Eclectica Fund 

The boys use Hugh's monthly client letters as a hedge fund boot camp to reveal what he was thinking and why he made the decisions he did, in real time. No new Hedge Fund wannabee can afford to miss the journey to the present day where Hugh reveals and expounds upon his latest macro insights. 

This week they discuss his bright start to 2004 and why genius is buying anything at the bottom of a bear market. Having shorted chip stocks in 2004, Hugh explains why the electricity of everything means chips with everything. What killed the previous uranium bull market and why the charts are so orgasmic.

Support the show

⬇️ Subscribe on Patreon or Substack for full episodes ⬇️

https://www.patreon.com/HughHendry
https://hughhendry.substack.com
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https://blancbleustbarts.com
https://www.instagram.com/blancbleuofficial

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