This makes us bearish on most Asian stocks, bearish on industrial commodity prices, interested in some US stocks, a seller of high variance equities and deeply concerned that Japan could become the focal point of the next global leg down.Read it at Scribd
The Eclectica Fund - April 2012 Commentary
By Hugh Hendry
(h/t The Big Picture)
Hendry’s fund has generated remarkable returns over the past decade with ridiculous outperformance during downturns. This is his first lengthy commentary in more than a year and having established his spot amongst the very top macro managers (thinkers), the entire piece is worth reading. If you weren’t convinced of a coming hard landing in China previously, Hendry’s thorough analysis will put those doubts to rest.
Update: Hendry's presentation at The Milken Institute conference yesterday can be found here:
Hugh Hendry On Europe "You Can't Make Up How Bad It Is"