The Acid Capitalist Hugh Hendry (@Hendry_Hugh) joins Julia La Roche again for an unfiltered conversation on macro, markets, Bitcoin, the Fed, and more.
Hendry founded Eclectica Asset Management, a global macro hedge fund that was pretty much uncorrelated to everything in the financial universe. Hugh started Eclectica in 2002 and ran for 15 years before closing in 2017. He made more than 30% in 2008 betting against banks.
These days, Hendry is a luxury hotelier on St. Barts, where he spends his time surfing and still thinking about macro. He also hosts a weekly podcast called "Acid Capitalist" and shares his views on Instagram, Twitter, and Substack.
0:00 Intro
1:18 Macro picture, ‘my imagination is as dark as it was in 2007’
5:00 “I’m fearful”, already in recession as we speak
8:18 Want to own equities right now
12:30 Bitcoin
15:00 Sitting with cash, waiting to buy
17:58 Been in a depression since 2008
22:30 Banking sector
27:30 Eurodollar system
32:00 Entrepreneurial dream has been replaced
34:50 Inflation Reduction Act is actually smart
38:00 A recession of a similar magnitude to 2008-2009
42:47 The five who know
45:30 Music and charts
47:30 Twitter
49:23 Parting thoughts
#200 Chris Whalen: The Fed 'Jumped The Shark' With Its Rate Cut
#199 Josh Brown: You Weren't Supposed To See That
#198 Raoul Pal On The Economic Singularity: "We've Got 6 Years To Make As Much Money As We Possibly Can"
#197 Bill Fleckenstein On Why The Fed's Rate Cut Was A Mistake, The End Game For The Activist Central Bank Era, And The Psychology Of Market Bubbles
#196 Brent Johnson, Creator of The Dollar Milkshake Theory, Explains How The Global Economy Is 'One Big Carry Trade'
#195 Chris Whalen On Why The Fed Is Afraid To Really Fight Inflation
#194 Dr. Art Laffer: If Trump Wins And Follows The Economic Policies Of His First Term We Could See A Renaissance In America
#193 'The Bulls Are No Longer In Charge' — Tom McClellan On What The Market Is Signaling Right Now
#192 Dr. Lacy Hunt On What The Huge Downward Revision In The Jobs Data Means For The Economy
#191 Ted Oakley On Deep Market Selloffs: 'If You Don't Have Any Liquidity, It's Not An Opportunity For You'
#190 Brian Wesbury: 'The Morphine Is Wearing Off' And We're Headed For Recession And A Market Correction
#189 Rick Rule On Paying Attention To The Warning Signs In The Economy And Insuring Against Collective Stupidity
#188 Chris Whalen On The Difficult Economic Environment Ahead
#187 Michael Pento: A Triumvirate Of Bubbles Is Creating A Dangerous Situation For Markets And The Economy
#186 David Woo, Economist Who Nailed 2016 And 2020 Election Outcomes, Explains Why The Market Has The Trump Trades Wrong
#185 Jim Rickards: We're Probably Already In A Civil War
#184 Professor Steve Hanke, Who Nailed The 9% Inflation Call, Sees It Falling To 2.5%-3% By Year-End And A Recession On The Way
#183 Neil Howe On The Fourth Turning, Tribalization of America, And The Attempted Assassination of Former President Trump
#182 Tyler Cowen On Why We Might Get Lucky And AI Can Solve Out Debt Situation
#181 Chris Whalen On Why The Fed Is Worried About A Recession Next Year
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