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
#137 Professor Campbell Harvey, The Inventor Of The Most Famous Recession Indicator — The Inverted Yield Curve — Sees Economic Slowdown In 2024
#136 Professor Jeremy Siegel Shares Outlook For The Economy, Fed Rate Cuts, And The Stock Market
#135 Chris Whalen On Pain In Commercial Real Estate, More Bank Failures, And A Maxi Reset In Home Prices In The Future
#134 Luke Gromen: A Hard Landing Isn't Going To Come In Stocks. It Will Come In Treasuries
#133 Jim Bianco On Why The 10-Year Treasury Yield Could Hit 5.5%, Implications For Stock Market, And Concerns About The Bitcoin Spot ETF
#132 Morgan Housel: Save Like A Pessimist And Invest Like An Optimist
#131 Sallie Krawcheck: Nothing Bad Happens When Women Have More Money
#130 Dr. Charles Calomiris On Fiscal Dominance And The Return of Zero-Interest Bank Reserve Requirements
#129 Fundstrat's Tom Lee, Analyst Who Nailed The 2023 Stock Market Rally, Shares His 2024 Market Outlook
#128: Felix Zulauf: 'Hell Will Break Loose' — The Next Big Crisis In Late 2020s Will Be A Shocker
#127 Grant Williams: Get Rid Of Certainty — Be Prepared For A Recession And A Soft Landing
#126 Liz Ann Sonders On The 2024 Market Outlook, A Different Investing Environment, And Why You Can’t Rule Out A Recession
#125 Jason Calacanis On American Society And Getting Past The Victim Mentality, Friendship With Elon Musk And Owning The First Tesla Model S, The All-In Podcast And Leaving Millions On The Table
#124 Michael Howell: Rising Liquidity, Monetary Inflation, And Why Gold Could Surge To $3,000
#123 Cullen Roche On Inflation, Why The Fed Won't Cut Rates Soon, And Is The S&P 500 Broken?
#122 Charles Payne On The Bifurcated Economy, Being An Unbreakable Investor, And The Roaring 2020s
#121 Raoul Pal: Get Ready For ‘Macro Summer’ — Falling Rates, Falling Inflation, And Growth Picking Up
#120 Dr. Gary Shilling On Recession Risk, Inflation, Rate Cuts, And Bonds
#119 Michael Kao: The Four Horsemen Of Economic Resilience, And Why We Haven't Seen A Hard Landing (Yet)
#118 Jim Rogers: A Recession Is Not Here Today, But I Can See It Coming
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