“Markets Are Wrong”: Hugh Hendry Shuts Down His Hedge Fund; Here Is His Farewell Letter
by Tyler Durden
ZeroHedge.com
Sep 15, 2017
In the beginning, Hugh Hendry was the consummate contrarian bear, which helped him make a killing a decade ago when everyone else was blowing up. Unfortunately for him, he did not realize just how far the central planners were willing to take their monetary experiment, so after the market troughed in 2009, he kept his bearish perspective, which cost him dearly in terms of missed gains and lost capital under management, until one day in November 2013, he capitulated and turned bullish, infamously saying “I cannot look at myself in the mirror; everything I have believed in I have had to reject. This environment only makes sense through the prism of trends.”
Since then, the reborn Hendry who would never again fight central banks, gingerly made his way, earning his single digit P&L…
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