HUGH HENDRY
Former hedge fund manager known as the "rock star" of macro investing who once made 52% in a year betting against the world
Hugh Hendry was the most entertaining hedge fund manager of his generation. A Scottish firebrand who ran Eclectica Asset Management, he was famous for making outrageous macro calls on TV — screaming at bears, taunting bulls, and once telling an audience he wanted to "load up the trucks and buy" when everyone was panicking. His fund returned 52% in 2008 by betting on deflation and government bonds during the financial crisis. Then he lost his nerve in 2013, publicly declared he was "embracing risk" and going long the market after years of being bearish, and the fund underperformed. He shut Eclectica in 2017. Now he lives in St. Barts, runs a resort, and posts philosophical macro musings on YouTube.
Net Worth
$200 million
Nationality
British
Time Horizon
Medium-Term
Risk Appetite
8 / 10
CAREER & BACKGROUND
Born in Glasgow, Scotland. Started career at Baillie Gifford.
Founded Eclectica Asset Management in 2002. The fund returned 31% in its first year.
Returned 52% in 2008 during the financial crisis by being long government bonds and short credit. Became a fixture on financial television — BBC, CNBC, Bloomberg — known for charismatic, unfiltered commentary.
Publicly reversed his bearish stance in 2013, declaring he had "been wrong" about the recovery and was now bullish. Fund underperformed after the reversal.
Closed Eclectica Asset Management in 2017. Moved to St.
Barts in the Caribbean. Now runs a boutique resort and publishes macro commentary on his YouTube channel.
COMPANIES & ROLES
Eclectica Asset Management (founder, closed 2017)
INVESTING STYLE & PHILOSOPHY
Hendry was a global macro investor who combined deep fundamental research with flamboyant conviction. He traded currencies, bonds, equities, and derivatives based on big-picture views about deflation, inflation, and sovereign debt.
He was comfortable with extreme positions — heavily short or heavily long — and traded with theatrical flair. His style was contrarian, emotional, and intensely personal — he once said investing was more art than science.
THE PLAYBOOK
Risk Approach
Very high. Hendry took large directional bets on macro outcomes.
His 2008 performance (52%) came from massive positions in government bonds and credit default swaps. The risk was that being wrong on the macro call would produce catastrophic losses.
His 2013 reversal — going from bearish to bullish at what turned out to be an awkward time — showed the danger of changing your macro conviction publicly.
Money Habits
Lives in St. Barts, Caribbean.
Runs a boutique resort. Produces long-form YouTube videos about macro investing, philosophy, and life.
His post-hedge fund life is remarkably different from his trading floor days — relaxed, philosophical, and introspective.
BIGGEST WIN
The 2008 financial crisis performance. Returning 52% while the world was collapsing cemented Hendry's reputation.
He was one of the few managers who saw the credit crisis coming and positioned perfectly. His TV appearances during the crisis — articulate, passionate, and right — made him a star.
BIGGEST MISTAKE
The 2013 capitulation. After years of being bearish and warning about deflation, Hendry publicly reversed course, declaring on his blog: "I am now prepared to embrace risk." The timing was unfortunate — while the market continued to rise, his fund struggled to generate alpha in a bullish environment.
He essentially abandoned his own thesis at the worst possible time. The Eclectica fund closed in 2017 after sustained underperformance.
FINANCIAL PHILOSOPHY
Hendry believes markets are driven by psychology as much as fundamentals. He has spoken about the importance of intellectual honesty — admitting when you are wrong — even though his most public admission of being wrong arguably destroyed his fund.
He sees macro investing as a creative pursuit, not a mechanical one.
FAMILY & PERSONAL LIFE
Has spoken about family life but keeps details private. Based in St.
Barts with his family.
EDUCATION
Studied at Strathclyde University in Glasgow. Started his career at Baillie Gifford in Edinburgh.
Self-taught in macro investing through reading and experience.
BOOKS & RESOURCES
Hendry is a voracious reader
He has cited Nassim Taleb, George Soros, and the Austrian economists as influences. He also reads philosophy and poetry — unusual for a hedge fund manager
QUOTES (6)
I made 52 percent in 2008 while the world was ending. That year taught me that being right and being popular are never the same thing.
I capitulated. I admitted I was wrong about the recovery. Then the market punished me for being honest. Macro investing is a cruel teacher.
Central banks have created the largest asset bubble in human history. When it pops the consequences will be generational.
I would rather be wrong and interesting than right and boring. The world has enough boring fund managers.
The hedge fund industry does not reward good macro thinking. It rewards assets under management. I chose thinking.
I live in St Barts now. I run a resort. I make YouTube videos about macro. This is the happy ending nobody expected.
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