{"id":30272,"date":"2018-01-28T11:30:45","date_gmt":"2018-01-28T16:30:45","guid":{"rendered":"http:\/\/olduvai.ca\/?p=30272"},"modified":"2018-01-28T11:30:45","modified_gmt":"2018-01-28T16:30:45","slug":"hugh-hendry-on-the-arrogance-and-conceit-of-a-well-formed-argument","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=30272","title":{"rendered":"Hugh Hendry On “The Arrogance And Conceit Of A Well-Formed Argument”"},"content":{"rendered":"
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Hugh Hendry On “The Arrogance And Conceit Of A Well-Formed Argument”<\/a><\/span>\u00a0<\/span><\/h3>\n<\/div>\n
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In his latest interview with RealVision’s<\/a> Grant Williams, former Eclectica asset management co-founder Hugh Hendry delineates what he calls the “arrogance and conceit of a well-formed argument,\u201d using examples from his own career, which has recently taken a difficult turn.<\/p>\n

In September, Hendry shuttered Eclectica after 15 years, angrily declaring that \u201cmarkets are wrong\u201d<\/a><\/strong> after a badly timed long-vol bet resulting in some of the worst monthly P&Ls of his career back in July and August…<\/p>\n

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At the time, the 9.8% YTD loss triggered massive redemptions,<\/strong> which left the fund – which as recently as a few years ago managed billions – with just $30.6 million as of Aug. 31. At the time, an exasperated Hendry declared it wasn\u2019t supposed to be like this…<\/p>\n

Eclectica’s final P&L:<\/strong><\/u><\/p>\n

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But a few months distance has clearly helped rejuvenate Hendry. In the interview, he shared some of the lessons he learned from one of the biggest defeats of his career:<\/p>\n

He started by recounting a bet on Readers\u2019 Digest magazine, an iconic American brand, Hendry said. He described his thought process at the time thusly: Because of its stature and its utility to working-class people, Hendry said he \u201cbought in to the story\u201d<\/strong> that the magazine would endure…but he was wrong\u2026<\/p>\n

\u201c…So Reader\u2019s Digest, you know here\u2019s something where it\u2019d been around forever. <\/strong>Dee Witt and Lionel Wallace had set this up were unbelievably rich, and you were just taking newspaper clippings, putting it together, and there are all these stories about after the Berlin wall came down. For so many people were trapped on the wrong side of the wall, except with communism, Reader\u2019s Digest was like Coca-Cola; if only. I really bought into the story that Reader\u2019s Digest was this iconic everything about America\u2026\u201d<\/strong><\/p><\/blockquote>\n

…click on the above link to read the rest of the article…<\/p>\n

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Hugh Hendry On “The Arrogance And Conceit Of A Well-Formed Argument”\u00a0 In his latest interview with RealVision’s Grant Williams, former Eclectica asset management co-founder Hugh Hendry delineates what he calls the “arrogance and conceit of a well-formed argument,\u201d using examples from his own career, which has recently taken a difficult turn. In September, Hendry shuttered […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[2347,2443,4318],"class_list":["post-30272","post","type-post","status-publish","format-standard","hentry","category-economics","tag-hugh-hendry","tag-stock-markets","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/30272","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=30272"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/30272\/revisions"}],"predecessor-version":[{"id":30273,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/30272\/revisions\/30273"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=30272"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=30272"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=30272"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}