Economics
Hugh Hendry Blames Broken Macro Model as He Shuts Hedge Fund
- Eclectica Fund lost 9.4 percent this year through August
- Hendry gained fame by betting against banks during crisis
Hugh Hendry: Fund Closing a Function of Economics
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Hugh Hendry said the macro hedge fund model is broken because it isn’t making enough profit to cover costs and keep investors sweet.
The money manager, known for his provocative statements and contrarian views, is throwing in the towel on his firm after a 15-year run amid mounting losses. He and peers betting on economic trends have been running higher levels of risks to justify their existence and play catch-up with markets that are on a roll, Hendry said in an Bloomberg Television interview.