Episode Details

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