@@zatarawood3588 yes agree, but already have good master's. MBA has a lot of fluff. Maybe if never had Masters but spending £100k plus is not worth for me.
@@austinmahony168 I can watch my investment account grow to millions....better than anything I can list on LinkedIn... linkedin is just a tool to help us grow our bank balance . ... remember the ATM card is your real title, not some pretentious title a company gives you..plenty of broke vice presidents!
This is an understandable assessment but it's wrong I am afraid, there are the orthodox and their opposition but in every case they are both wrong and the person who is correct is glaring different from both of them and as such make a lot more money but more importantly because they are correct and the others are wrong they have...longevity. Huge could not make any money because his ideas were wrong and he could not evolve. He talks about "the conceit of a well formed idea" in another interview but what he means is the conceit of a well formed argument for a bad idea. People who are charismatic and verbose always look impressive to man kind to begin with but again and again reality shows them to be empty vessels. He is a nice guy Huge and entertaining but he has no idea about the nature of risk, diversification is verifiable folly and is predicated on the idea that holding poor investments some how protects you? It an absurdity, the true nature of risk is in the realm of timing and the secret of risk management is a variety of force (trade size) and a diversity of timings. As speed of price action increases risk decreases and the goal needs to be the attempted union of the two and the correction of error there in.
@@unclekerr4369 you must be richer than george soros. Why haven't I heard of you? Well probably because what you said sounds good in a book but has no basis in reality.
@@westtexas806 Can you please be more specific on exactly what I said which has no basis in reality and I will try to explain myself a bit better. Sometimes what is established as truth, like diversification for example, is in actual fact wrong and suboptimal but is better than concentration and error, it is possible to have concentrated investment and the absence of error and that is when the magic happens.
@@westtexas806 Are you contesting what I said about risk being time? I evaluate the risk profile of my trades using something I call "time at maximum risk", when the price is moving for you quickly you have zero risk and must aim for maximum force with respect to trade size, of course the price can change direction and does and this is when you must change your risk by either reducing, exciting or even reversing your trade. This is what I mean by having a diversity of force(trade size) at various time.Do that make any sense? I wouldn't get too impressed with George Soro or Warren Buffet they do a lot of insider trading and manipulations and are actually not very skilled traders, Are you familiar with black jack card counting? The core principle of making money in card counting is that at different points in the deck, when more aces and tens are in the deck, the chances of a black jack are higher, thus to be profitable you must increase you bet size to coincide with the favorable situated. The same is true of trading, there are times when you have a favourable risk profile, namely when a price is breaking out or crashing, and you must increase your stake size at or in anticipation of these times. Most money management diversify or risk manage by using a variety or assets but this is far from optimal, I diversify with aggressive adjustment and reduction of the size of position. If you prefer George Soros that is cool, I'm not offended. I am no sure why you have not heard of me.
I believe the reason behind the low vote count is the simple fact that no one knows who this guy is and the thumbnail images used to present the video makes one think he’s a long haul truck driver 😅 This is the definition of not judging the book by its cover. I enjoyed most the last bit about debtors and creditors. Ty for this.
That point has kept me thinking for days. There is a very interesting point in part 3 of his Pettis interview about real estate prices, GDP and inequality that is really thought provoking too.
@@PBoyle We are transitioning to a future where money will slowly become obsolete and the tools developed by the stock market will be used to track the storage and exchange of resources, energy, goods and services.
@@shayjohnson5830 I always enjoy listening to a person's backstory. Knowing their origins and how they came to their current mindset is phenomenal. But you can always fast-forward the video if you don't like what is being discussed. I never understand why people complain over free content. It makes me think that there are those who live by the glass is half empty mindset and look for negatives in every situation.
I don't know what happened to this guy, seems to have changed, but I remember him from various interviews from the last ten years, he was always very interesting and entertaining to listen to. Always came across as a genuine and honest guy.
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Hi Patrick thanks for all of your videos. Could you make one explaining the market sell off in relation to the rise in yields in the states? Thank you!
I talked about this a bit last week on Tom Nash's channel. Here is a link: th-cam.com/video/TVYolhtBHss/w-d-xo.html The comments are at about the one hour and five minute mark.
Do u have money for junk food? For Netflix, Hulu, Spotify, TH-cam music, etc etc? For beer and cigs? Then you have money to invest, but you choose not to (not that you do, but you get my point). I hear this excuse far too often. Take a look at your monthly expenses, down to the smallest things. Realize what you can live without and set that money aside. Every month put that set amount into a vanguard/Robinhood/Xyz brokerage account and after a year or 2 you’ll see those little amounts grow into something significant.
@@frischifrisch6860 Me too. Same with the deductions where I am (NZ). It's depressing that they won't allow people with permanent disabilities to get ahead and hopefully out of the system using investments.
Fascinating and well-led interview! Hendry's analysis of markets and investing offers unique insights into human nature and individual and collective ways of thinking. I loved it, thank you.
As one kommenter stated, he looks like a truck driver. but this is one of those amazing suprises in life where we look beyond apperence. Such a huge load of bold observations that keeps one thinking and rethinking for days and weeks. Thank you Patrick for those gems.
Hugh Hendry is definitely one of the more interesting characters of the financial world. I miss his interviews. Thankyou for interviewing Hugh, Patrick. (and Hugh, on the off-chance that you should read this, thankyou for being so candid)
Thanks for introducing me to HH. It helped me get past the thumbnail! The 3 part macro series with Petti(?) was incredible. Real intellectual 'public' discussion so v rare these days. Cheers
This guy can really sells himself and a "airy fairy outside the box all over the place" mentality. I would love for him to lose me money. Prefect example of "Macro" hedge fund investing.
Finally watched this today, whilst done in from a week of labouring for a friend, very eccentric character, very enjoyable watch. I'll be sure to check his channel out also, thanks 👍🏼
Bitcoin solves at least two problems: A) one is that more than 95% of "dollars" exist as digits on a computer screen representing a banks liability to a depositor. These are stored on digital databases. If that infrastructure took a serious hit there's not a resilient way to remember who owned what and who owes who what. And the system is hackable and is hacked (even at the central bank level) to the tune of millions a year. Instead of a data point in a database Bitcoin is a piece of code that makes a digital object of sorts. It's been unassailed for 11 years (password hacks put aside). It's hard money for a digital age. B) Inflation is very real is just isolated from consumer goods (CPI) and instead goes into assets: stocks, houses, t bills, Louie V handbags 👜. So having a hard money that's more accessible, divisible, and transferable than gold gives a way to hedge inflation for savers.
Great interview Patrick. This was the most I ever understood what Hugh said. Most are way over my head. Two types of people I love to listen to are shorts and macro guys. They have a certain fear built in them.
@@PBoyle , maybe try having the interviewee trying using the phone in option next time. You can do video while they also using the telephone for voice. VoIP audio can always be tricky.
@@PBoyle Recording audio separately and mixing + syncing the tracks afterwards is the way to go, I think. Or trying out the high quality audio option (for music sharing) in Zoom.
Hey man! Huge fan of the channel! I have recently gotten more and more interested in trading (as opposed to value investing). Specifically, trading algorithms, I think they are fascinating and I'm trying my best at creating one of my own. Would love to see a video on the matter and how to best combine strategies. Also, if you have any book recommendations that are directed to learning about trading algorithms I would appreciate it. Thanks in advance!
1 - This hedgie is pretty funny, of course he loves the current system in which he made his millions, lmao. He's concerned with marxism while living on a private island. 2 - watch out for the scammers in the comment section.
Hugh Hendry did an interview on Dawn of chaous this is unbelievable deep thought takes time to fully comprehend how much was said in so little time of the interview I like this man philosophical deep mind insight
Looking forward to watching this. I discovered HH by chance some months back when looking at the portfolio of the videographer who shot his Paris video; he’s an interesting character for sure :)
Hello there!) Dear Patrick Boyle, Thank you for your video! I have a question : Could you please recommend what degree is more suitable for hedge fund managers? Is BSc finance and investment suitable? Or it is recommended to major in economics? Looking forward to your answer! Many thanks!)
Maybe the value of narratives, how narratives become convincing, is much more than estimated. Bitcoin, lambos seems to have convincing narratives that are not considered more seriously. Maybe the "functions,utility" is a part of the narrative, not the mains. Humans need a reason to buy, either peddle an illness or convince me with a story.
I think it's the blockhain that is going to be useful in furure in banking not necessary bitcoin itself. Instant ratification of money transfers instead of waiting for two days is something that Robinhood wished to have couple weeks ago.
Hey Patrick, thanks so much for these videos and interviews! I’ve learned more about finance watching your channel and reading the books you recommend than I have anymore else most likely. In terms of your discussion on Bitcoin, I agree that in terms of day to day usability it’s not the best, and doesn’t solve the problems it sets out to as eloquently as it could. I don’t own any myself. That being said, there are a handful of mid-high cap alternatives that have very credible teams from MIT and elsewhere that have created better solutions in terms of day to day spending, etc. I believe there are projects much more impressive than Bitcoin, with many tailored towards different solutions in different industries. Many of these are near or already at net zero carbon emissions as well, counteracting the recent Elon Musk statements. It are these types of projects I have been focusing on in terms of research, since I believe it won’t be Bitcoin that adopts a real use case since others have 15x + the transaction rate and time, much lower fees, and a number of other upgrades.
I was thinking the same. I've been his optician/sunglasses provider(even the one is wearing in this interview) and I remember him to be a little bit more conservative.
I think he said at the beginning of the interview that the annualized return over his 15 year career as a hedge fund manager was "seven point something"
Found it a fascinating interview, I really didn’t want to like it as anybody who had his own name on a hat to remind himself of who he is .. is a bit weird. (Yes I know it’s a brand but a I am being British cynical). His comments of working for the Edinburgh firm were also very interesting (and yes it is Baillie Gifford). And for one who has worked in the newspaper industry in its big circulation day, he is absolutely spot on about the tabloid journos being cleverer than you think.
@@PBoyle After I saw you on here I rechecked his book and found him reference you in there) He described you as a hotelier which is amusing. Did you do some summer job on a hotel reception?
@@PBoyle very nice) you must have been brave to go all that way on your own as a teenager. could I make a request for a possible future video? since you run a fund, would you be able to give some ideas on how one sets up such a business, pros and cons, difficulties, and anything else associated with the business of running other peoples money? I think we heard some of these things crop up in this interview with HH but as somebody who's interested in possibly setting up something myself Id be interested in your thoughts on the matter) Thank you) Z.
That's correct - Over a 15 year performance his Eclectica Asset Fund basically wiped out all his investors , which he was forced to close. He then re invented himself and sought to raise a $50 M fund via Luxembourg for property investment in the Caribbean with a 10% annual return ... where have I heard that before !!! His past performance is lets say not very reassuring..
@@theinvestorstrategist a bit disappointed that Patrick wouldn't make light of this. Seems inconsistent when he typically calls out non legit trading gurus but praises this guy?
Wikipedia talks about Assets Under Management, not fund returns. Eclectica compounded returns at around 7% per year over its life, and he additionally contributed to some great returns while working for Crispin Odey. These returns were all after fees. In addition Hugh had an incredible sortino ratio, where almost all of the volatility in his fund performance was to the upside. It is worth noting that Hugh has nothing to sell here, he came on the channel because I invited him, and I invited him so that my viewers could have access to his ideas and hopefully walk away able to look at markets from a new perspective. Hugh was one of the few people who really predicted the credit crunch, describing what would happen and why - he was very vocal about this at the time and you can find his TV interviews online. He discusses in the conversation how he did not expect the bailouts to be as effective as they were. He did not wipe out his investors, he lost assets when he didn't catch the turning point in 2009, and when clients started to view him as a bear fund and were upset when he did flip to the long side. There were numerous Bloomberg articles about this at the time. It is worth noting that many funds that performed well during the credit crunch suffered outflows afterwards, many of the institutional allocators (fund of funds) found themselves in illiquid strategies and so redeemed from the funds that did not lock up. At the time the WSJ reported that Millennium went from $20b of AUM to $4b because of this. He is currently developing property in St. Barts, I don't know how that is going for him as that is his own private investment, but I get the feeling that he is doing OK. I strongly recommend checking out his TH-cam channel and starting with his Michael Pettis interview. People often mistakenly think that the world of finance is filled with dull accountants, but in finance like in all walks of life you will find that big thinkers go far. If nothing else you can learn about Chinese punk rock and the band Carsick Cars (which I have been listening to all week).
Patrick : I am surprised you are promoting this " Hedge Fund Founder " without the initial disclaimer that he was forced to close due to 15 years of disastrous losses , wiping out all his investors. And then his next venture in developing property in Caribbean that ended "allegedly" ignominiously
I'm not promoting him. I invited him him on because he is one of the most interesting people I can think of in the world of finance and I learned quite a lot from my conversation with him. His fund compounded returns at around 7% per year over its life, and he additionally contributed to some great returns while working for Crispin Odey. Hugh was one of the few people who really predicted the credit crunch, describing what would happen and why. He says in the conversation that he did not deal well with the influx of money in 2009 and that he did not understand how the bailouts would work meaning that he could not provide the same returns to his clients. He did not wipe out his investors, they pulled their money from the fund when he did not catch the bull market that started in 2009. He is currently developing property in St. Barts, I don't know how that is going for him as that is private information, but I get the feeling that he is doing OK. I really recommend listening to the interview he did with Michael Pettis on his channel. Pettis is one of the most insightful emerging markets economists and I learned a lot from listening to that conversation. I expect a lot of great things to come from his channel as he is a free thinker and extremely creative.
OMG go brainstorm properly - you are so brave to make preposterous and incorrect claims - get a life or a proper education before you go on the offensive, especially against me. You reveal what little understanding that you may have for the matter. You confuse assets under management with client performance - I mean really?? What age are you, 12?? No disrespect to the 12 year olds out there. For the record I was one of the safest hedge funds during my tenure of 15 years - recording only modest, less than 10pc, calendar year losses vs at my best 30 to 50 pc years of performance. I averaged around 7pc cagr and those returns were correlated to nothing in the universe. So go shove your garbage where the sun don't shine.
@@PBoyle Thanks Patrick - I will def listen to his interview he did with Michael Pettis on his channel. I am open to hear the other side and I am the first one to admit I am not perfect ! After all I am in the same business , so hubris is not a quality I recommend :-)
@@HughHendryOfficial Thank you for responding. Can you please answer a genuine question I have. Why do people start hedge funds (using others money and incurring immense liability) and not just use their own money (or their own means to acquire their own capital)?
@@HughHendryOfficial Well sir That was a very elegant and well thought out reply . I am happy to stand corrected should that be the case, but I am not of the opinion that simply throwing expletives at other party is the right way to respond or for that matter make a convincing response. Should I drop in to St Barts I will make a point of not disturbing your peace of mind .
To say Huge is unorthodox is an understandable assessment but it's wrong I am afraid, there are the orthodox and their opposition but in every case they are both wrong and the person who is correct is glaring different from both of them and as such make a lot more money but more importantly because they are correct and the others are wrong they have...longevity. Huge could not make any money because his ideas were wrong and he could not evolve. He talks about "the conceit of a well formed idea" in another interview but what he means is the conceit of a well formed argument for a bad idea. People who are charismatic and verbose always look impressive to man kind to begin with but again and again reality shows them to be empty vessels. He is a nice guy Huge and entertaining but he has no idea about the nature of risk, diversification is verifiable folly and is predicated on the idea that holding poor investments some how protects you? It an absurdity, the true nature of risk is in the realm of timing and the secret of risk management is a variety of force (trade size) and a diversity of timings. As speed of price action increases risk decreases and the goal needs to be the attempted union of the two and the correction of error there in.
When we need advice the most, you’re interviewing some overaged, skateboarding has-been. 🤷♂️ Thanks Patrick. It’s easy to make money in a bull market.
Thanks Patrick this was fun but my yeti microphone let me down - apologies everyone and good luck with these risk assets
Thanks Hugh, it really was a pleasure. Very much looking forward to when your book comes out.
Thankyou for your time and your perspective, Hugh.
@@PBoyle Hello Patrick,watch out,theres someone with your same name and picture offering Bitcoin in some comments
Thank you for your videos by the way
Yo Matey, yes, using closed captions helped a lot.
Gents, loved this 👌
Hugh Hendry runs a diverse portfolio of non microphone related assets.
This channel and these interviews combined with a few hundred books are far more valuable than any MBA program
Yes I was looking at MBA from a top school, already have a good master's degree and figured was not worth it. Better investing that money
@@annajones9701 Unless you want a job) Unfortunately you need that bit of paper from a top school. Its the higher education racket.
@@zatarawood3588 yes agree, but already have good master's. MBA has a lot of fluff. Maybe if never had Masters but spending £100k plus is not worth for me.
@@annajones9701 shame you can’t put it on your LinkedIn
@@austinmahony168 I can watch my investment account grow to millions....better than anything I can list on LinkedIn... linkedin is just a tool to help us grow our bank balance . ... remember the ATM card is your real title, not some pretentious title a company gives you..plenty of broke vice presidents!
The most proper orthodox financial guru interviews the most improper unorthodox financial guru. Fantastic.
LoL they got your number patrick. Maybe because your doc on ponsi schemes.
This is an understandable assessment but it's wrong I am afraid, there are the orthodox and their opposition but in every case they are both wrong and the person who is correct is glaring different from both of them and as such make a lot more money but more importantly because they are correct and the others are wrong they have...longevity. Huge could not make any money because his ideas were wrong and he could not evolve. He talks about "the conceit of a well formed idea" in another interview but what he means is the conceit of a well formed argument for a bad idea. People who are charismatic and verbose always look impressive to man kind to begin with but again and again reality shows them to be empty vessels. He is a nice guy Huge and entertaining but he has no idea about the nature of risk, diversification is verifiable folly and is predicated on the idea that holding poor investments some how protects you? It an absurdity, the true nature of risk is in the realm of timing and the secret of risk management is a variety of force (trade size) and a diversity of timings. As speed of price action increases risk decreases and the goal needs to be the attempted union of the two and the correction of error there in.
@@unclekerr4369 you must be richer than george soros. Why haven't I heard of you? Well probably because what you said sounds good in a book but has no basis in reality.
@@westtexas806 Can you please be more specific on exactly what I said which has no basis in reality and I will try to explain myself a bit better. Sometimes what is established as truth, like diversification for example, is in actual fact wrong and suboptimal but is better than concentration and error, it is possible to have concentrated investment and the absence of error and that is when the magic happens.
@@westtexas806 Are you contesting what I said about risk being time? I evaluate the risk profile of my trades using something I call "time at maximum risk", when the price is moving for you quickly you have zero risk and must aim for maximum force with respect to trade size, of course the price can change direction and does and this is when you must change your risk by either reducing, exciting or even reversing your trade. This is what I mean by having a diversity of force(trade size) at various time.Do that make any sense? I wouldn't get too impressed with George Soro or Warren Buffet they do a lot of insider trading and manipulations and are actually not very skilled traders, Are you familiar with black jack card counting? The core principle of making money in card counting is that at different points in the deck, when more aces and tens are in the deck, the chances of a black jack are higher, thus to be profitable you must increase you bet size to coincide with the favorable situated. The same is true of trading, there are times when you have a favourable risk profile, namely when a price is breaking out or crashing, and you must increase your stake size at or in anticipation of these times. Most money management diversify or risk manage by using a variety or assets but this is far from optimal, I diversify with aggressive adjustment and reduction of the size of position. If you prefer George Soros that is cool, I'm not offended. I am no sure why you have not heard of me.
I believe the reason behind the low vote count is the simple fact that no one knows who this guy is and the thumbnail images used to present the video makes one think he’s a long haul truck driver 😅
This is the definition of not judging the book by its cover. I enjoyed most the last bit about debtors and creditors. Ty for this.
That point has kept me thinking for days. There is a very interesting point in part 3 of his Pettis interview about real estate prices, GDP and inequality that is really thought provoking too.
@@PBoyle We are transitioning to a future where money will slowly become obsolete and the tools developed by the stock market will be used to track the storage and exchange of resources, energy, goods and services.
@@shayjohnson5830 I always enjoy listening to a person's backstory. Knowing their origins and how they came to their current mindset is phenomenal. But you can always fast-forward the video if you don't like what is being discussed. I never understand why people complain over free content. It makes me think that there are those who live by the glass is half empty mindset and look for negatives in every situation.
I don't know what happened to this guy, seems to have changed, but I remember him from various interviews from the last ten years, he was always very interesting and entertaining to listen to. Always came across as a genuine and honest guy.
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Please keep doing these interviews Patrick - entertaining, interesting and very informative! I look forward to looking at Hugh's channel.
Hi Patrick thanks for all of your videos. Could you make one explaining the market sell off in relation to the rise in yields in the states? Thank you!
🙏🙏
I talked about this a bit last week on Tom Nash's channel. Here is a link: th-cam.com/video/TVYolhtBHss/w-d-xo.html
The comments are at about the one hour and five minute mark.
@@PBoyle thank you Patrick
I'm a poor sock and have no money to invest, but your videos are always very interesting, thank you for that 👍
i hate to recommend wealthsimple but their account minimums are 100 bucks Canadian
so you dont need a lot to start if u really want to start
Do u have money for junk food? For Netflix, Hulu, Spotify, TH-cam music, etc etc? For beer and cigs? Then you have money to invest, but you choose not to (not that you do, but you get my point). I hear this excuse far too often. Take a look at your monthly expenses, down to the smallest things. Realize what you can live without and set that money aside. Every month put that set amount into a vanguard/Robinhood/Xyz brokerage account and after a year or 2 you’ll see those little amounts grow into something significant.
@@MrEo89 Basically it's none of your business, I live on welfare. Any win would be deducted directly from it, a zero-sum game. Greetings from Germany
@@frischifrisch6860 Me too. Same with the deductions where I am (NZ). It's depressing that they won't allow people with permanent disabilities to get ahead and hopefully out of the system using investments.
Knowledge is always good to have
Today you might not have enough to invest
Tomorrow you might have and already have some knowledge about it
So.. Casey Neistat got old and started trading
@@crypt0.revolution845 Thanks Patrick! Look forward to getting rich quick
@@adamfattal468 that's the spammer
Another great interview Patrick, And I have to say I am loving your watch collection, every video with a cooler watch :D
Always trust a guy with a skateboard 🛹
I feel the same. But the other way around
And one with a guitar
@@rockybalboagaralhaoitalian4592 because you’re boring and lack creativity
Fascinating and well-led interview! Hendry's analysis of markets and investing offers unique insights into human nature and individual and collective ways of thinking. I loved it, thank you.
Can anyone tell what kind of watches they are wearing? Thanks!
Audemars Piguet i think
i love it when brilliant minds having a discussion! thank you for providing value!
As one kommenter stated, he looks like a truck driver. but this is one of those amazing suprises in life where we look beyond apperence.
Such a huge load of bold observations that keeps one thinking and rethinking for days and weeks.
Thank you Patrick for those gems.
Hugh Hendry is definitely one of the more interesting characters of the financial world. I miss his interviews. Thankyou for interviewing Hugh, Patrick. (and Hugh, on the off-chance that you should read this, thankyou for being so candid)
@@kwamebr0wnbustlife895 You know what Charlie Munger called Bitcoin?
thanks Mike
This guy is a Legend.
The two opposite poles of Fin TH-cam doing an interview together. Excited for this one.
Thanks for introducing me to HH.
It helped me get past the thumbnail!
The 3 part macro series with Petti(?) was incredible. Real intellectual 'public' discussion so v rare these days. Cheers
This guy can really sells himself and a "airy fairy outside the box all over the place" mentality. I would love for him to lose me money. Prefect example of "Macro" hedge fund investing.
Lol!
"Prefect"
This is a masterclass...full stop.😊
Did well from humble beginnings. Quite eccentric dude
1:05:55 - harsh jump cut. Compliance violation? Lol
Finally watched this today, whilst done in from a week of labouring for a friend, very eccentric character, very enjoyable watch. I'll be sure to check his channel out also, thanks 👍🏼
Bitcoin solves at least two problems:
A) one is that more than 95% of "dollars" exist as digits on a computer screen representing a banks liability to a depositor. These are stored on digital databases. If that infrastructure took a serious hit there's not a resilient way to remember who owned what and who owes who what. And the system is hackable and is hacked (even at the central bank level) to the tune of millions a year. Instead of a data point in a database Bitcoin is a piece of code that makes a digital object of sorts. It's been unassailed for 11 years (password hacks put aside). It's hard money for a digital age.
B) Inflation is very real is just isolated from consumer goods (CPI) and instead goes into assets: stocks, houses, t bills, Louie V handbags 👜. So having a hard money that's more accessible, divisible, and transferable than gold gives a way to hedge inflation for savers.
Great interview Patrick. This was the most I ever understood what Hugh said. Most are way over my head. Two types of people I love to listen to are shorts and macro guys. They have a certain fear built in them.
I'm sure the conversation is very interesting but it's very hard to watch with this sound quality
Unfortunately Zoom compresses audio quite a lot.
@@PBoyle , maybe try having the interviewee trying using the phone in option next time. You can do video while they also using the telephone for voice. VoIP audio can always be tricky.
@@PBoyle Recording audio separately and mixing + syncing the tracks afterwards is the way to go, I think. Or trying out the high quality audio option (for music sharing) in Zoom.
Someone send him a mic.... those “S”s absolutely killing me
You're easily distracted.
@@bobbrown1522 not so much distracted as painful to listen too.
I like his painting
Hey man! Huge fan of the channel! I have recently gotten more and more interested in trading (as opposed to value investing). Specifically, trading algorithms, I think they are fascinating and I'm trying my best at creating one of my own. Would love to see a video on the matter and how to best combine strategies. Also, if you have any book recommendations that are directed to learning about trading algorithms I would appreciate it. Thanks in advance!
1 - This hedgie is pretty funny, of course he loves the current system in which he made his millions, lmao. He's concerned with marxism while living on a private island.
2 - watch out for the scammers in the comment section.
Marxism is the single most toxic ideology on the planet. Its spread is concerning to anyone with a brain.
Subbed. Thanks
This was absolutely great contend.
Excellent !
Hugh Hendry did an interview on Dawn of chaous this is unbelievable deep thought takes time to fully comprehend how much was said in so little time of the interview
I like this man philosophical deep mind insight
Looking forward to watching this. I discovered HH by chance some months back when looking at the portfolio of the videographer who shot his Paris video; he’s an interesting character for sure :)
Congrats to 100k subscribers!
Great interview!
Brilliant. Thank you both!
Thanks so much for this. Superb info and so refreshing. By the way, Thinking in Bets not on the book list.
Unfortunately the microphone wasn't good.
Hello there!)
Dear Patrick Boyle,
Thank you for your video!
I have a question :
Could you please recommend what degree is more suitable for hedge fund managers? Is BSc finance and investment suitable? Or it is recommended to major in economics?
Looking forward to your answer!
Many thanks!)
yea ethanol companies did sooo well right? how about those american solar companies that led the charge?
macro investing is not for the retail guys...
Maybe the value of narratives, how narratives become convincing, is much more than estimated. Bitcoin, lambos seems to have convincing narratives that are not considered more seriously. Maybe the "functions,utility" is a part of the narrative, not the mains. Humans need a reason to buy, either peddle an illness or convince me with a story.
Brilliant interview and guy, thank you :)
the Dennis Rodman of finance celebs
I think it's the blockhain that is going to be useful in furure in banking not necessary bitcoin itself. Instant ratification of money transfers instead of waiting for two days is something that Robinhood wished to have couple weeks ago.
I love real estate analogy when he says he can touch the walls
Very interesting mind
Hey Patrick, thanks so much for these videos and interviews! I’ve learned more about finance watching your channel and reading the books you recommend than I have anymore else most likely.
In terms of your discussion on Bitcoin, I agree that in terms of day to day usability it’s not the best, and doesn’t solve the problems it sets out to as eloquently as it could. I don’t own any myself. That being said, there are a handful of mid-high cap alternatives that have very credible teams from MIT and elsewhere that have created better solutions in terms of day to day spending, etc. I believe there are projects much more impressive than Bitcoin, with many tailored towards different solutions in different industries. Many of these are near or already at net zero carbon emissions as well, counteracting the recent Elon Musk statements.
It are these types of projects I have been focusing on in terms of research, since I believe it won’t be Bitcoin that adopts a real use case since others have 15x + the transaction rate and time, much lower fees, and a number of other upgrades.
I'm a private island guy myself.
Good stuff!
Hugh Hendry has changed a bit since I last saw him on CNBC back in the day!
I was thinking the same. I've been his optician/sunglasses provider(even the one is wearing in this interview) and I remember him to be a little bit more conservative.
Holy shit, Hugh Hendry. This is going to be great. This is better than real vision 🤭
Get Jeff Gundlach on?!
my man looks like an action movie director not a hedge fund manager
Thank you
Can you interview Roaring Kitty?
This guy can party!!! So many stories 😉
What’s his former funds returns?...
I think he said at the beginning of the interview that the annualized return over his 15 year career as a hedge fund manager was "seven point something"
He also claims in a comment that the returns of his fund were "correlated to nothing in the universe"
Highly unimpressed
Sant Bart in hurricane zone..climate change correlated highly with occurrences of hurricanes 😱
Yeah, I wouldn't opt for an island
If Jeff Spiccoli were a trader...
Found it a fascinating interview, I really didn’t want to like it as anybody who had his own name on a hat to remind himself of who he is .. is a bit weird. (Yes I know it’s a brand but a I am being British cynical). His comments of working for the Edinburgh firm were also very interesting (and yes it is Baillie Gifford). And for one who has worked in the newspaper industry in its big circulation day, he is absolutely spot on about the tabloid journos being cleverer than you think.
Hey Patrick, interesting interview choice. Is your ultimate goal now to retire in St. Barts?
TH-cam 101, buy a mic and camera. You guys could buy the best equipment. One-click on Amazon.
yo, im going to be a millionaire at minumum. 5 year plan
Yeah but who asked tho
@@adamfattal468 You look jealous and poor with that
This guy looks like a character straight out of GTA
Get vic neiderhoffer on....nobody follows the legend
I will have to do that at some point in time, hopefully in person when I am next in NY.
@@PBoyle After I saw you on here I rechecked his book and found him reference you in there) He described you as a hotelier which is amusing. Did you do some summer job on a hotel reception?
@@zatarawood3588 Yes, as a teenager I worked at a hotel in Cape Cod. I had a lot of fun there.
@@PBoyle very nice) you must have been brave to go all that way on your own as a teenager. could I make a request for a possible future video? since you run a fund, would you be able to give some ideas on how one sets up such a business, pros and cons, difficulties, and anything else associated with the business of running other peoples money? I think we heard some of these things crop up in this interview with HH but as somebody who's interested in possibly setting up something myself Id be interested in your thoughts on the matter) Thank you) Z.
What's the sunglasses for? He's not as interesting to listen as expected but thanks for the effort Patrick! 👍
Its Scott Manley in a wig.
lightning doesn't strike twice buddy, the next opportunity looks nothing like the last one
"People find their own books..."
Oh God. Love you Hugh but man it's gonna be so hard
This guy has his name on his hat and he’s wearing it for people to see. 😂
Is unbelievable that channels like this one have less subscriber than trading lambo guru's channel
56:10 the Jesus allegory for investing made me laugh out loud. Sure you'll sell bitcoin, you just dont understand the story of Jesus!😂What a guy!
I actually need bitcoin tho. 50k is too high for an entry point tho, that's facts.
Only in Amurica a hobbo could be a hedgfund manager and be a billionaire
"champagne socialists"
I'm having trouble verifying if this guy is legit? Per Wikipedia all his funds basically failed?
That's correct - Over a 15 year performance his Eclectica Asset Fund basically wiped out all his investors , which he was forced to close. He then re invented himself and sought to raise a $50 M fund via Luxembourg for property investment in the Caribbean with a 10% annual return ... where have I heard that before !!! His past performance is lets say not very reassuring..
@@theinvestorstrategist a bit disappointed that Patrick wouldn't make light of this. Seems inconsistent when he typically calls out non legit trading gurus but praises this guy?
@@johnadams2933 please see my response to the brainstorming idiot
@@HughHendryOfficial im looking but don't see your response to his claim?
Wikipedia talks about Assets Under Management, not fund returns. Eclectica compounded returns at around 7% per year over its life, and he additionally contributed to some great returns while working for Crispin Odey. These returns were all after fees. In addition Hugh had an incredible sortino ratio, where almost all of the volatility in his fund performance was to the upside.
It is worth noting that Hugh has nothing to sell here, he came on the channel because I invited him, and I invited him so that my viewers could have access to his ideas and hopefully walk away able to look at markets from a new perspective.
Hugh was one of the few people who really predicted the credit crunch, describing what would happen and why - he was very vocal about this at the time and you can find his TV interviews online. He discusses in the conversation how he did not expect the bailouts to be as effective as they were.
He did not wipe out his investors, he lost assets when he didn't catch the turning point in 2009, and when clients started to view him as a bear fund and were upset when he did flip to the long side. There were numerous Bloomberg articles about this at the time.
It is worth noting that many funds that performed well during the credit crunch suffered outflows afterwards, many of the institutional allocators (fund of funds) found themselves in illiquid strategies and so redeemed from the funds that did not lock up. At the time the WSJ reported that Millennium went from $20b of AUM to $4b because of this.
He is currently developing property in St. Barts, I don't know how that is going for him as that is his own private investment, but I get the feeling that he is doing OK.
I strongly recommend checking out his TH-cam channel and starting with his Michael Pettis interview. People often mistakenly think that the world of finance is filled with dull accountants, but in finance like in all walks of life you will find that big thinkers go far. If nothing else you can learn about Chinese punk rock and the band Carsick Cars (which I have been listening to all week).
When i look in comments section, I'm not sure who is bot or who is not. :)
lol - a career financial services middleman doesn't see what problem bitcoin solves. Love it!
Hendry going with that look you can only pull off if you're totally loaded or totally homeless.
redo this interview with a proper mic
lol he said no inflation to come
You gents don’t have a world view.
This guy was a coked ou,t lucky fool. There, I saved you all an hour.
What's your argument?
yeah the audio is pure ass. I'm gonna go check out your channel anyway :)
Patrick : I am surprised you are promoting this " Hedge Fund Founder " without the initial disclaimer that he was forced to close due to 15 years of disastrous losses , wiping out all his investors. And then his next venture in developing property in Caribbean that ended "allegedly" ignominiously
I'm not promoting him. I invited him him on because he is one of the most interesting people I can think of in the world of finance and I learned quite a lot from my conversation with him. His fund compounded returns at around 7% per year over its life, and he additionally contributed to some great returns while working for Crispin Odey.
Hugh was one of the few people who really predicted the credit crunch, describing what would happen and why. He says in the conversation that he did not deal well with the influx of money in 2009 and that he did not understand how the bailouts would work meaning that he could not provide the same returns to his clients.
He did not wipe out his investors, they pulled their money from the fund when he did not catch the bull market that started in 2009.
He is currently developing property in St. Barts, I don't know how that is going for him as that is private information, but I get the feeling that he is doing OK.
I really recommend listening to the interview he did with Michael Pettis on his channel. Pettis is one of the most insightful emerging markets economists and I learned a lot from listening to that conversation. I expect a lot of great things to come from his channel as he is a free thinker and extremely creative.
OMG go brainstorm properly - you are so brave to make preposterous and incorrect claims - get a life or a proper education before you go on the offensive, especially against me. You reveal what little understanding that you may have for the matter. You confuse assets under management with client performance - I mean really?? What age are you, 12?? No disrespect to the 12 year olds out there. For the record I was one of the safest hedge funds during my tenure of 15 years - recording only modest, less than 10pc, calendar year losses vs at my best 30 to 50 pc years of performance. I averaged around 7pc cagr and those returns were correlated to nothing in the universe. So go shove your garbage where the sun don't shine.
@@PBoyle Thanks Patrick - I will def listen to his interview he did with Michael Pettis on his channel. I am open to hear the other side and I am the first one to admit I am not perfect ! After all I am in the same business , so hubris is not a quality I recommend :-)
@@HughHendryOfficial Thank you for responding. Can you please answer a genuine question I have. Why do people start hedge funds (using others money and incurring immense liability) and not just use their own money (or their own means to acquire their own capital)?
@@HughHendryOfficial Well sir That was a very elegant and well thought out reply . I am happy to stand corrected should that be the case, but I am not of the opinion that simply throwing expletives at other party is the right way to respond or for that matter make a convincing response. Should I drop in to St Barts I will make a point of not disturbing your peace of mind .
To say Huge is unorthodox is an understandable assessment but it's wrong I am afraid, there are the orthodox and their opposition but in every case they are both wrong and the person who is correct is glaring different from both of them and as such make a lot more money but more importantly because they are correct and the others are wrong they have...longevity. Huge could not make any money because his ideas were wrong and he could not evolve. He talks about "the conceit of a well formed idea" in another interview but what he means is the conceit of a well formed argument for a bad idea. People who are charismatic and verbose always look impressive to man kind to begin with but again and again reality shows them to be empty vessels. He is a nice guy Huge and entertaining but he has no idea about the nature of risk, diversification is verifiable folly and is predicated on the idea that holding poor investments some how protects you? It an absurdity, the true nature of risk is in the realm of timing and the secret of risk management is a variety of force (trade size) and a diversity of timings. As speed of price action increases risk decreases and the goal needs to be the attempted union of the two and the correction of error there in.
Uncorrelated returns means the fund only lost money in the last years' bull market, I presume. 😂
And made an awful lot of money during the credit crunch when most funds were shown to just be providing market exposure in return for high fees.
I'm sorry but I can not take advice from someone who wears a hat with his own name on it.
Interesting wordsmith but a good reason to avoid having humans making investment decisions.
When we need advice the most, you’re interviewing some overaged, skateboarding has-been. 🤷♂️ Thanks Patrick. It’s easy to make money in a bull market.
Hugh is a man who cleaned up in one of the most difficult markets in history. When things get challenging, he might be the person to listen to.