hugh hendry
It’s not preferable, but all major U.S. financial companies will eventually be under government control because the alternative is so much worse, Hugh Hendry, chief investment officer at hedge fund Eclectica Asset Management, said Friday. [1]
This in Wednesday, via a Reuters conference in London: Hugh Hendry, CIO of hedge fund Eclectica Asset Management, declared that financial stocks could take 25 years to recover from the subprime disaster and added that Citigroup Inc. would fall below $10 a share. [2]
It?s not preferable, but all major U.S. financial companies will eventually be under government control because the alternative is so much worse, Hugh Hendry, chief investment officer at hedge fund Eclectica Asset Management, said Friday. [3]
Hugh Hendry, the co-founder of Eclectica Asset Management, has worked as a professional investor in London since the early 1990s. [4]
Mr Hendry, who runs Eclectica Asset Management, also called on hedge funds to be more open in defending their industry. [5]
Because the taxpayers are forced to foot the bill for bailout out the banks, shareholders shouldn’t be compensated, Hendry added. [1]
Ask a question about anything you choose, and let readers from the Journal Community answer it. [4]
Mr Hendry, who has described short selling as the “pursuit of truth”, said: “Until the Thursday in September when short selling was banned we had not seen the stock market crash. [5]
His logic: Subprime represents the puncturing of a bubble that began the last time Citi collapsed, in 1991 (bottoming at less than $10 a share). [2]
“All financials will be owned by the U.S. government in a year,” Hendry said. [3]
“The origination of the bubble in U.S. financing is circa 1991, with the bailout of Citigroup,” Hendry said. [2]
The Fast Money guys take a look at today?s biggest market movers. [1]
The Financial Services Authority banned new short selling of banks on September 18 in an attempt to put a floor under the sector’s bombed-out shares. [5]
Check the boxes below to sign up. [4]
This year, Mr Hendry has borrowed money to back his theory further so about double his shareholder funds are invested in government bonds. [5]
Sources:
[1] All US Financials Will be Nationalized in a Year: Manager - Financials … (www.cnbc.com/id/27835645)
[2] Have to love Hugh Hendry ” Sidetalk (acheson.wordpress.com/2008/04/11/
[3] Hugh Hendry | Tyranny Watch (tyrannywatch.com/tag/hugh-hendry)
[4] Hugh Hendry, A Happy Hedgie - WSJ.com (online.wsj.com/article/
[5] Hugh Hendry blames short-selling ban for stock market fall - Telegraph (telegraph.co.uk/finance/