Employees: The Hidden Liability

Last month I posted Hugh Hendry’s latest investor letter. Hendry is known for his macro insight, and deservedly so, but there was something in there that I thought was useful to micro investors:

[C]orporate Japan, along with much of the rest of Asia, is guilty of paying too many redundant quasi-state employees anything at all. It is a ruinous policy, symptomatic of a failure ot face tough decisions, and it is slowly but surely eliminating all of the residual . . .

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Hendry: Hedge Funds Head for Big Banana Skin

After huge coverage of his recent investor letter, Hugh Hendry is back writing a fantastically titled Op-Ed piece for the Financial Times. For those who read his investor letter, the topic will be familiar; Hendry discusses the convergence of fund returns and the failure of risk management.

[T]here exists, in terms of my parochial world of hedge fund investing, a bigger issue.

I fear that my no longer small community has been compromised. Last year was generally very tough . . .

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Hendry, Roubini and Taleb at Troika Dialogue 2011

I have no idea how I missed this until now. In the embedded video below, Hugh Hendry, Nouriel Roubini and Nassim Taleb share the stage (among others). It is a bit dated, especially given the subject matter, but worth your time. My only complaint is that the moderator was intent on pushing these deep thinkers into giving superficial one-word answers. Why put a speed regulator on a Maserati?

 

Author Disclosure: . . .

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Hendry: Is It Time to Invest in Europe?

Everything’s coming up Hugh Hendry this week. Here’s the macro superstar at the Milken Institute’s Global Conference on Tuesday on a panel¬†of heavyweights discussing the following:

It’s nothing but bad press for Europe these days, and many investors have headed for the exits. But does that mean it’s actually a moment for contrarians to jump in? Several sectors are continuing to perform well, especially in exports to outside the region. And many companies (and even countries) have seen . . .

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Hugh Hendry’s Latest Missive

The fellow from Glasgow is back with his first investor letter since the winter of 2010 (embedded below). As usual, there is a lot of data on China and the history of its recent problems.

There is a near consensus that China will supplant America this decade. We do not believe this. We are more bullish on US growth than most. The momentous nature of recent advances in shale oil and gas extraction and America’s acceptance of the unpleasantness of . . .

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