“You are on your own and you must take ownership of your own destiny. For me this has always meant being detached from the sell-side community. It is not a question of respect, it is just that I prefer not to engage in their perpetual dialogue of determining where the “flow” is. I cannot be reached by telephone. I suspect that I am one of the few CIOs who does not maintain daily correspondence with investment bankers and their specialist hedge fund sales teams. Not one buddy, not one phone call, not one instant message. I am not seeking that kind of “edge.”
“I attempt to cultivate my own insights and to recognise the precarious uncertainty of global macro trends . . . But first and foremost, I am always preoccupied with the notion that I just do not have the answer. I am not blessed with the notion of certainty. Someone once said we should think of the world as a sentence with no grammar. If we do I see my job as putting in the punctuation. But above all, my job is to make money.”
London-based Eclectica’s Hugh Hendry is certainly one of the more eclectic thinkers in the industry. The full letter is worth a read and echoes many of the points we have made over the past few years.