The Julia La Roche Show #313 Hugh Hendry On Preparing For The Dawn Of Chaos
38 snips
Dec 5, 2025 
Hugh Hendry, a former global macro hedge fund manager and founder of Eclectica Asset Management, returns to share his bold investment strategies. He introduces his 'macro compass' portfolio, emphasizing a mix of equities, treasuries, alternatives like Bitcoin, and cash. Hendry warns of impending AI-driven unemployment and predicts that government redistribution will disrupt inflation controls. He also highlights the risks facing the UK economy and argues why tech valuations may be peaking, making this a compelling discussion for anyone interested in macroeconomic trends.
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Four-Quadrant Macro Compass
- Hugh Hendry uses a four-quadrant "macro compass" to diversify permanently across equities, treasuries, alternatives, and cash.
- He rebalances periodically to keep equal volatility contribution from each quadrant.
Bitcoin Wins On Market-Size Optionality
- Hendry views Bitcoin as a small market-cap alternative that can still multiply many times without changing the world.
- He prefers Bitcoin to gold because Bitcoin's market cap (~$2T) can grow far faster than gold's ~$30T.
Early Big Win In Gold
- Hendry recounts making 50% in 2003 from gold and miners after buying when gold was deeply depressed.
- He used that experience to pivot into other major macro trades later, including the 2008 short.
