Another in a long line of famous hedge fundies is about to bite the dust and I couldn't be any more pleased to learn that it's this pompous blowhard, Hugh Hendry. It seems that ol' Hugh has run out of ideas so he's opted for the Schiff-Rogers-Faber-Bass Hail Mary, which is, short-Treasuries and S&P and buy gold trade.
In his most recent missive, Hendry says he "has no idea where the stock market is going to be, but he's long gold and short S&P." Just like that. That's how simple these guys make it. Some REAL investing acumen let me tell you. Ohhhh yeahhhh! Did I hear someone say, blindfolded monkey throwing darts at a dartboard? You might as well.
Hendry has become another in a long line of True Believers and this trade is their cross that they bear. For Hendry I'm sure it'll be the biggest Hail Mary of his career and we may not see him again after this, but from his remarks he seems dead set on sacrificing himself at the altar of failed Austrian economics.
Schiff and Jim Rogers and most likely Kyle Bass and Marc Fah-ber have already imploded on this position. If they haven't, personally, then their clients have for sure because they've been preaching this comically ignorant trade for years, displaying a level of cluelessness that dwarfs anything in the known economic universe. (And that's quite an achievement when you consider what's out there.)
It's no wonder why guys like Schiff, Rogers and Faber write books or sell investment advice because they clearly can't make money on their own in the markets. Remember, George Soros said that Jim Rogers was not a good investor. I submit that the luckiest thing that ever happened to Rogers was his association with Soros, but now I blame Soros for having created this jerk and putting me through the unpleasant experience of having to see his fat, bloated, face on TV or listen to his drivel whenever he makes an appearance. I get physically ill, I swear.
At least Hugh Hendry doesn't wear bowties.