We've all heard the lament of the macro investor. The world is too messy, central banks too generous, and Trump too Trump for a global money manager to make an honest buck anymore. Oftentimes these complaints give the impression that the manager is literally besieged, set upon by malevolent forces bent on destroying those brave few whose only crime is seeking a little bit of absolute return (plus two-and-20 for the trouble).
No one has perfected the art of the macro lamentation quite like now-former hedge fund manager Hugh Hendry:
“It’s a function of economics. The costs of running a hedge fund today -- both regulatory and with other commercial considerations -- were just too great ... But I died in active combat."
By “died,” he means he had to close his fund after 98 percent of its assets fled, and by “active combat” he means doing his job. Specifically, the Scot blamed unstable geopolitics for the 9.4 percent losses his Eclectica fund suffered over the past 9 months:
“The last three months were harrowing," Hendry said. “To my great, great, great horror, I became deeply correlated to the travails of President Trump’s presidency and of course these geopolitical events, which were sparked off in the Korean peninsula."
So please, a moment of silence for Mr. Hendry. And can someone please get the attention of the Queen so we can get this guy a medal already?