Category — Overseas News
June 8, 2013 Comments Off
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May 27, 2013 Comments Off
Hedge fund manager Hugh Hendry is back in the news with the release of his latest quarterly letter. Hendry made a name – and lots of money – for himself by making some high-profile, contrarian investment calls early in his career.
At the height of the Chinese bull market, when it seemed the only economy impervious to the financial crisis, he famously filmed videos of empty apartment blocks and shopping centres in the country to support his bearish view on the economy.
But now Hendry, who manages the Eclectica Asset Management hedge fund, is feeling a lot more optimistic.
When it comes to American consumer companies, Hendry likes those that make non-discretionary products – i.e., the stuff you pretty much can’t do without. The reason, says the 44-year-old Hendry, is that investors don’t have many other options.
‘Consider the plight of a conservative investor: concerned about the risks to the global economy and hence cyclical equities; fearful of financial repression in Treasuries; trapped (possibly unfairly) by the prejudice of the ten-year bear market in US dollars; scared that governments may have to haircut his savings account in the bank; and now terrified by the sudden price collapse in gold.’ [Read more →]
May 26, 2013 Comments Off
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May 15, 2013 Comments Off
On 10 January 1901, the first oil ‘gusher’ erupted from a well in Beaumont, Texas. It spewed 80,000 barrels of oil in a day, at a time when 50 barrels was considered a lot.
The production of this one well was greater than the rest of the US put together. It proved beyond doubt that there were huge amounts of oil in the region.
Even though production at Beaumont quickly fell back to 10,000 barrels a day, the oil boom continued.
People flocked to Texas, attracted by the prospect of ‘striking it rich’. Towns in oil drilling areas sprung up overnight, and property values soared. Ever since then, Texas has maintained its position as America’s top oil producer.
But now Texas’ pole position is under threat.
Another great American oil rush is underway. And just like last time, there’s plenty of profit to be made for investors who know where to put their money… [Read more →]
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