Alpha Exchange

We live in unique and highly uncertain times. Rates and FX markets - especially in the developed world -are experiencing volatility at levels associated with crisis. Central Banks are confronting an inflation problem not seen in decades and risk doing too much or too little. And the intersection of market prices and geopolitics is especially fraught. Against this backdrop, it was a pleasure to welcome Hugh Hendry to the Alpha Exchange.The founder of Eclectica Asset Management, a fund he ran from 2005 to 2017, Hugh is now a developer of high-end properties. But he’s also spending a lot of time reading, thinking and reflecting. Our discussion reviews his time in asset management and his focus on original, uncorrelated trade construction. While sharing some of his success in spotting convex trade opportunities where the consensus broke, he also looks back on the long cycle of post crisis QE as a vol suppressor.With respect to the set of risks today, Hugh is keenly focused on China and presents a sobering analysi