Hugh Hendry, OG Contrarian
This podcast episode was recorded on Aug. 3 and released to premium subscribers the following day. To become a premium subscriber and take advantage of a host of other benefits including the Daily Contrarian briefing, visit our Substack or Supercast. Prices start around $9/month. Hugh Hendry is a man who needs no introduction to contrarians. Over the course of this 90-minute conversation, he provided many views on markets, the economy, the Federal Reserve, China, and a lot more. Of particular interest to investors are his bullish views on commodities, oil producers, and luxury goods makers... Content Highlights Hendry's most contrarian opinion right off the bat: The Fed is not responsible for the asset price bubble (2:40); "We find ourselves in the fourth depression of the last 200 years" after "les miserables" period of 1830 to ~1855, 1870 to the late 1890s, and the 1930s (8:11); "I don't think we have inflation." Sales of non-discretionary items are not increasing (13:53); Very few people understand money and money creation. What are they missing? (28:56); What's behind the stock market rally this summer? It may be commodities, at least in part... (39:49); Markets are 'bucking broncos.' Volatility can be a major distraction and nothing happens in a straight line. But commodity producers and uranium should be in good shape over the long term (46:55); Background on the guest. As an 'OG contrarian' Hendry joins an exclusive list (54:58); A little insight into Hendry's current life and psychology (1:10:40); Betting on the Chinese yuan weakening (1:14:37); The odds of the 10-year treasury making new lows (1:22:44); China invading Taiwan? Hendry sets the odds at 20% and says China will never have a stronger bargaining positioning vis-a-vis the U.S (1:24:16). More Information on the Guest Twitter: @Hendry_Hugh; Substack: HughHendry; Instagram: HughHendryOfficial; YouTube: HughHendryOfficial; The Acid Capitalist.