Asked why he became a hedge fund manager, as opposed to a scientist or something that would better help society, Eclectica’s Hugh Hendry more or less says were he born now, he probably would be – because that’s where the money will be in 20 years time.
Hendry tells BBC News that he’s pessimistic on the state of Wall Street and anyone’s ability to make money in the future – except his of course.
“We’ve reached a point where they’re taken all the gains [out of being in finance]. It can only go the other way.”
(“I could eke something out,” he says – he’s just talking about most people not being able to make money.)
“It’s been too easy to make money from financial speculation – that ease will disappear.”
Hendry has the following predictions for the future:
- The number of hedge funds will soon fall. “The number of hedge funds could fall as much as 80% over the next 10 years.” (See the 11 managers we think will retire soon.)
- Doctors and engineers will be the new hedge fund managers. “Stock markets 20 years from now could be no higher than they are now. House prices – likewise. Try making money in that environment. Try to have an appetite to be a hedge fund manager in that environment. I think at that point in time, you’re more keen on being a doctor or an engineer.”
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