Hugh Hendry, the hedge fund manager, was on CNBC Europe, talking about the stock market, gold, deflation, and the US savings rate. Hendry, a deflationist (and also the guy who made the awesome video showing the empty skyscrapers in China), is of the correct view that to talk about being diversified in this market is a total joke. Everything trades the same, in unison — either you’re in it or your not.
Nevo at Self-Evident has posted the clips. Here’s the first half.
Part I is about it being a crowded market.
Part II is on deflation
Part III discussing the savings rate:
Part IIII is on gold, and is asked about his former prediction of $500 gold (remember, he’s a deflationist).