Grant Williams in Conversation with Hugh Hendry

Published on
January 19th, 2018
93 minutes

Grant Williams in Conversation with Hugh Hendry

Grant Williams ·
Featuring Grant Williams

Published on: January 19th, 2018 • Duration: 93 minutes

In the second of his new flagship series, Grant Williams travels to Saint Barthélemy in the Caribbean for a conversation with the founder of Eclectica Asset Management, Hugh Hendry. In a revealing and at times deeply personal discussion, Hugh discusses the rise and fall of Eclectica and explains how his experiences reflect the problems facing the wider hedge fund industry. Hugh also offers his thoughts on the pitfalls of arrogance as well as the pressures that stem from being a free spirit in an increasingly constrained world.


  • MC
    Mike C.
    29 October 2020 @ 19:29
    Markets can be brutal, perpetual anxiety which rips through your core, it becomes your essence-until it leaves you stranded by the road side bewildered by what the fuck just happened! Good luck to you Hugh!!
  • em
    edison m.
    8 August 2020 @ 06:33
    Canadians are shit, the immigrants have many troubles ahead, they will build strong, Canadians will then tell that immigrants are money launderers, and immigrants will not be bothered?
  • PH
    Pompeu H.
    7 June 2020 @ 21:55
    Loved it!
  • JV
    Jaime V.
    3 June 2020 @ 19:38
    I really enjoy the interviews of Grant
  • CS
    Charles S.
    3 May 2020 @ 22:47
    Hedge Fund Auteur
  • GH
    Galen H.
    18 October 2019 @ 07:35
    Brilliant interview. Love it. A big help. (The free 3 month Bloomberg thing made me laugh). He might find learning to surf harder than markets .. :-)
  • JP
    John P.
    23 July 2019 @ 22:24
    Is this a confessional? What is the point of this? I,'m sorry - nice guy but redundant interview.
    • NP
      Nick P.
      17 August 2019 @ 12:48
      John, you'll struggle in your career and any investing endeavors without self-awareness, reflection and vulnerability. Lot's of value in these types of interviews if you're open to them.
    • PW
      Phil W.
      8 September 2019 @ 22:57
      Redundant you say!!! Well time will tel
  • JP
    John P.
    23 July 2019 @ 22:13
    " Grant Williams travels to Saint Barthélemy in the Caribbean" .. cute .. must be well funded this website.
  • SG
    Steve G.
    6 June 2019 @ 06:53
    Full of so much nuance, I like to watch this every 4/5 months. fascinating how far the vicissitudes. Only, Grant's Titanic butt shot should not be reproduced in any segment, ever again.
  • SD
    Sanket D.
    23 March 2019 @ 05:45
    Always look back at this when I think I'm crazy
  • JP
    John P.
    28 February 2019 @ 19:06
    Grant's interviews are always great.
  • MS
    Matt S.
    23 December 2018 @ 13:47
    Come on Hugh... Swatch? Citroen 2CV? Get yourself a nice vintage Porsshe and an FP Journe! Would suit you equally well... ;)
  • MS
    Matt S.
    23 December 2018 @ 12:41
    You will see in 2019 that the central banks in fact did NOT get it right, they merely delayed and exacerbated the inevitable disaster... mark my words! ;)
  • AS
    Abu S.
    21 November 2018 @ 15:15
    Great Interview. Thanks Grant
  • SC
    Sajad C.
    23 June 2018 @ 11:31
    Clearly he has had a tough time, but he is not unique in this respect, hedge funds are struggling because markets keep floating higher for no real reason other than government intervention, QE, Buy Backs, low interest levels ( cheap debt). This is a period in history matched only by the period just before 1929. Gold bugs are being laughed at, Hedge Funds are out of favour. But when the market collapses, governments struggle to persuade the dip buyers to re surface, confidence will be shot, the QE bank shuts, liquidity dries up, Hugh can make a comeback, rested, hungry, reinvigorated and lessons learned, Stronger with clarity of vision, critics beware. Temporary break........ great interview Grant. Schedule another for 2019.
    • JM
      John M.
      26 October 2018 @ 17:09
      Sajad Great comment 'Clearly he has had a tough time, but he is not unique in this respect, hedge funds are struggling because markets keep floating higher for no real reason other than government intervention, QE, Buy Backs, low interest levels ( cheap debt). This is a period in history matched only by the period just before 1929. Gold bugs are being laughed at, " I struggled to watch this but the markets are so distorted I can understand why he found it tough. These are not normal times.. I'm glad I've watched this. I'm not sure what I've learned but it is a marathon and sprinters are not required..
  • JA
    John A.
    10 February 2018 @ 12:22
    This piece really resonated with me. To hear someone of Hugh's stature speak so frankly about his experiences, doubts, and difficulties was a real gift. I was a trader for 9 years and lost my job after an 8% down year in 2015. Subsequently I moved on to start my own business, a pizza place in Singapore of all things. I learned so much of my identity was wrapped up in being a trader. And I was such a small potato! Anyway, love it. Keep crankin' out the master classes in interviews RV. Word.
    • KC
      Kean C.
      20 October 2018 @ 08:54
      Hi John, I'm from Singapore and would love to meet you and talk about your experience/insights if you allow me the opportunity to. Where is your restaurant located? Hope to hear from you soon, thanks
  • PL
    Philip L.
    19 September 2018 @ 12:31
    Excellent interview, thoroughly enjoyed it. Quite a character and an icon of the industry. Feels like there will be another chapter to his markets journey and I look forward to following it.
  • MY
    Michael Y.
    14 June 2018 @ 05:41
    Really enjoyed this interview. I remember hearing the podcast and then learning that he'd just shut the fund. So the timing of this in that light was all the more fascinating. Thank you both for putting this out there for us to get a glimpse of what that was about.
  • JM
    Joseph M.
    5 May 2018 @ 21:53
    Beautiful interview. Thanks to you both.
  • RD
    Ravi D.
    21 January 2018 @ 16:49
    Any chance of doing an interview with Greg Coffey?
    • CT
      Claudia T.
      27 April 2018 @ 12:19
      That would be good
  • SM
    Shannon M.
    24 March 2018 @ 13:42
    What a fantastic interview!
  • JA
    J A.
    1 February 2018 @ 14:32
    RV gets better and better. My take is that Hugh made two fundamental errors; he made mammon his master and he allowed his fund to become a part of himself. Lessons for us all.
  • HS
    Hendrik S.
    21 January 2018 @ 10:00
    Very well done Grant. But this was not about finance, but about the world of finance attracting extreme characters temporarily rising to the top of the food chain before getting eaten alive. Reading adaptive markets from A. Lo right now and Hughs story is like a chapter ripped out of this book. Not impressed by Hugh (who is still humble bragging) but very impressed by Grant. Crispin Odey next please!
    • VK
      Vladimir K.
      21 January 2018 @ 18:23
      I don't see any bragging. Guys like that do not waste their time bragging, because he does not give a f*** what other people think.
    • HS
      Hendrik S.
      31 January 2018 @ 09:41
      You don't see bragging, just humble bragging. Look it up, if you don't wan't that is Vlad.
  • LR
    Lee R. | Contributor
    29 January 2018 @ 13:57
    a beaten man with a lot of demons to exercise . Too many excuses and what could have , should have to justify 90 mins of RV time. Worse still, having stopped trading he seems out of touch , sitting telling war stories from the carribean. Let's get interviews with driven , hungry people with ideas to share and less war stories.
    • PS
      Patrick S.
      30 January 2018 @ 13:02
      go watch CNBC man you will get "driven, hungry" people
  • EC
    Edward C.
    30 January 2018 @ 12:15
    Found it fascinating. A fantastic and thought provoking conversation. No one gets it right all the time. As a West of Ireland man living in Asia for 16 years, Hugh’s Catholic guilt comment really reso
  • DT
    Douglas T.
    28 January 2018 @ 18:48
    Hugh is an amazing guy, smart, funny, charming and irrascible when confronted by idiots. However complex systems, like human economies and markets, are never totally subject to logical analysis.  It may work sometimes, giving you false confidence.  But because they are intrinsically unpredicable, there is ALWAYS the possibility such systems will slip out from under you, rendering your "well-reasoned argument" a loosing lottery ticket. Hugh is probably too smart to be Hedge Fund trader.  He probably got bored with the day to day monotony of managing a portfolio, even a complicated one of options and derrivatives.  It's difficult but ultimately repetitive, and therefore boring once you've mastered it.   If you are American the metphor of "swinging for the fences" has a double meaning perhaps lost on a Scotsman.  As a kid in little league you quickly realize that the harder you swing, the less likely you are to hit it.  It is honorable to take bold action, but boldness comes with its own risks you must accept. (Of course, the same is true in golf, so maybe he does understand it.) Hugh's boredom turned into temptation to do something bold and interesting.  Yet, he chose to ignore how fickle complex markets are. He took his eye off the ball, which is the last thing you should do when you're swinging for the fences. AWESOME interview BTW. Right up there with the very best of RV, which is becoming a very high standard.
    • GP
      Greg P.
      29 January 2018 @ 04:59
      Very well said and on point.
  • AE
    Alex E.
    29 January 2018 @ 04:20
    Great interview. I wish Mr. Hendry the best of luck in his future endeavors. I'd also like to ask, tongue firmly planted in cheek, what Real Visions policies are about drinking on the job? ;)
  • GP
    Greg P.
    28 January 2018 @ 21:04
    I'd love to know what Nassim Taleb would have to say about this interview and Hugh. Hugh seems to be a character right out of Fooled by Randomness and The Black Swan. In my younger days (I am 66) I lost my share of money lining up with these "rock star" money managers. What's that saying......."the market can stay irrational a lot longer than you can stay solvent". Deal with it. Nonetheless, I really enjoyed this interview/movie, and wish Hugh nothing but the best in his future. One way or another, life humbles all of us. Especially if one has a dangerous addiction.
  • GC
    Grant C.
    28 January 2018 @ 19:44
    An outdoor cat in an indoor world. Refreshing and truthful. One of my new favorites from Real Vision.
  • KR
    Kenneth R.
    28 January 2018 @ 19:39
    Fantastic , I can totally understand this interview. I lived a smaller but very similar 33 year OPM path. The thinking that your number is you is a huge mistake but the good numbers come from from a small part of you being insecure in who you are and "proving" via swinging the bat. I walked on a great year and am about `5 months in front on the "New journey".
  • RK
    Roderick K.
    28 January 2018 @ 13:05
    Great interview on the person that is Hugh Hendry and his career. In a candid way, Hugh reflects on both the exciting and darker moments of his career and the impacts those had on him. In the end, I felt this interview showed a much more human side of Hugh, who on the one hand still shows his passion for the hedge fund business, but on the other hand recognizes his life has taken a different path, unclear yet what that might be or what the future might bring. Special compliments to the hard working people from editing and cinematography for doing such a great job. Really reached a new level for RVTV interviews. Overall it had the feel of a professional big-story documentary much more so than a mere "interview".
  • DR
    Daniel R.
    28 January 2018 @ 05:09
    Just saw the 'out takes' for this interview on YouTube. For Pete's sake, way to keep the best material out of the main show! Seriously guys, I almost missed it. Why not include it in both? Lose the paddle boarding if you have to.
  • WM
    William M.
    27 January 2018 @ 23:57
    Very candid and refreshing .. Thank you Hugh!! .. and nice job Grant.
  • MQ
    Michael Q.
    27 January 2018 @ 22:54
    Awesome stuff. Thanks Grant.
  • DD
    Daniel D.
    27 January 2018 @ 19:46
    Wow! Simply first rate & introspective. Thank you to Grant for his continued excellence and to Hugh for being Hugh. Wish him all the best!
  • BT
    Brent T.
    27 January 2018 @ 14:40
    Humbled and inspired. Thank you Hugh
  • GW
    Glass W.
    26 January 2018 @ 09:13
    This is the most raw and humble conversation I have had the pleasure of viewing. So very far removed from your typical wall st conversation, thank you real vision for keeping it real. The fact that you perused HH for an interview even though he has hung up his boots. Credit to you and HH. Sir you are so very humble, grounded and human.
  • RO
    Robert O.
    26 January 2018 @ 06:41
    Contemplating retirement after a long success career is very difficult especially when that career becomes a part of your being. Even in beautiful surroundings you still feel the loss, like a death of a long-time friend.
  • PW
    Peter W.
    26 January 2018 @ 01:13
    A boffin/quant/index/robo/HFT Scalper wouldn't get it...... but for the rest of us dying breed of active managers this was just a truly fantastic piece . Thanks to you both for such a fascinating psychological insight to Hugh's journey . Having worked this industry on both sides of the fence for 35 years now , it is simple, give me Hugh Hendry types everyday of the week .....The industry is so long the "Chinless" camp who sit in the shadows without original thought just criticising those with a chin when they stumble as any investor does . 10 trillion plus created post 09 sloshing around in the canyons of financial markets has thrown nearly every traditional smart thinker off balance .......they will all make huge comebacks when the new crowd go over the cliff completely blindsided by the unintended consequences !....well done lads!!!!
  • MH
    Michael H.
    26 January 2018 @ 00:30
    Grant , that was an exceptional interview. Thank you to Hugh for keepin' it real and bearing his soul!
  • JT
    Jan T.
    25 January 2018 @ 21:34
    After 2 years member of RV, this was hands down the best interview I have seen on here. Great intellect from Hugh, good questions from Grant, amazing video edit, awesome location and a nice shot of Abramovich his yacht :) Keep it up guys, love to see more of this.
  • AF
    Aidan F.
    25 January 2018 @ 20:51
    Suggestion or question for Mr. Hendry. Would this legend ever consider mentor the next generation of budding enthusiastic young traders and pass on some of the skills and massive insight he's gained from institutions such as Baillie Gifford. I wonder?
  • AF
    Aidan F.
    25 January 2018 @ 19:12
    what a champ
  • BM
    Bryan M.
    25 January 2018 @ 06:06
    I wasn't going to but now...I cannot resist. This was one of the best interviews and most worthwhile interviews I have seen on RV. Period. Full stop. For those idea starved yokums among us who only want "tradeable ideas on RV, I say, "Grow up". Learning about one professional's demons and about how to be "wrong" with grace was "enlightening" to say the least. After too many years in this business, I appreciate just how damned hard it is and to hear one of the legends say the same thing is, for me, refreshing. So piss on the tradeable ideas...those are a dime a dozen. However, getting the attitude right is something else Kudos to HH for being so damn honest and to GW for being so damn good.
  • SD
    Stephen D. | Contributor
    25 January 2018 @ 01:18
    It's a 93 minute interview and what does the viewer get out of it? Clearly not any specific trades or investment ideas to deploy, and I can understand some people may feel after 93 minutes they deserve that. However, what I think everone can see, and this is incredibly rare, is that investing is a human process and that it takes an enormous human toll on anyone who plays. If you are investing your own or other people's money this is a vital interview. If you are investing with 'star' hedge fund or mutual managers this is a vital interview. The expensive suits, the shiny downtown offices, the sparkling presentations about 'rigorous risk and investment processes' are all just the cover on the book designed to make investors comfortable. Behind it all is a human with all his hopes, fears insecurities and weakness. And Grant has gotten both Messr.s Hendry and Cohodes to show us that in a remarkably candid way. Kudo Grant.
  • TB
    Tad B.
    25 January 2018 @ 00:23
    That was great Grant. A very personal & candid glimpse into what made Eclectica so intriguing. Thank you Hugh.
  • JC
    Joshua C.
    24 January 2018 @ 23:57
    Great interview Grant! Keep up the great work. Can't wait to see where Hugh ventures next in his journey.
  • MV
    Mike V.
    24 January 2018 @ 23:23
    Great interview Grant and thank you Hugh for sharing such a personal side of yourself! It's refreshing to hear someone like Hugh reflect on the emotions and challenges of trading these markets in such a thoughtful way and to discuss the impact on his family. Hugh's insights are extremely valuable!
  • BS
    Benjamin S.
    24 January 2018 @ 11:30
    Fantastic. Love these little sit downs its like an hour of mentorship with some great minds.
  • JL
    Jacob L.
    23 January 2018 @ 23:38
    What a fantastic production. Thank you Realvision. Thank you Hugh and Grant. Awesome to be a fly on the wall soaking up so much insight. Hang in there with the surfing Hugh. The reward on the other side is one you won't want to let go of ever.
  • NC
    Nelson C.
    23 January 2018 @ 23:14
    Grant, you are a very good interviewer.
  • Jc
    Justin c.
    23 January 2018 @ 18:50
    I can't help but think these interviews, and all of real vision, should be prioritized in high school and college curriculum. So much more knowledge to be gained.
  • AF
    Andrew F.
    23 January 2018 @ 15:50
    Deep insights of HH outside of the public view.. Thx Grant. Fantastic interview.
  • SM
    Sebastien M.
    23 January 2018 @ 15:14
    Opening up like this, and sharing all his struggle, weaknesses is a very difficult thing to do. It is part of his redemption / healing process and i learnt a lot watching this. Grant is good at interv
  • AB
    Andrew B.
    23 January 2018 @ 11:55
    Struggled with this but saw it through - for the occasional gem, a bit too much repetition. GWs questions were excellent as was his analysis & the production looks like "Whickers World". HH has too much self-deprecation; if you're going to do that, do it in a dingy alleyway, not St Barths!!! Best topical gem: "everybody could see it coming but couldn't hold their positions" (about 2008). Very much understand & appreciate the bit about hiding in the public presentations, whilst having self-doubt looking in the mirror. Anybody short at present feels that..!! 5/10
  • ML
    Mark L.
    22 January 2018 @ 02:18
    Sorry, I don't seem to be on the same page as most of you commenters. I think Hugh summed himself, and this interview, up appropriately when he described himself as "a mediocre hedge fund manager." Yes, it was shot beautifully and I'd love to visit St. Barts, but I got no real insight into how the investing world will unfold moving forward and specifically how to make any money...other than to not let guys like Hugh make themselves rich off of mine.
    • ns
      niall s.
      22 January 2018 @ 15:02
      Seemed full of fun , but have to agree that 120 trades a night is a few too many for my taste . Fair play to him for giving us the insight .
    • CM
      C M.
      23 January 2018 @ 04:48
      Agree with this assessment. Long interview that I should have fast forwarded through more. Interesting story but hard to invest the time in this type of interview.
  • PW
    Phil W.
    23 January 2018 @ 02:37
    Thanks Hugh for laying it on the table! To Grant thanks for the format. Great story
  • PB
    Paul B.
    23 January 2018 @ 02:35
    Grant, you F’ing killed that! It’s much more fun to be a striving pirate than an accomplished officer. One has testosterone and the other has accomplished fiduciary responsibility in a rigged system.
  • RK
    Robert K.
    23 January 2018 @ 01:13
    Brilliant. I hope Hugh doesn’t chosse to stay in Galt’s Gulch forever. I’ll miss his rants until then. Cheers.
  • DL
    Dan L.
    22 January 2018 @ 21:45
    This was very well done. Really loved the production and getting to know Hugh as well.
  • CB
    Cliff B.
    22 January 2018 @ 14:22
    Wow, thanks Grant. This interview is captivating and vibrant.
  • PJ
    Peter J.
    22 January 2018 @ 09:34
    Thoroughly enjoyed the interview. Not all interviews need to directly address current investment ideas and options. Maybe in a years time RVTV will interview him and get his opinions of the market then.
  • DR
    Daniel R.
    20 January 2018 @ 03:55
    Phew. This one left me sad - do we want to see our rockstars brought down to a human scale? This kind of truth disabuses us of a dream. There's really nothing needs saying about failure unless it's a retrospective in the context of a resurgence (like the Steve Jobs story). Though truly the saddest bit was that since Hugh disavowed his bearish anti-central bank former self - well, he's been (so far) right. But the Eclectica remit didn't allow him to do a correlated play, like buy the S&P. Anyway - thanks Hugh (and Grant). Hope you get your groove back.
    • SS
      Shane S.
      22 January 2018 @ 00:59
      Everything must have a beginning and an end.
  • JS
    Justin S.
    22 January 2018 @ 00:10
    Aloha Hugh, Come to Hawaii and surf with me. Stay stoked. Justin
  • rr
    rlw r.
    21 January 2018 @ 23:29
    Grant, 2 for 2 - really great stuff. Hugh, very generous - roc on.
  • KS
    Kenneth S.
    21 January 2018 @ 22:40
    Awesome interview. He might have to move out of St Barts after Brexit when he renews his passport.
  • VK
    Vladimir K.
    21 January 2018 @ 19:09
    Fantastic interview. Thanks so much Hugh for being so open. We are lucky to be allowed in the cave of a wounded animal. It's rare to hear deep stories like yours. I am sure you will find peace in surfing, gain your bold confidence back, eventually will start to miss the markets and come back to the business. Hugh's story underlines the importance of our psychology.
  • AL
    Al L.
    21 January 2018 @ 17:25
    Thank you.
  • EL
    Edward L.
    21 January 2018 @ 15:22
    The very best of Grant Williams: insightful, provocative, empathic. Grant, you have evolved these past years to levels of interview technique rarely achieved. Hugh's willingness to be publicly introspective is commendable.
  • TM
    Tommy M.
    21 January 2018 @ 09:30
    There are many ways to skin the cat. The question to ask yourself is on a scale of 1-10 where 10 your completely philanthropic and 1 your all about ROI? You answer that question honestly he’d know what to do. I understand where he’s at.
  • TM
    Tommy M.
    21 January 2018 @ 09:24
    I love a man that admits he’s manic. I stood to attention after that point. I understsnd where he’s at in life. Hugh’s not feeling chalanged. He’s an adrenaline junky.
  • SR
    Steve R.
    21 January 2018 @ 08:11
    This interview brilliantly crystallizes for me a view I've held for many years now - that at the end of almost everything is a human being, and that is something I think is so often forgotten in today's mad crazy world. Thanks Grant and Hugh for a fantastic interview.
  • JV
    Jason V.
    21 January 2018 @ 07:15
    A modern classic. Richly insightful and illuminating. Thank you, gentlemen. A real privilege to watch.
  • CC
    C C.
    21 January 2018 @ 03:19
    We’ll done. Hugh’s candor is appreciated.
  • TS
    Todd S.
    21 January 2018 @ 01:49
    Well done Grant and thank you Hugh for sharing the insights. Much respect.
  • hh
    henrichs h.
    21 January 2018 @ 01:01
    Grant did what he said he would do: he got into the roots and the background. Great stuff.
  • GO
    Gary O.
    21 January 2018 @ 00:26
    Another great one! Good job Real Vision.
  • RA
    Robert A.
    21 January 2018 @ 00:02
    Great job Grant and not much I can add to many of the excellent comments except that I did have one take away that hit me like a ton of bricks—when you manage others money you keep your stops and Risk management tight and to script.....but when you manage your own money there is a tendency to allow your losses to run a bit more and your Risk managemt protochol to drift from time to time—boy did that hit home....when I’m running the Family office I demand those stops and Risk management to be “just so” by my Managers, but when it is MY portion of the Portfolio to run—I can be lax and rationalize my own behavior in a way that I would never otherwise tolerate. Interesting. Oh....and I must call attention to that bit from his earlier interview....”you know when you haven’t sized a position right (too large”) when you start “talking” to it!
  • GC
    Gary C.
    20 January 2018 @ 23:26
    expressions gave this a power and presence that gets one an academy award. Stunning!
  • GC
    Gary C.
    20 January 2018 @ 23:23
    This interview was like a video version of the Studs Terkel book "The Good War". Similar with the joys and anguish of war time losses and experiences, but reading the emotive power of Hugh's expressi
  • CS
    Christo S.
    20 January 2018 @ 23:21
    I still remember (maybe 15 years ago), Hugh telling the story about 'Greyfriars Bobby' spending the rest of his life sitting on his master's grave. By which he meant, investors hoping in vain the dot.coms and other tech stocks to come back. It was alway life-enhancing listening to him.
  • PV
    Peter V.
    20 January 2018 @ 22:18
    Grant, you did a remarkable job with this interview. Thank you Hugh H. for talking about your demons. That was generous of you and very helpful to me.
  • mg
    michael g.
    20 January 2018 @ 21:38
    brilliant guys..i have experienced the highs and lows of the hedge fund world so i could really relate to this and was fascinating insight into a mind of a great and of the the luke skywalker last jedi of the best realvision videos
  • RA
    Ricardo A.
    19 January 2018 @ 17:04
    Don't mean to be mean .. but 1h30m of time should yield more juice. Too much time lost on details. I have to give Hugh credit though for shifting me from bearish to bullish (2 years ago). Great man
    • PD
      Peter D.
      20 January 2018 @ 21:21
      GW may be onto something. Sports fans watch the games not just for the action, but for the storylines....because they care about the players. The same thing might apply, in part, to business television (RV) viewers. Not sure there are that many guys with Shakespearian stories to tell like Cohodes and Hendry. But this piece worked well on a number of levels. For one, Hendry's reversal in 2013, despite the fact that his original thesis will almost certainly prove to be right, has to stand as one of the more tragic episodes in investment management. A second benefit was the chance to watch a story about the clear personal effects, of the Central Banks' war on talent. For every Hugh Hendry, who in a market economy would have been right, there are now thousands of incompetent, lazy and corrupt managers, who have been subsidized by the central bankers through the last decade, to the point they now control the commanding heights of almost all industries. Hats off the Hendry to sharing.
  • DY
    Donny Y.
    20 January 2018 @ 20:17
    Fantastic interview through the life journey of Hugh.
  • WK
    William K.
    20 January 2018 @ 19:36
    Grant, this interview serves as a historical marker on the RTV timeline. Thanks for a reminder that investing is about people - warts and all. Well done. Best wishes to Hugh Hendry.
  • as
    andrew s.
    20 January 2018 @ 19:02
    Agrr matey, dead tell no tales
  • WM
    Will M.
    20 January 2018 @ 16:22
    Grant has always been very supportive of Hugh Henry in these pieces but the bottom line is that he is not and doesn't really ever appear to have been a great hedge fund manager. I certainly noticed a change in Hugh's demeanour is this well presented piece. He seemed to have lost the arrogance and hubris that his previous videos on RVT displayed and is clearly not the same person he was just a few years ago. Good luck to him, his hard work appears at least on the surface to have earned him a very comfortable retirement.
  • RM
    Russell M.
    20 January 2018 @ 12:19
    i would rather be free trading only my own money, than be burdened & compromised by needing to be too big and too fancy. trade out smart for wizened.
  • KB
    Kreso B.
    19 January 2018 @ 13:52
    That's because your returns are total s**t.
    • PU
      Peter U.
      19 January 2018 @ 15:44
      classless comment
    • V!
      Volatimothy !.
      19 January 2018 @ 16:33
      Interesting comment considering I've never heard of you or your returns.
    • SZ
      SALEH Z.
      19 January 2018 @ 17:03
      Sad but true....tells you how even the smartest of men can struggle in certain environments. I am pretty certain he will be back soon however...
    • JP
      Janusz P.
      19 January 2018 @ 19:56
      Great interview. Shows personal struggles we all have throughout our lives and that after so many years of devoting into something it might turn out that ... well, one's efforts were subpar. I like his optimism, that he keeps his head up after all. But that he would be entertaining the idea of coming back "if they call", only shows how addictive the markets are. On to the comments regarding the returns. As harsh as it might be, in this business numbers don't lie,. When it comes to active management though, unlike trading one's personal account, I think it is only fair to evaluate long term, at least through one full market cycle. So what if one makes 20-30% a year for a few years, if the entire fund is going to experience 50-80% drawdown during next bust. As a side note though, it makes me think sometimes, how good these hedge fund guys really are and how important role plays "luck" in their life/performance. I'm sure everyone heard about the "monkeys throwing the darts, where the board represents different securities"... Well, some of them will do spectacularly, some poorly, others in the middle. As you keep repeating this exercise there will be a move towards the mean. What I'm trying to say here, is if you give average person familiar with the markets a good chunk of change (millions of dollars), let them make a few calls (bets) a year, they might have some good years, some bad years. It is really hard to stand out and consistently (over the full market cycle) beat the market year after year. Or as one trader put it: "you can never really grasp the market, all you see is the tail of the comet, you just have to learn to get on board and ride that tail for a moment, do what the market is telling you to do. It's extremely hard to do".
    • KS
      Kathleen S.
      19 January 2018 @ 22:38
      Freedom of speech --- bravo Kreso, Hendry wasn't afraid to mince words and call people out, why should anyone in the comments page be intimidated from saying what they think of him.
    • TW
      Thomas W.
      20 January 2018 @ 11:11
      If you go to 06>09 he predicts you would say so.. Spoiler: Hugh doesn't care!
  • NR
    Nuno R.
    20 January 2018 @ 09:46
    I want to put an offer for Hugh's house... how can i reach out to him? (joking)... absolutely brilliant episode.
  • MR
    Matt R.
    20 January 2018 @ 09:26
    Clearly a deep thinking guy, but not super insightful. Nice island and pad though.....
  • TS
    Tim S.
    20 January 2018 @ 09:14
    This episode will be hard to top. A classic story, reviewing a portion of one's lifelong journey with themes of an epic struggle and an open-ended set of chapters yet to be written. The cinematography is top notch and Grant's style is spot on. Huge Hendry is many things but mediocre is not a word I would use. A great gift, thank you.
  • MD
    Michael D.
    20 January 2018 @ 09:09
    Just brilliant, well done both. Lots of food for thought in this. One to keep and ponder.
  • FV
    Fredrik V.
    20 January 2018 @ 08:07
    Just stunning interview with a personality type we have two few of. It is time stamp to me that having a reveiling face, acknowledging your mistakes and being truely transparent is not appreciated. Pl
  • VS
    Vaibhav S.
    20 January 2018 @ 08:06
    Another Real Vision Classic
  • LC
    Liliana C.
    20 January 2018 @ 07:36
    I liked Hugh from day one and thorougly enjoyed this deep dive . Cant say i was surprised by anything he said. Maybe ill run into him here in LA, maybe at his own restaurant. Cheers Hugh, can’t wait t
  • HA
    Hammad A.
    20 January 2018 @ 07:35
    Brilliant interview
  • IT
    Ivan T.
    19 January 2018 @ 17:11
    waking up and finding out there's a new hugh hendry interview is better than christmas morning.
    • TS
      Tim S.
      20 January 2018 @ 07:33
      I could not say it better, so I won't.
  • NS
    Nicky S.
    20 January 2018 @ 05:00
    I thoroughly enjoyed this interview from start to finish. Well done Grant and this could possibly be your piece de resistance.
  • TS
    Tarek S.
    20 January 2018 @ 04:56
    These long form, deeply introspective conversations are remarkable in their originality and accessibility. I know of no other series quite like it, even outside of financial media. Grant is a brilliant interviewer and Hugh a candid and complicated subject. The personal lessons are often more powerful than the financial ones.
  • PB
    Pieter B.
    20 January 2018 @ 02:53
    This was really fun! Thanks a lot!
  • DG
    David G.
    20 January 2018 @ 02:13
    Many of my heroes manage money. After having eavesdropped on this truly remarkable conversation, I can say that Hugh is my first ex-money manager hero.
  • DM
    Daniel M.
    20 January 2018 @ 01:23
    Well done gentlemen.
  • JD
    Joshua D.
    20 January 2018 @ 01:19
    The hero's journey. Looking forward to the next chapter.
  • JS
    John S.
    20 January 2018 @ 01:16
    Thank you Hugh!
  • WM
    William M.
    19 January 2018 @ 23:38
    Beautiful interview in all respects! Hugh is a wonderful mix of crazy, classy, candid and just plain fun! Thank you both.
  • KT
    Kay T.
    19 January 2018 @ 23:30
    Thank you so much for your honesty and reflections Hugh - and kudos to Grant for upping the ante in bringing the bar up for real vision interviews!
  • RM
    Robert M.
    19 January 2018 @ 22:31
    A heads up that this video is solely concerned with Hugh's fall from grace and the healing process he is going through. There is no market outlook or analysis.
  • AS
    Arthur S.
    19 January 2018 @ 22:12
    Hugh is a very Interesting Man. Great Interview with a complex person. My only criticism from a Consumer's point of view is that the sound is pretty poor. I'm sure part of that is that he speaks softly, part may be just being outside, i don't know. I'm not a Producer. Just an Observation.
  • CJ
    Craig J.
    19 January 2018 @ 22:01
    What a treat getting to hear the personal life experience of a fund manager. Beautiful interactions, honesty and human reflections. Gained a lot from this one, from the perspective as a young guy getting started in this business. Honour and thanks to Hugh, Grant and the Real Vision team!
  • MN
    Maverick N.
    19 January 2018 @ 21:23
    The opening images were truly beautiful! You are a lucky chap, Hugh!
  • SH
    Sean H.
    19 January 2018 @ 21:14
    Fine line between being a genius and being a crazy man. Hugh definitely walks that fine line. Great job Grant.
  • RM
    Richard M.
    19 January 2018 @ 17:23
    Well Grant, you are definitely keeping up the level you started this new series on - this was just fantastic!!! And thank you Hugh for being so open and generous with your time. Grant, the introspection of the man that you were able to bring out was phenomenal (your interviewing (psychoanalytical???) skills were on full display) - bravo. Hugh's sharing of his intense inner feelings was so personal yet so human that it really made a huge impact. And his great sense of humor shone through as well. Thank you both so much for sharing this fantastic time together (I sure hope we see a follow up in due time)! P.S. how anyone could give this a thumbs down is beyond me?!?!?!?!
    • RM
      Richard M.
      19 January 2018 @ 21:07
      Oh, and Hugh, if you want to learn surfing on paddle boards check out this site (very cool people run this site): They offer lessons on this link off the front page:
  • IO
    Igor O.
    19 January 2018 @ 20:13
    I wish I could buy another round and join the conversation.
  • bs
    bernard s.
    19 January 2018 @ 19:35
    Completely agree , bravo to mr henry for being so open . Thank you
  • TS
    Tyler S.
    19 January 2018 @ 14:04
    "Being intelligent is just the minimum price for the ticket, But even then it’s not going to guarantee access to all areas, Bright smart people are 10 a dozen, It’s that invisible intangible aspect" great quote
  • CD
    Chris D.
    19 January 2018 @ 11:20
    WOW! I have'nt watched it yet, but once I saw "Saint Barthélemy" and "Eclectica" - I just knew... My favorite Hugh Hendry (the guy that made me bullish again) is back. This will be epic. Thanks RV & Grant - you guys truly know how to make my day/week.