Eurodollar Nirvana: Hugh Hendry and Lyn Alden in Dialogue

Published on
December 4th, 2020
Duration
60 minutes

Bernd Ondruch and Mark Hiley: Tales from the Frontlines of Short Selling


Eurodollar Nirvana: Hugh Hendry and Lyn Alden in Dialogue

The Interview ·
Featuring Hugh Hendry and Lyn Alden

Published on: December 4th, 2020 • Duration: 60 minutes

Hugh Hendry, founder and former CIO of Eclectica Asset Management, welcomes Lyn Alden of Lyn Alden Investment Strategy for a wide-ranging discussion on international trade and the Eurodollar system. Hendry mounts a nuanced defense of the dollar's role as the global reserve asset, whereas Alden sees a slow but steady de-dollarization happening around the world, which she expects will continue. Hendry and Alden discuss whether China's role in international trade is "mercantilist," and whether its stagnant reserves of U.S. Treasurys is a true macroeconomic bellwether. Lastly, Hendry and Alden look forward to identify potential solutions to these problems, such as digital currencies (Alden's solution) and ultra-negative rates (Hendry's solution). Filmed on December 1, 2020. Hugh Hendry's YouTube channel can be accessed here: https://www.youtube.com/c/HughHendryOfficial/videos. Key learnings: Alden and Hendry agree that structural forces have prevented the dollar from weakening to the levels implied by its persistent trade deficit. But while Alden thinks the Eurodollar system will expand beyond the control of the U.S., Hendry argues that American commercial banks will continue to control the supply of dollars in reality, and that the U.S. will remain the global monetary hegemon. Hendry has also provided a transcript he has personally edited to clarify some of his points in this interview: https://rvtv.io/3gysJZT

Comments

Transcript

  • JD
    James D.
    21 January 2021 @ 08:01
    I'd like to support a guy like Hugh w/ such an associative and expansive mind but I'm afraid he lost the thread a while ago. You can find better counterparts/ interviews then hubris Hugh.
  • DN
    Douglas N.
    19 January 2021 @ 05:26
    When someone says they don't want to tell a story because they believe in data, they are telling you their story in their own way, and it will be no more true and a whole lot less interesting.
  • DN
    Douglas N.
    19 January 2021 @ 04:22
    This is not necessarily my favorite, but I find HH to be the most informative, thought provoking, and mind expanding speaker on RV. His sit down with Raoul on massive negativity provided more insight on the banking system in particular and macroeconomics in general than a dozen others I struggled through with experts more buttoned down, more disciplined, more linear, and more prepared. Give him his own slot. He is as interesting as Howard Beale but at least twice as coherent. I wish I could believe the negativity around Hendry had nothing to do with politics, but I wasn't born yesterday, and I didn't just come in on a pickup from New Jersey.
  • ac
    anton c.
    20 December 2020 @ 18:40
    Please bring Lyn Alden again. Lyn, thank you for shining. PS: Hugh, if you really dont think so, help us with some argument why.
  • DF
    Damien F.
    18 December 2020 @ 12:52
    They talk about Hugh as a legend, but all his interviews on RV I watch he seems to just ramble. I can’t follow any coherent theme or message and I don’t get so much value out of them compared to most videos on RV.
  • JA
    Jonathan A.
    15 December 2020 @ 22:54
    Hugh doesn’t have a clue how dependent the economy is on oil. His “who cares about oil” rant is delusional. Amazing how people like him think the future of energy is wind turbines, LOL!
  • SS
    Sukhraj S.
    15 December 2020 @ 16:57
    Hate how Hugh kept cutting Lyn off ...weird that he was supposed to be interviewing her and instead started throwing a temper tantrum every time Lyn said something he disagreed with (usually when Lyn stated actual data). I did like the fact they disagreed though, I learn better from bouncing back and forth. Just wishing there was more rallying than ranting.
  • JL
    J L.
    4 December 2020 @ 11:09
    Cheers to Hugh for reaching new heights of all encompassing self-indulgence while breaking the tired constraints of rational argument, comprehensible logic, and coherent streams thought. Who needs useful insights, fact-driven narratives, and workable trade ideas when you can instead surf the stream of babbling consciousness, in the spare sixty minutes you have before catching your plane to London to meet with a structured derivatives manager you met six years back who is now a yogi exploring the outer bounds of consciousness in a manner that reflects on the moral sentiment, the clarity of essence, as it impacts the eurodollar, because really, being a wanker free spirit is what it's all about isn't it, to disagree would be catastrophic, do stop by and have some of this sumatran ginseng tea I picked up from a shop in Glasgow when last roaming on a personal journey of solace after my wife had thrown out my rare book collection...
    • JS
      John S.
      4 December 2020 @ 11:53
      Exactly
    • MP
      Michael P.
      4 December 2020 @ 15:51
      Nicely done
    • PH
      Place H.
      10 December 2020 @ 22:53
      I love Hugh's lack of filter to push back against the China bull narratives of Gromen and Alden of the alternative pricing in oil being a danger to the Eurodollar system. First of all, these oil nations alternatively pricing are rogue nations. To add to Hugh's oil-pricing-in-non-US-dollar-skeptic counterargument, more than half the top 20 countries that accumulate Treasuries in this ticdata: https://ticdata.treasury.gov/Publish/mfhhis01.txt are still dependent on US defense. The US could just say "hey top 20 Treasury holders, we notice you're buying less of our Treasuries and we don't like that. So we're leaving you to your own devices. Let's see how you fare against a militarised belligerent China". Trump warned Merkel as much with the $300 billion NATO "invoice" in 2017 and miraculously Germany's treasury holdings went from 82/72/66 billion in 2016/17/18 to back up to 78 billion in 2019.
    • SB
      Stewart B.
      15 December 2020 @ 15:49
      Well said.
  • SB
    Stewart B.
    15 December 2020 @ 15:47
    Sorry if that sounds offensive, but I feel that half of this interview was self-indulgent incoherent drivel. Thank you for providing the other half Lyn. Next time, please face Lyn Alden off against an intellectual equivalent such as Mike Green.
  • SS
    Shanthi S.
    4 December 2020 @ 08:38
    She has the patience of Job.
    • ML
      Michele L.
      4 December 2020 @ 15:23
      totally agree. she deserved a much better counterpart who was at least intelligible.
    • SB
      Stewart B.
      15 December 2020 @ 15:41
      I really wish this was just Lyn Alden.
    • SB
      Stewart B.
      15 December 2020 @ 15:42
      Next time face Lyn Alden off against an intellectual equivalent such as Mike Green. Sorry if that sounds offensive, but I feel that half of this interview was self-indulgent drivel. Thank you for providing the other half Lyn.
  • GW
    GERALD W.
    13 December 2020 @ 00:22
    Why is Hugh Hendry on here? The original odd couple: Alden is outstanding, Hendry.?.......................................past his sell date .
  • JF
    Jean F.
    12 December 2020 @ 14:17
    Hugh has these occasional flashes of clarity that add actual value. The rest is just a constant stream of rambling self-aggrandizing nothings.
  • RG
    Raoul G.
    12 December 2020 @ 11:20
    Hugh can learn to stop pretending he knows his stuff
  • RT
    ROBERT T.
    10 December 2020 @ 19:19
    Love Lyn....Hugh, not so much. He is nearly unintelligible in every video I see him in. I’ll chalk that up to my limitations and just move on. I’ll be skipping any other videos he is in.
  • NA
    Nicolaie A.
    7 December 2020 @ 15:03
    I am forced to agree that Lyn's brain, talent and work is just wasted away on an interview with HH. He may be a smart guy, but he is too much of a poet for my taste and it's a shame we did not get to enjoy Lyn's rigor and logic because of his style, I would like to see Lyn interviewed by Raoul or Ash. They are the ones with enough experience to conduct an interview with someone like Lyn. No offence.
    • DS
      Darren S.
      7 December 2020 @ 16:59
      Agree 100%
    • CA
      Cris A.
      7 December 2020 @ 20:26
      yep !
    • DS
      David S.
      7 December 2020 @ 21:16
      MS. Alden has other presentations. There is much to learn from both of MR. Hendry and Ms Alden. DLS
    • VM
      Veliko M.
      8 December 2020 @ 02:30
      I think the staff at Real Vision are well aware that HH is a vary particular kind of host / guest. So pairing him with Lyn is a deliberate decision, which is high risk / high reward. Hugh can bring stuff out of people that a more agreeable interviewer like Ash may not. As long as you know what to expect (which one learns over time) these can be very insightful. Hendry / Werner was a great piece precisely because of that.
    • FA
      FAISAL A.
      8 December 2020 @ 05:17
      agreed
    • DP
      Divyesh P.
      10 December 2020 @ 02:07
      Would love it if JB and Lyn got together.
  • ND
    Nivtej D.
    9 December 2020 @ 22:26
    HH is an artist and Lyn a conductor. Sometimes the tune is out of key but still good lol thx
  • JN
    Jack N.
    9 December 2020 @ 15:25
    Hugh Hendry is insufferable but at least he's wrong about a lot.
  • AY
    Ali Y.
    9 December 2020 @ 15:22
    Ive appreciated HH. This was at times weird. Still think Hugh is great but.... a few things could be better: 1. Kind of vague rambling from Hugh. If made more clear with a structure, his thinking could come across much more. 2. Hugh seems to argue on emotions and says things like - Lyn why would you fall for that weird narrative?! Whereas Lyn is factual and data based. Funny: as Lyn explains what she thinks China's policies are, around the 36-37 minutes mark Hugh talks about lacking personal freedoms in China for some reason and Lyn feels obliged to say I too appreciate personal freedoms. =) Lyn - amazing again!
  • JB
    Jamie B.
    9 December 2020 @ 14:12
    I love you Hugh but I found this interview much more interesting when I came to terms with the fact that it was Lyn Alden interviewing you, not the other way around. After I came to that conclusion the rest of the interview was far more enjoyable & insightful : ) Keep up the fantastic work Lyn, Hugh and RV. Cheers guys
  • KM
    Kevin M.
    9 December 2020 @ 04:12
    Best line: Lyn Alden, "I prefer to focus on the numbers, not the narrative."
    • DS
      David S.
      9 December 2020 @ 07:18
      Ms. Alden is most impressive, but the narrative always matter. DLS
  • Nv
    Nick v.
    5 December 2020 @ 08:02
    Well done Lynn. This is the final interview I will watch with Hugh Hendry in. If not for Mike Green, I would cancel my subscription
    • DR
      David R.
      5 December 2020 @ 19:42
      What? There's many other quality interviewers here and guest interviewers. Too many of both to list actually, lest I offend some I'd omit due to he sheer volume.
    • Nv
      Nick v.
      9 December 2020 @ 04:09
      I have to correct this. Max and Ed are great. I do think Real Vision should spin off Cryptovision into a separate subscription as its destroying the feel of RV for old time subscribers. I'm a long-time subscriber so use it, don't use it. As a business you risk losing old subs for seasonal crypto and may lose both in next crypto sell-off
  • MD
    Michael D.
    8 December 2020 @ 22:28
    I was impressed with Lyn before watching this interview, but even more so now. Great job!
  • CX
    Cindy X.
    6 December 2020 @ 01:21
    Hugh needs to really understand China by going there and talk to ordinary citizens. They don't want the western democracy.
    • RS
      Riki S.
      8 December 2020 @ 20:22
      “Ordinary people don’t want western democracy”... announcement approved by the Central Planning Committee - Communist Party. :)
  • PY
    Palmer Y.
    7 December 2020 @ 17:48
    Hugh Henry doesn’t seem stable, and he constantly interrupts people, in these interviews. Why do you guys keep using him? I don’t care if he’s a nice guy, or not
    • MK
      Michal K.
      8 December 2020 @ 02:31
      because of has more braincells than many people they bring here combined (IMO) still he is great guy to listen to, always funny and has really specific point of view you cant see anywhere else
    • VM
      Veliko M.
      8 December 2020 @ 02:36
      He's polarizing, but that's the point.
    • RS
      Riki S.
      8 December 2020 @ 20:09
      There’s a nuanced difference between being bright, holding a diametrically opposed view... and being disrespectful, arrogant and overbearing. Typically an interviewer consumes much less of the interview than the interviewee, where the point is to understand the base case of the latter. Obviously not without challenging questions, but this felt like a need to regurgitate his base case not hers.
  • JL
    Jonathan L.
    8 December 2020 @ 16:23
    Lyns calmness speaks volumes.
  • VR
    Vince R.
    8 December 2020 @ 09:29
    Yin and Yang, Brilliant, both of them!
  • MR
    Michael R.
    6 December 2020 @ 02:22
    Why is Hugh always given a spot on RV? He's all over the place. So what if some dude got lucky & cashed out at the right time - do we need to listen to his retarded takes? Get intelligent and eloquent people who can match the caliber of someone like Lyn. More Lyn, Jeff Snider, Luke Gromen, Van Metre, Jeff Booth, Alex Saunders, etc. Hugh's a waste of time.
    • AT
      Aananthan T.
      6 December 2020 @ 05:29
      Totally agree - i saw Lyn's earlier interview and I saw this one - other one way better since Lynn was the one being interviewed. Not interested in Hugh Hendry - might be clever/lucky fellow, but totally all over the place and not worth the time.
    • MH
      MICHAEL H.
      6 December 2020 @ 15:11
      Agree - HH increasingly more difficult to follow, even incomprehensible. Add Steven 'The Bond King' to your list too.
    • ac
      anthony c.
      8 December 2020 @ 05:04
      As Raoul said coyly, "it's the accent" which Americans are sucker for.
  • RC
    RUBEN C.
    7 December 2020 @ 14:42
    I understand that HH behaviour may not be the popular one among common folk like us, but we do not have to forget that it is people like HH and not Lyn ruling the world at the moment. Attacking HH would only make the things worse and he will never heal. This is an amazing opportunity for HH to get to the root of his ideas and have them questioned. Remember guys, that there is no such thing as separate good and evil. The difference between what we call true evil and true good may lie in just a simple idea at the root of everything - similar to the film Inception. A miss conception on the way we have experienced our reality. It is imperative to resist our ego and reach the ideas at the root of everything, and observe, just observe. without neither excitement not aversion.
    • ac
      anthony c.
      8 December 2020 @ 04:55
      Who else like HH are "ruling the world at the moment"?
  • MH
    Martin H.
    8 December 2020 @ 00:26
    https://innovativewealth.com/inflation-monitor/what-products-made-from-petroleum-outside-of-gasoline/
  • PG
    Philip G.
    5 December 2020 @ 07:21
    Hugh Hendry, the self-confessed sociopath, should not feature on RV going forward. Impossible to decipher his ideas and certainly nothing tradable forthcoming. Just a talking (nonsense) head... Lyn Alden on the other hand, more of her please... Be brave, ditch Hugh.
    • sp
      spencer p.
      5 December 2020 @ 17:29
      while he needs to learn to hold his tongue, i disagree. He def pushes the boundaries with his thought process and forces you to question current macro narratives. Its nice. I love to hear both sides. Because i too, followed the sage advice of all the talking heads in 08 (inflation! inflation! gold to 1 million, dollar to crash) I find it fascinating to take a dive inside his head as it has changed since 08 as well. again, he needs a pen and paper to write down his rebuttals though, and let the brilliant Lyn speak.
    • DS
      David S.
      7 December 2020 @ 21:28
      Apparently Mr. Hendry does not know the definition of sociopath. IMO Mr. Hendry does have a well developed conscience, therefore he cannot be a sociopath. DLS
  • SN
    Shonan N.
    7 December 2020 @ 19:09
    I think it is pointless to post a Hugh Hendry video without an accompanying Steven Metre explanation video right by it. Most of us don't speak "Hugh" but I'm guessing he can
  • VK
    Viresh K.
    6 December 2020 @ 19:16
    These comments are hilarious. Hugh was great - people are too closed in their views and not realising that Lyn gets caught out 100 times here
    • WD
      William D.
      6 December 2020 @ 20:31
      I agree! You had to really concentrate on what Hugh was getting at, but his mind is razor sharp and he asks great questions. Lyn has the charts and her narrative is clearly spelled out, but she needs to deviate from her script and try to answer the big questions that Hugh was throwing at her. She should read Michael Pettis to broaden her trade focused framework.
    • LB
      Lorenzo B.
      7 December 2020 @ 18:08
      I agree
  • LB
    Lorenzo B.
    7 December 2020 @ 18:06
    What's up with Raoul mime gig at the end?
  • JB
    Jeff B.
    7 December 2020 @ 17:56
    Kudos and respect to both of you. Geniuses in different ways. Entertaining as well.
  • JC
    Julian C.
    7 December 2020 @ 15:29
    Insight or Data? I enjoyed this conversation immensely. The global macro system is a complex system, that exists far beyond the constraints of traditional economic models (Keynes, Hayek etc). One manifestation of this is that the greatest financial minds in the world today cannot agree on the outlook for inflation or US$. There are persuasive arguments on both sides. I am sceptical that the answers lie in Mr Market. Similarly I am sceptical about the Technical Analysis Oracle. So we are left with narratives that seek to provide insight, but not necessarily simple easy answers. Data, information and knowledge will never alone address our needs. I dont fault Hugh for focussing on insight, in a non-linear way. His manner emphasises the ambiguity, the contradictions, and the "fog" of macro complexity. But I also value Lyn's emphasis on data and structure. Taken together they provide guidance, that's the power of this conversation. My realisation this year is that each of us has to do the heavy lifting. People looking for simple explanations will find many snake oil sales persons on other channels willing to help. That's not the RV proposition, and hallelujah to that.
    • GA
      Gerald A.
      7 December 2020 @ 16:03
      Lyn Alden isn't using technical analysis for her arguments. Her arguments are based on fundamental analysis of the data. The dollar "milkshake" vs. the dollar "crash"...which happens first depends on the order in which the dominoes fall. "Two roads diverged in a yellow wood," Ignore the path dependence, and just buy gold and bitcoin, because ultimately the two roads lead to the same place.
  • JW
    Jason W.
    7 December 2020 @ 12:31
    Brilliant! Love him or loathe Hugh, he challenges and dissects the topics. I’d love to see more interviews like this with people who are from opposite ends of the table or from interviewers who will challenge more than just stay neutral. Brilliant content RV.
  • FP
    Fram P.
    7 December 2020 @ 10:37
    Hugh s rambling vagueness never really getting to the point makes a complex subject more difficult to understand Lyn is a super brain razor sharp gives you the information in a minute, more of Lyn less of hugh please.
  • JA
    Javaid A.
    7 December 2020 @ 08:08
    that was actually quite good. Im a huge Lyn fanboy but Hugh's perspective is really exactly the thourough testing it needs. The global financial system is also quite emergent and not committee led so it has to pass the smell test eg do countries already in problems with the US resort to euro oil pricing after the event ? The problems are not a consequence of the pricing but predate them so causality is missing in Lyn's narrative. But still love her thinking to bits.
  • PJ
    Paul J.
    6 December 2020 @ 20:00
    hippy smokes dope.
    • ab
      alfred b.
      7 December 2020 @ 07:30
      Your prejudice speaks volumes
    • ab
      alfred b.
      7 December 2020 @ 07:34
      He does like the sound of his own voice tho...
  • MJ
    Mark J.
    7 December 2020 @ 02:32
    I enjoyed the contrasting styles of Lyn's sharp, analytic "left brain" vs HH's rambling, conceptual "right brain" discussion. None of this should have come as a surprise to anyone who has listened to their previous interviews. Especially funny was Lyn's concession that HH was "directionally correct" regarding his numbers for China's per capita GDP growth, particularly when Lyn is generally "exactly correct" with her analytic command of the math.
  • ZY
    ZHENG Y.
    7 December 2020 @ 01:46
    Today i finally get Hugh point on dollar
  • AR
    Anthony R.
    7 December 2020 @ 01:06
    Lyn absolutely owns the content and walks circles around Hugh. I like Hugh, but his stance has been stagnant!! Great conversation!! Nice work Lyn! Extraordinary analysis.
  • RH
    Ron H.
    5 December 2020 @ 01:03
    I appreciated this, as always with both of these thinkers. Some of the criticism in the comments below is way off the mark, I think. Embrace the chaos of life, embrace paradox, embrace the removal of rules - because this is the likeliest way to grow, and break through stagnant theories and beliefs. As was said here, everyone feels that something is wrong, but isn't sure what to do. The government technocrats are suffocating almost everyone, yet we feel comforted by the soothing way they speak. The fear of allocating losses, their constant stroking of investors necks, has led to a stagnant status quo that has destroyed the future of potential gains. Nonsense. Provoke. Be controversial. We ought to embrace the iconoclasts and independent thinkers for who they are, regardless of how disparate their styles. Somewhere, somehow, there will be sparks of insight that lead to breakthroughs. One point I'd add though, is that this conversation assumes a great deal of political philosophy. We need to be much clearer about labeling countries 'free' versus 'fascist', or for that matter 'democratic' versus 'authoritarian', and basing arguments around those assumptions. The reality is far grayer and more complex. If political legitimacy can, ultimately, only be derived from the consent and will of the governed, then how exactly is it 'legitimate' for a technocratic-governing class in the US to decide, behind closed doors, to sacrifice its middle class, without providing even as much as a soft landing, for the 'otherwise' worthy goal of integrating and raising the wealth of a billion people in China? That debate never happened. There was no consent. That is a matter of historical fact. And as such, we shouldn't label these policies with any normative words like legitimate, benevolent, good, democratic, etc.
    • AI
      Andras I.
      5 December 2020 @ 03:24
      Ron, well said! Hendry's rambling is a proxy for the general confusion in the subject, both on the policymaker and the market side (look at FinTwit herd behaviour splitting into camps with very little original thought). Some sound more intelligible on the surface. Behind that facade, there is some considerate thinking (and a ton of ego, maybe a bit of midlife crisis). So my only advice: Hendry, if you want to be an artist (which is to say: expressing ideas), you have to consider a hierarchy in the tools you're using. Incoherent rambling is acceptable as a texture to represent that confusion - as long as it's subordinate to an articulated and dominant expression of the structure of your thinking. Elimination, simplification go a long way too. RV: you should invite Jeff Snider to do a "Van Metre style" breakdown of this. He's can very easily resolve the superficial contradiction between the two sides, considering both are largely just subsets of his thesis. Alternativel, I would recommend graduating from the Eurodollar University (MacroVoices) before this interview and reading Snider's blog on the Alhambra Partners website.
    • RH
      Ron H.
      5 December 2020 @ 03:57
      I would also like to see experimental mashups like Steve Keen or Stephanie Kelton with Hugh. People that are pushing the envelope and the conversation forward, but in very different ways.
    • GV
      Gerard V.
      6 December 2020 @ 23:55
      I would like Brent Johnson to interview Skelton.
  • BS
    Benjamin S.
    5 December 2020 @ 18:56
    To me, this was one of the best episodes yet. We don't often get to hear two opposing view points in the same interview. The antagonistic stance Hugh takes here is warranted for today's environment in which inflationists believe Central Banks are "central". This discussion was very thought-provoking, which is what we should be paying for rather than interviews that just corroborate our viewpoints.
    • GV
      Gerard V.
      6 December 2020 @ 23:49
      Yeah. I liked it. I think Lyn would be better interviewing him in the future.
  • AP
    Aneil P.
    6 December 2020 @ 21:41
    Huge doesn't seem to properly understand and explain "storage of value" concept. He seems to be okay with Fed's printing infinitely so long as others are doing it. He's deeply entrenched on the status quo mindset. Lyn at least steps out of the box!
  • df
    diamantino f.
    4 December 2020 @ 13:32
    I decided to not waste my time on this, it will be rinse repeat rinse repeat
    • FS
      Fernando S.
      4 December 2020 @ 15:54
      Left after the first 10 minutes was hugh inflating his own ego. Probably missing some great analysis from Lyn but I can get that elsewhere
    • BH
      Borre H.
      4 December 2020 @ 18:06
      Me too, lasted 10 minutes..
    • ML
      Michele L.
      6 December 2020 @ 20:28
      her interview with travis kling on 11/29 was much more worthwhile - probably bc she was speaking with a non-deranged adult having an exchange of equals
  • MN
    Mark N.
    6 December 2020 @ 02:52
    There was mention somewhere that Lyn had written additional commentary or a further report on this subject matter. Was this for Real Vision? Where can it be found? While I have enjoyed some of Hugh's content on RV, but this was not a great showing. Lyn was fantastic as always. Many thanks.
    • MH
      MICHAEL H.
      6 December 2020 @ 15:08
      On her website - for Premium (Alden) subscribers I think?
    • ML
      Michele L.
      6 December 2020 @ 20:24
      free here https://www.lynalden.com/fraying-petrodollar-system/
  • DD
    Donna D.
    6 December 2020 @ 18:24
    Very disappointed we didn't hear more from Lyn.
  • FD
    Frank D.
    6 December 2020 @ 18:02
    When you thought you were going to listen to an interview/dialogue with Lyn Alden and mostly get Hugh Hendry in a slightly unstructured way...
  • HK
    Henrik K.
    6 December 2020 @ 11:35
    Whilst I find Hugh Hendry very entertaining and quite thought provoking I must confess that at times I find his high level, verbose and prose filled narrative somewhat difficult to translate into real investment ideas. But as the interviewee from time to time he is certainly good value. Lyn on the other hand would be an excellent interviewer for RV as she has the data and analytics at hand to challenge while being polite enough to let the other person express their opinions fully. Here are two topics I would really like her to dig into: 1. Money printing / Currency debasement. It would be great to see Lyn interview Jeff Snider and Luke Gromen (ideally together!). Jeff's insistence that "QE is not money printing" and more recently that MMT is also not money printing (e.g. on this weeks MacroVoices podcast) seems at odds with Lyn's recent deep dive on QE and money printing (/money creation by the intermediary bank used to execute the QE; e.g. example3!). Jeff's view that the Treasury auctions show no sign of a lack of demand also doesn't really fit the data suggesting that the Federal Reserve is buying more than 50% of all newly issued treasuries this year and likely will have to buy a huge amount more in 2021? Whilst Jeff may ultimately be right that the dollar will generally strengthen (to my understanding of his argument because the demand for USD as the world's reserve currency representing 70%+ of world transactions will always exceed the supply of USD from a US economy more like 20-30% of world trade) this is again at odds with Luke Gromen and I think also with Lyn's own view. I am sure Lyn would have the analytical and data framework to challenge these views and help us navigate under which scenarios each may be right. 2. Liquidity. It is becoming increasingly clear this year that markets (especially equity but also corporate credit/HY) are currently more driven by liquidity than fundamentals/earnings (as Ed Harrison has also started to investigate). Reading Bank of America's "Flow Show" every week I am astounding of the weekly net inflows into the markets which seem relentless. I think there is a real lack of analysis and understanding of the sources and drivers of this liquidity and digging into the liquidity flows of QE, regular pension contributions, passive fund rebalancing etc. could be really enlightening. Lyn speaking to people like Mike Green, Vincent Deluard and Michael Howell to dig deeper into the facts and numbers behind their views would be really amazing.
    • RD
      Rick D.
      6 December 2020 @ 16:07
      Fantastic ideas. I'm already excited
  • AT
    ALAN T.
    6 December 2020 @ 14:46
    Gave up on HH a while ago, but really like Lyn's perspective. Read some comments that confirmed that I shouldn't bother with this one. Thanks for saving me about an hour.
  • RC
    RUBEN C.
    5 December 2020 @ 17:08
    Hi members, I would appreciate if someone shed a little bit of light on some of the points Hugh And Lyn disagree. At the end, the devil is in the nuance. 1) The world is not compelled to use dollars Vs the world is indeed compelled to use dollars 2) US cannot really devalue its currency because other countries like Switzerland can print unlimited amount of money and buy foreign assets to offset that effect Vs US can do it but it is has decided not to do it, excluding this year 3) The US hegemon has no agenda and has no desire to be in conflict with its neighbours Vs The US could print money and replicate similar practices as Switzerland but somehow has decided to have an extremely low exchange reserves compared to other countries 4) Hugh insists that China is full on propaganda and at its root China still wants to hold reserves to turn them into cash when needed Vs Lyn states that China's interests have changed to dollar funding finance in infrastructure around the world and commodities, and she points out to the recent data 4.1) China's appetite for treasuries has decreased because it was in the US interest to stop sending crazy amounts of dollars created from the offshore Eurodollar credit bubble 5) Hugh laughs at China´s possibility of becoming a middle-income society Vs Lyn thinks there is a lot of room for commodities demand in China as it progressively becomes a middle-income society I may be mistaken but Hugh seems very narrow minded on his vision of the role that US and China play in the world. He seems to cling to the idea that the US is some kind of compassionate suffering sow feeding her piglets - with a maimed fascist piglet among them.
    • BP
      Bianca P.
      6 December 2020 @ 14:41
      Very good questions, Ruben. Would be nice if someone would actually answers them conclusively based on evidence/data and not based on views/opinion
  • MB
    Maxime B.
    6 December 2020 @ 14:33
    RV initiative ok Maybe not very efficient to "oppose" a philosoph in "high Nirvana skies" with a quant engineer; and by the way this was neither an interview nor debate- it was a MISMATCH- with no lessons learned from the interview
  • WC
    Wilson C.
    6 December 2020 @ 12:54
    finally got around to watching this (RV has too much good content!), have to agree with most comments. always like Hugh since Eclectica days, he's always had the edgy non-consensus ideas which was great to hear about. Seems to have become more eccentric lately. IMHO, Lyn nailed it with her perceptive views on eurodollar, petrodollar, china, etc. Why would any country hold US treasuries knowing it will be devalued, you want to buy hard assets or put it to use. in the case of China, with the trade wars and being shut out of US asset buying (for older folks, same thing happen to Japan in the 80's with their US buy spree), put the dollars to use in OBOR. It's not China, every country holding treasuries likely rethinking their approach, great for gold/crypto. Ray Dalio's multi-chapter perspective on "The Changing World Order", is an amazing analysis of what has been happening, and what may happen in the near future, is an great read to help figure out how to invest/keep your wealth in the coming years, it's free to read on linkedin.
  • WF
    Will F.
    6 December 2020 @ 11:22
    wow he so. skilled , I in love
  • SW
    Sarah W.
    6 December 2020 @ 10:01
    Love how Lyn talks so calmly yet looks like she wants to put a pint pot in Hugh's face!
  • CL
    Christopher L.
    6 December 2020 @ 04:47
    A lot of infatuation for Lyn. No doubt why. Those who come from other disciplines other than investment banking or institutional trading gravitate to the pseudo-reality that is Austrian Economics. It's easy for the laymen to understand without having to dive into the complexities of both economics and markets. Lyn is an economic ideologue confirming every Layman's bias.
    • GA
      Gerald A.
      6 December 2020 @ 05:06
      Those in traditional finance are the moneychangers in the temple, who skim every cake crumb off their clients fork and plate, while being the stormtroopers to the monied elites, creating usurious rentier streams for them, from preying upon ordinary people. The "complexities of both economics and markets" that you talk about (and the front-running proximity to the central bank printing press) is mostly what ordinary people call theft.
    • Jv
      Joël v.
      6 December 2020 @ 09:10
      'Those who come from...investment banking or institutional trading...dive into the complexities of both economics and markets.' If you look up the job advice on IB careers sites it's not intellectual curiosity or solving complexities that attracts them. It's money. An early exit if possible. Plus, the current crop of these intellectual giants didn't look through Wirecard even when the evidence was right in front of them. And there have been many Wirecard's.
  • NR
    Nelson R.
    6 December 2020 @ 02:54
    ..
  • PP
    Patrick P.
    6 December 2020 @ 01:48
    Hugh... On your way to England to pick up the Xmas tree... grab a couple of bottles of shampoo.
  • JF
    Joao F.
    6 December 2020 @ 00:28
    Hopefully, next time Lyn will have an opportunity to voice her views without being constantly interrupted.
  • RS
    Riki S.
    5 December 2020 @ 23:10
    Hugh has some interesting things to say which I like exploring aside from the pure numbers approach, but his smug condescending approach negates the desire to listen. Love listening to Lyn, she's clear and concise about her ideas and blends them into a coherent and cohseive investment thesis which can be used to make decisions about where to place $$.
  • SS
    Stephen S.
    5 December 2020 @ 23:05
    I appreciate Hugh, I think my mind works more like his in that in thinks more in literature and music than numbers and data. It’s not that the latter aren’t important it’s just for most people a narrative is actually more convincing than a graph. In the end markets are a human endeavor so we have to deal with human irrationally to actually try to understand them, and as he said it may be that we actually cannot.
  • PC
    Paulo C.
    5 December 2020 @ 21:18
    Hugh? Neah! !
  • AP
    Antonio P.
    5 December 2020 @ 20:22
    Hugh has the wrong set of qualities for a good interviewer: he is condescending, narcissist and disrespectful. He talks all the time about his vision and does not allow his counterpart to expose his/her view.... A shame! He always spoils what promised to be a good interview... My negative is for him and not for Lyn Alden
  • DG
    Dave G.
    5 December 2020 @ 19:13
    This was absolutely painful to watch. Would you invest money with Hendry?
  • LF
    Liam F.
    4 December 2020 @ 18:13
    A rambling Hendry monologue with tight, organized, coherent insights from LA. HH needs to comb his hair, organize his thoughts, and allow his co-presenter to speak in equal proportion.
    • DS
      David S.
      4 December 2020 @ 18:28
      Let's let Mr. Hendry be himself. He is the Robin Williams of the finance world. It is up to us to synthesize his thoughts into our analysis. Ms. Alden did the best job of helping me understand his points balancing with her deep understanding of markets. Great interview. Thank you RV. DLS
    • LF
      Liam F.
      4 December 2020 @ 23:15
      @David: I would gladly partake in HH's loonybin style if he was only 1/4 as coherent / funny as Robin Williams (who was an actual comedic genius). I still remember HH intellectually shredding the economist Robert Shiller during a talkshow discussion of the government's response to the 2008 financial crisis. But that was when HH was still in the game, and on top of his game. What I've seen thus far on RV has been mostly unimpressive.
    • DS
      David S.
      5 December 2020 @ 19:02
      Liam F. - I agree that no one comes close to Robin Williams. I still get a lot of good points from Mr. Hendry even though he is not at his pinnacle. DLS
  • SB
    Stephen B.
    4 December 2020 @ 19:15
    Sorry. Hugh has lost it. Might have been a great intellect at one time but no longer.
    • DS
      David S.
      4 December 2020 @ 19:53
      I'm still trying to figure out what i think of him. Yes, he's charismatic and interesting, but I walk away from his interviews asking myself what the hell he just said. Most of the times it's a smart-sounding but confused muddle. But I'm keeping an open mind.
    • DS
      David S.
      5 December 2020 @ 18:56
      David S. - Mr. Hendry's delivery is confusing but there are nuggets all over the place that help me understand a macro framework. Ms. Alden was great at letting us know points of agreement. DLS
  • JD
    Joel D.
    4 December 2020 @ 19:43
    I hope Real Revision does more of these where the two guests have opposing views - "Debate is great"(possible tag line for the series??!! lol)
    • NN
      Ninh N.
      4 December 2020 @ 19:46
      the Greate Debate?
    • NN
      Ninh N.
      4 December 2020 @ 19:47
      *the Great Debate
    • DS
      David S.
      5 December 2020 @ 18:48
      This is better than a debate; it is a dialog. Much more informative. Ms. Alden agreed with many of Mr. Hendry's position. That alone is very interesting. DLS
  • DM
    Douglas M.
    5 December 2020 @ 13:52
    Who was interviewing who? Would have been nice to hear some more of Lyn's thoughts. Perhaps more discussion about what "is", "how" and "why" rather than "what should be". Lyn is a class act and a gracious "guest". I hope she is willing to come back and talk with someone (anyone) else.
    • BT
      Boris T.
      5 December 2020 @ 18:27
      I think it was Hugh interviewing Hugh (and Lyn allowed to interrupt the show here and there). Or did I get that wrong? :-) To be clear I think Hugh Hendry has interesting things to say, but his personality doesn’t seem to work well as an interviewer or a co-host (especially with someone like Lyn Alden who is very composed and polite, leading to imbalance in the discussion).
  • EO
    Eric O.
    5 December 2020 @ 17:50
    I think Lyn is fantastic at using data to describe the world "as it is", while Hugh struggles when things don't fit his narrative. He dominated the conversation with anecdote. The confusing parts came when he substituted his belief "of what should be", for "what is", while not addressing the facts at hand and simultaneously talk about "fixing the system".
  • RB
    Richard B.
    5 December 2020 @ 16:56
    One short of a congregation! who travels 15 hours to buy a xmas tree!!!
  • SM
    Sergio M.
    5 December 2020 @ 14:27
    Hugh Hendry needs to do the landmark forum....
  • Jv
    Joël v.
    5 December 2020 @ 12:05
    Alden explains how CN seeks exposure to commodities and Hendry replies that CN should get rid of the fascists and be free...Who subscribes to RV to hear someone kicking in open doors?
  • JT
    James T.
    5 December 2020 @ 11:59
    Read a lot of the comments. This was a fantastic dialogue. Good challenges and real deep intellect. Please continue both!
  • Jv
    Joël v.
    5 December 2020 @ 11:58
    Usually i comment when the conversation is finished, but this is getting really irritating: was Hendry told he was supposed to have a discussion? This was an interruption masterclass.
  • DM
    David M.
    5 December 2020 @ 11:07
    Hugh is a tube.
  • DW
    Dennis W.
    5 December 2020 @ 11:04
    I like High but he dominated the conversation and did not allow Lyn to complete her points. You have to listen carefully through most of Hugh's speaking to catch the nuggets of insight he makes. Stressful session and came away with little.
  • PS
    Patrick S.
    5 December 2020 @ 10:19
    Who is this crazy guy and why is Lyn wasting her time?
  • MB
    Marco B.
    5 December 2020 @ 10:11
    First video I decided to stop. I have no problems with rants but they can't be unilateral. Then I need the other vision to have enough space to expand. I tend to agree with Hugh and it's a pity I couldn't have more insights from Lynn to challenge my opinions. It's a big opportunity that's been wasted.
  • JT
    Jarl T.
    5 December 2020 @ 09:50
    Lyn Alden is amazing! Clearly a brilliant mind AND have the ability to explain things so I get it. Hugh, not so much..and please at least let Lyn finish a sentence.
  • JK
    John K.
    5 December 2020 @ 00:39
    " I don't think a warship will appear on your coast [if you don't use the US Dollar for global trade]" - Hugh Hendry "LMAOOOOOOOOOOOOOOOOOO" - Half of the middle east P.S. I tried to post this comment several times on mobile only to be told the app failed. Please fix your app real vision. I'm a zillenial and I appall desktops and laptops :)
    • JA
      John A.
      5 December 2020 @ 05:00
      Yea, my views align more with Hugh than with Lyn, but the entire first Iraq war was pretty much over Kuwait allegedly slant oil drilling into Iraqi oil fields, and Iraq wanting to price oil in euros. The invasion of Kuwait was just the cherry on top that also made Saudia Arabia realize that they could be next and agree to let the US base an invasion force there. The whole reason Iran hates us has to do with Britian, the Sultan, and BP. Hugh needs to read up on geopolitics.
    • MK
      Michael K.
      5 December 2020 @ 09:39
      The app doesn’t even show comments for me anymkre
  • BS
    Benjamin S.
    5 December 2020 @ 01:55
    Lyn Alden is truly remarkable and composed. Its unfortunate Lyn didn't get a chance to fully respond to many of Hugh's statements. It was more like " Lyn, this needs to be quick, cause I gotta catch a flight, so . . . here's what I think. . . and more of what I think . . .and more of what makes me furious. What do you think? Oh, sorry, I gotta run." Hugh's thoughts on dollar hegemony vis a vis the petrodollar system are worthy of some deep thought. Its just a shame there wasn't more back and forth. And Hugh's thoughts in general are thought provoking, if you can decipher the code. The hash rate required can be high. Simply put, one of the reasons I joined RV was to hear more from Lyn Alden. Is there a sharper mind in macro today? I say not. Please get Lyn on again, and again, and again.
    • MK
      Michael K.
      5 December 2020 @ 09:35
      Consider subscribing to her work. It’s very reasonable.
  • MG
    Massimo G.
    5 December 2020 @ 06:48
    Hugh should definitely let Lyn complete her thoughts and allow for a much more balanced debate if they have a follow up interview but I absolutely loved the conversation despite the flaws in the format.
  • VD
    Vishal D.
    4 December 2020 @ 13:54
    can someone help me understand why i should listen to hugh? i cannot follow any of this conversations.
    • SR
      Sangamesh R.
      4 December 2020 @ 14:19
      Neither can I. But he sounds nice! :)
    • LV
      Ladislav V.
      4 December 2020 @ 17:44
      I am glad I am not alone :D I guess you really need to be experienced in economy/macro/investment area. We gonna have to wait for distillery if they gonna make something easier to understand of it.
    • GA
      Gerald A.
      5 December 2020 @ 06:24
      One can learn something from everybody. Hendry's "impressionistic" analysis when he was actively in the business has evolved (or devolved) into "surrealist" analysis. His ideas are now more brainstorming, and less actionable, They are meant to challenge one's own perspective from an "outside-the-box" narrative. Alden had solid responses. Hugh was dancing in the ring. And Lyn would jab and bop him right on the nose, over and over. Her narrative were backed up with data and facts that more closely matched reality.
  • JA
    John A.
    4 December 2020 @ 19:29
    Lyn is dead wrong about disenfranchisement being mostly a US-based problem. There are left and right wing populists popping up all over the world since as far back as 2012. Brexit is a populist movement. Italy's 5 star. Greece. Turkey. Even Abe in Japan had nationalist leanings. France and Germany both have simmering tensions with populist movements. Trump got the most press, but the entire EU is suffering from similar problems between the north and the south. Mark Blythe has done the best work highlighting the geopolitical issues that arose as a result of the global financial system being bailed out back in 2008.
    • DS
      David S.
      4 December 2020 @ 23:50
      With great respect, IMO the fundamental anxiety is the lack of wage increase by a majority of Americans. Both the left and the right are pandering to this anxiety to get votes. I also believe that the rest of the Western world is fighting the same anxiety. Populism and the cult of personalities arise on both the left and right. COVID should be a common enemy that joins us. So far we choose to still be divided. Not sure how it will be resolved. DLS
    • JA
      John A.
      5 December 2020 @ 05:09
      To be fair, the way the US handled COVID speaks more to our politics deciding to make it a political issue. Structural inequality is viewed in America from several different viewpoints and each perspective draws its own biased conclusion. America is a complicated mix of cultures, so we struggle with these divides in a more visible and ugly way because our discourse is often lively to begin with. We also tend to ignore how the rest of the world deals with global problems, so we are more ignorant of it here at home. I highly recommend Mark Blythe, he does an excellent job of explaining these dynamics better than I could in this medium. He has lectures going back to 2015 when he was promoting his book on Austerity. It even predates Trump winning and gave a very good roadmap for how the last 5 years played out imo.
  • BH
    Brian H.
    5 December 2020 @ 04:50
    Hugh is too much talk and less substance these days; Lyn is 1000% substance.
  • AK
    Aurimas K.
    5 December 2020 @ 04:44
    Amazing discussion!!!
  • SM
    Sean M.
    4 December 2020 @ 21:12
    I think Hugh is great. He's the Gary Oldman of finance.
    • GA
      Gerald A.
      5 December 2020 @ 04:20
      Gary Oldman cleaned up and became "respectable" as he aged. Heck. he became George Smiley (and Sgt. Gordon) for C's sake. Not quite "Alec Guiness" Smiley, but a pretty good one.
  • PC
    Peter C.
    5 December 2020 @ 04:06
    Thanks RV for pairing these two. Both these thinkers add great value in considering the current state of affairs and, more importantly, where we may be headed. The contrast was simply brilliant.
  • DB
    David B.
    5 December 2020 @ 04:05
    Hugh - let her speak !!
  • MB
    Mike B.
    5 December 2020 @ 04:03
    Issues with the video player. Player_err_timeout
  • NL
    Nikola L.
    5 December 2020 @ 03:33
    Hugh is super intelligent, but geopolitics is not his forte. Lyn nails it - At least in my head.
  • TC
    Tim C.
    5 December 2020 @ 01:26
    This was great. I know Hugh likes to banter and be provocative, but it draws out a lot of discussion and thought from Lyn that otherwise wouldn't have been explored. Think of Hugh as a football color guy. What would be interesting would be a round table to discuss this dollar dilemma that Raoul could moderate. Mike, Hugh, Lyn, Brent and Raoul
  • dw
    douglas w.
    5 December 2020 @ 00:49
    Lyn and Hugh together is the reason why I love RV. Quantitative and Qualitative. The dynamic is great, and I love how Hugh is pulling Lyn down the conceptual rabbit hole.
    • dw
      douglas w.
      5 December 2020 @ 01:21
      Also, connecting some dots with the flow of RV, I think a conversation with Lyn and Josh Crumb of AbaxxTech, would be an enlightening conversation, surrounding block chain and how that will shape energy and emerging payment technologies.
  • MN
    Michael N.
    5 December 2020 @ 00:51
    I'm a long time Hugh Hendry fan and I noticed his absence when he retired. I have been very pleased to see him contributing to RV. I love his personality and his unique perspectives. However, his game has definitely faded. I love someone who is willing to rock the boat but recently Hugh relies more on force of personality than substance. The problem is, the former only matters if you also has the later. Too many grand narratives and absurd proclamations in the face of reasoned analysis just looks, well, should we say.....entitled? C'MON HUGH, YOU'RE BETER THAN THAT! Also, Lyn Alden is a Beast! Few would square up with HH in a public domain and not crumble into a groveling mush. Much Respect Lyn!!!
  • SS
    Shanthi S.
    4 December 2020 @ 08:38
    She has the patience of Job.
    • LS
      Lemony S.
      5 December 2020 @ 00:48
      "Have you considered my servant Job"? A real insight into theology, if any of you have ever thought on it. You should, bad times are coming and we only have 1 hope. And He's still with us.
  • DD
    Daniel D.
    4 December 2020 @ 22:46
    Just because you look like a rock star doesn't make you one! I've tried to listen to his interviews and I think he tries too hard to be aloof, cool, unkept, etc. I do think he's very smart but it seems a challenge to convey what's in his head into coherent dialog. Perhaps too brilliant for me to follow!
    • RI
      R I.
      5 December 2020 @ 00:15
      Spot on. Except for your unnecessary self-deprecating last sentence.
    • LS
      Lemony S.
      5 December 2020 @ 00:47
      That's what I'm saying. He has so much more to offer than idiots like Novogratz who also had trouble but still have loot. Hugh, be better. I know you can be. You are still a champ. Act and look it!
  • TM
    Tom M.
    5 December 2020 @ 00:17
    Good lord. I came here for Lyn Alden. Hugh has the combination of an abundance of narcissism and a lack of cogency. He seems like he's having a conversation with himself. Nothing cool about the aging strung out hedge fund vibe either. It would be one thing if he was at least interesting intellectually. I couldn't watch the whole interview. Highly suggest Lyn's most recent article.
    • LS
      Lemony S.
      5 December 2020 @ 00:45
      She's great. Ever since Werner, for which I somewhat forgave Hendry because it was a great interview (which could have been even better though), I couldn't get past the classless appearance. There are too many Novogratz types hanging around recommending stupid things like Ayahuasca and the like. Stuff which really shows you just how demonic they really are. As for Hugh, I'm undecided. Hugh, if you are reading this, you were classy. Repent and get classy again. Seriously, you are a smart guy but either schizophrenic or just plain lazy at this point. It's time to be real about it.
  • PJ
    Peter J.
    4 December 2020 @ 16:28
    Have to agree with a lot of the comments below. Hugh seems to consistently try and put Lyn in the box of supporting political and economic positions that he opposes from his 'narrative'. She on the other hand consistently presents evidence of paths and possible outcomes that are unfolding as she sees the evidence fall and how she is interpreting them. Hugh refutes some of these with opposing positions, but never seems to discuss positions on Lyn's terms ,they are always throughout the interview discussed on his terms. I was previously pretty heavily convinced of the strong dollar thesis, as I have been a great advocate of Jeff Snider's thinking and I still have lot of time for it, where his Eurodollar series (MacrtoVoices) is superb. Overall, currently I'm more on the fence re the strong / weak dollar argument, but have a lot of time for Lyn's work. If you read her and Jeff then you will have an excellent 360 degree view.
    • RM
      Ryan M.
      4 December 2020 @ 19:17
      I would include Juliette Declercq and Julian Brigden
    • vf
      victor f.
      5 December 2020 @ 00:40
      Totally agree on the dynamic between the two - that was the genius of the interview. Lyn handled Hugh's dicing with aplomb. "Those people" need to lighten up and just enjoy the conversation instead of trying to box it into a preferred framework. Vive la difference!
  • AV
    Alexander V.
    4 December 2020 @ 19:57
    Hugh Hendry is an original character, providing original content in his own original way. It is called personality people, remember? For the financial mainstream media eunoch-style delivery system of diluted garbage, I am Grateful for this RV content. Hugh: Never change!
    • vf
      victor f.
      5 December 2020 @ 00:31
      Agree completely. Lyn absolutely held her own providing solid counter-arguments to everything that Hugh could bring. Very illuminating dialog - I very much appreciated it and now have to go back and review my own premises.
  • AK
    Ado K.
    5 December 2020 @ 00:26
    Ya brother ya, China is definitely the only fascist regime in the room. It aint like we got a cc camp in Cuba, want to charge a guy for treason who uncovered mass surveillance, and put a guy lifetime in prison for starting a commerce website. Honestly bro, China aint got jack s on us. We are marching down 1984 right together, holding hands like newlyweds.
  • JB
    Jack B.
    5 December 2020 @ 00:15
    Felt like watching a tennis match with all the grunting on one side. I did find value watching, though.
  • KM
    Kelly M.
    4 December 2020 @ 23:58
    Hugh Hendry: the Shane MacGowen of finance.
  • CD
    Carl D.
    4 December 2020 @ 23:34
    Lyn claims the dollar moves based off of US monetary and fiscal policy, Hugh claims US monetary and fiscal policy is offset by foreign central banks and is thus irrelevant, and rather dollar moves are based off of printing of dollars by global commercial banks, and he points to the 2013/14 dollar strengthening as evidence of that. This seems to be their main disagreement and why they talk past each other
  • BA
    Bruce A.
    4 December 2020 @ 23:26
    Two very different intellectual approaches and personal styles on display here. Thank you Lyn and Hugh. Special thank you to Lyn because she is so composed and disciplined.
  • EC
    Earl C.
    4 December 2020 @ 23:26
    Reading Hugh's tweet about this perhaps next time RV could get Maria Bartiromo if her FOX contract will allow? (hey i spent nearly $500 for my subscription so I ain't shy)
  • MD
    Matt D.
    4 December 2020 @ 23:15
    Excellent discussion, thanks Hugh and Lyn. Quote of the video - "Forgive me I'm very passionate about this..." :)
  • ND
    Nicole D.
    4 December 2020 @ 23:10
    Lyn, thank you for your intelligent and succinct discourse in this conversation.
  • IE
    Isaiah E.
    4 December 2020 @ 23:00
    Amazing Hugh Hendry's ignorance of US foreign policy and how many foreign leaders the US has taken out to protect the dollar.
  • cr
    chiel r.
    4 December 2020 @ 22:24
    Loved the interview....Great minds at opposite ends of the spectrum sometimes makes for awkward conversation but also results in great food for thought. Thank you both Hugh and Lyn
  • WS
    William S.
    4 December 2020 @ 22:18
    Typical display of Hendry's self-unaware and painfully self-indulgent incoherence. Perhaps I just don't appreciate the nuances of his genius, but imho, Hendry is just a run-of-the-mill iconoclastic one-hit wonder who stumbled into success and notoriety, only to stagger right back out once his true measure of talent was weighed in the balances and found wanting. Now he has devolved into a narrow-minded American exceptionalist yellow-peril fanatic.
  • MJ
    Marcus J.
    4 December 2020 @ 19:47
    I did wonder how this would go when I heard it was booked. These two have literally opposite personal styles and I think that was why it was a bit of a miss. People are being a rather hard on Hugh in my opinion. With the right conversation partner he is one of the most entertaining and amusing figures on RV and I usually greatly enjoy his stuff. Lyn is in my top 5 also and I find her clarity of thought and unemotional analysis to be fantastic. Just a poor match up RV but you have to try these things. Both unique and super interesting characters.
    • DS
      David S.
      4 December 2020 @ 22:05
      I respectfully disagree. I think it is because of Mr. Hendry's respect for Ms. Alden that he was more receptive to explaining his positions. DLS
  • cd
    chris d.
    4 December 2020 @ 20:39
    he's not that good in giving other people space. so a lot of him and too little of Lyn. he's always interesting but took up a bit too much airtime; so it wasn't much of a dialogue
    • DS
      David S.
      4 December 2020 @ 21:57
      And yet Ms. Alden brought out the best in Mr. Hendry. DLS
  • DS
    David S.
    4 December 2020 @ 21:54
    All fiat currencies are valued everyday in the huge FX market. Let's stop trying to tell every other country - or Euroland - what to do. The FX trader with skin in the game will factually deal with the imbalances. The better traders will win and the less skillful traders will ride off into the sunset. I trust the FX markets more than politicians. The Chinese have been buying oil under contract from Russia in RMB for a long time. Mr. Hendry is correct in my opinion that oil was priced in $US as a convenience with the Swift Payment System. With the US weponizing the SPS, other payment systems are being developed rapidly. We need to remember that fiat currency is just a convenience in a world barter system. DLS
  • BK
    Binyam K.
    4 December 2020 @ 20:42
    Thanks! Please bring them back!
  • cd
    chris d.
    4 December 2020 @ 20:41
    PS so i think Hugh is best when he's being interviewed and where the interviewer can drill down to extract the messages more coherently.
  • GN
    Gary N.
    4 December 2020 @ 07:45
    I think one day Hugh will finish a sentence he starts....
    • PC
      Peter C.
      4 December 2020 @ 20:31
      lol & I still need that 1st part translated and then 90% of the fat cut-off
  • PT
    Peter T.
    4 December 2020 @ 20:06
    Obviously psychedelic man has no understanding of the energy market . Did I here him say he compounded at 8% as a fund manager amazing he gets a platform
  • EJ
    Edward J.
    4 December 2020 @ 20:04
    I've followed Hugh H's career since the Odey/Eclectica days and have watched most of his interviews on RV having been a RV subscriber since it started and have finally concluded that he is just rather over rated. Please RV - I just see why you persist with Hugh - he's just not adding much anymore imo. A bit harsh maybe but that's where I've come out.
  • MK
    Marko K.
    4 December 2020 @ 19:45
    well I have enjoyed the opposing views and personal styles of both. I
  • ZH
    Zack H.
    4 December 2020 @ 19:36
    Can’t see the comments anyMore, from Hugh’s tweet apparently their lit.
  • PD
    Peter D.
    4 December 2020 @ 19:20
    Thank god this was not a live interview. A couple of times there, Lyn looked like she wanted to pull out a fly swatter, and smack Hugh over the head with it .... Stick to Zoom Hugh....
    • PD
      Peter D.
      4 December 2020 @ 19:21
      .... 10/10 for entertainment value ...
  • SM
    S M.
    4 December 2020 @ 19:13
    Great Interview Want to see them come back again
  • AD
    Alejandro D.
    4 December 2020 @ 19:02
    Can someone explain what them where talking?
  • JT
    James T.
    4 December 2020 @ 18:58
    Nice!
  • DS
    David S.
    4 December 2020 @ 18:50
    Best interview with Mr. Hendry. Ms. Alden did a great job. Many comments show that Mr. Hendry is difficult to understand because he does not give a straight analytical presentation. It is worth the time to listen and learn from Mr. Hendry. He gives macro background that you will not get from a direct analytical approach. You do not need to agree with his conclusions. I am listening again now. DLS
  • WB
    Wes B.
    4 December 2020 @ 18:49
    Turned it off after 10 min. Read comments after seeing Hugh's tirade on twitter about all the negative comments. Might be time for him to focus on another St Barts Villa to manage
  • mf
    massimo f.
    4 December 2020 @ 18:47
    I think that it is interesting that the subject of the video, mainstream vs. alternative views on the dollar system has also played out in the comments. I tend to agree with Hugh, the 'petrodollar' system also started 3 years after the end of the Bretton Woods system in 1971. This was the first time the US was able to let dollars flow out without hugely devaluing the currency, as Hugh said the pricing of energy in dollars is a consequence of the US being the global hegemon. No one bats an eye at iron ore, copper, gold, or any other commodity being traded in dollars, but oil being traded in dollars is somehow some significant point. Hugh is also pretty correct on the belt and road being Chinese propaganda, I have looked into a number of the large projects and they are, for the most part, complete and utter failures. further to his point, taking what China says at face value is a fool's game as they of course would never admit to any weakness. Lyn says that she likes numbers over narratives (whilst also allowing the narratives dictate which numbers she focuses on) but she didn't consider, or even acknowledge, Hugh's points on the current account.for your opinions like every other media platform, but a place where you hear a wide range of different opinions.
  • MO
    Mark O.
    4 December 2020 @ 18:40
    I wish Hugh would let Lyn talk. Too much mansplaining for me.
  • DR
    Diana R.
    4 December 2020 @ 18:36
    Hugh Hendry has gone a long way on past flashes of brilliance; he unfortunately seems more interested in airing his opinions than engaging in constructive discourse.
  • DR
    Diana R.
    4 December 2020 @ 18:36
    Hugh Hendry has gone a long way on past flashes of brilliance; he unfortunately seems more interested in airing his opinions than engaging in constructive discourse.
  • AR
    Andres R.
    4 December 2020 @ 17:45
    You know someone's run out of arguments when they start collectivising the person in front and calling her: "you people". I think Hugh might have a point in there somewhere deep behind the uncontrolled emotion and confused speech, but jeez it's not anywhere near Lyn's data driven eloquence.
    • DS
      David S.
      4 December 2020 @ 18:33
      I really appreciate Ms. Alden's perspectives also. I see a mutual respect between both. We need many perspectives to try to guess the future. DLS
  • AM
    Alistair M.
    4 December 2020 @ 18:09