休·亨德利是一个罕见的品种：一位退休的对冲基金经理，实际上已经退休了。
最近，这位总部位于伦敦的全球宏观机构Eclectica基金（Eclectica Fund）的前经理在圣巴特（stbarts）的庄园附近消磨了15年的时间，直到去年关闭该机构。他的彭博终端曾经是他日常生活的固定设备，现在已经被打包运走了。这张照片很适合那个在电视上宣称自己“死于积极战斗”的人，当时他的基金在经过几年的努力之后关闭了，在此之前，他获得了巨大的收益。
但现年49岁的亨德利从不含糊其辞。在Eclectica Asset Management、Odey Asset Management和苏格兰公司Baillie Gifford的职业生涯中，这位好斗的苏格兰人获得了挑衅者的声誉，他形象地对投资惯例、阶级结构以及其他让他恼火的事情竖起中指。
他还没有得到一份备忘录，即对冲基金经理应该保持低调，在YouTube频道上做足够多的电视节目。这位知识炸弹投手曾称丹麦前首相、欧洲议会议员波尔·拉斯穆森为“靠着我这样的冒险者创造的钱开香槟社会主义旅行公务舱”，诺贝尔奖获得者约瑟夫·斯蒂格利茨在英国广播公司的新闻之夜节目中说。
“I was larger than life,” Hendry tells me via telephone from his home in St. Barts on a recent February afternoon. “I was saying to investors, ‘I dare you, give money to the crazy guy.’”
他们做到了。截至2013年，该基金管理了13亿美元；那些早期冒险的人获得了丰厚的回报。Eclectica在2003年实现了50%的回报率，这是它运营的第一年，2005年又实现了两位数的增长。真正巩固亨德利声誉的一年是2008年：摩根士丹利资本国际（MSCI）世界指数暴跌逾40%，亨德利获得32%的收益。
但过去几年对全球宏观基金经理并不友善，亨德利就是其中之一。自2013年以来，几位前炙手可热的经理人的回报率一直低迷。尽管亨德利几年前改变了他的悲观预期，正确地预测了全球经济将继续好转，但他无法将这一预测转化为收益，投资者也不喜欢他的新态度。当他在2017年9月关闭Eclectica时，该基金全年下跌9.4%，资产缩水至3060万美元。
Throughout it all, Hendry grew frustrated that investors wanted him to serve as “disaster insurance,” as he once told the Financial Times. “Part of the decision to walk away is that [global macro] has been redefined in terms of the scope of the mission,” he tells me. “When I started, it was one of the greatest honors that you could bestow upon a money manager because you were saying essentially, You can do whatever you want. As I began to recognize through ’13, that rule no longer existed. An industry had been created, and people were seeking captains and sailors, not pirates.”
亨德利说，他“开始意识到与客户打架是徒劳的”，在最终放弃之前，他经历了一种智力枯竭。谈话中他既轻松又和蔼可亲，似乎对收场的决定已经心平气和了。
Hendry was born in Glasgow, Scotland, where his father worked as a truck driver and his mother was a receptionist. He was the first in his family to to go on to post–secondary education; he went to the University of Strathclyde, living at home with his parents and commuting to school. For a teenager, he was unduly serious, applying an intense work ethic to his studies in an accounting program. “I was just a weird, weird kid,” he says. “I didn’t drink, I wasn’t a party animal. I had the fortitude to recognize that this sense of wanting to run away could best be accommodated via the means of education.”
Hendry joined Baillie Gifford straight out of school, and spent eight years there. He values the experience but says it was a poor fit. “Really all I created was a name in terms of being a troublemaker within that organization. It ended up being really quite a miserable, unhappy time, albeit I did take away a very sound education.”
Then Hendry moved to London, where he found himself “somewhat randomly” at lunch with Crispin Odey, iconoclast and founder of Odey Asset Management. The two had instant chemistry. “I guess he was looking for a troublemaker,” says Hendry. “His genius was his curiosity and ability to capture change. And that’s exactly what I was looking for at that point.”
If Baillie Gifford had given him a rigorous analytical framework, Crispin Odey taught him how to blow it up and go rogue.
“He was a finishing school,” Hendry says. “Crispin is larger than life, and the impetus was all on sort of misbehaving. I’d been taught that intellect was austere, and here was this playful intellect. And he was willing to tolerate my own idiosyncrasies.”
At Odey, Hendry became the lead portfolio manager on a mutual fund and started the Eclectica hedge fund, which he spun out in 2005 as an independent entity.
Crispin Odey并不快乐。“感觉就像divorce,” says Hendry — but Hendry felt indebted to his former boss, who had taught him how to run a classic global macro fund: going short, trading currencies and bonds, and pursuing whatever strategies struck his fancy.
Eclectica’s gargantuan 32 percent gain in 2008 might have catapulted the fund into the big time. Instead, investors needed cash after the global rout, prompting them to yank money out of any liquid investments they had, including Eclectica, which saw its assets sink to below $100 million.
Eclectica的回报率再也没有达到之前的高度。最终，经过亨德利15年的折衷管理，该基金的复利在7%至8%之间。”“许多人似乎对此固执己见，”亨德利说我想说的是，这些都是完全独立的回报，没有任何形式的市场贝塔的好处。”
这些天，当被问到他在干什么时，亨德利立刻回答说：“正在接受治疗。”这只是半开玩笑而已生活在你周期性地认为“我死了”的生活中肯定会有创伤 ” 如果你有损失，他解释道。
He’s also, for perhaps the first time in years, having fun. He’s learning to sail and play tennis. As if to make up for his abstemious teen years, Hendry enjoys a glass of wine here and there. And he’s preparing to move his family to Paris, where he can perfect his fledgling French and his three children can continue their education.
他一直关注着市场，尽管没有彭博社或管理市场的员工。”你不妨从彭博终端发射一枚埃隆马斯克火箭，它们太复杂了我偶尔也会看看雅虎上的图表系统！金融网站。我有点像个业余老人。”