How to spot cheap markets

Poor Hugh Hendry. The Eclectica hedge fund manager was one of the most vocal proponents of the bear case before the credit crunch, and gained lots of media exposure for his straight-talking put-downs of pompous talking heads during the eurozone crisis.

But now he’s been forced to throw in the towel by the Fed’s endless money-printing. As we noted, it’s not that Hendry has turned bullish – he still thinks everything will end badly. But while the printing presses are running hard, he doesn’t see any benefit to fighting the world’s central banks as governments across the globe [...]

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