Hugh Hendry, 'last bear standing', throws in the towel

Well-known for his bearish stance on stocks, Hugh Hendry has decided to change in his tune.

Hugh Hendry has been bearish for years. Rattled by the debt build-up before the global crash, the founder of Eclectica Asset Management cashed in on his scepticism as his contrarian strategy gave him a 30% return in 2008.

So this week's news that the self-styled "last bear standing" has thrown in the towel raised eyebrows. But he hasn't suddenly decided that everything is fine. "It will all end badly," he says of the current market rebound, because the fundamentals remain lousy.

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