Hugh Hendry: Steer clear of China and gold stocks

China's looking vulnerable and cash-starved governments are eyeing up gold miners, says investment guru Hugh Hendry. Here's what he thinks gold bulls should buy instead.

Hugh Hendry has always tried to position himself "outside the accepted belief system". He started his own hedge fund, Eclectica, almost a decade ago, and has a history of making contentious calls that prove prescient.

Over ten years ago, keeping in mind assets' tendency to revert to the mean and move in long-term cycles, he decided that a boom in real assets was due. His new emphasis on commodities and gold paid off as China soared.

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