Hedge-fundmanager HughHendry ofEclectica AssetManagementmade his nameby betting ondisaster duringthe globalfinancial crisis.In 2008 hisflagship fund returned more than 30%,in part due to shorting banks. In recentyears he has become notably lessbearish than many high-profile peers especially regarding China, wheresix years ago he was concerned abouta potential crash.
Today, he thinksspeculation that China will devaluethe renminbi is wildly overdone."China doesn't concern me," he toldBloomberg recently. "I think China,as it is demonstrating, has the powerto move on without any catastrophicconsequences in terms of having tore-value its currency."
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