October 23rd, 2009 by AdvisorAnalyst

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Some of the best commentary on CNBC happens at 2:00 a.m. Hugh Hendry, the CIO and founding partner of Eclectica, visits CNBC to discuss his macro-perspective. As always, Hendry is must view material – controversial, but not in left field; highly educational, eloquent, and lucid. Here is the visit in 8 parts.

Hugh Hendry, Part 1 of 8, Hendry: Markets are “crowded”, all “one trade”.

Stocks and gold are crowded markets and there is a risk that everybody will want to exit at the same time, Hugh Hendry, chief investment officer at Eclectica, told CNBC Friday.

“I think it’s all one way, all one trade, there’s no diversification. You’re either in the market or you’re not,” Hendry, who is the second-largest investor in his fund, told “Squawk Box” in London.

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“I won’t jeopardize my capital even for a rally as big as it is today,” he added.
The remarkable thing about the stock market is “the absence of volume associated with it,” Hendry said.

Hugh Hendry, Part 2 of 8, Letter from a viewer asking Hugh to admit he’s wrong about deflation; “I’m the bogeyman”.

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