This article is a guest contribution by Courtney Comstock, The Business Insider.
Eclectica's Hugh Hendry and Mike Novogratz, principal of Fortress Investment Group, got into a war of the words yesterday at one of the hedge fund industry's biggest conferences, GAIM.
Hendry is used to fighting (and winning) with professors, who he seems to think are useless as economic commentators.
But according to the GAIM conference's blog, Hendry had to bust out the big boy references to win the prize for the smartest argument against Novogratz and started quoting T.S. Eliot, Buchan and Tolstoy.
He said that he had had to face the twin axis of financial evil that is Germany and France, transporting himself across the European Socialist citadel (we think that's the reference to Tolstoy's War and Peace) to get to our stage.
“The Euro is finished” he concluded. He said gold should be 10% of a fund's assets.
“In the long run, there will be a bail out” he said. “The Euro will go lower and there will be more European political mishaps before they get bailed out.” Novogratz proposed a long Sterling versus the Euro trade.
Novogratz believes that we are on a global mega trend of globalisation with the so-called emerging markets coming to the fore. “That force could carry us through” he said.
But Hendry came out on top adding these two super-smart allusions:
Hendry referenced Buchan's Gap In The Curtain to explain our inability to see into the future or what would happen if we were able to.
“How does life play out?” he asked, and answered himself: “In our haste to make money, we rush to the end.”
And there, we may find, he said, Eliot’s Wilderness of Mirrors, which is a reference to Eliot's poem, Gerontion.
Now watch a really great fight with Hendry against Joe Stiglitz.
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http://www.opalesque.tv/youtube/Mike_Novogratz/1
A new video interview and portrait on Mike Novogratz has been release by Opalesque.
Michael E. (Mike) Novogratz is the President of Fortress Investment Group, the first U.S.-based private equity/hedge fund manager to sell shares to the public. He joined Fortress in March 2002 and is responsible for the liquid hedge fund business, which includes running the Global Macro Funds.
This Opalesque BACKSTAGE is a fascinating, in-depth portrait of one of the leading global macro traders. Hear how Novogratz shares important insights and reflections about:
1.The Early Years of Global Macro Traders: Why international experience is key
2. What is Global Macro, any way?
o The DNA of a Macro Trader
o Risk Management for Global Macro
o The Rules of Success in Macro Trading
3. The significance of: o Instinct o Luck o Learning to trust your intuition, a "real intelligence"
4. Fortress Investment Group (NYSE:FIG) was the first U.S. private equity/hedge fund manager to launch an initial public offering (2007): Experiences, Reflections, Advantages
5. Fortress' Expansion Plans:
o The Future of Alternative Asset Managers
o Opportunities - Securing the Future
o Traditional and Alternative Asset Management Businesses to Converge
http://www.opalesque.tv/youtube/Mike_Novogratz/1
Mike Novogratz, President of Fortress Investment Group on Opalesque TV discusses about the rules of success in macro Trading http://www.opalesque.tv/youtube/Mike_Novogratz/1