Hugh Hendry: Closet Trend Follower?

I like Hugh Hendry. Some wise video floats the web (i.e. against government bailouts and moral hazard). His recent fundamentally driven letter pays homage to Bruce Kovner (who was trained by Mike Marcus who was trained by Ed Seykota). All this means what? Your choice. Some great trend following enthused lines:

“You are on your own and must take ownership of your own destiny.”

And:

“…in this environment of pathological price volatility one must stop-loss the portfolio’s narrative.”

And:

“[My firm] occupies an area outside the accepted belief system.”

And:

“How many of us have this power to cultivate and truly believe in the unexpected?”

And:

“[One of the features that makes a successful fund manager is that he/she] responds early with loss mitigation procedures (i.e. a method of staying solvent, rational and disciplined under pressure).”

Reminds me of trend following sentiment…

The letter:

Source: http://www.scribd.com/doc/91764042/April-2012-TEF-Commentary