Insider Monkey obtained a copy of Hugh Hendry‘s November 2014 Eclectica Fund investor letter. You can download a copy of the letter below. Hugh Hendry has been a well-known bear for a very long time and managed to return 31.2% in 2008 when most of the hedge funds had negative returns and an average hedge fund lost around 20%. Given the huge bull market since the lows of March 2009 you would expect Hugh Hendry getting crushed. His fund actually lost 8% in 2009 but that had been his worst year...
