Aventine Management Group

Hugh Hendry on Economic Distortion

aventine — Thu, 10 May 2012 04:33:39 +0000

Hugh Hendry is the Scottish Founder and Chief Investment Officer of Eclectica Asset Management a London-based hedge fund. Hendry has gained much prominence in recent years for both his visionary investment strategies as well as his willingness to rail against government bailouts and moral hazard. Like the other visionary managers (Dalio, Bass, etc) whose comments grace these pages, Hendry neither holds back his comments nor sugar coats his views.

Hendry recently released his first new commentary letter in almost two years. Insightful as always, it is a cereberal but accessible tour through Hendry’s world of macro investment, complete with stops in European Debt, Chinese Housing, Japanese Employment, Risk Management, and Bananas. Yes, Bananas.

LINK: Eclectica Asset Management Commentary – April 2012 (Scribd)

Also, more on Hendry below. Interviews from 2010-2011

LINK: BBC Hard Talk Sept 2010 - Part 1 and Part 2 (Youtube)

LINK: Hugh Hendry’s “Greatest Hits” (Youtube)

BTH Tactical Fund Q1 Factsheet

aventine — Tue, 01 May 2012 07:29:25 +0000

The BTH Tactical Fund’s 2012 First Quarter Factsheet is now available for PDF download by Professional Advisors and Accredited Investors.

BTH Tactical Growth Fund Falls 0.82% in April

aventine — Tue, 01 May 2012 07:25:46 +0000

The BTH Tactical Fund returned -0.82% to F Class unitholders and -0.90% to A Class unitholders in the month of April. The Fund’s primary benchmark, the S&P500 index (priced in Canadian dollars) posted performance of -1.81% over the same period.

Year to date, F Class units of the BTH Fund have gained 10.27%. Since inception, the Fund has returned -5.26%.

Current class price and additional fund information is available on Globefund by searching for AMG in the fund lookup section. An external link to the Globefund search page is HERE.

BTH Tactical Growth Fund Rises 6.19% in March

aventine — Tue, 03 Apr 2012 21:49:23 +0000

The BTH Tactical Fund returned 6.19% to F Class unitholders and 6.26% to A Class unitholders in the month of March. The Fund’s primary benchmark, the S&P500 index (priced in Canadian dollars) posted performance of +4.44% over the same period.

Year to date, F Class units of the BTH Fund have gained 11.18%. Since inception, the Fund has returned -4.47%.

Current class price and additional fund information is available on Globefund by searching for AMG in the fund lookup section. An external link to the Globefund search page is HERE.

Nobel Laureate Daniel Kahneman on Behavioural Economics

aventine — Tue, 27 Mar 2012 00:52:21 +0000

Widely regarded as the world’s most influential living psychologist, Daniel Kahneman won the Nobel Prize in Economics for his pioneering work in the psychology of judgement and decision making, and behavioural economics. His work on identifying and exploring the irrational ways that humans make decisions about risk is succinctly summarized in his new book, “Thinking Fast and Slow”.

Below is a collection of webcasts that highlight various elements of Kahneman’s research. The earliest of these, from 2002, is courtesy of the Nobel Organization and contains both a webcast of his Prize Lecture, along with the PDF text of his speech. The second is a talk he gave at the 2010 TED Series entitled “The Riddle of Experience vs. Memory”. The third is his interview with Charlie Rose from February 28th, 2012.

LINK: NobelPrize.org – Prize Lecture and Text

LINK: TED Talks – Experience vs. Memory

LINK: Television Interview – Charlie Rose

Correlations vs. Equities

aventine — Tue, 28 Feb 2012 21:17:20 +0000

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Jeff Gundlach of DoubleLine Capital on the Roman Empire

aventine — Fri, 24 Feb 2012 02:37:50 +0000

Jeff Gundlach, co-Founder of Double Line Capital is one of the premier bond investors out there. He is recognized as a leading expert in mortgage backed securities and investment asset allocation. In 2011 his Core Fixed Income Funds were ranked #2 and# 3 by Morningstar out of 1,195 funds in their category resulting in him being named “King of Bonds” by Barron’s magazine and “Bond Manager of the Year” by II’s Foundations and Endowments Money Management, both very influential trade papers.

In this recent webcast, Gundlach compares the the current socio-economic environment in the West as similar to the one that lead to the fall of the Roman Empire centuries ago. He reviews the relentless pace of growth in government spending around the world, the trouble with the Eurozone, and trends in housing and the MBS market.

LINK: Webcast – “The Decline and Fall of the Roman Empire”

LINK: Webcast Handout (PDF)

AMG Tactical Balanced Client Composite Q4 Factsheet

aventine — Sun, 12 Feb 2012 20:00:46 +0000

AMG’s 2011 Fourth Quarter Tactical Balanced Private Client Factsheet is now available for PDF download here.

BTH Tactical Growth Fund Rises 3.86% in February

aventine — Wed, 08 Feb 2012 21:44:36 +0000

The BTH Tactical Fund returned 3.86% to F Class unitholders and 3.88% to A Class unitholders in the month of February. The Fund’s primary benchmark, the S&P500 index (priced in Canadian dollars) posted performance of +2.13% over the same period. Since inception, F Class units of the BTH Fund have returned -10.04%.

Current class price and additional fund information is available on Globefund by searching for AMG in the fund lookup section. An external link to the Globefund search page is HERE.

BTH Tactical Fund Q4 Factsheet

aventine — Wed, 01 Feb 2012 18:16:07 +0000

The BTH Tactical Fund’s 2011 Fourth Quarter Factsheet is now available for PDF download by Professional Advisors and Accredited Investors here.