Hugh Hendry: Soros Is A Socialist, The Euro Is Doomed And Everyone's Shorting The Wrong Continent
Business insider finds one of my favorites Hugh Henry:
"George is someone who we've all aspired to match his brilliance," he begins. "But you have to remember something: the richest people in the planet become socialists."
Hendry thinks that's a bit unfair and hypocritical of Soros to become a socialist now that he's a billionaire.
"Socialism is a great thing for George," he says.
"But I want to bring George down. I want George's reputation.
Now, Geroge is now embracing socialism. Socialism is when you build a moat around the castle. I'm spending all of my time trying to decide where I'm going to live because taxes are so high in this country and less of my time trying to figure out how to surpass Soros and his reputation."
Then he says everyone is busy shorting the obvious continent - and ignoring the real place where profits will be.
"Shorting is a precarious business and we'd rather entertain the more certain mode of fixed income and credit but, Europe is the epicenter - the problems are very apparent. But I would say to you - is what are the implications of those problems?"
He answers his own question:
"The implications could be felt more profitably, for a speculator, in Asia. Because asian currencies now have been revalued 20% vis-a-vis the Euro. Wages in Europe are falling and wages in Asia are going up. So
the noose is getting tighter and tighter, not in Europe, I would argue, but in Asia."