John Hempton's Letter to a Bear

John Hempton of Bronte Capital is one of the most well-known (and well regarded) professional short-sellers in the financial blogosphere.

He’s written a post this weekend that I want you to read in its entirety.  Essentially, an uber-bearish broker note (presumably from Albert Edwards at Societe Generale who earns his keep by making shock-and-awe Dow 1000 calls once a quarter). Hempton’s response is both powerful and laden with a wisdom about how the world works that only experience can foster.

His take on America, for example:

I can find dozens of reasons to be bearish – but I look at it dispassionately and I am bullish on big caps, and bullish on America. The problems will sort themselves out and the American exceptionalism (decent institutions, free enough markets and a willingness to take risks) will work their magic again.

He is also somewhat bullish on France and Germany and favors real estate over investments with “nominal assets”.  Once again, the whole thing’s worth a read, head over below.


Letter to a Client (Bronte Capital)




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