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Hugh Hendry: 10 years is sufficient to create a cult

If you want a definition of safe harbour, safe investment, I think it only has safety if it has a degree of contentious nature to it.  That’s why I worried, there’s nothing contentious in wanting to short treasury bonds, there’s nothing contentious in wanting to short the dollar…  Religion is a function of repetition and a passage of many many years.  10 years is effectively sufficient to create a cult, a cult of belief, in capital markets.  And we’ve had 10 years where the dollar has sucked.  And the opposite of that, is antithesis: gold has been phenomenal.  You have, 10, count them, 10, 10, 10 consecutive up years in gold… it’s not contentious.  Emerging market is not contentious.  The formidable strength of the Chinese is not contentious.