Gold flat. Dow flat. What’s not flat? Our friend Hugh Hendry. He’s either up or down. No flatness for Hugh. Hugh – who runs London-based hedge fund Eclectica Asset Management – has been among the most bearish of bears. But now he’s become the most bullish of bulls. Eclectica is losing money. Reluctantly, Hugh has capitulated in dramatic fashion. Speaking at the Harrington Cooper investment conference last week, Hendry had this to say: I have been prepared to underperform for the fun of being proved right when markets crash.