"I'd say 80% of my activity is engaged in the interpretation of social mood." - Hugh Hendry. That quote taken from this September 2010 BBC Hardtalk interview with Hugh Hendry . When asked about the need for regulatory control of financial markets and curtailing of risk, Hugh replies, "The best form of regulation is, 'If you mess things up, you fail.'" . Hat tip : Kevin Kaiser at Hedgeye.