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Crispin Odey’s bearish bets suffered as stocks surged in 2016
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He was one of the market’s most prominent backers of Brexit
Crispin Odey’s main hedge fund slumped 49.5 percent in 2016, its worst annual decline since it began trading in 1992, according to an investor letter.Aye lad, there's the rub.
The billionaire, who last month complained that “mindless” passive investing was driving out active fund managers, saw his bearish bets against stocks suffer amid a surge in equities. His Odey European Inc. fund lost 3.4 percent in December, the letter shows.
Odey warned in October that U.K. stocks could slump 80 percent as the economy suffered a recession and higher inflation following the Brexit vote. His fund’s loss lags behind a more than 4 percent gain by peers, according to preliminary estimates from data provider Eurekahedge.
“Even if his assessment is correct, the problem with ultra-bearish bets is the timing,” said Jacob Schmidt, chief executive officer at investment advisory firm Schmidt Research Partners in London....MORE
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