From City AM:
Crispin Odey has used the logic of one of Adolf Hitler's ministers to explain his bearish outlook for UK stocks.
Odey's main hedge fund lost 50 per cent last year due to failed bets on falling asset prices.Also at City AM: "This billionaire hedge fund manager's wealth dwindled to millions last year"
But, he has told investors won't be changing his stance, and justified his position by comparing the UK to Germany near the end of World War Two.
In particular, he wrote about Fritz Todd, Hitler's armaments minister, who predicted Germany would fail in its effort to invade Russia in 1942.
In an investor letter seen by Bloomberg News, Odey said: "What he could see was that the lines of supply were at breaking point.
"Success was the necessary ingredient of failure."
And, in the UK, Odey predicts that people are starting to borrow money they won't be able to pay back....MORE
I can't help thinking of a bit o' "Holy Grail" dialogue:
- Black Knight: I am invincible!
- King Arthur: You're a loony!
Crispin Odey: "It Feels Lonely Being Bearish"
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And last year:
Crispin Odey Doesn't Sound Crazy But...
In Which FT Alphaville's Bryce Elder Shreds Former Big Wheel Hedgefunder Crispen Odey
Follow-Up: "Odey Hedge-Fund Assets Dip 60% as Clients Shun ‘Bitter Pill’"
The Stress May Be Getting To Hedgie Crispin Odey--UPDATED
For Crispin Odey This Is The Endgame: Hedge Fund Billionaire Goes All In Betting On "Violent Unwind" Of QE Bubble
Crispin Odey Is Getting Crushed
Aug. 13 Zerohedge
Billionaire Crispin Odey, Who's Had A Pretty Terrible Year, Is Betting Everything On Gold
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