Crispin Odey clocks double-digit losses in the first half.
Crispin Odey’s European Inc. The fund fell in five out of six months, including a 7.3% drop in June, wiping out a surge during the market sell-off in March, according to a letter to investors seen by Bloomberg.
“The future is as unknowable today as it was three months ago” wrote Crispin Odey in his recent letter to his investors where he gave no reason for the fund’s sub-par performance.
“The future is as unknowable today as it was three months ago”
How do Crispin Odey clocks double-digit losses compare across the industry?
Crispin Odey, known for his risky bearish bets, losses compare with a 3.5% slide across the hedge fund industry.
In a piece entitled, “Crispin Odey buys” we noted that the London, UK based hedge fund manager had bought back into the market, betting that the trough was reached back in March in the wake of the 2020 corona bubble stock market crash, which played out in late February 2020.
“The market hasn’t been this interesting since 2008” said Crispin Odey. “Going into March, I was down 12% for the year but my fund is now between 18% and 20% up for the year” added Crispin Odey.
We noted that the “2020 stock market crash has been a moveable feast as Crispin Odey buys back after shorting the markets into a tailspin and bagging £115m”
“Going into March, I was down 12% for the year but my fund is now between 18% and 20% up for the year”
Despite profiting on the V-shaped stock price recovery, ginned up on over a trillion dollars of central bank liquidity, Crispin Odey clocks double-digit losses
So what happened to that north double-digit figures that Crispin Odey was so proudly boasting about only just a few months ago?
What is even more perplexing is the fund’s losses come despite Odey Asset Management reportedly making at least 25 million euros ($28 million) betting against shares in scandal-hit German payment company Wirecard AG, and a reported gain of at least 75 million pounds ($94 million) from the demise of U.K. shopping mall owner Intu Properties Plc.
“In the long-term, usually what the people want, the people get. Otherwise, there’s a revolution” – Crispin Odey
Crispin Odey’s investment career has had its share of ebbs and flows.
Crispin Odey’s flagship, Odey Asset Management, has clocked years of losses as Crispin Odey maintained bearish bets during a central bank induced bull run which defies the fundamentals.
Crispin Odey clocks double-digit losses which has also reduced the fund’s asset under management
Crispin Odey’s flagship fund now manages $624 million, according to his recent letter. So the fund’s asset under management has fallen from about $700 million in March.
Crispin Odey is an ardent eurosceptic and a pro-Brexitier.
Crispin Odey’s revolution warning was made in January 2019
Referring to Brexit Crispin Odey said, “In the long-term, usually what the people want, the people get. Otherwise, there’s a revolution”.
But if the great lockdowns, the confinement of people to the four walls of their homes, the enforced closure of businesses, the banning of freedom to assemble and all forms of live entertainment based on shady science didn’t spur an uprising, then what will?
A representative of Odey Asset Management declined to comment on Crispin Odey clocks double-digit losses.