For the first time in over six years, my strategy is poised for a fall in stock markets, and a pick up in foreign exchange volatility
For the first time in over six years, my strategy is poised for a fall in stock markets, and a pick up in foreign exchange volatility. The fund is well positioned to enjoy the next twelve months. Recent moves in markets have highlighted how tired this bull market has got. Whereas 90% of shares one year ago in the USA were close to their highs, today, despite markets being 12% higher, only 60% are near their highs. After markets have risen by over 100% since Q1'09, and supported only by an earnings yield of a little over 5%, is it such a sacrifice to choose to play the next year on the sell side? Low volatility has allowed me to build the position without too much pain. A belief that China's problems are not easily or costlessly solvable remains core to my strategy. Full Odey report here: (VIEW LINK)
Crispin is one of Europe's most respected investors having delivered exceptional returns for his clients. Since he established Odey Asset Management in 1991, his flagship long-short strategy has compounded at almost 14% per annum net of all fees...