January carried on where December left off

Crispin Odey

Odey Asset Management

January carried on where December left off. China continues to slow, exports are up but imports have been falling year on year by a shocking 20%. Emerging market currencies continue to weaken, but European economies show signs of growth. Spain might grow by 5% in nominal terms this year, the UK is expected to grow by nearly 3%. QE continues to drive refugees into the equity markets but with dividends now up from 40% of earnings to nearer 90% of earnings, this is no longer a riskless trade. The USA really does seem to have a working banking system. Customer lending is up over 9% and commercial and industrial lending is up 14.5%. The Fed seems intent on raising rates in June. Full monthly report: (VIEW LINK)


Crispin Odey
Founder | Chief Investment Officer
Odey Asset Management

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...

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