Odey Rose 10.3% In Oct.

Nov 18 2011 | 2:31am ET

Odey Asset Management did even better than previously reported last month, enjoying a double-digit return in a year of double-digit losses.

London-based Odey's European Fund rode October's equity-market rally to a 10.3% return, roughly in line with the return of the Standard & Poor's 500 Index, Financial News reports. The rally erased the fund's September loss of 8.3%, but the fund remains down more than 10% on the year.

Unsurprisingly, Odey's long bets drove its October resurgence, rising 12.5%. Its short bets, by contrast, fell 3.3%.

In October, firm founder Crispin Odey predicted a "deep recession" coming, but said the volatility it would cause could be a boon to Odey investors.

"Since I believe that governments in the West will choose to monetize and that inflation will come through, the difference between the cash flows and the dividends makes equities at present very volatile," he wrote. "This volatility allows me the opportunity to buy cheaply for the long term and protects me from any inflation risk.”

"It really feels like 1931 and the end of the gold standard," he added.

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