Saturday, 1 November 2014
Last updated 1 day ago
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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
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