Saturday, 20 September 2014
Last updated 19 hours ago
Apr 16 2009 | 1:23am ET
Crispin Odey’s bearish take on British banks last year earned his investors a mint. But while many are dismissing the current market rally, the Odey Asset Management chief says it could be the beginning of a new bull market.
While he acknowledged earlier this year that he was too quick to begin buying bank stocks again, Odey believes that the beating suffered by the financials sector is over, the first sign that the market is ready to rise again, Financial News reports.
“In a little over a month, much has changed,” Odey wrote in his most recent monthly report. “Stock markets have shot up, led by the financials and base material sectors.”
Odey’s own bet on Barclays, Britain’s largest bank, paid off last month, the report says.
“As the story moves from the balance sheet to the earnings potential for the likes of Barclays, the bull market will also extend from its narrow base to encompass other industries where capacity has been sufficiently reduced as to allow pricing power to come through,” he wrote. “Since on my numbers these banks are trading on between two and three times future earnings, two years out, I am not afraid of the volatility in the share price.”
Get tomorrow's hedge fund news, today.
Sign-Up for FINalternatives Daily, it's free!
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.