Change of fortune: Hedge fund boss Crispin Odey
Gloomy investor Crispin Odey has enjoyed a rare streak of good luck this year amid a slowdown in markets.
The 59-year-old’s hedge fund has been one of the world’s best performers this year with returns of 19.9 per cent, boosted by betting on falls in markets and the price of government debt.
Odey believes that ultra-low interest rates and money-printing programmes by central banks around the world will eventually trigger a catastrophic crash and a surge in inflation.
But in the past three years he has been repeatedly wrongfooted by the markets and disaster has not struck.
It meant the Odey European Fund lost 60 per cent of its value.
He currently has a bet on a fall in UK government debt prices equal to 147.4 per cent of his fund’s value.
Odey is also gambling on a drop in Japanese bonds and a slump in the value of US electric car market Tesla.