Odey cashes in on vitality distress: Hedge fund boss has made returns of greater than 30% after invasion of Ukraine
Crispin Odey has cashed in after putting bets that oil and fuel costs would soar.
The hedge fund supervisor, who based Odey Asset Administration in 1991, has made returns of greater than 30 per cent after Russia’s invasion of Ukraine despatched vitality markets right into a tailspin.
He stated the West was solely within the ‘early days’ of an vitality disaster, which might see costs climb but additional and plunge the world right into a recession.
Uncovered: The Brook Developed Markets Fund, a part of Odey Asset Administration, based by Brexiteer Crispin Odey (pictured), has misplaced 10.6% of its worth
‘The final time that 10 per cent of the world’s manufacturing was taken out, which was the Saudi [crisis] in 1973, the oil worth went up by 300 per cent.
So you’re most likely within the early days of this. There may be nonetheless a bit of cash to be made in the intervening time,’ he informed the Telegraph. This isn’t the primary time that Odey, 63, has made cash whereas angering observers.
A staunch Brexiteer, he profited within the aftermath of the vote to go away the EU by betting in opposition to the pound.
However Odey’s Brook Developed Markets Fund, managed by investor James Hanbury, was much less profitable final month after failing to chop its publicity to Russia quick sufficient.
In a letter to traders, Hanbury apologised for the ten.6 per cent slide. He stated: ‘Having any publicity to Russia coming into this disaster was, in hindsight, clearly unlucky.’