A Resurgent Crispin Odey: "We Are At The Start Of A Profound, 25 Year Bear Market"

Two years after British billionaire Crispin Odey decided it was time to not only "fight the Fed" but launched a brutal and bloody crusade against central banks around the world, in which he bet virtually everything on a "violent unwind" of the QE bubble, loading up on gold and shorting every government bond he could find, something strange is happening: Odey appears to be winning.

In some ways, it has been a pyrrhic victory: managing billions in assets several years ago, Odey Asset Management has shrunk substantially in the past 2 years, and as of October 2018 AUM had dropped to $828 million, while the OEI MAC fund is down to just $250 million.

More importantly, Odey was not wiped out and is still managing money after an abysmal stretch in which the hedge funds lost 21.3% in 2015, 49% in 2016 and 22.3% in 2017. Fast forward to 2018, when Odey is enjoying his best performance in a decade, up 49.8% YTD, his second best year on record after the 67.7% return in 2007.

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