Is the the tide turning for Odey the Brexiteer? - part 10
Ping! An email arrives with the latest investor report from Britain's most charasmatic hedge fund manager - Crispin Odey. The December 2016 report (somewhat longer than November 2016) was picked up by Business Insider - http://uk.businessinsider.com/odey-asset-management-crispin-odeys-oei-mac-fund-down-49-in-2016-2017-1 - but one angle that the digital publication didn't look at was the fund manager's worst performing equity positions of 2016.
Indeed, it was a short position in Berkeley Group, the housebuilder, that was one of the major contributors to last year's almost 50pc decline at the Odey European Fund (ouch!). The other big 2016 loser for the Mayfair investor was a short position in FTSE 250-listed Lloyd's of London insurer Lancashire Holdings, according to the investor document.
Whilst anything Mr Odey (who saw that 2008 financial crisis coming) writes is generally interesting to market watchers I will be keeping a particularly keen eye out for January's mutterings from the old boy as it might give some clues as to whether the uber bear is finally capitulating.
Or, has he got the strength to stick to his bearish outlook despite two years of terrible losses? Let's see.....