HEDGE FUND MANAGER ODEY WARNS: We’ve Entered A Downturn That Will Be Remembered In 100 Years…”central banks won’t be able to stop it.”
JULIA LA ROCHE
BusinessInsider.com
Jan.26,2015
British hedge fund manager Crispin Odey thinks we’ve entered an economic downturn that is “likely to be remembered in a hundred years,” and central banks won’t be able to stop it.
In his Odey Asset Management investor letter dated Dec. 31, 2014, Odey writes that the shorting opportunity “looks as great as it was in 07/09.”
“My point is that we used all our monetary firepower to avoid the first downturn in 2007-09, so we are really at a dangerous point to try to counter the effects of a slowing China, falling commodities and EM incomes, and the ultimate First World Effects. This is the heart of the message. If economic activity far from picks up, but falters, then there will be a painful round of debt default,” he writes.
Odey also writes that he thinks “equity markets will get devastated.”
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