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Odey Blames Banks for Foiling Hedge-Fund Bears With ‘Fairy Dust’

(Bloomberg) It’s hard to be a bear these days. Take Crispin Odey, whose main hedge fund has tumbled by two thirds in three years because of bets against the market. He blames his losses partly on banks that helped troubled companies to keep their own investments intact. “As a bear, this market has been so painful,” the fund manager wrote in a letter to investors after his Odey European Inc. fund declined more than 20 percent last year in its third successive annual loss. “Every occasion in which a company gets caught between a squeeze in margin and an inability, because of competitive conditions, to pass on cost increases, banks have come to the rescue.”

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