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Hedge-Fund Manager Crispin Odey Says It’s Lonely Being Bearish

(Bloomberg) Crispin Odey, whose main hedge fund lost almost 50 percent last year as his wagers on falling asset prices failed to pay off, says he feels “lonely” in betting against growth.

“A year ago it was easy,” the 58-year-old wrote in an investor letter seen by Bloomberg News. “China was slowing, world trade was creaking, Europe was not recovering and the oil price was hitting new lows. A year later, to be bearish feels lonely, despite the fact that the reflationary story of the past year looks difficult to sustain and auto-loan lending has joined a long list of risks, along with Trump and Brexit.”

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