Crispin Odey Warns of New Global Financial Crisis

New York (HedgeCo.net) – As one of Europe’s most well-known hedge fund managers, when Crispin Odey speaks, people tend to listen. If they are listening now, Mr. Odey is warning that there is a new global financial crisis looming and with that thought in mind, he has moved a big portion of his portfolio to cash.

According to a recent MarketWatch article, Odey thinks stocks are tremendously overvalued, stating that global stock markets ““are so overextended that they will need to fall 30%-40%” before they offer a compelling bargain, he argues. The article goes on to state that Odey’s Opus Fund has 29% of its $11.7 billion in assets now held in cash.

The reason for the bearish outlook from Odey is based on the recent devaluation by the Chinese government is ushering in an era of “currency wars, tariffs and the formation of trading blocs,” and this will lead to a crisis, especially among emerging markets. He even went as far as to compare it to the U.S. housing market crash.

Rick Pendergraft
Research Analyst
HedgeCoVest

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