Forbes – The current rally in stock markets may be the start of a new bull market, said hedge fund manager Crispin Odey, founding partner at Odey Asset Management and one of the hedge fund industry’s highest profile figures.

‘Opinion is divided over whether this is a bear market rally or the beginning of a new bull market. I think it has the chance to be a new bull market,’ Odey said in a note to clients.

‘In little over a month much has changed’, following a sharp rally in stocks led by banks and base materials stocks, he said.

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CNBC – High-profile hedge fund manager Crispin Odey, who made money last year betting on falling bank share prices, has been buying into UK banks recently because he thinks they are now so cheap.

Odey, who is founding partner of Odey Asset Management and manager of the 896 million euro ($1.1 billion) Odey European fund, said in notes to clients this month that the risk/return on UK clearing banks’ shares is now wrong and that over time these shares would do well.

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Tags: 1-billion, asset-management, clearing banks, cnbc, crispin odey, euro-1, hedge-fund-manager, money, risk return, share prices, uk banks