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Odey says share rise heralds bull market
17 Apr 2009Crispin Odey, the highly rated London hedge fund manager, believes that the recent rally in shares across the globe could herald the start of a new bull market.
The founding partner of Odey Asset Management, who made a fortune by shorting Britain's banks last year before their part-nationalisation, said that he expects the recovery in shares now to extend beyond the banking sector.
In a note to clients, Odey wrote: "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 turned bullish on British banks in February but now believes other stocks have been left looking cheap: "The bull market will extend from its narrow base to encompass other industries where capacity has been sufficiently reduced."
Odey's European hedge fund gave investors a return of almost 11% compared with a 19% loss for the average fund.
Reader views (3)
What do you mean, is he right to say it? Does anyone still give a monkey's what these "experts" say?
- V B S, Kensal Rise, London, 17/04/2009 11:37
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Er, and Mr Odey has been wrong before how many times?
- Andrew, sevenoaks, uk, 16/04/2009 13:53
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Yeah right. Based on what. Where has the debt gone? Where is the company profitability?
- Dave Davies, Basingstoke, 16/04/2009 09:33
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