Money managers under the microscope
Enjoy the bubble, says Odey
This year’s stock market rebound has turned into a bubble, or at least that’s the view of closely-followed hedge fund manager Crispin Odey.
Odey, who called a bull market back in April, reckons quantitative easing has fuelled investors’ desire to get out of cash and government bonds and into real assets, leading to a stampede.
However, there is little sign this bubble is going to burst in the immediate future and Odey reckons these conditions could continue until the end of the year.
For now at least, “everyone should enjoy it”, says Odey, whose European fund rose 6.5 percent in August, taking year-to-date gains to just under 47 percent.