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Money managers under the microscope

Make hay while the sun shines

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More good news for equity bulls from Crispin Odey.

No correction until the autumn?Odey, who called the possible start of the bull market earlier this year, says technically there is “every reason to be hopeful that a major correction will not happen before September”.

And, having profited handsomely from his position in Barclays, which is now a 16.3 percent holding in his European fund, he sees the best opportunities in companies that were once unable to refinance but now can get credit, rather than safe-haven stocks.

“I still find myself coming out of meetings with companies whose share price is up fivefold since January and wanting to fill my boots. But it is quite a narrow field.

“This is the year of the prodigal son, with no prizes for being the sensible and good older brother.”

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