Fund update | August 2016
The Odey International Fund returned -6.07% for the month of August.
"It is always dangerous to fight the Fed"
In his August report, Crispin Odey writes, "my thinking this year was that stock markets would follow earnings. What we did not expect was that markets would re-rate massively into an earnings downturn. Moreover, it still seems to be a re-rating which is not supported by hopes that earning will soon recover, but only by the monetising undertaken by central banks. The quest for yield explains 100% of this year's performance." Read more
August 2016 report