Odey Says Equity Investors Outsource Analysis To Bond Markets

After returning +0.7 percent in September, now up 7.3 percent year to date as of this report, Odey’s Odyssey Fund made material changes to their portfolio as Odey thinks market movements were out of line with fundamentals.

See returns from Crispin Odey's hedge fund here

Odey: Financial markets have are predicting a sharp slowdown

In a September investor letter the fund, managed by portfolio manager Tim Bond, said financial markets have are predicting a sharp slowdown in global growth.  Market gyrations didn't match the economic reality, however.

Using their survey-based Nowcast, they believe actual growth basis September has slowed from 4.1 percent year over year to 3.85 percent. On average...