Crispin Odey and his European Fund lived at one point during the go-go days of the hedge fund industry. In the 1990s, before hedge fund managers became celebrities, Odey delivered eye-popping double-digit returns at a time when the global alternative investment industry was lightly regulated and idiosyncratic opportunity was plentiful. From 1992 to 2005, Odey only had one losing year amid several when he delivered meaningful double-digit returns such as 60.4% in 1993. Fast forward to 2017 and the story has changed. Hedge funds are a crowded field and Odey hasn't had a winning year in some time -- and waiting for the market to crash can be a painful exercise.
Crispin Odey says market is "painful"
The Odey European fund, denominated in the Euro currency, was down 8.2% in December, ending the year down 21.7%, according to fund documentation reviewed by ValueWalk.
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