Russell Clark: I Have Found The Trigger Which Will Bring Down Shale

It's time to short shale according to Horseman's Russell Clark. Following on from our recent article Horseman: Shale Legacy Decline Means Peak Production Is Close, this article covers the performance of Horseman YTD.

After returning -23% in 2016 and starting at the first few months of 2017 on the back foot, during the first quarter of this year, Russell Clark manager of the Horseman Global hedge fund decided to change strategy.

Horseman, which has been called the most bearish hedge fund in the world, suffered most of its losses thanks to bearish bets and in an attempt to stem the bleeding, Clark pared back short positions.

During February net exposure rose from around -100% to just over -10% and...