Crispin Odey Addresses 'Bloody' April Losses Of 20%

Earlier this month we reported that Odey Asset Management was down by 20% in April due to its log USD/ short AUD trade, and now that the April letter is out Odey is reporting 27.8% losses for the USD class of its Master Fund, 23 percentage points attributed to forex positions, stately simply that ‘April was bloody’. Fund manager Crispin Odey is still convinced that obsolete operating assets and the debts attached to them will have to be written off, but he is no longer willing to bet that it will happen soon.

“Nobody likes being wrong. Nobody likes looking foolish. Nobody likes losing money,” Odey writes. “In hindsight the tail wind that was the leveraged position in the US...