Odey: We are already in a deflationary downdraft amidst currency wars

It's been a rough year for Odey Asset Management's OEI Mac fund. Year-to-date the fund is down 15.8%, although, after a strong August, the fund has managed to regain some composure. according to a September 23rd letter to investors reviewed by ValueWalk.

Odey Asset Management founder Crispin Odey’s flagship hedge fund slumped 19.3% during 'Bloody April' after it was caught out when the Australian dollar strengthened against the US dollar.

During August, the OEI Mac fund's USD share class gained 6.8%. The performance is even more impressive when compared to the MSCI Daily TR Net Europe USD return of -6.9% and an MSCI Daily TR Net Europe GBP return of -5.3%. Over the past twelve months,...