And so to the Forest of Dean District Council planning department…
Click below for the full neoclassical experience. Read more
At present the lights are being turned down in the markets but the good fund manager, like the good pianist, will be the one who can play in the dark.
That’s Crispin Odey getting seriously gloomy and abstract in his latest note to clients. Read more
Leading hedge funds have profited heavily from a rally in European banking stocks in recent weeks and are wagering that their gains will continue amid fresh measures to inject liquidity into the financial system from central banks, says the FT. This year has seen some of the strongest performance numbers from equity-focused hedge fund managers since 2009. The average equity long/short hedge fund returned 3.8 per cent in January and is provisionally up 1.6 per cent for February, according to Hedge Fund Research. Bets in banks such as Italy’s UniCredit, Spain’s Santander and the UK’s Barclays have made some hedge funds millions. Among big hedge fund gainers in the past six weeks have been Toscafund, run by the former Tiger Management star trader Martin Hughes, which has seen its flagship fund gain 7 per cent. A more specialist fund run by Mr Hughes himself is up more than 18 per cent. Crispin Odey’s flagship European hedge fund rose 14.7 per cent in January alone while Lansdowne Partners saw its flagship UK fund rise 5.7 per cent. Fund managers are unequivocal that it has been the European Central Bank’s Long Term Refinancing Operations lie behind their gains.
When Nomura slapped a £10 target price on satellite broadcaster BSkyB earlier this week our reaction was to scoff. However, it looks like we are wrong. Sky really could be worth that sort of money.
It’s not so much the depth of the losses, FT Alphaville writes — though in some instances they have been nasty. Rather, it’s their breadth — across strategies, asset classes and managers — that has made May a particularly painful month for much of the hedge fund industry. Read more
Crispin Odey, the hedge fund manager who made a reputation – and big profits – short-selling UK banks, has turned bullish on some British lenders, such as Barclays and RBS, betting they will escape nationalisation if the government sets up a “bad bank” for their toxic assets. But he thinks Lloyds Banking Group needs more capital after its acquisition of HBOS. In his annual report to investors, the founder of Odey Asset Management, whose fund was up 42.5% last year, said some UK clearing banks were now “cheap” and their “risk/return is wrong”.