A hedge fund
manager who made millions after correctly predicting the credit crunch
has warned major economies are entering a recession that will be
‘remembered in a hundred years’.
In
a letter to his well-heeled customers, Crispin Odey predicted that
‘equity markets will get devastated’ and described it as the best time
to bet on shares slumping in value since the recent financial crisis.
Citing
the current turmoil in the markets, including a dramatic slump in the
oil price and a ‘faltering Chinese economy’, he said: ‘This downcycle is
likely to be remembered in a hundred years, when we hope it won’t be
rated for ‘How good it looks for its age!’.
Oxford-educated
Mr Odey is the founder of Odey Asset Management, which runs more than
£7.6billion for investors around the world.
More @ Daily Mail
People will not know what things were like 100 years ago. They still won't have a reference point to judge by.
ReplyDeletebe remembered
DeleteSeems like they are just saying it will be remembered, but making no predictions of how good/bad it will be then.
What so many fail to realize is that during the Great Depression, there was a great recession that happened in '37-'38 which recorded a whopping 18% drop in GDP.
ReplyDeletea great recession that happened in '37-'38 which recorded a whopping 18% drop in GDP.
DeleteThanks.