from Wolf Street:
“As we can see with the bull market in China, once a bubble forms it has an internal logic of its own and it will grow until it has outgrown all of its surroundings,” wrote hedge fund manager Crispin Odey in a letter to his investors on May 28, after a fund in his $12.9-billion Odey Asset Management company had lost a breath-taking 19.3% in April alone and was down 18.2% year-to-date.
April was “bloody,” he wrote. Negative interest rates in Europe had created a bubble that would end “badly.” He’d been caught on the wrong side on multiple levels:
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