Hedge fund manager Crispin Odey, infamous for his often bearish outlook, has not fared well in 2017 so far as figures on Odey Asset Management's website show assets under management have slumped.
As of the 29 September 2017, investment firm Odey Asset Management had $5.5bn (£4.19bn) of assets under management – down from $10.36bn in April 2016, according to accounts filed with Companies House.
In a letter seen by the Financial Times, Odey Asset Management told clients that assets under management had fallen from $11.7bn at the start of 2015 to $6bn at the end of August.
The manager's stumble seems to have been caused by his own pessimism. Earlier this year, City A.M. reported that Odey had compared the UK to Germany near the end of World War II to justify his bearish outlook on UK stocks.
He predicted that people were borrowing money which they couldn't pay back, and the country would fall into recession as consumers faced higher inflation due to the Brexit vote. But at the same time, his flagship fund lost 50 per cent of its value in 2016.
Odey Asset Management currently holds substantial short positions in companies including Debenhams, speciality insurance group Lancashire Holdings, emerging markets investor Ashmore Group, and spread better IG Group.
Odey Asset Management did not immediately respond to a request for comment.(Why?)