Crispin Odey Quotes
104 Crispin Odey Quotes
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[In September 2009.] How far are governments able to meet their social promises, and how and when will they settle or partially default on their IOUs?
Crispin Odey
[In September 2009.] With an asset boom without a self-sustaining recovery, with increasing differentiation between countries on the debt and currency markets, and a mountain of debt, what is there for rational governments to do?… I will hedge.
Crispin Odey
[In September 2010.] Whereas I found it hard to sleep from 2005-07, because no assets yielded me more than 6 per cent gross and I could see consumer spending overinflated by Ponzi credit, today I look at a world that is halfway through its recovery programme… Of course it feels quite scary because we are only halfway through…
Crispin Odey
[In October 2010.] We abhor the lazy thinking of index relative returns.
Crispin Odey
[In October 2010.] Investment styles need to adapt as opportunities change. Living in investment denial must be avoided - if an investment is not working, we won't wait until it does.
Crispin Odey
[In January 2011.] I always feel happiest when what others fear is what I want to happen.
Crispin Odey
[In January 2011.] Germans spend more money on cut flowers than they do on equities.
Crispin Odey
[In January 2011.] Equities have been priced off a depressionary world and not the inflationary world and this is a very typical period, which doesn’t feel that different to 2003 to 2007.
Crispin Odey
[In March 2011.] My opportunist approach means being a different kind of investor at different times.
Crispin Odey
[In March 2011.] As of today, it means being very long of stock markets in Europe and the USA, and short bond markets. Most investors are now waking up to the fact we are in the midst of a global boom, taking key commodities very much higher.
Crispin Odey
[In March 2011.] History is quite clear that not until rates hit 6 per cent do equities get frightened by inflationary pressures and that seems a million miles from here.
Crispin Odey
[In April 2011.] We have $6.5bn to $7bn under management. Of that, $4bn is run directly by me. We employ 70 people in two offices, here and round the corner.
Crispin Odey
[In April 2011 on his two offices.] They're both Georgian townhouses. I know, I know, I could move to a smart office building and put us all under one roof, but I've a loathing about moving anywhere. I love the history in the walls of a place like this.
Crispin Odey
[In April 2011.] We're pretty good at making money and we don't take too much out, either.
Crispin Odey
[In April 2011.] We are paid to change our minds - U-turns are allowed.
Crispin Odey
[In April 2011 on having seen his father make a lot of money as an entrepreneur only to then lose it.] I watched him break the rules, which are: give yourself time, think like a rich man and want to hang on to it, never attempt to make too much too early.
Crispin Odey
[In April 2011 on comparing being a fund manager in the UK to being one in the US.] In the US, being a fund manager was seen as a real profession. That's not how it was here. I found the ambition too low. It made me realise that you have to be the owner of capital, you have to ensure the money works for you and nobody else.
Crispin Odey
[In April 2011 on having worked for Barings International.] It was full of entrepreneurialism. It had come out of Hong Kong in the 1970s, not dull old England. I really enjoyed life. [But when it merged into Baring Brothers he decided to go out on his own.] We became a balanced, dull UK portfolio manager. Nobody had any flair.
Crispin Odey
[In 1991 setting up his own fund with seed capital from George Soros and others.] I'd always imagined you sacrificed income in order to be free, but within six months I was earning £1.5m.
Crispin Odey
[In April 2011.] If I'd believed in having scale I could have grown a lot bigger. But it stops you having fun.
Crispin Odey
[In April 2011 on an error back in 1994 when he thought that interest rates would fall because of inflation but the reverse happening and his fund losing 44% of it’s value at one point.] Alan Greenspan (the then US Federal Reserve chairman) raised interest rates and I found out what it was like to be on the wrong side.
Crispin Odey
[In April 2011 on his error in 1994 when he had taken a massive long position in bonds.] When I bought them we weren't afraid of interest rate movements, up or down, it wasn't what we were expecting. We'd had a fantastic run but that hadn't taught me much in the way of risk controls. It was a horrible moment.
Crispin Odey
[In April 2011 on 95% of his clients pulling their money out after his fund had gone down 44% and then only getting one new client between 1994 to 1999.] But I did make 400% in those years - I went from $50m - belonging to family, friends, anybody who was too embarrassed to pull out - to $250m.
Crispin Odey
[In April 2011.] That period taught me great things. One, liquidity is very important. Two, who your clients are on the funding side is crucial - you're only as good as the stability of that funding. Three, money you don't have you don't miss. But if it comes and goes, you miss it.
Crispin Odey
[In April 2011.] Most of my early career at Odey Asset Management I was an emigre. All the things I did I learned from Barings. It made me realise I couldn't just be good on my own, I had to broaden the business into a partnership.
Crispin Odey
[In April 2011 on Hugh Hendry.] I remember Hugh saying to me: ‘If the market is running towards you then you make money; if you're running after the market, you lose money. You've got to get ahead of the market.’
Crispin Odey
[On Hugh Hendry who left Odey Asset Management in 2005 on a difference of opinion.] Odey in the 1990s was a one-man band. Odey in the 2000s was a two-man band.
Crispin Odey
[In April 2011 on every short sell he does there is someone taking the opposite view.] There is a great difference between taking a bet, which is what we do, and wishing that something will fail or, even worse, making sure it fails.
Crispin Odey
[In 2009 on buying Barclays shares at 50p after he had been shorting financials in 2008.] Most people were precluded from going long because the market was so volatile - they simply could not take the risk.
Crispin Odey
[In April 2011.] Zero interest rates or 0.5%interest rates cannot last forever and the only question is going to be, when will they start moving up?
Crispin Odey
[In July 2011 on James Murdoch.] (James Murdoch's) challenges are always being the son of the founder... He has to live with a very large personality in the room, which is his father [
Rupert Murdoch]. To say that dominates his relationship with other people is about right.
Crispin Odey
[In April 2012.] I called myself a hedge fund because the people I asked for money, such as Soros, wanted it to be run in that format. But the truth is that temperamentally I am a wealth manager. It was that way of thinking that made me nervous in 2007. I could see that the leverage in the financial system was dangerous.
Crispin Odey
[In April 2012.] A lot of business strategies and investment strategies were shown to be utterly reliant on cheap finance. That's why 2008 was a fantastic experience. It showed that being a hedge fund still has a real meaning.
Crispin Odey
[In April 2012.] Think like an owner, if you buy something in any meaningful size you have to be prepared to hold.
Crispin Odey
[In April 2012.] The only thing I am absolutely certain of is that cash and bonds will not earn a real return and that equities are cheap. They are cheap because they are unloved and will continue to be volatile, but equities remain the right asset class to hold to protect wealth.
Crispin Odey
[In July 2013.] I like equities.
Crispin Odey
[In July 2013.] We are short the Australian dollar compared to the US dollar.
Crispin Odey
[In July 2013 on the airline industry in the United States but having interest in Delta Airlines with only four airlines now operating in a short golden period.] The airline industry has never made money in the states.
Crispin Odey
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