Crispin  Odey  wishes you a merry X-Mas and leaves you with the following questions. Odey flipped from bullish to super bear about a year or so ago so the comments/ questions from the famed UK hedge fund manager are hardly surprising. Excerpted from Odey’s November letter to investors.

Are we getting not only to the end of the year, but to the end of this economic cycle? Has Janet Yellen decided that zero interest rates are now encouraging danger-ously speculative behaviour with unsecured credit rising by 14% year on year?

How can oil not hit $20 per barrel when there is absolutely no agreement to curtail supply despite 2 million barrels per day of excess production? What is happening in the high yield bond market which is causing that index to fall like a stone?

Are we at the beginning of a major depreciation of the Chinese renminbi? With overcapacity everywhere the only question is who is going to have to close down theirs?

Welcome to the future and I hope that you are well wrapped up for this Christmas.

A bear hug could be the answer.

odeySP