- Dividing return on equity by price-to-book shows how much return you get for the price you pay
- US is most expensive and the gap has been widening
- Unless this reverses, it makes emerging markets’ attractiveness rise
The Odey Special Situations Fund was down 0.27% for April, compared to its benchmark, the MSCI World USD Index, which was up 4.65%. For the first four months of the year, the fund is up 8.4%, while its benchmark returned 9.8%. Q1 2021 hedge fund letters, conferences and more The Odey Special Situations Fund is Read More
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