Getting by with a little help from his friends The Conservatives, Banks, Brexit, the City and the links. Many Tory Mps are merchant bankers . Kwasi Kwatang used to work for Odey the hedge funder, who made a fortune betting on Brexit. If you know what the forecast is, you are likely to be quids in. On Friday Kwasi's budget sent the £ tumbling in the financial markets, and some made a fortune. While this will mean the price of petrol and imports will go rocketing adding to inflation, The Conservatives are quite happy that Bankers prosper and have their salary caps removed and pay even less tax, without recourse to tax evasion.
2016 the rigged Leave referendum campaign financed by Russia.
At the time Odey said: “This is a good day for me. I was brave. I had a lot of clients who were angry with me but they won’t be quite so angry this morning. Life is not about being un-brave at the right time. We in the City have certain skills.”
“There’s that Italian expression,” he told the BBC. ‘Al mattino ha l'oro in bocca’ – the morning has gold in its mouth – and never has one felt so much that idea as this morning really.”
Crispin Odey cleared: The hedge fund king who made £220m on Brexit vote
Financier set up Odey Asset Management in 1991 and soon became famous for his controversial investment strategies
https://www.telegraph.co.uk/business/2021/03/11/crispin-odey-cleared-hedge-fund-king-made-220m-brexit-vote/
Odey, who raked raked in £220 million on the eve of the referendum 2016 as shares that he had large short positions in, ie bets that they would fall, and they did , they crashed.
Kwasi Kwarteng worked as an analyst for JPMorgan and Odey Asset Management after winning a scholarship to Eton and studying at Cambridge. He has carved out an image as a low-tax, free-marketeer Conservative who has long backed Brexit and pro-growth policies for financial services.
Crispin Odey’s hedge fund is up 145% so far this year 2022, largely due to shorting UK gilts, according to sources quoted in Reuters.
Odey’s firm, Odey Asset Management, which manages £4bn in assets, made most of its money this year through betting against government bonds as inflation forces banks to raise interest rates.
According to the Reuters source, some of the bonds date out as far as 2071, with Odey entering a short position against a UK 2061 cash bond when yields were as low as 0.5%.
This week, the 10-year gilt yield hit 3.392%, its highest position since July 2011, with the figure shooting up around 250 basis points so far this year, its biggest price surge since 1994.
Odey, who was a vocal and leading backer of Brexit, made his name during the 2008 financial crisis when he made a fortune shorting banking shares.
His hedge fund is known for taking big positions leading to volatile performances with big gains or losses.
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