Crispin Odey has cashed in after placing bets that oil and gas prices would soar.
The hedge fund manager, who founded Odey Asset Management in 1991, has made returns of more than 30 per cent after Russia’s invasion of Ukraine sent energy markets into a tailspin.
He said the West was only in the ‘early days’ of an energy crisis, which would see prices climb yet further and plunge the world into a recession.
Exposed: The Brook Developed Markets Fund, part of Odey Asset Management, founded by Brexiteer Crispin Odey (pictured), has lost 10.6% of its value
‘The last time that 10 per cent of the world’s production was taken out, which was the Saudi [crisis] in 1973, the oil price went up by 300 per cent.
So you are probably in the early days of this. There is still a bit of money to be made at the moment,’ he told the Telegraph. This isn’t the first time that Odey, 63, has made money while angering observers.
A staunch Brexiteer, he profited in the aftermath of the vote to leave the EU by betting against the pound.
But Odey’s Brook Developed Markets Fund, managed by investor James Hanbury, was less successful last month after failing to cut its exposure to Russia fast enough.
In a letter to investors, Hanbury apologised for the 10.6 per cent slide. He said: ‘Having any exposure to Russia coming into this crisis was, in hindsight, clearly unfortunate.’
