Hedge Fund Millionaire Shuns Currencies as Dollar Stalls

Stephen Diggle, who co-founded a hedge fund that made $2.7 billion over 2007 and 2008, is shunning currencies saying the profit readily available from wagering on the dollar’s appreciation against the euro and yen is over.

There’s been a shortage of ideas for 2015 following the greenback’s strongest rally for a decade, said the chief executive officer of Singapore-based family office Vulpes Investment Management. The millionaire, who set up the firm about four years ago after liquidating his previous company’s volatility funds, would rather add to investments in German real estate as well as fruit-and-nut orchards in Australia and New Zealand even as those local currencies weaken, he said.