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Odey Cites Hitler's Russia Debacle, Minsky for Bearish View

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Photographer: Simon Dawson/Bloomberg
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Crispin Odey, whose main hedge fund lost almost 50 percent last year through failed bets on falling asset prices, says he’s sticking with a bearish outlook because of the number of people borrowing money they can’t pay back.

Explaining his views, Odey cited Adolf Hitler’s armaments minister Fritz Todt, who predicted the German war effort would stall in Russia in 1942. “What he could see was that the lines of supply were at breaking point,” the fund manager wrote in an investor letter seen by Bloomberg News. “Success was the necessary ingredient of failure.”