Paul Ruddock Is A Knight Now, Crispin Odey’s Investor Letter

Next time you mention Paul Ruddock don’t forget to call him “Sir Paul Ruddock”. According to Sky News Labour Party criticised Prime Minister Cameron for rewarding “his friends in the city”. Here is Paul Ruddock’s big sin:

“Paul Ruddock used a practice called ‘short-selling’ to profit from a fall in the share price of Northern Rock before it had to be rescued by the taxpayer”

We don’t think there is anything wrong short-selling. Northern Rock didn’t fail because of Paul Ruddock. Northern Rock failed because it deserved it. Short-selling isn’t a big deal, but donating half a million pounds to Cameron’s Party may not be the best PR move.

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Crispin Odey‘s November investor letter is out. Here are the returns for Crispin Odey’s Odey European fund listed in his investor letter:

“Odey European is down 18.3% this year to the end of November. In the same period, the average hedge fund is down 4.45% and the average equities hedge fund has lost 7.15%, according to data provider Hedge Fund Research. Since it launched in June 1992, Odey European has achieved annaulised gains of 13.2%.”