As those of you who keep up with the lifestyles of the rich and famous: pet edition know, hedge fund manager Crispin Odey has been in a serious relationship with a bunch of chickens for many years now. Unlike other chickens who suffer the indignity of living in some sort of makeshift coop like a barnyard animal, Odey would never debase his friends/advisers/closest confidants in such a way. As a grand gesture meant to show not just the chickens but the world how he feels about them, in 2012 the Odey Asset Management founder spent more than $250,000 building his chicks a place of their own, "in the style and scale of a small Grecian temple, fashioned in grey zinc...English oak...and the finest grey Forest of Dean sandstone." Just as Shah Jahan commissioned the Taj Mahal as a monument to his love for his favorite wife Mumtaz Mahal, so too would "Cluckingham Palace" be an enduring example of Odey's adoration and affection for his chickens.
As many of you also know, upkeep on these kinds of places does not come cheap. Which is why the news out of Odey's fund today is more than a little alarming.
Crispin Odey’s flagship hedge fund plunged 16.8 percent in the first 16 days of October, reversing a September gain that had pared its losses for the year, according to a person with knowledge of the situation. The loss by Odey European, a $1.4 billion fund betting on rises and declines in stocks, brings the drop for the year through Oct. 16 to 17.4 percent, said the person, who asked not to be identified because the information is private. The fund profited in August and September from Odey’s negative view of the Chinese economy.
Presumably Odey has set aside a special trust for the chickens, not affected by the short-term fluctuations of the market. Otherwise he should expect a chilly reception upon returning home tonight, at best.
Earlier: UK Hedge Fund Manager Sets Unreachably High Bar With Resplendent Private Residence For Chicken Friends; Monument To Hedge Fund Manager’s Love Of Chickens Nearly Complete; UK Hedge Fund Manager’s Chickens To Maintain The Lifestyle They’ve Grown Accustomed To In 2013