The metaphorical chickens have come home to metaphorically roost.
A little less than a year ago, Crispin Odey was bemoaning a 19% April drop. “Nobody likes being wrong. Nobody likes looking foolish,” he said. (And this from a man who built an ersatz Greek temple to house his chickens.) “Nobody likes losing money.” Crispin Odey may not like any of these things, but he certainly must be getting used to them, as they are becoming something of a biannual event. After nearly erasing his early ’15 mensis horribilis, Odey went and lost 16.8% in the first 16 days of October on his way to a 12.8% drop for the year. And this month, he’s managed to outdo even that.
Crispin Odey’s main hedge fund lost 22 percent during the first 14 days of March and is on course to record one of its worst monthly performances, according to two people with knowledge of the matter.
The loss leaves Odey European Inc. fund down 25.5 percent this year through March 14, the people said, asking not to be identified because the information is private.
It seems a basilica to house his dairy cows will have to wait.