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Not that it, in the end, really matters very much to him personally—Crispin Odey does quite well for himself, thank you, no matter how well or otherwise his investors are doing—but the odious hedge fund manager has, for what it’s worth, bounced back quite nicely from his recent travails. Not quite nicely enough to make the suckers who invested with him back in 2015 whole, to be sure, but matching your 54% return from last year in the first three months of this one is impressive, all the same.

His flagship Odey European Inc hedge fund soared by about 15% in March, according to an investor update seen by Bloomberg. That lifted this year’s return to 53%, the update shows…. “Everybody knows that the West is bankrupt somewhere around interest rates of 3%, so the fight now is how can 0.5% interest rates slow down inflation which is potentially on its way through 10%,” Odey told clients in the letter last month. “Long bonds are fighting this battle pretty much on their own.”

Meme stock mania martyr Gabe Plotkin, on the other hand, only wishes he could laugh at bankruptcy with such insouciance, because, well, his Melvin Capital still has a distinctly “Odey European in 2017” vibe to it.

It was another rough start to the year for investors in Gabe Plotkin’s Melvin Capital Management, with the hedge fund tumbling 20.6% in the first quarter, according to people familiar with the matter.

The fund fell 3.8% in March, marking the third straight month of declines, the people said, asking not to be identified discussing information that isn’t public. The losses follow a tumultuous 2021, when New York-based Melvin Capital ended the year down 39%./Of the firm’s six largest U.S. stock holdings at the end of the year, five declined in the first quarter, with Bath & Body Works Inc. sinking by almost a third and Laboratory Corp. of America Holdings falling 16%.

Crispin Odey’s Hedge Fund Surges 53% as Short Bond Bet Pays Off [Bloomberg]
Gabe Plotkin’s Melvin Capital Ends First Quarter With 20.6% Loss [Bloomberg]

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