Crispin Odey Quotes
104 Crispin Odey Quotes
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[In June 2014.] We live in a world where quantitative easing in the US has already driven savings to find returns in the periphery, where hidden dangers lurk behind attractively high yields.
Crispin Odey
[In June 2014.] Whereas 2008 was a crisis over solvency, with borrowing at 8 per cent to invest assets yielding 3 per cent, this crisis will be a crisis of liquidity.
Crispin Odey
[In November 2014.] I setup 21, 22 years ago because I thought nobody else was doing what I thought was good for the investor.
Crispin Odey
[In November 2014 on his key drivers to success.] If someone had of asked me originally I would have said – performance. And the answer is that we’ve performed very well over the last 22 years. But actually the key driver is having the right clients. Because if you have the right clients they give you the chance to make the right decisions. They’re not prodding you at the wrong time.
Crispin Odey
[In November 2014.] The truth about investing is the vast majority of the time you can go long. But there are critical times where the fault lines in the system are opening up. At those points in time you have to go a different way to the crowd.
Crispin Odey
[In November 2014.] There are moments when you are basically betting against the crowd.
Crispin Odey
[In November 2014.] We are always looking for people who think for themselves.
Crispin Odey
[In November 2014.] I want to protect our clients money.
Crispin Odey
[In January 2015.] We don’t mind losing money when the market is just taking a different short-term view to us, in fact we quite like this, but we hate losing money when we are wrong.
Crispin Odey
[In January 2015.] 6 years into a bull market, with multiples above their long-term averages, we do feel there are certain risks that are under-priced by the market: 1) Sovereign QE not working in Europe. 2) Emerging market capital flight. 3) Political risk/popularist governments. 4) US wage inflation. 5) Increased currency volatility. 6) Insurance against natural catastrophes.
Crispin Odey
[In January 2015.] After the 1987 crash, a friend of mine, then a young Director of Sotheby's, was sent to consult an old Partner who had been at Sotheby's during the 1930s and was still alive, albeit in a nursing home. My friend asked the question ‘What was it like in the 30s?’ and the man replied ‘It was like being bitten by a tarantula.’ My friend didn't really understand that, but later on in the conversation the old Partner said ‘A spasm of activity followed by a death.’ My point is that we used all our monetary firepower to avoid the first downturn in 2007-09, so we are really at a dangerous point to try to counter the effects of a slowing China, falling commodities and EM incomes, and the ultimate First World effects. This is the heart of the message. If economic activity far from picks up, but falters, then there will be a painful round of debt default.
Crispin Odey
[In January 2015.] We are in the first stage of this downturn. It is too early to see what will happen - a change of this magnitude means the darkness and mist is very great. We will make some mistakes but with our thinking we won't make the major mistakes. The problem is where you stand - I am amazed to see so many are fully invested given that equities are already fighting the downtrend.
Crispin Odey
[In January 2015. When] the Anglo-Saxon central banks lowered interest rates from 5.25 per cent to effectively zero, they put the equivalent of 30 per cent of net income into the hands of the over-borrowed.
Crispin Odey
[In January 2015.] Equities are priced for perfection…
Crispin Odey
[In January 2015.] We used all our monetary firepower to avoid the first downturn in 2007-09, so we are really at a dangerous point to try to counter the effects of a slowing China, falling commodities and EM incomes, and the ultimate First World effects. This is the heart of the message. If economic activity far from picks up, but falters, then there will be a painful round of debt default.
Crispin Odey
[In February 2015.] For me the shorting opportunity looks as great as it was in 07/09, if only because people are still looking at what is happening and believe that each event is an individual, isolated event. Whether it’s the oil price fall or the Swiss franc move, they’re seen as exceptions.
Crispin Odey
[In February 2015.] This down cycle is likely to be remembered in a hundred years, when we hope it won’t be rated for ‘How good it looks for its age!’. Sadly this down cycle will cause a great deal of damage, precisely because it will happen despite the efforts of the central banks to thwart it.
Crispin Odey
[In February 2015.] My father was the son of a very successful man and never had a role and blew his father’s money pretty fast. So I was clogs to clogs in three generations or could have been.
Crispin Odey
[In February 2015.] The money side is never the driver of things, the driver is definitely being allowed to be free. It’s the creativity. It’s really doing something that you’re good at. And finding when it’s working how much pleasure that is.
Crispin Odey
[In February 2015 on adversity creating strength in himself.] I feel sorry for one’s friends who’ve never had to battle. I think battling was very helpful.
Crispin Odey
[In March 2015.] We’re in the midst of a wonderful bubble.
Crispin Odey
[In March 2015.] Everything points to it being a bubble. You can never know the height of a bubble but by the time it gets to here you haven't got much time.
Crispin Odey
[In March 2015.] For me, what I find very interesting is given the risk of recession, how is it the West stockmarket can be hitting all-time highs? History tends to be not very generous in this regard. If you get a recession in a low inflation environment it tends to impact the ratings of stocks dramatically.
Crispin Odey
[In April 2011.] You have to be the owner of capital, you have to ensure the money works for you and nobody else.
Crispin Odey
Bonus
[In October 2007.] I am a contrarian investor. Lots of people say they are contrarian but aren't really. We are looking for assets that have lost 80-90 per cent of their value and have not made a new low in the last two to three years.
Hugh Hendry
[In October 2007.] In 1982 the Dow was at 1,000. It is now close to 14,000. You see my point?
Hugh Hendry
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