Bet now that shares will fall, says City tycoon who made millions by predicting the credit crunch

The Daily Mail reports:

A hedge fund manager who made millions after correctly predicting the credit crunch has warned major economies are entering a recession that will be ‘remembered in a hundred years’.

In a letter to his well-heeled customers, Crispin Odey predicted that ‘equity markets will get devastated’ and described it as the best time to bet on shares slumping in value since the recent financial crisis.

Citing the current turmoil in the markets, including a dramatic slump in the oil price and a ‘faltering Chinese economy’, he said: ‘This downcycle 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!’.

Oxford-educated Mr Odey is the founder of Odey Asset Management, which runs more than £7.6billion for investors around the world.

As one of the most successful hedge fund managers in the UK, he has made a fortune from betting on shares in companies plunging in value.

Just a reminder.