Hedge fund manager Crispin Odey of Odey Asset Management is worth listening to. He's one of the few investors who managed to make money from both the crash and the rebound, shorting banks all the way down, then buying them all the way back up. So what's he saying now?
The big news is we're back in bubble territory. "Markets are now entering a bubble phase," says Odey. This may last "until the end of the year," he reckons. The bubble has been pumped up by the Bank of England's quantitative easing (QE, or 'money printing'). As a result, "individuals and institutions are stampeding into real assets eager to have anything but cash or government bonds... The latter are expensive because of the QE."
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