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originally posted by: Peeple
a reply to: Reverbs
But I thought you were doing so well? Is it just a bad day? Did something happen?
It will pass, BB.
originally posted by: TEOTWAWKIAIFF
a reply to: Reverbs
You are not your job. You are not the contents of your wallet...
O’Grady told the Guardian: “It’s a sign of our broken economy that hedge fund managers are raking in billions, while care workers who are putting their lives on the line can barely scrape by. When the immediate crisis has passed, we need to rebuild a more equal economy. The super-rich must be made to pay their fair share and ordinary workers should get the respect and pay they deserve.”
Ruffer Investment, which was founded by multimillionaire financier Jonathan Ruffer, told clients it had made $2.6bn (£2.4bn) during the coronavirus pandemic-induced global stock market collapse after a series of cheap “protective investment” bets on market volatility delivered huge returns. The story was first reported by the Financial Times.
It also came to light that a US hedge fund made a 4,144% return betting on a stock market collapse in the year to the end of March. The Miami-based Universa Investments fund, which is advised by The Black Swan author Nassim Taleb, made a return of 3,612% in March alone. “I think we’ve shown Universa’s method of risk mitigation to be the most effective,” Mark Spitznagel, the fund’s president and chief investment officer, said in an investor letter seen by Bloomberg.
Odey Asset Management declined to comment on the TUC’s call for hedge fund owners to pay a “fair share” towards the fight against coronavirus. The fund made a return of 21% in March.
Odey, who has an estimated £800m fortune, privately told clients that the world was facing a crisis as bad as the Great Depression in the 1930s.