| One of Crispin Odey’s long-biased funds made a spectacular return in November of last year. There is however one ray of hope for Odey, as he mentions that 90% of the SWFs are funded by oil, which means that right now money is disappearing fast at these trillion dollar funds. Similarly the oil majors are definitely not as green as before.
The big six of Europe once paid out fat dividends and sat on $550 billion in market cap, but negative cash flow rose to $4 billion in 2013 excluding dividends, and will be close to $45 billion in 2014. Odey comments that now SWFs and HY Bond Funds are being paid a dividend that is coming out of their own capital...............................................Full Article: Source
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