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 LOL, Manchester United’s poor form brings a $US22 million hedge fund bet against it

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RR Phantom

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LOL, Manchester United’s poor form brings a $US22 million hedge fund bet against it Vide
PostSubject: LOL, Manchester United’s poor form brings a $US22 million hedge fund bet against it   LOL, Manchester United’s poor form brings a $US22 million hedge fund bet against it Icon_minitimeThu Dec 12, 2013 11:27 pm
Manchester United has made a poor showing on the field this season. Now the British hedge fund manager Crispin Odey is making a multimillion-dollar bet that the club’s New York-listed shares are destined for a similar trajectory.

LOL, Manchester United’s poor form brings a $US22 million hedge fund bet against it David-20Moyes-20art_20131208081653366330-620x349

Odey Asset Management, Mr Odey’s fund, has taken a $US22 million short position against Manchester United shares. Investors take short positions by borrowing a company’s stock and selling it in anticipation of pocketing a profit when they buy the stock back at a lower price.

Mr Odey’s bet pits him against several investors who remain strong supporters of the team. George Soros has a 5.3 per cent stake, and GLG, a division of the world’s biggest hedge fund, Man Group, has a 2.2 per cent stake.

Read more: http://www.smh.com.au/business/world-business/manchester-uniteds-poor-form-brings-a-us22-million-hedge-fund-bet-against-it-20131212-2z8uo.html#ixzz2nKGFhRzN
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