Multi-millionaire and Brexit donor Crispin Odey has boasted that populism is good for business in a message to his investors.
Writing in a quarterly update to clients, Odey says “Remember that part of my bearishness lies in how populism undermines the prices mechanism and the profit motive. Populism involves governments seeking to hold back prices increases in food, shelter and energy.”
Odey is referring to his reputation as a “bear”, an investor who bets on businesses, assets or markets declining in value. He infamously boasted of making £220 million betting that a Leave result would cause the pound to crash, after backing pro-Brexit campaigns with £873,000 in donations.
The newsletter, written in the dying days of Theresa May’s premiership earlier this year, also insists that “the parliamentary conservative party have only on option – to choose either Boris or Raab to lead them”. Oday would later donate £10,000 to Boris Johnson’s leadership campaign.
It appears to be an admission that Odey’s political views are linked to his investment strategy. It was reported in the summer that Odey has made a £300 million bet against British businesses and stands to profit from in the event of Brexit-related economic turmoil.