Texas hedge fund Artemis plucks millions from investments designed to benefit from turmoil and volatility
Stock markets gyrated wildly this week, and a lot of people lost a lot of money. But Chris Cole, a 38-year-old hedge fund manager from Texas, wasn’t one of them. He made millions from his fund’s bet on a financial apocalypse.
From his office overlooking the Colorado river in Austin, Texas, Cole runs Artemis Capital, a hedge fund that, since 2012, has been betting on a repeat of the 1987 Black Monday stock market crash.
BIS head says cryptocurrency is a ‘Ponzi scheme’ that poses a threat to financial stability
•Stock market turmoil – live coverage
The price of bitcoin yo-yoed wildly again on Tuesday, falling 14% to $5,920 (£4,250) before bouncing back to $7,265 – up nearly 6% on the previous day. The latest gyrations came as a leading central banker described the cryptocurrency as “a bubble, a Ponzi scheme and an environmental disaster”.
The new head of the Bank for International Settlements, Agustín Carstens, also said bitcoin threatened to undermine public trust in central banks and posed a threat to financial stability, and he signalled a global clampdown.
Nouriel Roubini calls cryptocurrency the ‘mother of all bubbles’ as it falls below $8,000
The economist credited with predicting the 2008 global financial crisis said a 12% fall in the value of bitcoin on Friday was the latest proof that the cryptocurrency was the biggest bubble in history and destined for a crash.
Nouriel Roubini, professor of economics at New York University, said bitcoin was “the mother of all bubbles” favoured by “charlatans and swindlers” as it fell below $8,000 (£5,600), marking a 30% drop since the beginning of the week as investors became increasingly twitchy about a clampdown on cryptocurrencies by regulators.
French president rejects ‘differentiated financial services access’, says ‘choice is up to UK’
French president Emmanuel Macron has rejected the idea of a tailored Brexit deal for the City, insisting Britain will not be allowed full access to European Union markets, including financial services, unless it pays into the EU budget and accepts all its rules.
Macron delivered the tough message at the end of a joint press conference with Theresa May at Sandhurst military training college on Thursday. A day-long UK-EU summit was held to underline the close relationship between the two countries after earlier news of a £45m British boost to border security in Calais.
Despite late rescue bid, administrators prepare to take action, prompting fears for 43,000 jobs, major projects and crucial public services
Construction firm Carillion is hoping for an eleventh-hour rescue to save it from the brink of collapse, amid fears for the future of a host of major government projects and day-to-day services, from schools to hospitals, prisons and the army.
The Cabinet Office hosted emergency talks on Sunday aimed at mapping out a future for a company that employs 43,000 people – including nearly 20,000 in the UK – but the meeting broke up without a rescue deal being announced.
A stock market boom, a bitcoin bubble, trade indices at recent highs, a low fear factor, even eurozone GDP is rising. But 2017 hasn’t been all good
• The most-read business stories of 2017