Why Despite Disastrous Start, The “World’s Most Bearish Hedge Fund” Is Short Everything

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Several years ago, we first described Horseman Capital’s Global Fund, as “the world’s most bearish hedge fund” for a simple reason: of all existing asset managers, Horseman may be the one with the biggest and longest net short in history (during the longest bull market in history). Indeed, as shown in the chart below, after last going net short in 2011, Horseman has gone over 7 years being net bearish the market, with its latest net exposure a whopping -88.14%, and a gross short position an unprecedented 160%.

And while for Horseman, and its CIO Russell Clark, this chronic bearish position was

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