Odey fears return of the bear market

The bear market is set to return next year and investors' misery will be compounded by a collapse in...

The bear market is set to return next year and investors' misery will be compounded by a collapse in house prices and a potentially damaging corporate credit crunch, Crispin Odey forewarned. Odey, founder and joint-chief executive of Odey Asset Management said while most major markets have posted double-digit growth over the course of 2003 after three years of negative returns, he believes this amounts to a blip in the bear market rather than a wholesale global recovery. "This looks like a long-term bear market. Most typically have a good fourth year and our outlook for next year is not...