Hedge fund bet on Glencore backfires with $100m loss
London hedge fund giant Lansdowne Partners lost a long-term bet against Glencore this year after the spectacular recovery of the miner took some by surprise.
The 56 year old who built Xstrata into one of the world’s biggest mining firms and then sold it to Glencore, is tipped to be on the verge of landing his first big fish.
Whereas total returns for the S&P 500 Index and 10-Year Treasury bond stayed relatively stable throughout the year, commodities and the U.S. dollar both made an incredible about-face starting around late June, early July.
Two large cities in Russia's Perm region sit on potash mines worked for the past 70 years that cause sudden surface subsidences and sinkholes 400m across.