Bloomberg – Ray Bakhramov has been waiting almost two years for his hedge fund’s bet against emerging markets to pay off, which spurred a 20 percent loss in 2012 and cost him clients. Even with a slump from bonds to currencies over the last five months, he’s still waiting.
Bakhramov, whose $180 million Forum Global Opportunities Fund posted gains this year after shorting South Korean and Turkish government debt and wagering against mining and steel companies reliant on developing economies, remains in the red on his bearish outlook. He says his best returns will come once central banks unwind their record stimulus, something the U.S. Federal Reserve unexpectedly refrained from doing yesterday.
