Photo: Fukimaki Japan
A breathtaking paragraph in the FT:Takeshi Fujimaki has been wrong for a decade and counting. Since the former star JPMorgan trader was fired by George Soros in 2000 for shorting Japanese government bonds, he has earned a living advising pensioners to cut their yen holdings, in anticipation of an imminent fiscal collapse.
This is an ironic thing.
The great rally in the yen/Japanese Government Bonds has been called the widowmaker precisely because folks like Fujimaki have been wrong for so long.
But widowmaker implies people becoming widows AKA: their husbands dying. In this case, the advice has been horrible, but he keeps on trucking.