By Russell Clark, investment manager of Horseman Capital Management, March 2015 monthly newsletter
I have somewhat depressingly spent most of my time as a fund manager net short. I had expected way back in 2012 that I would move the fund net short, capture a big move lower in markets, look like a hero and go long. To use a boxing analogy, I thought it would be a quick knockdown against an inferior opponent. Mike Tyson versus Michael Spinks in 1988 is what I had in mind.