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Article posted May 01 2012, 4:55 AM Category: Economy Source: Reuters Print

Abydos hedge fund prepares for Iran strike


Abydos Capital, a new hedge fund run by a former partner at one of London's most high-profile oil investors, is worried about a potential military strike against Iran and plans to use options to protect his portfolio.

Jean-Louis Le Mee, Chief Investment Officer of Abydos, told Reuters he thinks there is a 25 to 50 percent chance of an Israeli strike against Iran's nuclear capabilities, an act that would likely send stock markets tumbling and drive up oil prices, hitting hedge funds that hadn't protected their portfolios.

[...]"There's a high chance that something will happen either this summer in June/July or after the U.S. elections," said Le Mee, whose former firm BlueGold made headlines in 2008 by calling the peak of the market. "If talks break down, then the Israelis could do something very quickly.

"If Iranian production goes to zero ... it would not be crazy to see Brent prices of $170, $180, $190 (per barrel)," Le Mee, who is putting $8-$10 million of his own money into Abydos, told Reuters in an interview. The fund has raised $25 million of initial capital.

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