In November 2021 - literally at the top of the post-covid bubble - when bitcoin and the Russell hit all time highs and when the euphoria from the record central bank liquidity injection was absolutely everywhere, the world's biggest hedge fund bear who had been net short for the past decade and somehow made money, while constantly betting against continued risk appreciation, Russell Clark - previously of Horseman Capital Management before changing the name of his investment vehicle to Russell Clark Capital, shuttered his hedge fund. What followed, naturally, was one of the most brutal bear markets in a generation which crushed bulls and rewarded bears... but not before Clark had "max-pained" out, and with his perfectly timed capitulation the title of biggest hedge fund bear was left vacant.
