Crispin Odey, the London hedge fund manager who made substantial returns for investors through the financial crisis and last year’s recovery, has declared that the equities markets are on the up again – just a month after declaring that 2010 will "pile on the pain".

In his latest letter to investors, Odey said: "In keeping with my view that this is a trading market, I find that I have again changed my mind and feel rather bullish about the prospects for stock markets over the next six months. Partly this reflects that markets make up their minds in the spring and the fall. It is now too late for the markets to get bearish."