From the third quarter of 2014 John Burbank (Trades, Portfolio)'s Passport Capital was positioned to profit from a strengthening U.S. dollar.
Smart move.
For Passport that meant being long U.S. equities, Saudi equities and Chinese equities. Why the latter two, you ask? It is because both currencies are pegged to the dollar.
But after the Fed eased its language on raising interest rates in March, Passport has backed off that trade. Hear him explain what the firm is doing now:
