'Who dares to take a risk can get a big return.'
A trader reportedly bought the Pound as the currency fell to an all-time low after the Liz Truss government introduced tax cuts.
What is interesting, he is Stephen Diggle, a trader who once made a profit of $2.7 billion during the global financial crisis in 2008, has used 10% of his 'small fund' assets to buy the Pound.
According to sources, Diggle has bought Pounds to finance his investments in the United Kingdom (UK), especially to companies that have dollar income but costs in British currency.
However, neither the name of the company nor the size of the invested funds was disclosed.
For the record, Diggle is the co-founder of fund investment company Artradis Fun Management Pte Ltd in 2001.
Through the company, Diggle made a profit of $2.7 billion while investing in 2007-2008 when the market was volatile.
In addition, he also profited during the Russia-Ukraine crisis through his new company Vulpes Investment Management Pte Ltd which invested in biotechnology assets in New Zealand and European arms firms.
Back to the original story, average investors sold the Pound and bought the dollar yesterday as UK Chancellor of the Exchequer Kwasi Kwarteng implemented the biggest tax cut in 50 years which will risk inflation rates and UK government debt.
Kwarteng's actions have caused many investors to sell pounds to buy safe-haven dollars in preparation for an economic crisis in the country ruled by King Charles III.
Comment Diggle, betting on the Pound is not the best currency trading opportunity but instead he does so because he has an investment in Britain that needs Sterling.
