Crispin Odey has used the logic of one of Adolf Hitler's ministers to explain his bearish outlook for UK stocks.
Odey's main hedge fund lost 50 per cent last year due to failed bets on falling asset prices.
But, he has told investors he won't be changing his stance, and justified his position by comparing the UK to Germany near the end of World War Two.
In particular, he wrote about Fritz Todt, Hitler's armaments minister, who predicted Germany would fail in its effort to invade Russia in 1942.
In an investor letter seen by Bloomberg News, Odey said: "What he could see was that the lines of supply were at breaking point.
"Success was the necessary ingredient of failure."
And, in the UK, Odey predicts that people are starting to borrow money they won't be able to pay back.
In October, Odey said UK stocks would crash by 80 per cent as the country fell into recession and consumers faced higher inflation due to the Brexit vote.
Now, he is telling investors to keep an eye out for a "Minsky moment", citing economist Hyman Minsky, who became known for describing a financial crisis as the moment when credit runs out and a market suddenly collapses.