Zach Schreiber, CEO and chief investment officer of PointState Capital LP, at the Sohn Investment Conference in New York on May 5. REUTERS/Eduardo Munoz Zach Schreiber, the hedge fund manager who said at the Ira Sohn Conference in May that the price of oil was headed lower made about $1 billion on his short, according to a report from Bloomberg's Katherine Burton, Kelly Bit, and Simone Foxman.

Bloomberg reports that Schreiber's PointState Capital gained 27% after fees in 2014 with the firm's profit coming in at $2 billion for the year.

About half that profit was from Schreiber's oil trade, Bloomberg reported.

Back in November when the price of oil cratered over the Thanksgiving weekend after OPEC declined to cut production in the face of declining oil prices, we first highlighted Schreiber's comments from the Sohn Conference.

In May, Schreiber said oil prices were heading "lower, much lower," while adding: "US crude is being drilled for by the same cast of characters who oversupplied the natural gas market. Ladies and gentlemen, the song remains the same."

Schreiber's call looked prescient back in November as during the Thanksgiving holiday West Texas Intermediate crude prices fell below $70 for the first time in four years. Since then, oil has done nothing but go lower. On Wednesday morning, WTI was trading at about $48 a barrel.

Schreiber said at the Sohn Conference that, "Crude strength has led to complacency, and complacency is a killer."

It seems doubtful the market is complacent any longer.



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