Horseman Capital Management, the $2.5 billion fund manager whose Horseman Global fund was up 31.26% in 2008, once again has its long / short dial set for bear as they wait for a coming “capitulation.” In an August 2016 letter to investors reviewed by ValueWalk, the fund had a negative long-short ratio by 83.74% in August, resulting in down -4.94% monthly performance.  With the MSCI World index up 3% this year, and the MSCI Emerging Markets index up 12%, Horseman Global is down -1.97% year to date. But that could change rather dramatically if portfolio manager Russell Clark’s short thesis...