(Bloomberg) -- Carlson Capital, a $9 billion investment firm, plans to start three hedge funds to invest in the debt and equity of energy companies after oil prices slumped to their lowest in five years.

“This is not an attempt to call the bottom in the price of crude -- in the short term the price can clearly head lower,” founder Clint Carlson wrote in a Dec. 15 letter to clients. “Regardless of the short-term direction of the commodity, there will be dislocations that can be profitably exploited.”

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