Most of you have seen this already, I am pinging back of Valuewalk.
Highlights:
- Painful shorts with a big position in Tesla (TSLA) :
“Our shorts generated losses but added alpha, and gold gave us a small profit in macro. Apple (AAPL), Chemours (CC) and gold were the biggest winners; the bubble basket, Rite Aid (RAD), and a short position in Tesla (TSLA) were the biggest losers.”
Notwithstanding the loss, the market’s short interest is TSLA “is now $9.2 billion, up from $7.2 billion at the beginning of the year.”
- Einhorn is happy and dandy with Apple (AAPL), Cemours (CC) and gold.
- The bubble basket is having its Spring momentum. [The Dow today topped 20,000].
“the market has regained enthusiasm for profitless companies that aren’t at risk of paying taxes. A number of these stocks are back in full-blown momentum mode. Analysts continue to raise “target prices” which the market treats as news. The bulls explain that traditional valuation metrics no longer apply to certain stocks…With holders reluctant to sell, the stocks can only go up – seemingly to infinity and beyond.”
- New longs: Xerox spin-off Conduent (CNDT) and manufacturer of private label OTC Perrigo (PRGO)
- Greenlight is becoming an activist with their GM proposal. Greenlight wants GM to split the stock into two classes, one that would receive its current dividend and one that would receive its earnings and growth. GM has hired Goldman Sachs and Morgan Stanley to counter Einhorn’s proposal.
Have you registered for the star-studded Sohn Conference in NYC on May 8th ? Register here .
#Zen #quotes #values https://t.co/YqNu1i6kVR
— Max Cantor (@FinancierGuru) April 27, 2017