shortselling
Spruce Point Capital Management, LLC (“Spruce Point” or “we” or “us”), a New York-based investment management firm that focuses on forensic research and short-selling, today issued a detailed report entitled “A Porch On A Flimsy Foundation” that outlines why shares of Porch Group, Inc. (NASDAQ:PRCH) (“Porch” or the “Company”), face up to 70% downside risk. Q1 2021 hedge fund letters, conferences and more Porch Is The “Everything” Spaghetti Business Model In Search of Satisfying A Consumer Need That Doesn’t Exist: 50% - 70% Downside RiskSpruce Point believes that Porch Group (NASDAQ:PRCH), a re...
ValueWalk
Whitney Tilson’s email to investors discussing Kyle Bass’s feud with United Development Funding (UDF) spotlights short-selling tactics.Q3 2020 hedge fund letters, conferences and moreKyle Bass's Feud With UDF1) I've been writing frequently about activist short-sellers, in part because I think they're healthy for our markets, and because I want to warn my readers about stocks that could blow up in their faces.I also have a great deal of respect for these folks. What they do is extremely hard and dangerous, not only because of the inherent risk in short selling, but also because – in speaking ou...
ValueWalk
We extract the news component of short-selling activity by accounting for important cross-sectional, distributional differences in short interest. The resulting measure of surprise in short interest negatively predicts the cross section of both U.S. and international equity returns. Our results also indicate that this predictability originates from short sellers’ informed trading on mispricing and the market’s underreaction to the news component of short-sale reports. Consistent with the notion of costly arbitrage, the return predictability is stronger among illiquid, volatile stocks and stock...
ValueWalk
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