Einhorn Backed Fund Is Betting This Former Giant Is Headed Toward Zero: Still Hiring In Rough Market
Michelle deBoer-Jones
Published on
Updated on
If the last few years have taught us anything, it’s that investors became so giddy that they allowed momentum to carry them along—ignoring fundamentals in the process. Ryan Heslop and Ariel Warszawski of the David Einhorn-backed Firefly Value Partners described this trend as “a golden age of belief trumping reality,” a description that certainly seems apt, even after today’s strong equity rally.
By the end of 2018, it started to look like the stock markets were falling back down to Earth. When Heslop and Warszawski wrote their third-quarter letter in late October, they said that “reality might be staging a comeback.”
StockSnap / Pixabay
A glimmer of reality, but not for long
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Michelle deBoer-Jones is editor-in-chief of Hedge Fund Alpha. She also writes comparative analyses of stocks for TipRanks and runs Providence Writing Services. Previously, she was a television news producer for eight years, producing the morning news programs for NBC affiliates in Evansville, Indiana and Huntsville, Alabama and spending a short time at the CBS affiliate in Huntsville.