Lakewood Capital Management has just released its Q2 2018 letter to investors. The hedge fund reported net losses of 1.2%. At the end of the second quarter, Lakewood's exposure was 88% long and 28.1% short. The $5 billion fund headed up by Anthony Bozza was also 2.7% long on fixed income securities. Lakewood's five biggest positions made up 26.5% of its equity capital.
Has speculative investing gotten as addictive as Facebook?
Bozza noted that Q2 was again marked by strength in "story stocks" and weakness in value stocks. He believes investors have gotten more speculative recently because of the "numerous" big tech and...
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