Lakewood Capital’s Anthony Bozza compares Tesla to Dell; Re-opens 2014 short

Anthony Bozza's Lakewood Capital booked a net gain of 6.3% for the fourth quarter and 25.8% for the full year. During the fourth quarter, the fund's equity exposure stood at 94.5% long and 50.5% short, resulting in a 44% net equity exposure. In fixed-income securities, Lakewood was 1.5% long and 3.5% short, resulting in a -2% net fixed-income exposure.

In his fourth-quarter letter to investors, which was reviewed by ValueWalk, Bozza said the fund's long positions returned 13%, while their hedged long positions returned 2%. Their short equity positions lost 8%, while their fixed-income positions booked a 1% return...