The fourth quarter was an excellent time for short-sellers because much of the market entered a bear market. However, it also presented a wealth of potential opportunities for value investors anticipating future gains. One fund which is well-known for its short bias flipped to a net long position in the fourth quarter, although probably only temporarily.
RBI's winning longs: gold miners, Materials and Herc
In his fourth-quarter letter to investors, RBI Capital Managing Member Skip Tague said he actually shifted to a long bias in December because the market was "extremely oversold," presenting him some opportunities for "compelling" long positions.
He also said a key theme observed during Q4 was that their "large fundamentally-based longs with longer time horizons performed poorly," and...
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