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SPAC short-sellers were up over $500 million in mark-to-market profits over 30 days.
The increasing profits came amid a steep decline in SPAC market sentiment and performance.
S3 Partners shared the 10 most profitable wagers as skeptics sold short another $265 million shares.
Short-sellers are descending on the SPAC market and making a killing out of it.
Investors betting against these so-called blank-check companies were up more than $500 million, or 16.92%, in net-of-financing mark-to-market profits in the 30 days through April 22, said a Thursday research note by Ihor Dusaniwsky, the managing director of predictive analytics at S3 Partners.
The increasing dollar value of bearish bets is in line with a downward sentiment shift in the SPAC market, which started showing cracks in early March when skeptics tripled their bets against SPACs to $2.7 billion from $724 million at the start of the year.
Though to Joel Greenblatt, it s all the same.
For four decades, the managing principal and co-chief investment officer of Gotham Asset Management has stuck to the same style of value investing as practiced by Warren Buffett and Benjamin Graham.
That has awarded him an impeccable track record in which from 1985 to 1994, when Greenblatt was still managing Gotham Capital the predecessor of Gotham Asset Management he averaged returns of 50% a year before fees.
But today the market, after having gone through a once-in-a-century pandemic that shut down economic activities around the world, is getting a little weird. The timeless value-investing principle of acquiring more than what you pay for is hard to execute in a world where stock prices seem divorced from their fundamentals.
Richard Branson has reportedly hired bankers to take Virgin Orbit public via SPAC, The Wall Street Journal reported. The billionaire is said to be aiming for