Stanphyl Capital’s April Gains Help Offset Earlier Tesla Losses

Mark Spiegel remains dedicated to his bets that Tesla’s stock, and the broad stock market, will fall.

Illustration by II

Illustration by II

Stanphyl Capital Management — which lost money in the first quarter largely thanks to its longstanding Tesla short position — recouped some of its losses last month, Mark Spiegel, the hedge fund’s managing member and portfolio manager, told investors in a recent letter.

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