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Logical Thought
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My name is Mark B. Spiegel and I'm the Managing Member of Stanphyl Capital Management LLC. I can be reached at: mark (at) stanphylcap (dot) com. My Twitter feed is @markbspiegel
My company:
Stanphyl Capital Management LLC
My blog:
I don't have a blog, but here's a link to a WSJ article regarding my thoughts on the "flash crash"
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  • Logical Thought
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    Author’s reply » It's always frustrating when a profit turns into a loss, but today's upside surprise appears to all be due to a one-time inventory-related surge in their ophthalmic product (which on the call they said was non-repeatable),and doesn't at all change the premise of the short, which is that their orthobiologic products don't work and thus will lose insurance reimbursement. Keep in mind that the big negative study about those only came out at the very end of the quarter, and thus hadn't yet had a chance to impact prescriptions. So I'm going to suck it up and stick with the bulk of this position, and perhaps add a bit to it at higher prices. This is a small position for me (less than 2% of the fund), but that doesn't make it feel any better to have a short position soar on a day when the market is getting crushed :-(
    2 Aug 2012, 12:28 PM Reply Like
  • Logical Thought
    , contributor
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    Author’s reply » I'm covering this morning at around $15 due to Friday's verdict in Genzyme vs. Zimmer et al, whereby Genzyme's single injection patent was ruled to be "obvious." This should help ANIK in its defense for MONOVISC against Genzyme; however, none of this changes my thesis that because the drug doesn't work insurance coverage will eventually go away, and thus I will try to revisit this short at a higher price.
    6 Aug 2012, 10:43 AM Reply Like
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