Tesla (TSLA) short-sellers are a lot we haven't heard much from since the company released its Q3 earnings and the stock steadied some weeks back.
However, I wanted to tap back into that vein and see if short-sellers had as much conviction now as they once did in the company. I spoke to Mark Spiegel - possibly one of the world's most well-known Tesla short-sellers - on my podcast Wednesday of this week. He informed me that not only is he still short but also as of right now, his Tesla short comprises about 20% of his portfolio.
On the podcast, I wanted to speak to Mark about a litany of items, including what he thought about the company's most recent Q3. Mark continued to hammer home the theme he has been talking about for years: that he believes Tesla is going to be buried by competition, especially in overseas markets.
Regarding the company's Q3 earnings, Mark took exception to how a lot of the data was presented. For instance, he notes how the company disclosed its tax credits and how he believes that the company is under-reserving for warranties as a way to make its quarterly numbers appear better.
From there, I asked Mark how he has put his position on and what he thinks about short seller Citron Research going long Tesla.
Our discussion about Tesla then dovetails nicely into a discussion about the macroeconomic environment, as Mark also explained to me why he believes there is "a 100% chance" of eventual hyperinflation in the United States. We also discussed the inverted yield curve and how it may affect Tesla and other equities as well as a couple of additional positions in his portfolio, including being short the yen and Russell 2000, and being long an agricultural ETF (DBA).
Mark B. Spiegel is the Managing Member & Portfolio Manager of Stanphyl Capital Partners and is a New York-based equity investor. Prior to founding Stanphyl in 2011, he spent six years as an investment banker (most recently as a Principal with Piper Jaffray & Co.) financing public companies. Prior to becoming an investment banker, Mark spent a year working for a micro-cap Nasdaq tech company and he began his career with 17 years in the commercial real estate industry where he experienced firsthand the opportunities and challenges faced by a wide array of client companies. Mark believes that all these experiences - banking public companies, working for a public company, and securing real estate for a wide variety of companies - combine to provide the kind of "real world" experience that's extremely useful for an investor.
(Warning: Very explicit language)
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.