New Inflation Floor Will Be 3%: Mark Spiegel
Mark’s updated take on the market’s valuation and his longstanding bet against Tesla.
Friend of Fringe Finance Mark B. Spiegel of Stanphyl Capital released his most recent investor letter on April 30, 2024, with his updated take on the market’s valuation and his longstanding bet against Tesla.
Mark is a recurring guest on my podcast and definitely one of Wall Street’s iconoclasts. I just spoke with him about 2 weeks ago:
Tesla’s Robotaxi Is “Obviously Bullshit”: Mark Spiegel
I read every letter he publishes and thought it would be a great idea to share them with my readers.
Like many of my friends/guests, he’s the type of voice that gets little coverage in the mainstream media, which, in my opinion, makes him someone worth listening to twice as closely.
Mark was kind enough to allow me to share his thoughts from his April 2024 investor letter (edited slightly for length and grammar by QTR). This letter also contains positions his fund has on, both long and short.
Mark On Markets And The Economy
This month’s gain was due to a decline in the S&P 500 (which we’re short via SPY & VOO), partially offset by a gain in the price of our Tesla short position (despite that company’s fundamentally disastrous April), accompanied by a drop in the price of our Volkswagen long position. I discuss VW and Tesla later in this letter, so let’s talk about the S&P which, despite this month’s slight correction, is still very expensive.
In the far-right column below from Standard & Poor’s are the 12 most recent quarterly operating earnings for the S&P 500 (with Q1 2024 estimated with 51% of companies having reported) and, in the middle column, the price of the S&P 500 as of that date. (The S&P 500 is now at 5035.)
…click on the above link to read the rest of the article…
