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Regal’s Phil King says he’s the only Australian hedge fund manager brave enough or silly enough to return to Sohn Hearts & Minds to pitch a short stock during one of the biggest bull markets of all time.
But he’s gone after a retail favourite, and reopening winner.
“There’s a saying in finance that it’s often better to travel than to arrive,” King said. That is why he’s picked retail favourite Flight Centre as a short.
The stock has surged in anticipation of the economy reopening, but King says the share price travelled to a good place long before the business got there. He doubts Flight Centre will ever return to its pre-COVID-19 glories.
King outlined five reasons why he’s shorting Flight Centre.
“It’s been a tough two years [and] we all need a holiday. Some of us might even use Flight Centre to book it,” King said as he signed off. “But I think the shares are a great short.”
This article was originally posted by The AFR here.
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