Regal Funds Management’s Phil King says it’s a tough market for short sellers but it didn’t stop him from nominating a prominent one at Sohn Hearts and Minds today: FlightCentre.
The travel group has been one of the favourite picks as a stock to play the economy reopening theme, but as Mr King reminded conference attendees “it is often better to travel than to arrive”.
In the case of Flight Centre, the big boost it has received since plunging to a lockdown low of $8.75 last year might have left no room for actual lockdown liftoff.
“We might have seen the highs in Flight Centre’s price (and) I think it might be a bumpy road out of lockdown.”
Mr King remains wary, though, of just how tough it can be getting a short-worthy stock to actually drop in what he described as one of the biggest market booms of all time.
“Low interest rates and central bank liquidity means that many stocks trade like Bitcoin with no fundamental value, and get pushed around by news flow and sentiment.”
Flight Centre shares were trading slightly lower this morning at $17.17.
This article was originally posted by The Sydney Morning Herald here.
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