Before being hit by last week’s meme-stock rally triggered by an online stock promoter, Sydney hedge fund manager John Hempton was having a great year.
Normally, Hempton is the troll. But his $2 million short position in AMC, an American cinema chain, was getting smashed, and individual investors who see him as a part of a corrupt financial elite were celebrating.
By the end of the week, AMC was up 25 per cent, illustrating the power of the man behind Roaring Kitty, Keith Gill, who includes Hempton among the 92 people he follows on X, formerly known as Twitter.With $2.2 billion of investments, Bronte Capital is the best-performing short-selling fund of its size in the world, Hempton asserts. About one third of the fund goes “long”, which means it buys shares anticipating they will rise.
The individuals and organisations are automatically checked against regulatory filings to identify their business connections. Using this information, a second database ranks 10,000 companies by disrepute. Most money mangers are conservative communicators. Hempton, who freely dishes out criticism on X and LinkedIn, defies censorship.
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