Prime Talks
Marc Cohodes at the 2023 Prime Quadrant Conference | Moderated by Mo Lidsky
Nov 22, 2023
Marc Cohodes, a prominent short-seller celebrated for uncovering major financial frauds, captivates with his insights at a prestigious investor conference. He discusses the emotional rollercoaster of short selling, the critical importance of timing, and the personal risks involved in exposing corporate misconduct. Cohodes also contrasts short positions with successful long-term investments, shares strategies on current market opportunities like Overstock, and emphasizes the need for independent thinking in the investing landscape.
42:49
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Quick takeaways
- Short selling requires patience and a strong market instinct, with success hinging on timing and maintaining a clear investment thesis.
- The speaker emphasizes the importance of finding capable leaders in investments, balancing short selling with long strategies for optimized returns.
Deep dives
The Thrill and Challenges of Short Selling
Short selling is a high-risk investment strategy that appeals to those with a strong instinct for market trends, though it comes with substantial challenges. The speaker recalls his early experience in short selling when he and a colleague capitalized on the decline of Bally Manufacturing, leading to a significant profit. However, short selling is often a lonely path; it can lead to hostility from companies and investors alike, and managing a fund focused on shorting can be particularly difficult due to volatile market conditions. The speaker emphasizes that being early to short a stock can be detrimental, and he advises waiting until the right moment to act, which requires patience and a keen understanding of market dynamics.
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