Monday, 14 September 2009

No hedgie u-turn on Porsche

The market rally may now mean that hedge fund managers are more likely to start buying Porsches again to reward themselves for their undoubted genius, but that doesn't mean they'll be punting on the shares.
You'll recall how, last year, funds short-selling Volkswagen took a savage goosing from the sports car group (which is also VW's biggest shareholder) after it took advantage of a controversial German legal loophole allowing it to secretly take its VW stake to almost 75%.
In fact, those wounds remain fresh and many hedgies have been told by bosses to stay away from Porsche shares - news that might just amuse Porsche execs even more. Schadenfreude, they might call it.

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