Tesla's stock surged 22% after reporting third-quarter earnings, despite automotive revenue rising only 2% year-over-year and challenges in maintaining profit margins. Hedge fund manager Paul Wick criticized the stock's rebound as disconnected from the company's weak fundamentals, including declining market share and regulatory scrutiny. Wick noted that Tesla's market share of EVs in the U.S. has fallen below 50%, with sales in California declining for three consecutive quarters, while the Cybertruck faced multiple recalls. Despite the stock's recent performance, he remains skeptical about its sustainability given the dire fundamentals.
Hedge funds are increasingly entering the private credit market, viewing it as a competitive arena against private equity firms. While many have the infrastructure to adapt, challenges remain in operational aspects like accounting and compliance, which differ significantly from traditional investments. The demand for private credit strategies is high, with total assets reaching $1.7 trillion, prompting firms to rethink their operating models to ensure institutional quality.
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