PNV - Banter and General Comments, page-852

He lost out big time on JB HI-FI and his performance in 2018 was well below his peers.......

Regal is touting its reputation to deliver outperformance by shorting stocks. According to a presentation seen by The Australian Financial Review, Regal has delivered 11.5 per cent per annum in its long-short strategy from long positions and 0.3 per cent from short positions. But it says 9.8 per cent per annum of its outperformance relative to the index has been a result of its short bets, more than double the 4.6 per cent of outperformance from its long positions.The fund tends to refrain from publicly discussing its short positions but has revealed its betting against retailer JB Hi-Fi and real estate portal REA Group. Phil King has also proclaimed that Australian growth stocks are in "bubble territory" with 25 per cent of most expensive stocks trading at 25 times earnings. That level is comparable to the tech bubble of 2000, and well above the market's median multiple of just under 20 times.