Regal star stock picker shorts Tesla and Apple
Joshua Peach
Regal Partners founder and star stock picker Phil King is shorting iPhone maker Apple and US electric vehicle manufacturer Tesla, saying the latter’s 30 per cent sell-off this year has further to go.
The so-called magnificent seven – Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla – drove much of the S&P 500’s 24 per cent return in 2023. However, Mr King said Tesla and Apple had lagged the other mega caps in recent months, acting as a drag on the overall cohort.
“In the mag seven we’re seeing long-short opportunities – we’re long Meta, Amazon and Alphabet, and we’re short Tesla and Apple,“ he said on a call with investors in the VGI Partners Global Investment Fund on Thursday.
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