Coronavirus Brings Big Gain to Mall Bears
Hedge-fund manager Marc Rosenthal's wager on the demise of U.S. shopping malls nearly crippled his business last year. Now the trade is delivering paper gains exceeding 100%, a rare win amid the market carnage caused by the coronavirus.
Mr. Rosenthal's investment firm, MP Securitized Credit Partners, has been betting for almost two years that an index tracking debt from malls across the country would decline in value as in-store shopping declined. It is a strategy that fueled big losses in 2019, before fallout from the coronavirus...
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