Despite two years of losses, Thiel remain uncowed by a rising market.
After a devastatingly ill-timed bet on equities 2008 and crushed hopes that his bearish stance would be vindicated in 2009, Peter Thiel is sticking it out. As a percentage of its net asset value, Thiel’s macro hedge fund firm, Clarium Capital Management, was 48.9% short equities in March, according to a portfolio update sent to investors.
That short position is only 16.3% as a percentage of Clarium’s levered portfolio, a reflection of the leverage — 3.3 to 1 — that the firm was employing as of March. Clarium fell 3.9% in the first quarter while the S&P 500