Betting against cruise ship and hotel stocks backfired and cost hedge funds more than $6 billion, report says
Hedge funds have lost more than $6 billion on bad bets against cruise ship and hotel operators this year,. Of this, the three cruise ship companies account for almost $3 billion of the total mark-to-market losses, according to figures from S3 Partners seen by the outlet.
Other large short positions in Airbnb and Booking.com have also backfired after those stocks jumped 70% and 44% year-to-date respectively. While cruise stocks still remain below their pre-pandemic valuations, the release of pent-up demand has been a boon to the sector. The stock market's remarkable 2023 rally has been carried by investor excitement surrounding artificial intelligence.
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