Markets Have “Considerably More Downside” In 2023 And Tesla Can Fall Another 90%: Mark Spiegel

Friend of Fringe Finance Mark B. Spiegel of Stanphyl Capital explains why he thinks markets have "considerably more downside" and why Tesla can keep plunging.

Friend of Fringe Finance Mark B. Spiegel of Stanphyl Capital released his most recent investor letter last week, with his updated take on the market’s valuation and Tesla.

Mark is a recurring guest on my podcast (and will be coming back on again soon hopefully) and definitely one of Wall Street’s iconoclasts. I read every letter he publishes and only recently thought it would be a great idea to share them with my readers.

Like many of my friends/guests, he’s the type of voice that gets little coverage in the mainstream media, which, in my opinion, makes him someone worth listening to twice as closely.

Mark was kind enough to allow me to share his thoughts from his December 2022 investor letter, where he noted that his fund was up 17.4% for the month, rounding out a year where he finished up 75.5% net of fees.

In his most recent letter he opens up about a new short position, his thoughts on Tesla, how he’s positioned overall in the market and other names he owns. He also, in my opinion, absolutely nails the current (bear) case for the overall market heading into 2023.

Mark On Macro And Tesla

December 30, 2022

Before I continue, I want to clearly state that the chance of this fund’s 2023 performance being anywhere near that of 2022’s is roughly equal to the chance of Elon Musk offering me a board seat at Tesla. (For the record, I would not accept such an offer as I don’t want to go to jail!) Okay, now that that’s out of the way…