A really, really terrible hedge fund. And one that all the good hedge funds—and everyone else—is ganging up on.
Hedge funds, large and small, are shorting the stock. Long-term institutional investors are dumping their positions. And Wall Street’s secretive but influential community of independent research providers has been proclaiming for months that Germany’s largest bank does not have enough cash to survive….
This trade is getting a lot more popular — no doubt about it,” said Brad H. Lamensdorf, who runs the Ranger Equity Bear E.T.F., an exchange-traded fund that tracks a portfolio of stocks that Mr. Lamensdorf believes are going to sink fast.
“Deutsche Bank is a massive hedge fund with lackadaisical compliance and a lot of leverage. I think it’s going to five bucks.”
I guess Mr. Lamensdorf hasn’t heard about the deal that’s going to save the Germans' speck.
Phoenix Group Holdings said it’s buying Deutsche Bank AG’s U.K. insurance unit Abbey Life Assurance Co. for 935 million pounds ($1.2 billion)….
The German lender said it will book a pretax loss of about 800 million euros ($895 million) from the sale.