Melvin Capital Dusts Off From GameStop Fiasco With 22% Gain
- Hedge fund manager Gabe Plotkin tweaks strategy after 53% rout
- Observers have wondered if he can thrive without big shorts
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Gabe Plotkin spent the first half of January defending his hedge fund’s portfolio from a Reddit mob, the second half trying to convince investors he can survive a 53% loss, and early February explaining to Congress what happened.
Now with the public spectacle subsiding, the most concrete sign is emerging yet that his Melvin Capital Management might actually manage to thrive anew. After adjusting strategy, Plotkin pulled off an almost 22% gain in February, about eight times the return of the S&P 500.