A stock market that sometimes seems bulletproof in the face of adversity can make it challenging for hedge funds looking for companies to sell short in anticipation of share-price declines. Ben Axler of the activist fund Spruce Point Capital Management discusses where he’s looking for opportunities, including in special-purpose acquisition companies.

Mentioned in this podcast:

Blistering IPO Market Is Rekindling Dot-Com Era Froth Fears

The Tiny Activist Fund That Reaped 24% Return by Unearthing ‘Cockroaches’

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