As Bobby Axelrod and many others have said, being early is the same as being wrong. Especially if you’re using leverage.

Still, given we did highlight the fact that Polynovo had soared to new heights shortly after being named as Phil King’s top short idea at the 2019 Sohn Hearts & Minds conference, suppose we can do Regal Funds Management the courtesy of noting the hedge fund has enjoyed some vindication of late.