Hedgeye CEO Keith McCullough is adding Pebblebrook Hotels (PEB) to the short side of Investing Ideas. Below is a brief note.
Who's buying hotel stocks with #Quad4 #RecessionRisk Rising?
A: The Macro Unaware
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Here's a little summer-time taste of that for you today on Shorting Pebblebrook Hotels (PEB):
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Takeaway: Follow up to this week’s hotel & HE Macro’s themes calls – add negative wealth effect to the mounting issues facing hotel REITs. PEB at risk For those that could not join our deep dive Hotel REIT industry presentation on Tuesday, we’d encourage you to review the replay and related materials. It’s a high conviction short call for us which was bolstered by Hedgeye Macro’s Q3 Themes call on Wednesday. Today’s note represents the first of a series of follow up analyses that we’ll publish in the coming weeks ahead of earnings. There’s so much going on in this cyclical space and it’s not just macro and we just ran out of time and space for Tuesday’s deck. |
Sellem on green. Don't panic-cover your shorts like a scared puppy,
KM