Over the years, Hayman Capital’s Kyle Bass has gotten heat for his trade recommendations, with “virtual portfolio” pundits accusing the Texan of being a “one-hit wonder” ever since his subprime trade, with little else to show for his repurtation.
That is no longer the case: after making a strong case over the past 3 months that Texas-based REIT United Development Funding IV is nothing but a Ponzi scheme – a name he has been short – the stock tumbled, jumped, and then tumbled again.