Western Standard Hedges With Biotech Trade

Eric Andersen and Robert Wallendorf, portfolio manager and director of research respectively at Western Standard Partners, have a portfolio objective in 2018. The Los Angeles-based long/short hedge fund, up 2.6% as of March, is beating the Russell 2000, which is down 0.1%, through stock selection and creating a “margin of safety,” borrowing a technique from legendary value investor Seth Klarman. In their March letter to investors reviewed by ValueWalk they explain their reasons for a short hedge. “The partnership’s goal for the second quarter of 2018 is to add to our short exposure,” Andersen and Wallendorf told investors as they…