Build contrarian arguments that move capital.
adversarial-research is a Claude Code skill that helps authors construct activist campaigns, short theses and persuasive investment memos — following the rhetorical and structural patterns validated across 848 real-world decks from Pershing Square, Elliott, Starboard, Muddy Waters, Hindenburg and 30+ other top funds.
Rhetorical patterns
Filter the corpus by the specific argumentation techniques used.
Peer-gap charts
Visual benchmarking vs. best-in-class peers.
Sum-of-parts reveals
Breaking the target into segments valued separately.
CEO quote contradiction
Using management's own words to expose broken promises.
Before / after framing
Current trajectory vs. proposed trajectory.
Named villain
Assigns blame to a specific individual.
Fraud exposé
Theses alleging accounting or operational fraud.
Break-up / spinoff
Arguments for divestiture or strategic separation.
Governance / board
Challenges to board composition, proxy contests.
Management change
Demands for CEO replacement or succession.
Proxy fights
Active contests for board seats.
Top visual craft
Documents scoring 4–5 on visual craft.
Masterclass
Top narrative and visual scores.
Top-rated specimens
Decks scoring 4+ on narrative and visual craft — the library's masterclass.
Peloton Interactive PTON
Peloton's overlooked subscription business — 68% gross margins, 1.5% churn — can deliver $400-500M EBITDA once costs are right-sized, implying a $7.50-$31.50 share price versus $5.48 today.
Toyota Industries Corporation 6201
Toyota Industries' ¥18,800 take-private undervalues the company by 39%; shareholders should reject the tender and pursue a Standalone Plan worth >¥40,000 per share.
Toyota Industries Corporation 6201.T
Toyota Real Estate's ¥18,800 TOB undervalues Toyota Industries by 39% versus NAV and 85% on core business; shareholders should refuse to tender and pursue a standalone plan instead.
Recent additions
Latest extractions from the pipeline.
By fund
| Fund | Docs | N̄ | V̄ | Active |
|---|---|---|---|---|
| Muddy Waters short seller | 133 | 4.0 | 1.8 | 2010—2026 |
| Elliott Management activist | 101 | 3.6 | 3.1 | 2011—2026 |
| Spruce Point Capital short seller | 100 | 4.3 | 3.1 | 2014—2026 |
| Starboard Value activist | 95 | 3.8 | 2.5 | 2012—2026 |
| Pershing Square activist | 73 | 3.6 | 2.8 | 2005—2026 |
| Trian Partners activist | 32 | 3.9 | 3.1 | 2011—2025 |
| Engine Capital activist | 26 | 3.3 | 1.7 | 2022—2025 |
| Wolfpack Research short seller | 25 | 4.0 | 2.1 | 2019—2026 |
| Land & Buildings activist | 24 | 3.2 | 2.5 | 2015—2026 |
| Kerrisdale Capital short seller | 20 | 3.9 | 2.8 | 2014—2025 |
| Grizzly Research short seller | 19 | 3.9 | 2.5 | 2019—2026 |
| Greenlight Capital activist | 18 | 4.8 | 2.5 | 2002—2024 |
| Bluebell Capital activist | 18 | 3.1 | 2.0 | 2023—2024 |
| Citron Research short seller | 18 | 3.7 | 2.2 | 2015—2026 |
| Oasis Management activist | 17 | 3.5 | 2.4 | 2013—2025 |
| Scorpion Capital short seller | 16 | 4.5 | 2.2 | 2021—2025 |
| Carl Icahn activist | 15 | 4.0 | 2.9 | 2006—2025 |
| Ancora activist | 13 | 3.8 | 3.1 | 2017—2025 |
| TCI Fund activist | 12 | 3.1 | 2.0 | 2019—2023 |
| White Diamond Research short seller | 10 | 3.1 | 1.9 | 2019—2025 |