48 documents showing 1–48
Assured Guaranty AGO
Assured Guaranty is a melting-ice-cube bond insurer aggressively returning capital it hasn't earned; Puerto Rico losses alone (2-4x reserves) will force a capital raise or strip the AA rating it needs to write new business.
N5
V2
C2
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Core Laboratories CLB
Core Lab trades at 35x 2018e P/E — double its oilfield-service peers — on a false secular-growth narrative; mid-cycle earnings imply $62 fair value and ~45% downside.
N5
V3
C3
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Pioneer Natural Resources PXD
Pioneer and the shale 'frackers' burn cash and destroy value on every BOE developed; their $27B market cap rests on proved reserves worth $3-8B — buy oil, not PXD.
N5
V3
C3
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athenahealth ATHN
athenahealth is the poster child of the cloud 'bubble basket' — strip Morgan Stanley's fantasy margin and revenue-per-doctor assumptions and the stock falls 80%+ toward a $50 adjusted DCF.
N5
V2
C2
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The St. Joe Company JOE
St. Joe's Florida real estate empire is a value trap: developments are ghost towns, the airport catalyst is a bust, and the land is worth $7-10/share, not $24.54.
N5
V3
C3
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Date
Fund
Target
Thesis
Scores
Apr 14, 2026
Wolfpack Research
POET Technologies Inc.
POET
POET is an obvious stock promote on its seventh pivot with almost no revenue, and it is a PFIC — trapping US holders in a punitive IRS tax regime unless they file by April 15.
N4
V2
Feb 04, 2026
Wolfpack Research
IonQ Inc
IONQ
IONQ's $14B valuation relied on Pentagon 'validation' that was really backdoor congressional earmarks — now unfunded — with management hiding the $54M hole via non-quantum roll-ups while insiders dumped $396M.
N4
V2
Dec 11, 2025
Grizzly Research
Ceres Power Holdings plc
CWR
Ceres Power's decade of hyped SOFC partnerships (Bosch, Nissan, Honda, Doosan) has produced only negligible royalties; the market-cap surge from partnership announcements will fade as revenue reality emerges.
N4
V3
Nov 21, 2025
Grizzly Research
Industry meta-study: 24 firms that sued short sellers (2018-2025)
Firms that sue activist short sellers underperform the S&P 500 by 72% long-term — the lawsuit is a bluffing signal that confirms, rather than refutes, the short thesis.
N3
V2
Oct 03, 2025
Spruce Point Capital
DraftKings Inc.
DKNG
Federally-regulated prediction exchange Kalshi is disrupting DKNG's sportsbook with ~1.5% fees versus 8-10% vig, threatening consensus revenue and forcing a multiple rerating for 35-60% downside.
N4
V3
Sep 01, 2025
Kerrisdale Capital
CoreWeave, Inc.
CRWV
CoreWeave is a debt-fueled, undifferentiated GPU rental stopgap with 71% Microsoft concentration and sub-WACC returns; fair value is $6–13, or 88–95% downside.
N4
V3
Jun 17, 2025
Land & Buildings
National Healthcare Corporation
NHC
NHC's below-market 1991 lease with NHI expires 2026; renegotiation will cut NHC EBITDA 19-38% — L&B is short NHC.
N3
V2
May 03, 2025
White Diamond Research
Pulse Biosciences
PLSE
PLSE's pivot to benign thyroid ablation repeats its failed dermatology playbook — tiny market, weak clinical data, revolving-door CEOs — and will trigger another stock collapse.
N3
V3
Jan 29, 2025
Wolfpack Research
Mercury General Corporation
MCY
Mercury General faces >$2bn in LA wildfire losses uncovered by its $1.3bn reinsurance tower, eroding subsidiary capital and risking dividend cuts, capital raises, and regulatory review.
N4
V3
Jan 09, 2025
Kerrisdale Capital
Red Cat Holdings, Inc.
RCAT
Red Cat's $1bn valuation rests on inflating a $23M/year Army drone contract into a $350M sole-source bonanza, with a factory that can't scale and insiders heading for the exits.
N4
V2
Oct 18, 2024
Spruce Point Capital
Erie Indemnity Company
ERIE
ERIE's 25% management fee on its sole client — the loss-making Erie Insurance Exchange — looks unsustainable; a 2003-style cut plus peer-level multiple would drive 35-55% downside to $211-$317.
N4
V3
Sep 24, 2024
Citron Research
Multiple (portfolio update)
AGL short worked: $5 PT set when stock was $25, fell to target on unprofitable model
N2
V2
Feb 15, 2024
Wolfpack Research
Innodata, Inc.
INOD
Wolfpack is short INOD: its 'AI platform' is 4,000 offshore data-entry workers in disguise, insiders dumped $13m timed to AI press releases, and a dilutive raise will send shares back below $3.
N4
V2
Jan 14, 2024
Scorpion Capital
TransMedics
TMDX
Scorpion petitions the FDA to suspend TransMedics' OCS Liver approval, citing pervasive off-label use, necrotic-organ device failures, and an alleged systematic cover-up of safety issues from regulators.
N4
V1
Sep 21, 2023
Spruce Point Capital
Samsara Inc.
IOT
Samsara is a commodity-hardware vehicle-telematics company masquerading as a premium SaaS growth story; aggressive accounting inflates margins and a 16x revenue multiple implies 45%-75% downside to $6.30-$13.90.
N5
V4
Jun 01, 2023
Land & Buildings
Alexandria Real Estate Equities, Inc.
ARE
Alexandria's life-science office portfolio is being hit by the same WFH hurricane as traditional offices, and shares face 30-40% downside if re-rated to coastal office REIT peers.
N3
V4
May 16, 2023
Muddy Waters
Chinook Therapeutics Inc
KDNY
Muddy Waters is short Chinook (KDNY): lead drug atrasentan is inefficacious, harmful, and blocked by sparsentan's IgAN orphan-drug exclusivity — FDA approval is highly unlikely.
N4
V2
Sep 01, 2022
Kerrisdale Capital
AST SpaceMobile, Inc.
ASTS
AST SpaceMobile is a $1.8bn 2021-SPAC promoting a physically implausible direct-to-handset satellite broadband dream; the technology won't work as hyped, timelines keep slipping, and SpaceX/Apple competition eliminates any lead.
N4
V2
May 01, 2022
Carl Icahn
McDonald's Corporation
MCD
McDonald's board broke a 10-year promise to end gestation crates; replace Penrose and Lenny with two ESG experts to fix systemic governance and sustainability failures.
N4
V3
Apr 20, 2022
Pershing Square
Netflix
NFLX
Pershing Square exits Netflix at a 4-point portfolio loss because the ad-tier pivot widens the outcome range beyond what a concentrated book can underwrite.
N4
V2
Nov 13, 2020
Citron Research
NIO Inc.
NIO
NIO trades at 17-18x NTM EV/Sales — double Tesla's multiple — as a Made-in-China Model Y near $41K threatens the ES6/EC6; Citron closes its 2018 long at a $25 price target.
N3
V2
May 06, 2020
Land & Buildings
Empire State Realty Trust
ESRT
Empire State Realty Trust is uniquely exposed to NYC's 'existential hurricane' — COVID, WFH, SALT cap, and WeWork's collapse crush demand while observation-deck revenue vanishes, driving shares substantially lower.
N3
V2
Apr 09, 2020
Grizzly Research
Innovative Industrial Properties, Inc.
IIPR
IIPR is a cannabis REIT propped up by overpriced sale-leasebacks to insolvent tenants and sham markups; fair value is $22.29 versus a $69 share price.
N4
V2
Nov 30, 2019
TCI Fund
Ferrovial
FER
TCI, a ~1% shareholder, commends Ferrovial's CDP 'A' grade but presses for stronger SBTI-aligned targets, RE100 membership, and leadership in de-carbonising aviation and road transport.
N2
V2
Nov 30, 2019
TCI Fund
S&P Global
SPGI
TCI, a ~1% holder, urges S&P Global to lead on climate disclosure: report fully to CDP, adopt a Paris-aligned transition plan, and push mandatory GHG disclosure across the companies it rates.
N3
V2
Nov 30, 2019
TCI Fund
Canadian Pacific Railway
CP
TCI, owner of ~8% of Canadian Pacific, demands the railroad close its CDP climate-disclosure gap versus peers CN and UNP and adopt a credible science-based transition plan.
N3
V2
Nov 30, 2019
TCI Fund
Airbus
AIR
TCI, a 1.5% Airbus shareholder since 2012, demands stronger climate disclosure, an A-grade CDP score, and Airbus leadership in mandating low-carbon synthetic aviation fuels — or TCI will vote against directors.
N2
V1
Nov 30, 2019
TCI Fund
Alphabet Inc.
GOOGL
TCI, a 0.6% Alphabet holder, commends Alphabet's A-grade CDP disclosure and codifies its stewardship stance: full CDP reporting, Paris-aligned transition plans, or votes against directors and auditors.
N2
V2
Nov 07, 2019
Muddy Waters
PeptiDream, Inc.
4587 JP
PeptiDream's 19 pharma 'partnerships' are largely dormant and 13 years of R&D have produced zero Phase 2 drugs — analyst 2027 revenue forecasts will miss by over 60%.
N4
V2
Jul 31, 2019
Spruce Point Capital
Penumbra, Inc.
PEN
Penumbra is a commoditized single-product 510(k) company whose aspiration-catheter franchise is collapsing to deep-pocketed bundlers; Spruce Point sees 40-55% downside to $85-110 per share.
N4
V3
Oct 04, 2018
Muddy Waters
Manulife Financial Corporation
MFC
Muddy Waters is short Manulife because a Saskatchewan verdict due by year-end could force MFC to accept unlimited deposits at a guaranteed 4%+ rate — an unhedgeable bleed its own expert admits could cause insolvency.
N4
V2
Aug 28, 2018
Citron Research
Wayfair
W
Wayfair's unit economics are deteriorating — loss per new customer nearly doubled to $19 — while the stock defies gravity; Citron is re-shorting with a first stop at $100.
N3
V2
Aug 21, 2018
Citron Research
NVIDIA Corporation
NVDA
NVDA, up 600% since 2016, faces in-house silicon from every mega-customer, collapsing crypto and autonomous narratives, and a benchmark-less Turing launch — shares revert to $200.
N4
V2
Apr 23, 2018
Greenlight Capital
Assured Guaranty
AGO
Assured Guaranty is a melting-ice-cube bond insurer aggressively returning capital it hasn't earned; Puerto Rico losses alone (2-4x reserves) will force a capital raise or strip the AA rating it needs to write new business.
N5
V2
Apr 01, 2018
Kerrisdale Capital
The St. Joe Company
JOE
St. Joe's Florida Panhandle land bank is worth a fraction of what bulls claim; absent the promised population boom, the stock is materially overvalued and a short.
N4
V3
May 08, 2017
Greenlight Capital
Core Laboratories
CLB
Core Lab trades at 35x 2018e P/E — double its oilfield-service peers — on a false secular-growth narrative; mid-cycle earnings imply $62 fair value and ~45% downside.
N5
V3
Aug 25, 2016
Muddy Waters
St. Jude Medical, Inc.
STJ
St. Jude's $23B cardiac-device franchise rests on a Merlin ecosystem so insecure that hackers can crash pacemakers from 50 feet — a recall and two-year remediation imply 50%+ downside and likely covenant breach.
N5
V2
Aug 01, 2015
Carl Icahn
Icahn Enterprises L.P. (self)
IEP
IEP is Carl Icahn's public activist vehicle — a diversified holding company that has compounded at 19.2% since 2000 by buying undervalued businesses and forcing change as a controlling owner.
N2
V3
May 04, 2015
Greenlight Capital
Pioneer Natural Resources
PXD
Pioneer and the shale 'frackers' burn cash and destroy value on every BOE developed; their $27B market cap rests on proved reserves worth $3-8B — buy oil, not PXD.
N5
V3
May 05, 2014
Greenlight Capital
athenahealth
ATHN
athenahealth is the poster child of the cloud 'bubble basket' — strip Morgan Stanley's fantasy margin and revenue-per-doctor assumptions and the stock falls 80%+ toward a $50 adjusted DCF.
N5
V2
Sep 06, 2013
Muddy Waters
American Tower Corporation
AMT
AMT's $4.8bn purchase of Global Tower Partners at ~19x 2014 EBITDA looks engineered to mask decelerating US organic growth and preserve 20% dividend-growth optics; maintain Strong Sell.
N3
V1
Feb 08, 2013
Muddy Waters
Olam International Ltd.
OLAM
Olam's Q2 2013 results confirm Muddy Waters' Strong Sell thesis: debt is spiraling (9.5x EBITDA), cash is burning, and management's acquisitions and Gabon project reveal haphazard planning.
N3
V1
Sep 14, 2011
Pershing Square
Hong Kong Dollar / Hong Kong Monetary Authority (HKMA)
HKD
Hong Kong's USD peg forces the booming HKD to import US ultra-accommodative monetary policy, fueling inflation and property bubbles; a 30% revaluation to 6:1 offers ~44x upside via cheap call options.
N5
V3
Oct 13, 2010
Greenlight Capital
The St. Joe Company
JOE
St. Joe's Florida real estate empire is a value trap: developments are ghost towns, the airport catalyst is a bust, and the land is worth $7-10/share, not $24.54.
N5
V3
May 26, 2010
Pershing Square
NRSRO Rating Agencies (Moody's, S&P, Fitch)
Rating agencies caused the credit crisis through conflicted 'success fee' incentives; a 60-day new-issue moratorium plus pay-over-time fee structure would restore ratings integrity and market discipline.
N3
V2
Oct 19, 2009
Greenlight Capital
US/Japan Sovereign Debt & Fiat Currencies (Macro)
Bernanke and Geithner's short-termism has institutionalized too-big-to-fail and will debase fiat currencies — hedge with gold and long-dated options on higher US and Japanese rates.
N5
V1
Oct 06, 2009
Pershing Square
Realty Income Corporation
O
Realty Income trades at a 7.3% cap rate — a ~40% premium to 10-11% private-market rates for the same junk-credit retail properties; downside to ~$14 (-46%).
N5
V3
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TCI Fund
TCI portfolio companies
Climate change is a material investment risk, so TCI demands portfolio companies disclose emissions and a credible transition plan, or face votes-against and divestment.
N2
V2