34 documents showing 1–34

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.

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.

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.

Multiple (portfolio update)

AGL short worked: $5 PT set when stock was $25, fell to target on unprofitable model

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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%.

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.

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.

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.

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.

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.

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.

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.

Valeant Pharmaceuticals International, Inc. VRX

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.

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.

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.

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.

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.

NRSRO Rating Agencies (Moody's, S&P, Fitch)

Rating agencies caused trillions in losses by rubber-stamping structured finance and bond insurers

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.

Realty Income Corporation O

Tenant base is mostly junk-rated discretionary retailers with high bankruptcy risk

General Growth Properties GGWPQ

GGP's assets materially exceed liabilities — this is a liquidity bankruptcy, not insolvency

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.