119 documents showing 1–60
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.
N5
V4
C4
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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.
N5
V4
C4
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Date
Fund
Target
Thesis
Scores
Apr 01, 2026
Land & Buildings
Welltower Inc.
WELL
Welltower's 10-year executive program could pay CEO Mitra up to $3 billion while incentivizing dilutive growth at a 144% NAV premium — shareholders should sell WELL and rotate into Ventas or AHR.
N5
V4
Jan 27, 2026
Elliott Management
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.
N5
V4
Jan 27, 2026
Elliott Management
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.
N5
V4
Jan 18, 2026
Elliott Management
Toyota Industries Corporation
6201
Toyota Industries' ¥18,800 take-private undervalues NAV ¥26,134 by 40%; rejecting the TOB and executing Elliott's Standalone Plan unlocks >¥40,000 per share by 2028.
N4
V3
Jan 18, 2026
Elliott Management
Toyota Industries Corporation
6201
Toyota Fudosan's ¥18,800 squeeze-out of Toyota Industries undervalues NAV by ~40%; reject the TOB and back Elliott's Standalone Plan targeting >¥40,000 per share by 2028.
N5
V4
Nov 12, 2025
Spruce Point Capital
IperionX Ltd.
IPX
Spruce Point shorts IperionX: its 'revolutionary' HAMR titanium process is unlikely to displace 70-year Kroll, customers are absent, and the $1.2bn market cap implies 70-95% downside risk.
N4
V3
Nov 06, 2025
Grizzly Research
HelloFresh SE
HFG
HelloFresh's core meal-kit business is in terminal decline while CEO Dominik Richter pledges 77% of his stock to fund his brother's leveraged real-estate empire — a margin call could crater the stock.
N4
V3
Nov 06, 2025
Grizzly Research
HelloFresh SE
HFG
HelloFresh's CEO has pledged 77% of his shares to fund brother's real estate, driving an EUR100m buyback to avert margin calls while the meal-kit business structurally collapses.
N5
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
Aug 15, 2025
Scorpion Capital
Soleno Therapeutics
SLNO
Scorpion shorts Soleno (SLNO), arguing VYKAT XR — a $500K/year repackaged 50-year-old generic — is causing pediatric heart-failure hospitalizations and was approved on sham trial data; the launch will collapse.
N4
V2
Jun 08, 2025
Elliott Management
Sumitomo Realty & Development Co., Ltd.
8830
Sumitomo Realty trades at half its post-tax real-estate NAV due to excessive cross-shareholdings, weak payouts, and worst-in-class TOPIX 100 governance; fixing these unlocks 43% upside to ~¥8,000.
N4
V3
Apr 23, 2025
Palliser Capital
Keisei Electric Railway
9009
Keisei trades at a 39% discount because its US$5bn OLC stake masks chronic underperformance; capping it below 15% plus a refreshed 11-member board unlocks US$3bn.
N5
V4
Feb 18, 2025
Pershing Square
Howard Hughes Holdings Inc.
HHH
HHH trades at a 40% NAV discount with no take-private bidders; Pershing's $900M primary investment at $90 converts it into a modern-day Berkshire Hathaway.
N4
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 16, 2025
Pershing Square
Fannie Mae and Freddie Mac
FNMA/FMCC
Fannie and Freddie have already repaid Treasury at an 11.6% IRR; releasing them from conservatorship via modest IPOs unlocks ~$300bn of warrant value for taxpayers within two years.
N5
V4
Jan 10, 2025
Scorpion Capital
TransMedics Group Inc
TMDX
TransMedics is a Medicare billing-fraud and kickback racket whose top transplant-center customers are fleeing as cheaper alternatives arrive — Scorpion sets a $0 target.
N5
V3
Nov 07, 2024
White Diamond Research
AGBA Group
AGBA
The AGBA/Triller $4B merger is a sham to pump AGBA's stock — both firms are near-bankrupt, the valuation is fiction, and regulators will reject the deal.
N3
V2
Nov 01, 2024
Land & Buildings
Public REIT sector (vs. private real estate)
Public REITs have crushed private real estate over 30 years (9.9% vs 7.0%); with institutions at GFC-low underweights and supply rolling over, listed REITs are a generational buy.
N3
V4
Jun 10, 2024
Elliott Management
Southwest Airlines
LUV
Southwest's 47-year profit streak has collapsed into worst-in-class margins under entrenched leadership; refreshing the board and hiring an external CEO unlocks 77% upside to $49.
N5
V4
Jun 05, 2024
Scorpion Capital
Lasertec Corporation
6920
Lasertec, hailed as 'Japan's ASML,' is a $23B accounting fraud — a textbook inventory scheme masking a defective EUV tool destined for a 65-70% write-down reminiscent of Olympus and Toshiba.
N5
V2
Jun 05, 2024
Scorpion Capital
Lasertec Corporation
6920
Lasertec — Japan's most-traded stock at $23B market cap — is a colossal accounting fraud whose defective EUV mask-inspection tool and sham 'Innovation Park' mirror Olympus and Toshiba before collapse.
N4
V2
Jun 05, 2024
Scorpion Capital
Lasertec Corporation
6920
Lasertec — Japan's most-traded stock at $23B — is inflating inventory to hide that its flagship ACTIS EUV mask-inspection tool is defective; a 65-70% writedown will erase 85% of retained earnings.
N5
V4
Jun 05, 2024
Scorpion Capital
Lasertec Corporation
6920
Lasertec, Japan's most actively traded stock at a $23B cap and 17x sales, is a textbook accounting fraud — a defective EUV tool, fake fab, and looming impairment will wipe out most earnings.
N5
V3
Jun 03, 2024
Muddy Waters
CPI Property Group S.A.
CPIPGR
CPI PG's controlling shareholder Vitek swapped €273m of personal debt for Dubai properties still under construction, sticking CPI PG with ~€220m of hidden progress payments while pocketing ~€118m.
N4
V2
Apr 24, 2024
Palliser Capital
Keisei Electric Railway Co., Ltd.
9009.T
Palliser, a 1.6% holder, asks Keisei shareholders to vote on an advisory resolution forcing the board to publish a capital allocation plan and cut its OLC cross-holding below 15% by March 2026.
N4
V2
Apr 08, 2024
Muddy Waters
CPI Property Group
CPIPG
CPIPG's 2023 results show undisclosed related-party transfers to controlling shareholder Vitek, aggressive fair-value inflation, and an unreconciled 92% equity collapse at GSG Berlin — management must answer on the call.
N4
V2
Feb 15, 2024
Muddy Waters
Fairfax Financial Holdings Ltd.
FFH
Muddy Waters poses five forensic questions to Fairfax management that, if answered honestly, would expose return-of-capital dividends, off-balance-sheet debt via NCIs, and fair-value gain engineering.
N3
V1
Feb 08, 2024
Muddy Waters
Fairfax Financial Holdings Ltd.
FFH
Muddy Waters is short Fairfax Financial, arguing it is 'the GE of Canada' — a serial accounting manipulator whose book value is overstated by ~$4.5bn (~18%) through value-destructive transactions.
N4
V3
Jan 22, 2024
Muddy Waters
CPI Property Group S.A.
CPIPGR
Muddy Waters is short CPI Property Group's credit: its €19.2B portfolio appears inflated via implausible Berlin gains, cherry-picked Bubny landbank comps, and occupancy rates realtor listings show are overstated by ~2x.
N4
V3
Dec 11, 2023
Wolfpack Research
Ramaco Resources, Inc.
METC
Wolfpack is short METC: Brook Mine's REE concentration sits below crustal average, processing economics imply an $88bn loss, and insiders have dumped $96M into WSJ-fueled hype.
N4
V2
Dec 06, 2023
Muddy Waters
Blackstone Mortgage Trust, Inc.
BXMT
BXMT's borrowers only stay current because of expiring rate swaps; as ~$16B of swaps terminate in 2024, dividend cuts of 33-85% and $2.5-4.5B of loan losses could wipe out the $4B market cap.
N4
V2
Oct 25, 2023
Muddy Waters
Sunrun Inc.
RUN
Sunrun's non-GAAP Subscriber count exceeds mandatory EIA filings by ~20%, implying phantom customers, ~$1.5B of overstated Net Earning Assets (62.5% of market cap), and possible ITC tax fraud.
N4
V2
Oct 17, 2023
Palliser Capital
Keisei Electric Railway
9009 JT
Keisei's 22% stake in Oriental Land hides $4.5bn of value; right-sizing it below 15% and adopting a capital allocation framework unlocks 76% upside for shareholders.
N4
V4
Aug 04, 2023
Muddy Waters
Vivion Investments
Vivion's proposed bond exchange rests on inflated UK hotel valuations — illustrated by Crowne Plaza Heathrow, marked at EUR94.6m versus CBRE's EUR72.9m — serving insiders, not bondholders.
N4
V2
Mar 28, 2023
Muddy Waters
Vivion Investments
Muddy Waters stays short Vivion bonds: the December 2022 rebuttal is misleading, asset values are inflated, rent24 exposure is hidden, and shareholder loans are being cashed out with bondholder money.
N3
V2
Feb 08, 2023
Wolfpack Research
B. Riley Financial, Inc.
RILY
RILY is a bottom-feeder investment bank whose loans to zombies and imploding equity book will drive ~$700M of 2023 losses, breach a Nomura NAV covenant, and threaten collapse.
N4
V2
Dec 14, 2022
Muddy Waters
Vivion Investments S.à.r.l.
Vivion's €1.44bn bond issuer is a multi-billion euro shell game — fabricated shareholder loans, inflated occupancy and fair value gains, and related-party rents enriching controlling shareholder Amir Dayan.
N4
V2
Dec 01, 2022
Land & Buildings
Six Flags Entertainment Corp.
SIX
Six Flags' owned real estate is worth more than its entire equity value; spinning it to a REIT buyer like VICI plus fixing the botched 2022 repositioning can double the stock.
N4
V4
Oct 27, 2022
Palliser Capital
Capricorn Energy
CNE
NewMed's all-share bid for Capricorn hands shareholders a 42% discount and a self-serving board deal; a cash-return plus Egypt-focused optimisation path unlocks 400p/share instead.
N5
V4
Aug 09, 2022
Palliser Capital
Capricorn Energy PLC
CNE
Capricorn's board must withdraw its Tullow merger recommendation — a nil-premium takeover that hands Capricorn's cash to junk-rated creditors while standalone value of 330p offers 67% upside.
N4
V3
Jul 28, 2022
Muddy Waters
Sunrun Inc.
RUN
Sunrun's equity story rests on three shaky pillars — inflated subscriber values, abusive IRS tax-basis gaming, and fragile ABS — that together imply an 85% haircut to Net Earning Assets.
N4
V2
May 19, 2022
Wolfpack Research
PMV Pharmaceuticals
PMVP
PMV's Phase I readout on May 26 will disappoint: PC14586 is too weak, too toxic, and too short-lived to win FDA approval, leaving only $295M of cash behind a $628M market cap.
N4
V2
May 17, 2022
Spruce Point Capital
Alpha Metallurgical Resources, Inc.
AMR
AMR masks production, revenues and liabilities while management quietly dumps stock at cyclical coal highs; Spruce Point sees 40-60% downside to $60-90 per share.
N5
V3
Apr 01, 2022
Kerrisdale Capital
Digital World Acquisition Corp
DWAC
DWAC's $8bn pro-forma SPAC merger with Trump's TMTG will never close because the SEC is actively investigating it and can kill the deal via a stop order — fair value is the $10 trust cash (-80%).
N4
V2
Nov 01, 2021
Land & Buildings
REIT sector (thematic)
REITs hedge inflation, but only short-lease high-margin sectors — residential, self-storage, warehouses — work; office and net lease are bond-like losers in a 6%+ CPI world.
N3
V3
Oct 06, 2021
Bonitas Research
TMC the metals company Inc.
TMC
TMC is a recycled Nautilus Minerals fraud: $43M siphoned to insiders for worthless seabed licenses, inflated expenses, and a TOML permit at risk of ISA termination.
N4
V2
Sep 01, 2021
Land & Buildings
N/A (asset-class advocacy)
Publicly traded REITs have outperformed private real estate by 165–590bps annually for 20 years, offer better liquidity, cheaper valuations vs. bonds, and superior inflation-era returns.
N2
V3
Dec 01, 2020
White Diamond Research
GreenPower Motor Company
GP
GreenPower markets itself as an American EV bus manufacturer but is merely reselling re-logoed Chinese Weichai Eurise buses — not Buy America compliant and worth ~$1.50, implying 90% downside.
N4
V2
Dec 01, 2020
Land & Buildings
Multiple REIT subsectors (urban office, retail, business hotels, movie theaters)
Post-vaccine pent-up demand will mask permanent secular damage in urban office, retail, business hotels, and movie theaters — investors should sell the mirage, not buy it.
N4
V2
Sep 29, 2020
Spruce Point Capital
Sunnova Energy International Inc.
NOVA
Sunnova is a misbranded 'solar' company that is actually an unprofitable specialty finance business with Enron-alum management and aggressive non-GAAP metrics — fair value $5-$8 vs. $27 today (70-80% downside).
N4
V3
Sep 22, 2020
Land & Buildings
Apartment Investment and Management Company
AIV
AIV's proposed taxable reverse spin-off won't close its 18% NAV discount and lets Considine duck 25 years of underperformance; demand a shareholder vote or explore a sale at $58 — 75% upside.
N3
V2
May 19, 2020
Land & Buildings
D.R. Horton and Invitation Homes
DHI/INVH
COVID-19 has supercharged the suburban single-family thesis; entry-level homebuilder D.R. Horton and single-family rental REIT Invitation Homes trade 20%+ below highs despite accelerating demand.
N3
V2
May 12, 2020
Muddy Waters
Burford Capital
BUR
Burford's 2019 financials rely on reclassifications and definition changes to mask an -11.8% drop in cash receipts, -35.5% drop in deployments, and $20.6m of unexplained fair-value gains.
N4
V2
Apr 20, 2020
Hindenburg Research
New Pacific Metals
NUAG
Bolivia-focused silver developer New Pacific trades 17x peers on concessions likely acquired illegally under a now-ousted regime; Hindenburg targets C$0.37, 90%+ downside.
N5
V4
Apr 09, 2020
Grizzly Research
Innovative Industrial Properties
IIPR
Property-by-property forensic appendix shows IIPR overpaid for cannabis-grow real estate while tenants sit on empty or unbuilt sites, implying inflated rents and looming defaults.
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
Feb 10, 2020
Muddy Waters
Burford Capital
BUR
Burford's dismal H2 2019 — 85% YoY collapse in realized gains, Petersen sold to its own fund, vanishing cash, and a lost Perry Ellis ruling — validates Muddy Waters' short thesis on aggressive marks and a flawed model.
N4
V1
Feb 01, 2020
Grizzly Research
58.com Inc.
WUBA
58.com is an accounting house of cards: inflated SEC revenues, a $2.6bn Ganji goodwill that collapsed 95% post-acquisition, and serial insider spin-offs enriching the CEO and former co-chairman.
N4
V2
Aug 07, 2019
Muddy Waters
Burford Capital Ltd.
BUR LN
Burford is a poor litigation-finance business masquerading as a great one through Enron-like fair value accounting, four-case concentration, and a CEO-wife CFO — and is arguably insolvent.
N5
V2
Feb 13, 2019
Pershing Square
Pershing Square Holdings, Ltd.
PSH
PSH offers an activist portfolio compounding well above the S&P 500, available at a 27% discount to NAV, with a new dividend, buybacks, and insider buying narrowing the gap.
N3
V3