◆ Contrarian Corpus
Campaigns / Muddy Waters → eHealth Inc.
Muddy Waters vs. eHealth Inc.

eHealth Inc. · EHTH

2 decks published between 2020-04-08 and 2020-06-02 — 22 pages, 22 analysed slides total.

initial thesis follow up

Timeline

Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.

  1. 2020-04-08 initial thesis

    2020 04 MW_EHTH_04082020

    15pp · research_note

    eHealth books three years of Medicare Advantage commissions upfront while true churn has spiked to 47%; corrected, every MA enrollee loses $135-$402 — a cash-incinerating stock promotion.

    N 5 V 2 C 2
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  2. 2020-06-02 follow up

    2020 06 MW_EHTH_06022020

    7pp · research_note

    EHTH books Medicare Advantage revenue today that takes nine to twenty years to collect, masking a cash-incinerating, high-churn business reminiscent of Enron-style accounting.