Contrarian Corpus
Muddy Waters vs. Noble Group

Noble Group · NOBL

1 deck published between 2015-04-09 and 2015-04-09 — 14 pages, 14 analysed slides total.

initial thesis

Timeline

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

  1. 2015-04-09 initial thesis

    2015 04 MW_NOBL_04092015

    14pp · research_note

    Muddy Waters is short Noble Group: a cash-burning commodities trader that manufactures EBITDA via sham affiliate transactions like the PT ALH $46M negative-goodwill scheme to keep credit flowing.