After two weeks away, the ZFG crew is back, and with some very important news – Tiger Global is back! With the NASDAQ roaring back in 2023, the Golden Levered Benchmark Boy is back in the black, as well.

Soren Aandahl of Blue Orca Capital makes the short case on FMC Corporation (FMC).

After holding down the fort for the summer, Krista welcomes Freddy and Carson back from vacation. Freddy kicks things off with his Business Idea of The Week, which unfortunately appears to be a mainstay for Season Two of Zero Fucks Given. Krista, still in a vacation mindset – just kidding, she wasn’t allowed to leave the office – has been all too eager to tell her friends about Hobby Horsing, the newest Olympic sporting event.

“JR” of Jehoshaphat Research makes the short case on Service Corporation International (SCI). JR observes that online price transparency has already begun transforming the funeral services industry.

Coming to you from the masterminds behind Poober and eBay for human organs, we bring you the Toasted Zebra! Inspired by Carson’s own wife, Freddy introduces their latest business idea – the Lululemon of women’s drinking helmets. Once the excitement fades, Krista and Freddy take us down a long line of depressing news developments.

“JR” of Jehoshaphat Research is back to present a completely different short thesis on Techtronic Industries (669 HK). Based on subsequent interviews and extensive boots-on-the-ground research, JR believes that Techtronic is systematically defrauding Home Depot, its largest customer. At the heart of its thesis, Jehoshaphat Research has found a pattern of mislabeling products that allows the company to take advantage of a loophole in its exclusivity agreement with Home Depot.

The crew is back from Institutional Investor’s award ceremony and Krista is still beaming from her nomination. Although she doesn’t quite remember the events of that night, Freddy reminds her that Boaz Weinstein robbed her of true fame, though we suspect the judges were taking a page out of the Clarence Thomas playbook. Carson broaches the topic that’s been on every investor’s radar: How to manage your portfolio around the unknown known event of a potential US default?

Carson Block of Muddy Waters Capital makes the short case on Chinook Therapeutics (KDNY). Muddy Waters argues that, upon further examination of trial data, its primary candidate for kidney disease, atrasentan, not only is inefficacious, but also shows an alarming rate of patient heart failure.

At long last, the man at the heart of the Kenyan chess scandal has been brought to justice! Freddy, never one to put too much effort into his footwear, finds it comical that the size-11 sneakers weren’t spotted beneath the burka. The real question comes from whether it’s necessary to separate men and women for chess tournaments. Bodybuilding competitions? Absolutely. But chess? Perhaps the answer lies with Matt Moulding who is eager to lend a hand with some of his protein.

Soren Aandahl of Blue Orca Capital makes the short case on Shift4 (FOUR). Blue Orca argues that the Company’s gross profit, EBITDA, and cash flow are inflated by a series of hyper-aggressive maneuvers undertaken just as the decline in FOUR’s share price created the threat of a margin call on its CEO’s equity-backed loan.

Soren Aandahl of Blue Orca Capital makes the short case on FMC Corporation (FMC).

“JR” of Jehoshaphat Research makes the short case on Service Corporation International (SCI). JR observes that online price transparency has already begun transforming the funeral services industry.

“JR” of Jehoshaphat Research is back to present a completely different short thesis on Techtronic Industries (669 HK). Based on subsequent interviews and extensive boots-on-the-ground research, JR believes that Techtronic is systematically defrauding Home Depot, its largest customer. At the heart of its thesis, Jehoshaphat Research has found a pattern of mislabeling products that allows the company to take advantage of a loophole in its exclusivity agreement with Home Depot.

Carson Block of Muddy Waters Capital makes the short case on Chinook Therapeutics (KDNY). Muddy Waters argues that, upon further examination of trial data, its primary candidate for kidney disease, atrasentan, not only is inefficacious, but also shows an alarming rate of patient heart failure.

Soren Aandahl of Blue Orca Capital makes the short case on Shift4 (FOUR). Blue Orca argues that the Company’s gross profit, EBITDA, and cash flow are inflated by a series of hyper-aggressive maneuvers undertaken just as the decline in FOUR’s share price created the threat of a margin call on its CEO’s equity-backed loan.

“JR” of Jehoshaphat Research makes the case that Universal Display Corporation (OLED) is experiencing a significant deterioration in its business fundamentals, following the expiration of key patents.

Soren Aandahl of Blue Orca Capital makes the short case on Piedmont Lithium Inc (PLL), a pre-production lithium stock promotion, based on evidence that key lithium mining licenses were obtained by secretly paying and promising tens of millions of dollars to the son of a […]

Anne Stevenson-Yang of J Capital Research makes the case that Marathon Digital Holdings (MARA) has been a serial over payer for its bitcoin mining equipment, much of which hasn’t been operational. In a long line of questionable transactions, MARA recently spent millions of dollars for a mining facility that was oddly shut down within months.

Roddy Boyd of Storm King Reports makes the case that Intra-Cellular Therapies (ITCI) has failed to properly disclose a severe adverse reaction to its blockbuster drug, Caplyta.

“JR” of Jehoshaphat Research makes the case that Techtronic Industries (669 HK) has engaged in a practice called “snowballing” to maintain margin growth that can be classified as none other than statistically impossible.

In light of new SEC proposals, Joe Saluzzi of Themis Trading sits down with Freddy Brick to dissect what’s going on behind the scenes. From tick sizes to access fees, Joe breaks down what this means for individual investors and how it may impact the hot topic of payment for order flow (“PFOF”). While Wall Street won’t go down without a fight for this lucrative hustle, Joe believes these latest measures are an attempt to make life more challenging for the traditional PFOF business model.

In this short story, Carson Block sits down with authors Matthew Campbell to discuss their shocking true crime book about a murder, hijacking, and global finance. Dead in the Water is one of Carson’s favorite books from 2022

In this Short Story, Freddy Brick of Muddy Waters Capital sits down with Thomas Braziel from 507 Capital to uncover how his firm made a 1,700% return from a boring old bankruptcy claim.

Freddy Brick sits down Duncan Mavin, Financial Journalist and Author of The Pyramid of Lies.

Soren Aandahl of Blue Orca Capital makes the case that Enviva (EVA), the world’s largest maker of wood pellets, inflates EBITDA, will be forced to cut its dividend, and is greenwashing its wood procurement.

Roddy Boyd of The Foundation For Financial Journalism makes the case that PennyMac Financial Services, Inc. (PFSI) is at the center of a brewing mortgage crisis.

In Part II of this Short Story, Freddy Brick and Joe Saluzzi continue their conversation on market structure. As the two dive deeper, Joe reveals a few potential changes to market structure, including a possible change in tick sizes

In this Short Story, Freddy Brick interviews Joe Saluzzi, Partner and Co-Founder of Themis Trading, LLC. In the opening discussion of this two-part series, Joe provides a detailed history of market structure.

In this Short Story, Carson interviews the author of The Revolution That Wasn’t, Spencer Jakab. In this conversation, Jakab provides his analysis of the players involved, the factors that contributed to the frenzy, and how the belief that retail was “sticking it to Wall Street” has failed miserably.

Dan Taylor of The University of Pennsylvania Wharton School is back on Zer0es TV to share some encouraging updates from the SEC

Roddy Boyd, Founder of the Foundation for Financial Journalism, shares that a healthy dose of scepticism doesn’t mean you are right, but it is a great tool for understanding whether or not to dig deeper.

Danny Moses discusses the biggest red flags that deceptive management uses in their pursuit to cover up the truth.

Edwin Dorsey, author of The Bear Cave newsletter, talks about how he discovered Vista Equity Partner’s M&A secret

Adam Gefvert, Head Analyst of White Diamond Research, talks about the new short he will be revealing and how they came across the company. He also talks about the company WRAP who withheld details of their product testing from investors.

In this episode, Anne talks about the fake Chinese agricultural companies she discovered on her travels as well as the ghost towns set up by the Chinese corporation Evergrande Group.

Roddy Boyd loves to take a look at the resumes of a company’s ‘C suite’ employees. Are they who they say they are, and how on earth did they get to such a high level of management?

How Nano-X Imaging (NNOX) fell apart after short-sellers became suspicious of the hype around a technological innovation that purported to be 3 technologies packed into 1.

How Steve Clapham was alerted to the ‘funky accounting’ at Patisserie Valerie by examining how they compared to Starbucks.

Watch this video to find out.

After two weeks away, the ZFG crew is back, and with some very important news – Tiger Global is back! With the NASDAQ roaring back in 2023, the Golden Levered Benchmark Boy is back in the black, as well.

After holding down the fort for the summer, Krista welcomes Freddy and Carson back from vacation. Freddy kicks things off with his Business Idea of The Week, which unfortunately appears to be a mainstay for Season Two of Zero Fucks Given. Krista, still in a vacation mindset – just kidding, she wasn’t allowed to leave the office – has been all too eager to tell her friends about Hobby Horsing, the newest Olympic sporting event.

Coming to you from the masterminds behind Poober and eBay for human organs, we bring you the Toasted Zebra! Inspired by Carson’s own wife, Freddy introduces their latest business idea – the Lululemon of women’s drinking helmets. Once the excitement fades, Krista and Freddy take us down a long line of depressing news developments.

The crew is back from Institutional Investor’s award ceremony and Krista is still beaming from her nomination. Although she doesn’t quite remember the events of that night, Freddy reminds her that Boaz Weinstein robbed her of true fame, though we suspect the judges were taking a page out of the Clarence Thomas playbook. Carson broaches the topic that’s been on every investor’s radar: How to manage your portfolio around the unknown known event of a potential US default?

At long last, the man at the heart of the Kenyan chess scandal has been brought to justice! Freddy, never one to put too much effort into his footwear, finds it comical that the size-11 sneakers weren’t spotted beneath the burka. The real question comes from whether it’s necessary to separate men and women for chess tournaments. Bodybuilding competitions? Absolutely. But chess? Perhaps the answer lies with Matt Moulding who is eager to lend a hand with some of his protein.

What do gerbils, Richard Gere and the Dalai Lama have in common? It might have something to do with cuckolding but at the very least, we can definitively say that they’re fun-loving creatures. Freddy goes on to explain his own religious beliefs and how his current views may have been shaped by a majestic fjord. In keeping with this theme of beauty, Carson details his latest trip to California where, unfortunately, policy makers are doing everything in their power to suck the fun out of an all-time classic treat.

For anyone who missed the 93rd Academy Awards earlier this month, Krista leads off with a masterpiece that deserved to be on the short list to win Best Documentary Short Film.

In light of the recent mini-crisis across the US banking sector, Carson Block sits down with Soren Aandahl of Blue Orca Capital for a special episode of Zero Fucks Given.

Beyond any stretch of rational thinking, one of Freddy’s business ideas from 2022 still seems to be alive and kicking. With his fresh new swag, Carson lends his support to a reimagined Poober and tries to attract SoftBank’s interest with one of the largest TAMs in the market today.

Freddy is back, and we quickly find out that he spent his entire time away in the fetal position, with nightmares of failing another driver’s test. Carson goes on to console him, while lamenting the reality that his dreams of being the Andrew Carnegie of penis museums has been dealt a major setback.

Brent Donnelly, President of Spectra Markets, provides a thoughtful overview of how investors should approach their short ideas.

Alyx Flournoy, head of product specialists at Omega Point, explains how factor risk models can help short and long investors manage risks without neutralizing the desired idiosyncratic aspects of stock picking.

Put buying and call selling are some of the most common ways to express a bearish view on a stock, but often the shape of the volatility surface means these are suboptimal ways to express that view. Imran Lakha, the founder of Options Insight, outlines four alternative options structures which depending on the market environment may be better ways to structure a bearish options trade.

Freddy Brick of Muddy Waters Capital discusses short selling beyond US shores. He argues that factors like cultural differences in Europe, where investors rarely challenge public companies make it an interesting place to look for potential shorts.

Not all short-sellers are looking to make a big splash when they come up with a new short thesis. Brad Safalow, CEO of PAA Research, has been able to generate consistent short alpha for over a decade all while keeping his research behind a paywall.

Short sellers are often painted with a broad brush as trying to profit from the demise of corporations, but a huge percentage of short interest is actually coming from hedgers who are combining short equity positions with long positions in other parts of the capital structure.

Short sellers often go after the worst of the worst, looking for companies and management teams with serious and potentially even criminal issues. This is leaving a massive opportunity set of poorly run but not fraudulent companies untouched by activist short-sellers.

Junheng Li, Founder, and CEO of JL Warren Capital, runs a research firm that provides on-the-ground high-frequency data for sectors in the Chinese economy. In this episode, Junheng addresses the massive boom in Chinese company IPOs in the U.S. and how these companies are often too immature for public markets.

Kir Kahlon, Founder and CIO of Scorpion Capital, dives into his research process in this episode of Short-Selling 101.

In this episode of Short Selling 101, Noel Smith, CIO of Convexity Asset Management, discusses how important protecting downside risk is for long-term success in investing.

Watch this video to find out.

In this podcast, The Wolf Pack is joined by special guest Carson Block to discuss the fallout from the Hindenburg Research Short Report.

Carson Block, addresses criticisms of short-selling in general, dispels widely held misconceptions about activist shorts, and reveals how he targets companies.

A Real Vision interview with famed activist short seller Carson Block who pulls no punches as he takes aim at Canada, Jack Ma and the U.S. pharmaceutical industry.

Carson shares the meticulous process required in researching a potentially fraudulent firm, financial engineering as a prevailing theme for shorting, and areas of the world that have his attention.