Carson Block and Freddy Brick of Muddy Waters Capital and Dan David of Wolfpack Research use the recent happenings around Quintessential Capital Management’s report on Cassava Sciences and QCM’s decision to de-risk shortly after publishing to explore the business model of activist short sellers. Some have criticized activist shorts for de-risking positions soon after going public, but these critics conflate traditional fund management with activism and do not understand the activist short selling business model. Block, Brick and David examine in-depth the costs, risks, and payoffs of the activist short selling model. Released on November 19, 2021.