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. He discusses how Muddy Waters pays attention to companies engaging in “regulatory arbitrage”, where they will list in developed markets, but retain corporate structures and day-to-day operations outside of those markets, which makes it more challenging for auditors. Brick also discusses some of the nuances and difficulties of global short selling. He highlights different regulatory landscapes, differences in market structure, and reduced liquidity outside of the US.